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?