A student loan is a form of money-borrowing with interest designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
A situation in which the large debts owed by a number of individuals, organizations or countries threaten to overwhelm them, so that they become unable to service their debts which, in turn, may threaten the stability of larger structures.
The importance of obtaining a collegiate education is invaluable in modern society, however it can come at a steep cost. For many students, mainly those of lower class and lower socio-economic status, the cost may be too steep and thus they are submerged in a suffocating cycle of debt payment that leaves them in poverty. It is extremely important to not condemn the youth of the future to such hopeless conditions. Rather, we should foster an environment that allows our world to grow.
There are 45 million people who owe a total of $1.56 trillion. This student loan crisis impacts the livelihoods of millions, but student debt impacts more than the borrowers who owe money. It impacts low income high school students who perceive college as too costly. It also impacts the economy as borrowers are less likely to buy homes or take out car loans, and they often have low credit scores.