Student Loan Debt Creates Lifetime Burden - 2337 Words

Crowell, Charlene. Student Loan Debt Creates Lifetime Burdens. Philadelphia Tribune: 1. Aug 13 2013. ProQuest. Print. The main argument from this source deals with the notion that student debt is only on the rise and is continuing to cause a variety of problems for both the student and the economy. The point of this article is to bring awareness to the rising numbers of student debt that has accumulated over the years as well as informing the audience of what can be done about this and showing the burdens associated with having this much debt for both the individual and community. Mainly the topics of labor, education, economy, life stressors, and what steps to take in order to avoid these factors are covered in this article.†¦show more content†¦DiMaria, Frank. Student Loan Debt Unlikely to be Next Subprime Crisis. The Hispanic Outlook in Higher Education Jan 13 2014: 10-1. ProQuest. Print. This particular source, which comes from a magazine, provides a solid counte r argument to student debt existing as a major issue in the United States and its economy. The magazine states â€Å"The outstanding balance of student loan debt, though it is high, is dwarfed by that of mortgage loans and for student loan debt to cause serious damage to the U.S. economy the default rate on student loans would have to be greater than 50 percent on all student loans outstanding† (DiMaria 10). This reiterates the authors view on student loan debt not being as much of an issue to the United States economy as many would claim it to be. The author also stretches how the U.S. economy can’t be affected by default on just student loans and points out how the private sector’s exposure is directly tied to each cohort. For example, the author mentions how the borrowers who entered repayment of their loans in 2007 experienced a far different economic climate than those who entered repayment in 1992, thus pointing out the absence of impact studen t debt might have had in the economy in current years. The author also mentions that many student loans are supported by the government, which diminishes many problems