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(Photo: Butch Dill/Associated Press)

Mounting student loans burden US youths

In modern times, education could be considered the building block for a stable society, which should provide the masses with a path toward prosperity. However, in recent years the US’ student loan debt has reached unfathomable heights, topping out at more than $1.5 trillion this year according to the US Federal Reserve.

While taking out loans to pay for college used to be a sound investment, it is now seen as a trap that ensnares millions each year and affects their wallets, livelihoods, and minds. 

A debt-heavy cycle

First and foremost is the obvious financial strain that student loan debt can have on US citizens.

It seems backwards to think that education is a leading cause of debt in America, when debt is supposed to be the thing that helps raise people out from poverty and into financial stability. Yet the US’ current education and debt cycle is just that – a cycle. It exists to lock people into low economic classes and without the means to afford necessities.

Losing the ability to work

At the very least, once a person gets locked into debt – they’ll be able to slowly work it off, correct? According to a New York Times article, 15 states allow student loan borrowers to suspend or revoke occupational licenses in the event of a defaulted loan. 

This is yet another flaw in the US’ student debt landscape. How can people be expected to pay for their loans and repair their bad credit if they cannot use the knowledge they’ve gained while securing their loans? Having people lose their livelihoods is terrible since it just creates more poverty – and more poverty means more burden on taxpayers and more homelessness.

(Photo: AFP)

High debt: High stress

As the trends of student loan debt increases, one of the major concerns is mental health. According to a 2013 study published in Anxiety, Coping and Stress, found that “those with greater financial strain perceived more stress, had more symptoms of depression, anxiety, and ill-health.”

The study explained that these feelings are strongest in college and post-grad individuals in the 25-to-31-year-old bracket. Which means that there could be millions of people with poor mental health, purely because they are worried about their student loans.

Where to go from here

The bottom line is that student loan debt sanctions need to be changed in the US to help out the country’s citizens. This is not a small number of affected people – this represents millions each year, making it a very noteworthy cause.

Thankfully, states are slowly, but surely, removing laws that take away occupational licenses in the event of defaulting on loan debts.

The only other alternative is to have a new generation of people burnt out and unable to work, which will be extremely harmful to the US economy.

(Produced by He Jieqiong; article from People's Daily app)