The Vicious Cycle Of Student Loans - 1576 Words

Roy Kesserwani English 1B MW 4:30-5:45 The Vicious Cycle of Student Loans Student loans are one of the top three national debts in the United States. Total student loans have reached an outstanding of one trillion dollars and are still on going. It would take the United States hundred-fifty years, twenty million dollars a day to fully cover this national debt. Student loans are intended for students to go to college but they come with a rising social and economic cost. As the expectancy of high return and tuition are increasing, more students are ending up with a mountain of debt and without a degree. It is risking our countries’ future; we will face another recession if the trend of student loans continues to grow exponentially. We will have a future of Millienials who are in debt and unable to invest their money into the economy. In order to have a stable and working economy, we need people to spend money. Young adults are the â€Å"masters† of spending money and have a huge contribution in stabilizing our economy. If young adults are spend ing their money in paying off their debts, there will be definite consequences. So people might ask, â€Å"what aspects of the economy are being affected due to rising student debt?† Despite the social cost that student loans promote, through in depth research and analysis, I have concluded that our economic cost will evolve around the housing market, small businesses, and students’ career choices. These are extremely valuable industries thatShow MoreRelatedShould Online Payday Lending Be Regulated?819 Words   |  4 PagesClosely Regulated? Payday loans generate lots of controversy because they re offered to people who have bad credit or limited credit histories, which makes them high-risk borrowers. Traditional lenders seldom approve loans for these types of borrowers and never quickly enough when a cash emergency occurs. 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