Working to Decrease Student Loan Debt

Posted by WSBlogger on 06-May-2014 under College category.

All over the country, concerns are growing for families who wonder how their children will afford college. The rising cost of education over the past few decades has made it more difficult to get a bachelor’s degree, and even those who do are saddled with so much debt that they find it difficult to start life after college.

These concerns are a big reason why one American senator has been making a big name for herself in political circles. As an opinion piece published by The Washington Post argues, Senator Elizabeth Warren of Massachusetts is a leading voice in Washington for middle-class families against the rising cost of higher education.

Residents of the United States are dealing with a combined $1.08 trillion in student loan debt, twice as much as they owed in 2007 and an amount that far outpaces credit card debt. Sen. Warren’s newly published book, A Fighting Chance, expresses her belief that action must be taken to avert economic stagnation caused by the debt saddling graduates’ lives.

Here at Sharks Web Services, we are all too aware of the incredible cost of going to college. With interest rates doubling on federal student loans last year, an even greater chunk of our economy will have to go towards paying off educational loans. Other troubling measures, such as reducing the Pell grant budget by $90 billion and applying interest to loans while students are still enrolled, have been discussed.

The effects of long-term debt upon the post-college lives of American students can be very damaging, especially with economic uncertainty regarding previously stable careers. Academic institutions, especially public ones, should be affordable and open to everyone. Even private schools should realize that they exist to benefit their students’ professional lives, not tie them to long-term debt.

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For more information and to read the article from The Washington Post, click here.