The Pros And Cons Of Student Debt

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Even though it gives people longer to pay the money back and can still can go to the college they want, colleges should lower the prices so people don't have so much debt leaving college. Ever wondered how much people that have graduated college owe in student loans. In 2014, 57 year old Rosemary Anderson spoke about how she owes $152,000 in student loans from over 20 years ago. She will have to pay $699 a month until she is 81 years old because she put paying them off so long because of family issues, but she is not the only one. 17% of 1.2 trillion people with outstanding student loans are 50 and over. Thats roughly 204,000,000,000(billion) people. (The divorced mother). The class of 2015 has the most student debt in US history with 7/10 people having student debt. From 2000 to 2012 state and federal funding decreased by 13.5% per …show more content…
In 2013, studies show that the average in Maine ($29,934) is higher then the national average of $28,400. Another study sent out to schools in Maine but only 4 schools responded back shows the average debt of a four year student that attends these schools. Husson University in Bangor Maine has an average debt of $31, 466. University of Maine at Farmington has an average debt of $30,216 per student. Bowdoin college in Brunswick has a average debt of $21,292 per student. Lastly University of Maine at Presque Isle has an average debt of $20,919 per student. The #1 school with the highest average student debt is McNally Smith College of music in Minnesota with the debt at $53, 974. At the same school , 68% of students graduate with debt. (Peters, Steven) One reason why there are so many people with college debt and why colleges are raising prices is because they have so many people in college. The number of students increased by 62% in the past 20 years. 7/10 students who graduate have student loan debt which is about $30,100 per person. Thats the cost of a new car you could get.

The Pros And Cons Of Student Loan Debt

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