The student loan debt crisis in the United States is everyone’s problem. This election cycle has brought the debt crisis to the attention of the nation. Student loan debt has reached over $1 trillion in the United States. Federal loans make up a majority of the total student loan debt. With interest rates averaging 7%, the costs of getting a college education are stacking up higher than ever before. Although public universities receive taxpayer money, tuition prices continue to surge. Congress has made some efforts to push for lowering the skyrocketing interest rates for new borrowers. However, this legislation excludes returning students or adult continuing learners who wish to return to college, but have already taken out loans for cars, homes or their children’s college education.
There are a few ways that the US government can alleviate the ever-expanding debt caused by student loans. Instituting programs to allow students to graduate within four years would reduce the overall costs of college. More and more students are not graduating “on time” anymore. Due to the growing enrollment density of college campuses, getting into required classes is becoming increasingly difficult. Along with the increase in college enrollments year after year, tuition rates are increasing as well. Many students are working full time jobs along with taking classes in order to make ends meet, which makes taking a full load of classes strenuous both financially and psychologically. What are some feasible steps our education systems can take to mitigate these problems? First, we can make college more accessible to everyone by create online courses. This will allow students to work full time while also being in school full time. Another solution would be to allow for community colleges to facilitate a smooth transition into four year universities. Community colleges are relatively affordable and accessible for most students and create many avenues for returning students, as well as students who want to graduate with an associate’s degree.
Making college affordable would not only benefit students looking to enroll into college, but also the entire US economy. The more people who become saddled with college debt, the less money they’ll have to put into our economy. People who have racked up thousands of dollars in student loans do not have the means to buy homes, start businesses, and help the economy flourish. By making college affordable, we can grow our economy and create more jobs. The student debt crisis is everyone’s problem, but by leveraging technology and allowing college to be more accessible and affordable, we can lessen the impact made by post-graduation debt.
Options are available to help
Most people do not realize that there are programs designed to help those who may be struggling with their student loan payments. Thousands of borrowers have trusted Ameritech Financial to be their advocate. Click here to find out what options are available. Our services could help you get back on track.Get Started Learn More