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Student loans in the United States

Student loans are a form of financial aid used to help students access higher education. Student loan debt in the United States has been growing rapidly since 2006, rising to nearly $1.4 trillion by late 2016, roughly 7.5% GDP. Approximately 43 million have student loans, with an average balance of $30,000. In 2017, average student loan debt reached $39, 400, an increase of 6% compared to 2016. Americans owe more than $1.48 trillion (44 million borrowers) which is roughly $620 billion more than the overall credit card debt in the country. Loans usually must be repaid, in contrast to other forms of financial aid such as scholarships, which never have to be repaid, and grants, which rarely have to be repaid. Research indicates the increased usage of student loans has been a significant factor in college cost increases.

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I think it is a good thing for students to be able to lend money to fund their education, but paying it back is more stress. Most undergraduate and graduate students cannot find jobs, so how does one pay back without a job? I think it is a matter to be looked into. A lot of students are putting away college education, because of the fear of loans they would have to lend and the uncertainty of getting a job to pay back.

Contributed by Victoria Daudu

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