Synthesis Essay

Submitted By taylorhinkes
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Student Loan Debt Crisis
Taylor Hinkes

Date Topic Category Title of Article Source
4/28/14 Student Loan Debt Student Loan Debt Crisis? forebs.com
7/3/14 Student Loan Debt College Debt and Home Buying nytimes.com
3/3/14 Student Loan Debt The long term impact of student loan debt usatoday.com
12/5/13 Student Loan Debt Average Student Loan Debt: $29,400 money.ccn.com 2/26/14 Student Loan Debt Student Loans Are Ruining Your Life. Now They’re Ruining the Economy, Too. Time.com
08/08/14 Student Loan Debt colleges look for ways to cut textbook costs Los Angeles
Times
08/2014 Student Loan Debt Money’s Best Colleges 2014/2015 Money magazine 08/08/14 Student Loan Debt Next Step: More Money USA Today
Newspaper
08/2013 Student Loan Debt The Big Question cnnmoney (money magazine) Student loan debt haunts anyone who wants to pursue a higher education after high school. It’s inevitable. The minute a high school freshman walks through the large doors of their new life the words “scholarships” and “college debt” buzzes throughout the halls and in classrooms of the school. Along side getting an education, getting money for college is one of the big goals to achieve before graduation. Regardless if that goal is fulfilled or not, the money needed for a college education does not disintegrate. Young adults all over the country face this issue of paying off college tuition, textbook costs, and living essentials while attending college.
Most people don’t have 150K to pull out of their pocket and pay for all fees right off the bat, which resulted in student loans. Paying back said loans have become a gigantic issue for individuals of various ages. Though colleges and other associations have been attempting to lessen the cost of attending college, it still will take most students years to repay that which was borrowed. To become more knowledgeable on the topic, I researched multiple different articles, on and off­line to get a more in­depth feel of what student loan debt is all about. For starters, I discovered that the average student owns up to $29,400 in loans. (cnn.money.com) This specific article offered an interactive for discovering the percentage of students that graduated with student loan debt, and the average they owed. Granted, these numbers were generated from

around 2 years ago, so debt could possibly be higher than mentioned. The article also touched on how, “Seven in 10 seniors graduated with student loan debt, and a fifth of that debt was owed to private lenders, which often charge high interest rates.” Though it is to be expected to pay interest on the loan taken out, it begins to become worrisome when charged an extra couple thousand dollars that wasn’t even taken out.
In total, the amount of student debt owed back to the government is a whopping $1 trillion dollars as of 2013. (time.com) The article further explains that, “debt is painful for many students, and an increasing number of graduates are unable to pay back their loans on time…
11.5 percent of graduates were at least 90 days late on paying back their loans at the end of
2013.” This resulted in, of course, extra fees applied to the already owed money. The reason behind the delayed payment is due to the 70% raise in price of two and four year degree costs between the academic years of 2000­2001 and 2010­2011. (time.com) With the concern of being able to pay back the money borrowed to receive a higher education, another issue is brought to light: how will one be able to…