The paper presents one of the proofs that college students take too much debt that is clear from the economic perspective. The recent drag in economic growth goes along with an increase in student debt levels. The effects of this drag and the debt are likely to be felt/ experienced in the future. An example of such effect is witnessed when the graduates join the workforce. Instead of using their money to sustain a happy family or save for retirement benefits, the graduates spend loads of their salaries paying the debts.
As a result, the final value of their retirement value reduces greatly. As a result, a graduate might find it hard to leave their parents’ homes thus creating a drag in the household formation. Policymakers have come up with proposals which serve as alternatives to the student’ s tuition problem, though they are not solutions, they help bring a less indebted generation of students and also minimize the negative consequences. Among the proposals, is that apart from the basic education provided by the college programs, lecturers should also incorporate education about borrowing money for college students.
Resources and counseling could be provided to the students so as to provide an accurate perception of the amount of debt they should take, future costs, and the long term value of their education. Students in colleges should make sure that they are aware of the factors that increase their chances of completing their education. For example, schools should encourage their students to complete their courses in lesser semesters. Such measures help the students complete the courses with lesser debts. Most students would work overtime and extra hours in schools to offset their tuition fees. As students continue to graduate (or drop-out) into the tough job market, there are opportunities/chances to shed light on some important aspects of student loan debt.
As talks continue, research will also continue as to how the economy will continue to benefit from its citizens’ education attainment while at the same time being able to manage their debt.
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