Argumentative Essay On Student Debt

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For many students, student loans, both government and privately issued, are a necessary part of the schooling experience. Without them, many students feels as though they wouldn't be able to attend anything other than a local junior college. For some students, these concerns are relevant, but for the most part, students are selling their chances of attending college without incurring debt short. The Staggering Student Loan Debt Numbers While the modern college student seems unwilling to work their way through college or save money for the opportunity, they are out there accumulating extraordinary amounts of debt. Based on information from this graphic as determined by the Federal Reserve Board, Chronicle of Higher Education and College Board…show more content…
One might ask what a person's personal debt has to do with the US economy? The answer is everything. Here's a look at why. 1. Taxpayer Liability - To whatever extent government backed loans are part of the $1.1 trillion, the US taxpayer is ultimately on the hook for that amount should students simply default on their loans. At the time of the aforementioned report, there was $85.0 billion of past due debt. Assuming that number is also on the rise, it is conceivable that the US taxpayer could take a hit of over $100.0 billion. For a sluggish US economy that is already struggling under the weight of $18.6 trillion in national debt, the country can ill-afford these kinds of unexpected expenses. 2. Graduate Contributions to the Economy - Once a student graduates from college, there is a general expectation they will enter the workforce and become a participating member of a thriving US economy as consumers. Unfortunately, serious consumer dollars are being removed from circulation due to the prevalence of student debt loan payments that should instead go towards buying consumer goods from US corporations. Most student loan programs are designed to allow students up to 10 years to pay off their debt. Assuming they abide by the payment schedule and payoff their loans on time, these same individuals may have had to postpone the purchase of a home or a new car. These are typical consumer goods that play a big part in helping this economy

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