IndexAbstractIntroductionWhat Are Loans and How They Affect StudentsConsequences of Student LoansHelpful Tips for Limiting LoansHow Big is This CrisisConclusionReferencesAbstractThis research paper consists of five published articles describing the higher education due to student loans. The articles explain and highlight various issues related to student loans. However, other articles will talk about solutions America can take to increase higher education. Each article will point out and advise readers on how to improve their student loans. This article will review the study by Bloomberg, Christopher L. Peterson and Edvisors. Also from other sources to establish higher education, for students struggling with loan problems. This will also include helpful tips for avoiding loans in America. We will discuss how loans affect people in their lives. Also, how serious is the crisis of this problem. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Introduction How can I continue my education, when I can't even pay off my student loans? How can I pay off my student loans without getting the education I need? There are many questions that recent university students ask themselves. Most college students have six months to find a job and start paying their monthly bills. However, several college students fail to find work in six months. How will they pay off their student loans? Some may need a master's degree but can't get it without taking out various loans. In the 1960s the student loan crisis began to spread to all students in the United States. This provided the opportunity to continue their education in universities or colleges. This goal was to enable people to achieve their goal of attending school to pursue higher education. However, years have passed and our government still does not help students. Most students are unable to repay their debt. What are loans and how do they affect students As stated by Bloomberg from the Fortune article (2018), over the past eleven years; One hundred fifty-seven percent of college students have accumulated their student loans. They also reported that 52% of auto loans grew while 1% of credit cards decreased. That's a total of $1.4 trillion worth of student loans. Additionally, Bloomberg (2018) stated, “Student loans are being issued at unprecedented rates as more American students pursue higher education.” Therefore, students continue to accumulate debt as they try to educate themselves. For example, people go to school to earn a college degree, and some students are not eligible for federal aid. Additionally, the federal government also known as FAFSA grants students two different types of loans. They have to apply for the FAFSA and if he or she doesn't qualify, they offer it to him or her. Subsidized or non-subsidized loan, there is a difference between both lambs. To add on the FAFSA website (2019), they added: “Loans made to eligible college students who demonstrate financial need to help cover the costs of higher education at a college or trade school.” Additionally, “loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.” Having said this, the subsidized loan does not include any interest rateinterest. However, an unsubsidized loan requires you to pay an interest rate. They also have a similarity: you have to repay them after graduating from a university or college. The student has up to six months to find a stable job and start paying off their loans. In 1972, Sallie Mae was founded to finance college students with loans, but since 2004 it has become a publicly traded company. There is one big challenge when finding student loans: finding one with the lowest interest rate. If you take out a loan with a high interest rate, you will take a large amount of time to pay it off. On a website called SoFi Learn (2018), he highlights seven different key points about lending. Some reasons are that the average student loan balance is about $34,000, Americans with student debt have about four loans on average, and Americans currently have a combined $1.34 trillion in debt on their student loans.” They say seniors age 35 and older have the highest debt. Students between the ages of 18 and 20 have less debt. How can we continue our education when we struggle long term. People try their best to improve their education and some even do it to get a raise in their paychecks. However, once they reach higher education, the process is repeated all over again. Paying off student debt is a burden, and there are several ways to limit your use of loans. Student Loan Consequences Also to discuss, Edvisors informed us that if you can't repay your student loans there will be consequences. For example, late fees will apply that can amount to up to 20% of your check. This is a constant problem in America, most college students don't find a job in six months. They end up paying the interest rate and late fees, the government should change the loans. Abigail Hess wrote an article about the average student loan they have to pay off after graduation. He published that 70% of college students graduate with student loans. Overall, this was considered one of America's largest financial crises. As Hess stated, “the increase in student debt has led to a decrease in home ownership.” They also conducted a study and said that “students who graduated from college in 2015 will have to delay retirement until age 75.” It was concluded that loans affect people in their daily lives. Loans are a problem in America and we should do something about it. Most people don't recognize it and it's a struggle. Helpful Tips for Limiting Borrowing Attending college can be stressful, especially if you don't receive federal aid. Several college students will receive student loans by the end of their education. After these students graduate they must repay their loans. They have six months to start paying off their loans and it can be a burden. You can start by saving money before attending college. You may think it won't be much, however you can use that money to make payments or student loans. Start with a part-time job and save half your paycheck. Apply for scholarships: Most universities will provide several scholarships. As stated by Jennifer Wadia (2018), “The more you are given, the less money you will have to spend on student loans. “This will help you in the long run. You should try to avoid getting any type of credit card so that you don't pay more. A college student should try to manage their expenses. You can always keep track of your loansonline to keep up with how much you owe. Additionally, the Department of Education passed legislation to help repay loans. If you are a teacher working in a low income school for five years they will forgive you $5,000 thousand in loans. There are also other resources that will forgive some of your loans. The biggest problem in today's world is affording college, receiving scholarships is a great way to pay for school. It would help pay for tuition and also purchase books and other school supplies. Applying for a scholarship is simple, universities usually provide free scholarships. Yet they have several different requirements for each. For example, depending on specialization, age, ethnic origin and other information. To illustrate, Max Fray is an author of Debt. Org and gas informed about the different types of scholarships and other aid provided in the United States. For example, Fray (2019) stated: “About 5,000 groups and organizations across the country providing such help. Each scholarship will have its own set of qualification procedures, rules and deadlines. As informed, here we are several qualifications for a scholarship. There are ways to provide a debt-free college education without the use of loans. Another way to offer a debt-free college experience is to save money. As a child, it's a good way to start saving for college at a young age. For example, you or your parents can start with a hundred dollars a week and put it in the bank or in a bottle. Every week for the next eighteen years this amount will amount to more than 6,000 thousand. You can give it as payment for your student loans, after you graduate. Furthermore, most students are not well informed about student loans and take out multiple loans. Students need to get loans because there is no other way to afford an education. However, college students should be informed about what they are doing. For example, the Edvisors network on this site informs us about student loans. As stated by Edvisors (2019) “Standard repayment of federal loans includes a 10-year repayment period with equal monthly loan payments. Federal loans also offer extended repayment, which provides a longer repayment period, and income-dependent repayment, which bases the monthly payment on the borrower's discretionary income. Therefore, you should research loans before getting one. It's a complicated thing if you don't read and inform yourself. How big is this crisis? Loans in America have been considered one of the top ten economic issues. Researchers and policymakers have sought to improve lending requirements and their regulation. However, it has been difficult to pass laws to try to improve lending. Additionally, they have higher job expectations and require more education than just a high school diploma. Hess said that “by 2020, 65% of all jobs in the American economy will require an education beyond high school.” In the course of extensive research they came to the conclusion that we now need higher education. However, how can we continue our education when we can't afford it? Should we lower the cost of tuition? Should we have free access to school? So many questions were asked and so little. As Christopher Peterson of the University of Utah put it, “when students take out loans and then don’t graduate from college.” This is another crisis we have encountered. Please note: this is just an example. Get a custom paper from our expert writers now. Get a custom essayConclusion While,/