Education is supposed to be something that sets an individual up for a successful future, yet in reality, it causes people to be in debt for a long period of time. Unfortunately, college education has shifted from a manageable investment to a dreaded financial situation for students. According to Peter G Peterson’s student debt article, in 2023, student debt totaled $1.6 trillion, more than twice the amount in 2008, which was $600 billion.
“Some smart people might not have enough money to pay off their debt, so they can’t go to the more pricey colleges like Duke,” said junior Satvi Patel.
It’s truly unfortunate that people nowadays would rather pick the cheaper school rather than the true paths they wish to explore. Many people also find themselves choosing higher paying jobs instead of careers they are passionate for because they don’t want to fall behind. For the people that are just entering the workforce, they are already behind on payments because of all of their accrued student debt. Graduates put a lot on hold, including buying a house, having a family or starting a business.
Junior Rashmi Shan said, “I think student debt is a big problem because a lot of students spend years paying off loans instead of saving money or starting their lives. Although college can offer great opportunities and your degree can get you in a great place, taking out huge loans without a solid plan is also risky.”
Furthermore, the Education Data Initiative says that the average age for Americans to fully pay off their college debt is surprisingly around the age of 45.
Although higher education allows students to achieve better professional growth, the school payment system immediately sets them up for failure and puts too much of a financial burden on them.
