Student Debt Is A Growing Scourge

Student debt is rising at an alarming rate and proving to be a scourge on people’s ability to afford homes and start families. More people are going to university than ever before but not everyone is benefiting from the experience.

The fear of debt

The fear of debt is becoming embedded in the lives of students, as fees rise in tandem with the uncertainty of getting a well-paid job or starting a business.

The promise of an education as a way to broker a future is broken, as the beneficial link between university and career is reserved for a reducing elite.

The idea that students are unaware of or don’t care about debt is no longer true as levels rise to stifle their spirits.

There are further concerns too as people hold back from buying homes, exploring entrepreneurship, starting businesses or taking risks because of a lack of savings and stable earnings.

Many students will not be able to pay off their loans in later life and will remain burdened by what starts out as an innocent, albeit unfair, transaction.

Rising student debt coupled with rising property prices makes it difficult for young people to earn enough to live a good life or plan a good future.

Job security

Student debt is climbing at a time when job insecurity is increasing and real wage levels are falling for many new entrants to the labour market.

The current generation is facing a challenge as the accumulation of debt prevents any normal expectation of progress.

The contrast with previous generations, unburned by such worries, could scarcely be greater as they enjoyed the luxury of little debt, secure careers and affordable homes.

The current system has the additional unfairness of ensuring that students from well-off families suffer less and have a greater chance of manoeuvring through the maze of mayhem.

In contrast, those with less help struggle to cope while paying higher rents at a time when they should have some surplus income.

The fact that many student loans will never be paid back coupled with the fact that the repayment burden will fall on taxpayers adds to the short sighted unfairness of the situation.

Universities too are afflicted as students prioritise finding good jobs rather than embracing and enjoying education for its own sake.

Society is also damaged as debt reaches unsustainable heights and people cope with managing a mix of default, delayed home purchase and dependency on landlords.

All of which means society is changing and not for the better, as inequality becomes embedded as the norm in the culture of the next generation.

Student Debt Is A Growing ScourgeSo, rising student fees are creating unsustainable levels of debt and a less entrepreneurial generation. And change is needed before it is too late.