COURSE PROJECT 1
Course Project: Media Analysis – Student Loans
Liberty University
EDUC 562: Introduction to Higher Education
20 October 2023
Course Project: Media Analysis – Student Loans
COURSE PROJECT 2
Trillions of dollars in student loan debt is currently being held by millions of Americans.
According to Kerr and Wood (2018), there is student loan debt of $30,000 being held by the
average college graduate. For a young graduate in their early 20s who has just finished their
college education and are entering their career field, this can be a significant amount of debt for
them to begin adulthood with. The amount of money that students have had to borrow since 2009
has increased by approximately 25 percent. Of course, the amount of money that students have
had to borrow is ranges from institution to institution, with public college borrowing being just
over $26,000, while private college borrowing is just over $31,000 (Kerr & Wood, 2018). The
amount of debt that is being accumulated by student borrowers is disturbing and points out a
rather significant issue in higher education, as these amounts are increasing due to the increased
costs of tuition. There was a 3 percent increase in the cost of tuition per year for public
universities between 2021 to 2022. In addition to the amount that has been accumulated by
Americans across the country, it is important to point out that the loan default rate has also
increased significantly as well, with US News noting that default rates are higher in black
Americans versus white Americans, showing how minority borrowers struggle more with student
loan debt than do other borrowers.
Many individuals go to college with the plan to get an education that will allow them to
find jobs that lead them to fiscal stability. Some career fields require a college degree for one to
obtain a job, however, they don’t always end up getting the job that they are anticipating. With
tuition costs requiring students to take out student loans, they have to have a sustainable way to
repay them. However, these loans could end up burdening them much more than if they were to
try and get a job without the college education. This burden has been noted to be so significant,
especially since the COVID-19 pandemic began, that the President had worked to provide
COURSE PROJECT 3
borrowers with up to $20,000 in loan forgiveness for borrowers who qualified. While this won’t
eliminate all of the student loan debt for all borrowers, it will help to provide some relief for
graduates allowing them to focus on different fiscal responsibilities that they have, including
saving money, potentially buying a house, and ensuring they have money for retirement. Hill and
Redding (2022) noted that in 2001, 36 percent of student loan borrowers were living with family
members much longer than they anticipated and since then, that percentage has only increased.
Loan forgiveness helps to eliminate some of the burden and allow for borrowers to begin
working towards their dreams.
As a result of the COVID-19 pandemic, millennials are said to be the hardest hit
generation of student loan borrowers, as they are graduating and entering the workforce in one of
the worst labor markets possible that the nation has seen in a while. With the amount of student
loan debt they have and the dismal job market, this generation is noted to have accumulated less
wealth than Generation X. The student loan debt crisis isn’t the only reason for millennials being
worse off wealth wise than Generation X, the inability to purchase real estate due to high interest
rates has also caused a significant issue. Zentner (2020) noted that while millennials have less
wealth than Generation X, they have had the ability to save more for retirement, with their assets
amounting to just over $17K with inflation whereas Generation X only had just over $14K.
However, with surmounting student loan debt, millennials are starting to feel the pressure to use
savings to cover the payments required for their loans.
There are many Americans and Christians alike who are struggling on a daily basis with
their student loans and the subsequent burdens being in debt brings. While the debt is a burden
for Christians, they must remember that their burden is nothing like that which Jesus Christ
carried on his back. The burden that Christians carry with student loan debt was one initiated out
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of personal choice to obtain a higher education, while Jesus Christ carried the burden of our sins
so that we would be forgiven. This is a burden that he chose to carry, however, there was no
benefit to him for doing so. In Psalm 55:22, it is noted that Christians are to cast their cares to the
Lord as he will sustain them (New International Version, n.d.). The Lord does not want us to be
burdened by that which we want to make our lives better, as he is there to help us through what
we need. Although one may feel alone in carrying the burden of their student loans, they are not
alone as there are millions just like them also carrying the same burden.
References
COURSE PROJECT 5
Hill, N. E., & Redding, A. (2022). How Student Debt Has Contributed to “Delayed” Adulthood.
The Atlantic. https://www.theatlantic.com/family/archive/2022/08/biden-college-student-
debtforgiveness-benefits/671295/
Kerr, E., & Wood, S. (2018). See How Average Student Loan Debt Has Changed. U.S. News.
https://www.usnews.com/education/best-colleges/paying-for-college/articles/see-
howstudent-loan-borrowing-has-changed
New International Bible. (n.d.). https://www.biblegateway.com/
Zentner, E. (2020). Even With Student Loans, Millennials Save. The New York Times.
https://gogale-com.ezproxy.liberty.edu/ps/i.do?p=BIC&u=vic_liberty&id=GALE|
A612954738&v=2.1&it=r&sid=summon
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