Student Loan Crisis
Student Loan Crisis Beginning in the 1960’s the distribution of federal and non-profit funds have given students all over the United States the opportunity to pursue post-secondary educations. Although this method has given students the ability to go to college financially, the majority of the students are not able to pay the money back when finished causing debt. Currently students in the United States owe more than $1 trillion dollars worth of federal and private student loans. Surprisingly this number has surpassed the country’s credit card debt which is $852 billion dollars. This years presidential election has many serious & interesting topics being discussed such as gay marriage & immigration, but the topic of student loan debt is of high importance and relates to the majority of the country. More specifically student loans are affecting African Americans more than any other race today. Due to the economic state of the country and their lack of knowledge on student loans the majority of African Americans are unable to repay their loans. Student loan debt is one of the biggest issues facing African Americans in the 2012 presidential election due to their limited knowledge on student loans, cost of college, and the economy of the United States. The lack of knowledge on student loans combined with the cost of college causes numerous burdens on young black individuals but at the same time affects the country as a whole. One factor that African Americans frequently ignore or are unaware of is their ability to pay back their loans on time. Sophia Kerby says, “Studies show that only 37 percent of students are able to repay their loans on time.” (Kerby 1). Black students are borrowing tremendous amounts of money not knowing if they have the ability to pay the money back on time. Student loans are also causing the increased rate of African American dropouts in the country. For example, Ann-Marie Adams explains, “that 69 percent of black students listed
Cited: Adams, Ann-Marie. "Student Debt in the Black Community: Hampering Our Ability to Enter the Middle Class." Washington Post. The Washington Post, 13 Nov. 2012. Web. 23 Nov. 2012. <http://www.washingtonpost.com/blogs/therootdc/post/student-debt-in-the-black-community-hampering-our-ability-to-enter-the-middle-class/2012/11/12/082747fa-2c47-11e2-9ac2-1c61452669c3_blog.html>. Crowell, Charlene. "The Domino Effects of Debt: Student Loans Trigger Financial Stress from Students To Retirees." The Domino Effects of Debt: Student Loans Trigger Financial Stress from Students To Retirees. N.p., 24 Aug. 2012. Web. 26 Nov. 2012. <http://www.theskanner.com/article/The-Domino-Effects-Of-Debt-Student-Loans-Trigger-Financial-Stress-From-Students-To-Retirees-2012-08-24>. Harkin, Tom. "The Debt Crisis In Higher Ed." Time 180.18 (2012): 44-51. Print. Kerby, Sophia. "How Student Debt Impacts Students of Color." Center for American Progress. N.p., 26 Apr. 2012. Web. 26 Nov. 2012. <http://www.americanprogress.org/issues/higher-education/news/2012/04/26/11375/how-student-debt-impacts-students-of-color/>. Morgan, Julie M. "Five Reasons Why Educational Debt Deserves Congressional Action." Campusprogress.org. N.p., 20 Mar. 2012. Web. 26 Nov. 2012. <http://campusprogress.org/articles/5_reasons_why_educational_debt_deserves_congressional_action/>. Williams, Jeffrey. "Academic Freedom and Indentured Students." Academe 98.1 (2012): 10-15. Print.