Student Loans Spiraling out of Control

                Written by: Denis McAuliffe

Student loans have become a necessity for most families in America. And with student loan debt surpassing credit card debt, the problem doesn’t seem to be improving. More than two thirds of college students take out student loans, and the average student’s debt after graduating exceeds ten percent of their gross income. With the economy in the state that it is in it is extremely challenging to become a successful individual in the society after you receive a four year college degree. In 2011 the average cost to attend Illinois State University including tuition plus room and board is roughly 22,000 dollars annually. Most college freshman do not have a steady income, even if that is the case they most likely will not be able to afford even a public education these days. Private Universities have tuition surpassing 50,000 that is not including room and board. So we are stuck in a dilemma, today’s society requires a bachelor’s degree for a vast majority of careers. If you take out student loans and attend school you will graduate with a four year degree and a pile of debt after taking out student loans. If you do not take out student loans and aren’t able to afford higher education you will be under qualified. The decision that most qualified students seem to be making is taking out student loans.

The student loan debt in America has passed credit card debt, surpassing 1 trillion dollars in 2011. Another key contributor to the nation’s debt is the struggling economy. The economy has the highest unemployment rate dating back to the great depression nearing 8 percent. Currently a freshman at Illinois State University and set to graduate in the class of 2015, I am quite concerned. I asked Daisy De Letora, a freshman communications major at Illinois State, what she thought about our country’s student loan situation. She stated “ I think it’s right that they give you the opportunity to take out loans if you wish, My sister is enrolling in the University of Brown medical school next year. She will be paying off her medical debts for a good time to come “. President Obama spoke last October about his plan to improve the student loan crisis. The plan set to start in 2012 will improve the situation for nearly 2 million students who currently are suffering with making student loan payments. But this just isn’t enough, we  are in desperate need of a complete overhaul.

 The system set in place just isn’t working, and is a huge burden on Americans becoming successful members of society and quite frankly is just placing our economy in a deeper hole that it already is. Increased education funding from the state would potentially lower public university tuition, creating less of a burden for students who take out loans. Judging recent actions taken by the government, increased funding just does not seem like a pliable option as of now. It may be our job as college students to create a solution for the current loan situation, since there has not been much activity by the government to do so. I personally do not have the solution, which is why it is important that college students all across the country are aware of the increasing debt in America. Our country was founded by people who wanted to make a difference in their lives. It is much easier said than done but students like you are currently faced with this problem and need to take action if no one else is.