Student Loan Debt free essay sample

Professor Doe Student Loan Debt A College degree, the aspiring goal of any young student, and requirement for most well paying careers. The price of a college degree is without question expensive, more often the expense being more than any person could afford. For some, student loans are the only means by which a college degree is obtainable. Student loan debt can negatively impact a persons life beyond college in a number of ways. The major cause behind student loan debt is the incline of interest rates. As interest ates on student loans raise steadily, so do the negative impact on a students life after college. A study by Economist Robbert Hiltonsmith found, The Average debt for a household in which two breadwinners have bachelors degrees from 4-year public universities is $53,000. The kicker: That debt leads to a lifetime wealth loss of nearly $208,000. Rising interest rate have been systematically perpetrated, using high interest rate student loans the federal government is poised to make $185 billion over the next 10 years. We will write a custom essay sample on Student Loan Debt or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page While most people pay a 3. 8-interest rate, in 201 5 that rate ill Jump significantly as it becomes attached to financial markets. The debt caused by interest rates would be massive, Even gamblers can declare bankruptcy Explains political reporter Matt Taibbi but kids who enter into student loans will never, ever be able to get out of this debt. While the federal government continues to issue for profit loans, people are unaware of the aggressive collection methods the government will use when they default on these loans. The government has limitless collection powers explains Matt Taibbi Loaning institutions make money off of students defaults through fees nd penalties. When students default on these for-profit loans, loaning institutions are able to farm those accounts out to collection services. The government projected a recovery rate between 103 and 109 percent from students in default, and they can use any means necessary to collect from those students. The government can attach a salary, disability check, and a tax return. It would behoove college students to be aware of these aggressive collection methods, before it negatively impacts their lives after college. Due to the governments high interest rates and aggressive collection methods, any people will find them themselves disqualified from potential careers and have their personal lives affected as well. As Senator Elizabeth Warren warned, the investments in their future and Jobs disappear. With the government able to prevent people from obtaining professional licenses many people would be hard pressed to find a Job. Even those whom hope to serve in our military would be denied acceptance due to student load debt. Its an unfortunate fate for most students after college life. Students are unable to payoff their student loan debt due to lack of Student loan debt can even impact those whom want a family. As Matt Taibbi noted, l heard a number of stories from women who wrote in saying that they didnt have children because of their student loans. With the financial burdens of student loan debt, how would one hope to provide for a child? Mortgages would be denied, leaving even less chance of raising a family. The American Dream many would never see because of student loan debt. Student loan debt negatively impacts peoples lives after college. Students graduate college with dreams and ambitions, all to be utterly crushed by student loan debt.