Student Debt

One of the most significant issues for students in higher education and for America in general is the problem of student debt. Some facts about student debt and protential cause for it are as follows:

-Student debt in America has now reached $1.56 Trillion. -The debt is owed by 45 million borrowers. -These numbers are increasing. -70% of trustees believe the general public, students and policy makers all do not have an -accurate understanding of the current student debt situation in America. -The cost of higher education keeps increasing -A 4-year college education has grown at 2.6% per year for the last 30 years. -The cost of a 4-year degree is twice what it was in 1989 even adjusting for inflation. -Facts and information are from (Friedman, 2020), (Seltzer, 2020), and (Maldonado, 2018)

After graduating from Virginia Tech I will be fortunate and blessed to have received Bachelor’s, Master’s and Ph.D degrees all with very little debt. However, it is clear that it is a growing problem in the United States. The cost of higher education and student debt continue to rise. Many think this will have implications for the future of higher education. Students and the general public may choose alternatives to college and therefore, seriously reduce the number of students attending universities. With already clear trends of fewer students attending universities due to the recession, Covid-19 and lower birth rates, the additive effect could have major financial effects on higher education. With the up coming election and talk of forgiving student loans, this much debt could also have major impacts on the government, our economy and the whole nation.