Student Debt Crisis
What would you do if you suddenly became a millionaire? Would you go on a fancy vacation? Buy a mansion? If you’re a recent college graduate, you would probably be using that money to pay off your immense debt. Since the crisis of inflation, the student debt problem has continued to rise and affect thousands of college students everywhere. According to credible.com, the “average student loan debt [is] $33,654” (1). That means approximately each student who graduates from college, which is highly recommended to attend, is left with nearly 34,000 dollars after they graduate. The debt doesn’t seem to be slowing down quite yet either.
This crisis is also putting a huge amount of stress on college bound high school seniors. And of course, the stress is also being put upon parents everywhere. As students are applying for college they should primarily focus on the location, majors offered, and classes offered at the college. Instead, what comes to mind is the cost. Many students think to themselves, “how much debt will this college put me in if I go there?” Although this is definitely something that should be considered when choosing a college, it shouldn’t be a fear in current and future students.
Current Licking Valley senior, Abbie Blume, states that even her parents are confused and worried about the unnerving student debt she is bound to face in the future. Her parents main worry is due to the fact that times have changed, and they’re confused about the new process of financial aid, as it has changed since they have gone to college. Along with Abbie, they are worried about their other four children as well. “Conflicted on if I should go further away or stay close to home because it would be cheaper,” Abbie is currently trying to decide if she should just stay close to home for college, because it’s cheaper, or if she should go away for college to gain new experiences.
As of today, the total amount of student loan debt has risen to about 1.4 million dollars, according to debt.org. College tuition is spiraling out of control. Although prices raised because of inflation in the 1970s, tuition continues to raise since then, for no apparent reason. Even popular presidential candidates, such as Bernie Sanders, are trying to tackle the student loan crisis if they should gain the position to do so. Sanders writes that cancelling the “student loan debt won’t only help students, but the whole economy.” Although this would be extremely nice for current and future students, there are flaws in Bernie’s plan. One of these flaws is that Sander’s is only planning on taking away undergraduate tuition, so those who need to go to school for a Doctorate or Master’s Degree are still facing debt. Students are also forced to pay for accommodations and meal plans while they are in college. Although taking away undergraduate tuition may take a chunk out of student loan debt, it doesn’t take it all away, so don’t get too excited.
Although it seems impossible to go to college without immense debt shadowing over you, there are still ways you can avoid it. One of the best ways to avoid college debt is to apply for scholarships…. Tons of scholarships. Not all scholarships are for extremely smart people either. There are some specifically for people who write left handed, it just takes some searching to find them. Although college seems hard and unaffordable, remember not to give up. Scholarships require some work in finding, but they are a more reliable option when looking at ways to pay for college. Just remember to hang in there.