The debts could one day be a problem for us to tackle...
Dear Future President,
According to ThinkAdvisor, the total of all the student loan debt in America is $1.3 trillion, which is more than the total of credit card debt. That is a lot of money for all the graduates to pay off! Eventually, I will go off to college, too. Deep down, I’m apprehensive about the loan debts and how I will be able to pay it off. Therefore, I think you should lower student loan debt.
To begin, I think you should decrease student loans because the debt puts graduates into “holes”. To put it another way, the debts push them behind their goals in life, such as starting a family.In fact, Business Weekly stated, “The burdens of student debt, however, extends far beyond just the borrowers, implicating education, occupation, spending and the economy.” This hints at how the graduates have more than just student loan debt. Furthermore, I think you should decrease student loan debt because it impacts students’ choices in education because some feel overeducated and others feel like the should not have attended college. Business Weekly’s statistic mentioned, “10.41 percent feel as though they should not have attended college at all, and 10.14 percent feel overeducated, paying for education beyond what is necessary for their career.” This proves that many people feel like they picked the wrong college and now have to live with all the debt within their life. Lastly, I think you should decrease student loan debts because it also impacts retirement savings. With all of that debt paid off, you could have a head start in retirement savings. Did you know that, “For every $1 of student debt you accrue, you're likely to decrease your retirement savings by $0.35,” according to UWIRE Text? It is like saying that you owe $1 to someone, and you lose 35 cents. This shines a new light on how much you have spent on loans instead of retirement money.
Once again, future president, I think you should decrease student loan debt. Many grown-ups I know have said college loans have doubled or have greatly increased since they went to college; they said it was cheaper. The debts could become a hassle for people graduating from college in the future.