Rising Student Debt in College Student Profession

Rising Student Debt in College Student Profession

College student is a ‘profession’ that is facing several issues at the moment. Although the pursuit of education among the young and the old continues relentlessly, American college students have to grapple with a myriad of issues that impact the current quality of education. No issue is causing more concern than the value of college education in light of the high student debt. A college degree is known to influence the professional work immediately after graduation. Holders of a four year degree have particular advantage in the job market. They qualify for several attractive job openings with significantly higher earnings compared with non-degree holders (Leonhardt 1).  However, the attractiveness of a college degree has somewhat paled because of the piling student debts across the nation. It is crucial to develop measures that will lessen the burden of college education student debt.

It is undeniable that student debt is impacting adversely on the value of college education. Completing a four-year degree is very expensive forcing students to borrow to supplement their income.  The average debt per student was estimated at $38,000 in 2018 (Fay 1). For students just starting to grow and develop professionally, these are astronomical amounts. Over 43 million Americans aged over 18 and above currently carry a federal student debt. The problem is expected to get worse with the amount of student debt tripling since 2004 to reach $1.5 trillion in 2019. Additionally, there is an estimated $119 billion worth of students debt from private sources that is included in official statistics (Mckay and Kingsbury 4). If left unattended, student debts threaten to affect the quality of life of the affected persons.  It may also impact negatively on the national economy.  It is noteworthy that 30% of the affected students and former students are aged between 25 and 34 (The Student Debt Crisis 1). The burden of the debts inhibits their ability to purchase a home, start a family, and purchase a retirement plan among other effects. By addressing the ballooning wage, the nation would be better placed to grow equitably while taking care of its most important resource.

Policymakers in the education sector must address the above challenges to protect the strength and attractiveness of a college degree. The massive student debt can be alleviated by writing off debts for student borrowers with low repayment ability.  The federal government can write off the debts over an extended period of time. This would allow the government to roll out the program without compromising on the quality of ordinary services in the education sector (Ben Miller 1). This strategy can be implemented by evaluating the repayment ability of students.  This approach will ensure that students who benefit from this government assistance are those who genuinely do not have the capacity to repay the loans.

The basis for selection of borrowers to enjoy government intervention should be based on the understanding that if students are forced to pay debts in full, it may lead to adverse impact on their financial security. Many of holders of student debt are persons who are willing to pay but incapacitated financially (The Student Debt Crisis 1). By cancelling loans for indigent borrowers, a significant burden would be removed from their shoulders. Additionally, the proposal is likely to lead to many students opting for a college degree with better prospects for their personal growth and that of local and national economies (Fay 1). An economy with empowered human resources stands to benefit from skilled labor and technical skills that drive creativity and innovation. Alternatively, the problem of student debts can also be solved by capping the amount of student loan to be cancelled at between $10,000 and $30,000. This strategy will help a majority of indigent borrowers and thereby enhance equity in the access to higher education.

Piecemeal cancellation of student debts would be pegged against the rate of growth in the economy. By adopting this approach, none of the services offered by various government departments would be directly affected as a result of directing funding to repay student debt. On the contrary, removing the burden of debt from the shoulders of student would empower them to begin planning for their future (Mckay and Kingsbury 4). Students will focus on establishing financial foundations for personal growth. They would be empowered to begin investments at an early stage in their lives and secure financial stability that will guarantee future prosperity. The increased disposable income will be pivotal in enabling them to raise their families with sufficient resources to pay for the needs of family including educating their own children without the need for government support (Ben-Miller 1). The cyclical nature of poverty is such that if parents are unable to establish financial security, their children are likely to suffer the same fate. Cancelling student debts for low-income individuals will break this cycle and steady many young people toward future prosperity.

Opponents of this strategy may claim that it is discriminatory to individuals who work hard to raise money and pay for their debts. They may argue rightly that cancelling student’s debts encourages a culture of dependency on the government. Millions of young Americans are working tirelessly to meet their financial obligation and those of their families (The Student Debt Crisis 1). Cancelling student debt would appear like failing to appreciate the culture of hard work that is an integral part of American culture. While this argument may have some merits, it fails to recognize that income inequality is endemic in the American education system. Majority of college graduates suffering under the crippling effect of education debts come from marginalized communities in the society. They are minority ethnic or cultural groups who have suffered from the inequalities that are endemic in the American nation (The Student Debt Crisis 1). By assuming that all students have equal means of repaying loans would be unfair to millions of students who can barely afford education without federal assistance. Indeed, many of the students in debts are college graduates who are working more than eight hours a day to pay for their debts (Ben Miller 1). Cancelling their loans would not suggest that they should stop working hard. It would only be recognition of their effort and boosting their drive for personal growth.

College education remains the easiest way to middle income bracket. The stain of massive student debt on the college degree should not shadow and darken the prospects it offers to millions of American people. It is time stakeholders in the education sector combined their skills and resources to address this emerging problem. The attendant student debt takes away the glow that is associated with holding a college degree. The starting point in this battle should be cancelling student debts and giving young people entering the job market a strong starting point. The decision will give college student ‘profession’ the economic significance it deserves.