As Americans face various issues, one of the most critical ones of all turns out to be student loan debt. As young people continue to face skyrocketing amounts of student loans, questions about the impacts and who will fix it have arisen.
Student Loan Debt in America
According to Student Loan Hero, Americans collectively owe at least $1.56 trillion dollars in student loan debt. This amount also happens to supersede the amount of unpaid credit card debt within the United States.
To make matters even worse, student loan debt almost always comes with interest after a certain point. In layman’s terms, for each day which indebted persons fail to pay owed dues, interest increases, thus surging the owed amount faster than one can pay it off.
While most people can see the glaringly obvious pitfalls in excessive student loan debt, there are various opinions on who is truly to blame. Some people blame the government and the institutions. However, there are others who believe that the responsibility lies with those who take out massively unaffordable student loans.
The Case that Government and Institutions are to Blame
Americans who fault the government and the institutions believe they intentionally prey on young people who seek to gain an education. As such, people with this mindset have proposed various ways in which government and universities can fix the problem. Some of the suggested methods include promoting responsible borrowing of funds, finetuning education to what is most in-demand with today’s job market, and more.