Jack Michigan

The Student Loan Debt Crisis

This letter outlines the current crisis our nation is facing with student loan debt and how colleges are responsible for the gouging of the American student .


Dear future President and fellow students,

The education system in the United States is reaching a point of dangerous negligence regarding its massive financial strain on young adults, and its gouging of the young American student. Each year, the tuition rates for colleges soars higher, and it is becoming exponentially more difficult for a student to pursue a higher education without being crushed under massive student loan debt that colleges greedily bleed from their students. Action must be taken immediately to solve the current crisis that America has with student loan debt. America’s future will look brighter and benefit massively by offering higher education to all social classes for free or at a massively reduced rate.

A CNBC article written by Kelley Holland found that rising student loan debt levels are changing how millions of young Americans approach major milestones and core financial decisions, affecting longstanding social and economic patterns. The debt that is accrued by young Americans puts a major strain on our economy, because of the lack of consumerism, and causes America to fall behind other powerful countries. Achieving a free or massively reduced higher education is not only a feasible endeavor but an overall benefit for America. The more Americans that are able to obtain a higher education means that the economy will, in turn, improve, because of the influx of cash that is now at the disposal of students that have to deal with the heavy burden of student loans. Leon Botstein of TIME states that by forgiving student debt, which is largely held by the US government, would generate a tremendous economic stimulus whose beneficiaries are people - not banks.

It seems obscenely unjust that a student that comes from an impoverished family would not be able to pursue a higher education solely because they could never afford it. Some extremists even call this problem an issue of morality.

Critics of this idea to forgive student loan debt and to make higher education free or massively reduced, claim that a bailout regarding student loans sets a bad precedent. However, I do not think America can succeed unless we overhaul the American education system. How is a young adult supposed to achieve the job of their dreams, if they are enslaved by their student loan debt throughout their lives? Furthermore, without impoverished students having the opportunity to rise up the social ladder, and free themselves from the fate of poverty, they will be trapped at their current social standing, doomed to a life they should not have to lead. These families ought to be given a fair chance to succeed like students from families more financially-secure than their own. Statistics show that Americans that have degrees from a higher education such as a Bachelor’s will make on an average of $600,000 more in their lifetime as compared to those without. Extra income means more wealth being infused into the economy, strengthening the nation’s financial base.

If no action is taken about this crisis, America will find itself slowly slipping in rank behind other developed countries such as China and India. How can we in good conscious, purposely decide not to change the American education system to benefit as a whole? If America is to succeed, we must work together to make massive changes as soon as we can - before it is too late.

Thank you, Jack Valice