Student Debt Crisis : A Student And The Spouse Of A Recent Grad School Graduate

1231 Words Dec 2nd, 2014 5 Pages
This is a topic that is close to home as a current student, and the spouse of a recent grad school graduate. According to Avery & Turner (2012) “total student loan debt rose to over $800 billion in June 2010, overtaking total credit card debt outstanding for the first time” (p. 165). We are borrowing more than ever, and there is no slowing in sight. If things do not change it would seem as if we are headed for another financial bubble, only this time rather than a mortgage crisis, it will be a student debt crisis.
Students are responsible to control the costs of their education. This will take a multifaceted approach and sacrifices in different areas of each student’s life. The United States has traditionally adopted a model of repayment starting about 6 months after graduation. This time, shortly after graduation, is when income is lowest for most students. Many of these loans are private loans. There must eventually be changes to how students borrow and to the system as a whole. Private organizations do not have the same motivation to keep costs down as publicly funded loans would. There are social returns to a higher rate of college grads that a private organization has no interest in, but do benefit the public as a whole (Guille, 2001, p.2). According to Avery and Turner (2012), since 1989, the percentage of students that borrow money has risen from 19 percent to 35 percent. Furthermore, the amount of students borrowing to attend for-profit institutions has…

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