Effects of Student Debt
One of the challenges of a college education is paying for it. Most students rely on loans and financial aid to finish college. The overall student debt in the United States is currently around $1.4 trillion. According to the New York Times, many students come out of college in serious debt. This means they cannot buy a home or start a family. The average student debt receiving a bachelor’s degree in 2015-2016 was $30,301. Students have borrowed so much money for college that they cannot borrow anymore. So now parents are borrowing on behalf of their children.
Since some families are over borrowing or cannot borrow any more, some students are choosing to attend cheaper public colleges. Another effect is that low and middle-income students are choosing to an associate degree or certificate program instead of a bachelor degree.