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Essay / The Need to Manage Student Debt in America
Kids are often asked, “What do you want to be when you grow up?” » Their answer may be an astronaut or a doctor. Obviously, with these career choices, obtaining a college degree is a requirement, but do they realize the burdens that degree entails? More than 44.2 million Americans have student debt hanging over their heads, with the average amount of debt totaling $1.5 trillion. Why does this happen and how is it possible? American life is about chasing dreams and opportunities, but this is hampered by the cost of education. Today, most careers require at least a bachelor's degree, which is understandable, but the cost of getting that degree keeps people away from college and they find themselves taking jobs they don't want simply occupy. America needs to lower its education costs and put a plan in place for graduate students so that their student debt is manageable, if not non-existent. Say no to plagiarism. Get a custom essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay This year, student debt has reached an all-time high, surpassing that of credit cards and car loans. The average American graduates from college with more than $30,000 in student loans. These loans are designed to attract students in a positive way by grabbing their attention and allowing them to continue their education when they may not have the money up front. The ease of applying for and getting a student loan is not a mistake because there is really no reason for a student not to get a loan, other than future debt of course. Tuition costs in the United States have only increased. In fact, the price of tuition between 2007 and 2019 increased by 59.3%, which is a difference of almost $12,000. With this significant inflation, students and their parents are forced to borrow money to pay for their studies. In an article on the student debt crisis written by Anthony Oneal, he states: “And we can't talk about the mentality behind the students. loan crisis without pointing out that while student loans are supposed to make life easier for students, they do the exact opposite.” Immense pressure is placed on students to repay their loans. Oneal goes on to mention that being in debt leads to significant health problems, including stress, depression, and even suicide. No debt should be too extreme when a person feels their only way out is to end their life. Michele Nielsen is an Old Dominion University alumna and received her doctorate in physical therapy in 2006. She opened her own physical therapy clinic in Virginia Beach in 2016 where she works as a physical therapist. When asked if she had any student debt, she said, “I graduated from DPT in 2006 and am still trying to pay off my student loans. My parents were generous enough to pay off some of my debt for me, but I feel like it will never go away.” Hannah Thompson, a mechanical engineering student, is currently attending George Mason University and will be entering her freshman year. She was asked how her financial journey has been so far, to which she replied, “I've had to take out student loans before and they add up quickly. I would like to continue my studies and get my master's degree, but I'm not sure I can afford it. I hope that once I get a job as an engineer it will pay off my loans.” Here are two examples of a person with their dream job still in debt and a student 2019.