Bank Robbers (Student Loan Debt)(Got Job?)

Nearly 20 million Americans attend college each year. Of that 20 million, close to 12 million loan annually to help cover costs. In Europe, higher education is more highly subsidized for students and funded by the government. In parts of Asia and South America most post secondary education is still private with little funding from the governments. It seems like the United States is creating a huge market for student loans to become a business. We ask ourselves is this ethically right to have that high of an interest rate for students who graduate working.”The average sticker price in 2009 was about $35,000, but the average price people actually paid was around $21,000.” It’s hard to estimate what college really cost.

Are student loans even a choice anymore? Seems like now 90% of the people who graduate high school try to pursue some sort of degree or certification of a higher level of degree then a simple High School Diploma. Student loans have become a business itself. Banks daily are robbing students by setting an interest rate so high. Many students who I know personally have graduated with top degrees are struggling, competing with hundreds of other students for jobs that will only probably pay the 30-40 thousand a year. The student debt is just not fair, the rates are higher then ever before. Even if one were to find a job immediately upon graduation, depending on his/her school, they could spend years just trying to pay off their loans. Banks, in a sense, are robbing students of their financial freedom, and essentially are creating a form of “debt-slavery”.

Student debt is not just a financial burden one takes on in order to get a good education anymore, it has consequences that reach far into the future. In the past fifteen years student debt in private schools has been raised from 50 billion to now being more then double at 120 billion dollars. Now for the Public schools it has reached almost the same from 45 billion to more then doubling to 100 billion dollars. That being said, I believe banks are the main reason why students cannot afford a higher education as well as pay it off. At the end of the day the banks job is to drain every dollar and gain every percent out of our pockets. We can ask ourselves is this Social Responsibility of business? Is it ethically right to turn education into a business?


4 thoughts on “Bank Robbers (Student Loan Debt)(Got Job?)

  1. I enjoy discussing this topic. Banks and the government are definitely robbing student of affordable education and creating debt slavery for all of us. Why is it that there is enough money for students to attend elementary and high school for free, but by the time we reach college we are paying thousand of dollars for an education we have been taught so long is free? It alters our perceptions on life and is not fair to students. As society has pushed education on us as a requirement, the demand has risen, also making colleges feel they can charge us whatever they want because it is a necessity to us. We are being robbed of our freedom and education should be free or least expensive than what it is. No matter what scholarships or discounts you receive, you somehow will still walk out with loans.

  2. Not only are student loans causing people to drop out of school or even not attend school at all but is also creating other issues for our society as well. How can someone think of getting married, buying a home, or even having kids when your have a huge debt from your education. I think everyone deserves an education and in a perfect world, that would be free. Since it’s still not a huge issue in the American society in where students are actually battling this issue, nothing really is going to change. Things will change when students actually feel the need to fight against the high education cost and high interest rates from banks.

  3. Like the other commenters, I too believe that student loans rob graduates of their financial freedom. Although there is a lot of government aid available in the U.S., it is simply not enough and there are far too many students that mindlessly take out student loans without thinking of the possible repercussions of defaulting when they graduate. Much like our health care industry, I believe it’s a disgrace that important sectors like education are a business. At one time, student loan debt was a smart debt to have. After all, the price tag on a respectable education should be invaluable. However, after the 2008 financial crisis, this was not the case. The problem is although young students are making sounder financial decisions in regards to their education, it’s still not enough and I believe our higher education sector in regards to student loans is in dire need of reformation.

  4. I believe that in a perfect world, everyone is entitled to attend college that would be supported by government expenditure, sadly enough, this is not supported by capitalist America. I do also believe that economic figures need to be adjusted somehow in order to yield the best possible outcome. And the most relevant economic index in relation to college attendees and graduates is the unemployment rate.

    As shown in the illustration above, students loans are on the rise, due to two factors (higher demand and rising prices), therefore i also do believe -although i do not support this- that the government is allowing higher fees and student loan interest in order to discourage higher education, meaning that this would not add to the burden of the unemployment rate, because the amount of people graduating are not in line with the level of job creation in the U.S.

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