Table of ContentsIntroductionConclusionReferencesIntroductionRob Wilson, President of Employco said, "We have this idea in our society that a college degree is the gateway to financial freedom and success, but the statistics do not necessarily support the cost. it comes out. A report by the Student Debt Project indicates that two-thirds of seniors who graduated in 20111 borrowed to pay for college. The average debt was $26,600 at graduation. This is an increase of 5.5% from the previous year. Additionally, recent headlines suggest that individual student debt exceeds six figures for recent graduates. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay This begs the question: Is college worth the cost for people facing this growing college debt crisis? Should the younger generation place so much importance on a college education that they could pay for until retirement? In this essay, I will discuss three main points about student debt. The three main points are: is the investment worth it, student loan default, and student loan debt that forces recent graduates to avoid major life decisions. Numerous studies have reported on the burden of student debt, how it affects millennials, and how it may influence what they save for retirement. An Aon Hewitt study found that debt and its consequences are problems that span generations. According to the study, 44% of Millennials reported taking advantage of student loans, as did 26% of Gen Xers and 13% of Baby Boomers. An analysis of recent GAO data shows that the number of borrowers, particularly older borrowers, who experienced offsets of their Social Security benefits due to these unpaid loans has increased over time. From 2002 to 2015, the number of these borrowers - of all ages - receiving social security compensation increased from around 36,000 to 173,000. In addition, around 44% of borrowers aged 50 or over, at the time of their first compensation, had the maximum possible amount of their social security benefit withheld, i.e. up to 15% of their payment. Compensation for the remaining 56% was less than this maximum, but most of these borrowers saw between 10% and 15% of their benefits offset. Older Americans, who are at or near retirement, and other borrowers who are defaulting on their federal student loans. are subject to a certain number of actions to recover the amount due, including compensation from Social Security. Older borrowers who remain in offset may gradually experience financial difficulties. This is the case for a growing number of people whose social security benefits have fallen below the poverty line because the compensation threshold does not take into account the increase in the cost of living. In 2004, about 8,300 borrowers aged 50 and older received benefits below the poverty line, compared to almost 67,300 in 2015. This growth corresponded to a 38% increase in this age group of borrowers in 2004 to 64%. in 2015. More than 44 million Americans owe $1.6 trillion in student loan payments and more than two-thirds of those debtors are in default. Jeremy Epstein, during a presidential debate, asked how quickly young graduates are able to findgood jobs in a tight economy, as this is a common concern among Americans. Mitt Romney, the Republican candidate, responded that 50 percent of students leaving college cannot find jobs. However, according to the Project on Student Debt report, only 8.8 percent of recent graduates are unemployed. Anthony P. Carnevale, director of the Center on Education and the Workforce at Georgetown University, says that only about 14 percent of recent graduates are unemployed or underemployed. Although there is conflicting data on this topic, it is clear that there is a problem, regardless of its size, in young graduates finding good jobs after graduation. In fact, during a protest in November 2011 in New York, students carried signs showing their student loan debt. In a new report from the Project on Student Debt, part of the Institute for College Access and Success, found that about two-thirds of seniors who graduated in 2011 borrowed to pay for college and that their average debt was $26,600 at graduation. Student debt weighs heavily on new graduates, so much so that many feel like their lives are “on hold” and they can't make big strides, like getting married, buying a home, or pursuing an education. Chris Duchesne, who is the vice president of EdAssist – a company that helps businesses with their tuition programs, said: “Rather than paving the way for success, in some cases these big education bills "education have the opposite effect," he also explained: "First, the burden of student debt can disqualify millennials for mortgages due to their low credit scores and high debt ratios. . Second, debt aversion may discourage student loan holders from taking on more debt to achieve homeownership. Chris also included a statement that "most college graduates end up moving after graduation to live with their parents, and it takes them several months or longer to find a job." In many cases, this job will not match their field of interest, and these young people end up spending a good portion of their salary paying off their hefty student loans. such as the Empowering Students with Enhanced Financial Advice Act or the Financial Literacy for Financial Aid Act, have been introduced in Congress, according to a review of the bills on Congress.gov, but fate While these bills closely resemble some of the similar versions that have been introduced in the past, it remains unclear. The Student Debt Project offers some recommendations in its report. They believe the federal government should provide the key information students and families need to make sound decisions when deciding which college to attend. These include the average debt at graduation across all colleges that receive federal funding. This recommendation echoes an element of the new Financial Aid Research Sheet that includes federal agencies encouraging institutions to use the report. He also suggests that federal authorities limit wasteful and risky borrowing by requiring educational certification for all private loans. Additionally, they recommend reducing the need to borrow by increasing grants and tax assistance based on need. The GAO also suggests that Congress consider adjusting Social Security offset provisions to2.