Student Debt Generation Is Begging for Relief: Is America Able to Help Its Youth?
USA – March 19, 2019
This is beyond a “regular,” crisis—this is something closer to the collapse of the entire higher education system in America, as the number of in-debt students has grown dramatically over the past decades. But playing the “anti-socialist” card, it seems like America has given up on its youth.
Most American university graduates have one major thing in common: No matter what their field of study, they have student debt. About 70% of American college students step into their adult lives with a significant amount of loans, which becomes unbearable, ruining their perspectives and expectations.
Up to 44 million young Americans collectively hold nearly $1.5 trillion in student debt. In other words, roughly one in four American adults are paying off student loans instead of saving money towards a mortgage and other things. Such a situation significantly lowers the quality of life of those who were considered to be the future of the country. When they graduate, the average in-debt student has $37,172 in loans—approximately a $20,000 increase from a decade ago.
And unfortunately, it’s naïve to count on scholarships today, as everybody knows how corrupt the system of higher education is in the U.S. Your place in the sun is already taken by some fortunate son. Better get a loan, as many scholarship opportunities are closed due to the fraud schemes of the American elite.
And, of course, loans must be repaid, unlike other forms of financial aid, like scholarships and grants. Research also indicates the increased usage of student loans has been a significant factor in college cost increases.
The whole United States government-backed student loans system was first offered in 1958 under the National Defense Education Act (NDEA), and it was only available to select categories of students, such as those studying toward engineering, science, or education degrees. The student loan program, along with other parts of the Act, which subsidized college professor training, was established in response to the Soviet Union's launch of the Sputnik satellite and a widespread perception that the United States was falling behind in science and technology in the middle of the Cold War.
Student loans were extended more broadly in the 1960s under the Higher Education Act of 1965, with the goal of encouraging greater social mobility and equality of opportunity. However, Americans never learned the best thing about the Soviet system of higher education, which is that it was completely free for everyone. Even today in modern Russia, most students receive a higher education for free, which is the direct heritage of the Soviet past.
Getting back to the States, we should also mention that many graduates have expressed buyer's remorse regarding the cost of their education, according to a separate survey conducted by Citizens Bank. To that point, about 57% of respondents said they regret taking out as many loans as they did, and 36% said they would not have gone to college if they fully understood the associated costs.
And, of course, debt also has long-term consequences. Starting from buying a car or a home to getting married and even having children, many millennials are putting off life's major milestones because of their record debt. And then you ask why America’s demography is in such decline these days.
This has been proved by a number of scientists and researchers, as they admit: One of the biggest reasons that students decide not to go to college is the cost. Many times a student is forced to choose between going to college or just going straight to the workforce because they are unable to keep up with the ever-rising tuition.
And this problem didn’t just appear yesterday, as the dramatic increase has been registered for a long time. For example, in the 20 years between 1987 and 2007, tuition costs rose 326%. Books and supplies are another tremendous expense, with some books for basic required classes costing hundreds of dollars. Because of these costs, 58% of those students who choose to go to school will be forced to take out student loans to continue their education and will owe huge amounts of money.
The other unfortunate fact is that many student who are unable to get loans, or determine that the cost of going to school is not worth continuing will end up having student loan debt without the means to pay them back like they would if they had completed school. Student loans are also very dangerous because there is no way to get out from under them unless they are paid in full or you die. Even bankruptcy does not wipe away student loan debt, and people continue to pay the loans off for years after they left school.
Claiming itself “anti-socialist,” the American government does nothing to ease the burden of student debt. In modern America “the survival of the fittest” is quite fitting, as the state won’t do anything for you, but you’re obliged to do everything for the state. While America is fighting numerous military campaigns all over the world that cost billions of dollars, and while its aggressive rhetoric bombs the “third world” countries into the Stone Age, back in the homeland American students suffer because they can’t pay for their own higher education.
America sure is able to help its youth, but it doesn’t want to, and this probably is the biggest issue in this situation.