How The Student Loan Debt Crisis Is Undermining Economic...

How the Student Loan Debt Crisis Is Undermining the Economic and Social progress of American Graduates Currently, higher education is highly valued as a step in achieving success and earnings potential, but attaining a degree comes at a high cost. Although a very valued asset, the cost to attain a college degree for most students includes getting loans, grants from the government, and sometimes even private loans. Most of these loans come at a high price for students as the interest structure for most student loans is crippling. In fact, a December 2016 report by the Federal Reserve Bank of New York shows that outstanding student loan balances at $1.3 trillion, an increase of $31billion from the previous report in 2015 (Quarterly†¦show more content†¦These loans are a growing crisis, having â€Å"quadrupled since 2004 to just under $1.2 trillion† (Gorman). At the projected rate, the student debt crisis will continue to rise if the focus of funding higher education remains on loans and not federal or state grants. Without reform on policies that help decrease college p rices, the student loan debt crisis will continue to grow and further disadvantage the socioeconomic standing of people who seek the most financial aid. Student loans disproportionately affects individuals from households with fewer financial resources, furthering economic inequality between different groups. Although the price of college has sharply increased, the average earnings for many people remain the same, which Hillman, a professor at Univ. of Wisconsin notes to be the one of the major reasons as to why student debt has risen in the recent years, data from the US Census Bureau shows that median family incomes have fallen each year since 2005. Due to this, there is a huge dependence on borrowing to cover the high costs of college since most can’t rely on such work income or savings. Existing structural inequalities in the labor market and great racial disparities in wealth distribution has led to minority students especially Blacks and Latinos needing more financial assistance to cover college. A recent Center for American Progress analysis on the impact of student debt on communities ofShow MoreRelatedCase Study1483 48 Words   |  594 Pagesresponsible for the content of third party internet sites. ISBN: 978-0-273-73557-1 (printed) ISBN: 978-0-273-73552-6 (web) All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. 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