Young Americans are not actually deprived of college education, but they are deprived of the high student loan debts! These debts have greatly affected their lives and spending potential, casting a dark covering on the country’s economic recovery. Loans are usually not a problem for many borrowers, but debt is a burden, which is impacting major life decisions of student borrowers. Though federal government of United States has made taking loans for higher education easier than before, but it’s a burden with devastating debts, which might bring down the economy.
About 37 million young Americans have taken huge amount of student loans and the delinquency rate on those loans have reached a new level, which was never recorded before. According to a report published by U.S. Department of Education, around 11% of student loans are 90 days delinquent, at minimum. This record is first of its kind and extensively high, in contrast to the records of previous years. Student loan debts have dramatically exceeded in trillions of dollars, which is the 2nd largest debt, after home finances. Student loan debts have increased to a great extent in the past years. Since 2003, there is an increase of 275% recorded in the total amount of student loan debt in United States. This is an amazing figure! In order to get rid of unfair student loan debt burdens, millions of young American college graduates are stepping into the professional world. Many are putting off buying homes or getting married, due to these debts. Therefore, many college students are thinking that they would have not enrolled for online MBA degree and are now deprived of it.
One of the major reasons behind this problem is the rising tuition fee at colleges! They have unexpectedly risen, which is forcing college students to take loans for their studies. From the era of 1978, college tuition fee has risen greatly, more than the cost of health care. Even public universities are charging high tuition fees, which has increased by 27% since 5 years. We usually encourage college students to borrow large amounts of money that are essential for bearing college expenses, because college education is the basis for accomplishing future endeavors.
As a matter of fact, there are millions of young Americans, who are earning an online degree in Dubai, for which there are no jobs available in the professional market. Today, a number of young American college graduates are employed on jobs that does not requires any sort of college degree. This is really sad! After years of efforts in college and with burdens of loan debts, graduates are unable to serve in their field of interest.
This reality is taking the entire United States to mass disappointment with the system. A recent survey revealed that approximately 70% of college graduates say that they remained busy in preparing themselves for the professional world, while obtaining college education. As majority of college graduates failed to get appropriate jobs, the coming generations of college students are discourage to apply for college education in online degree programs, as they will also be unable to pay back student loans.