English Assignment

Economic problem

Daniels of Wall Street Journal (2015), best chronicles the problem of college debt. According to the author, the ever-increasing college costs are the foundation of the high levels of the college debt, which builds up as families look for alternative ways to meet the high education costs. The American youth are likely to suffer now and in the future because of the high college debt. Already the economy is begging to feel the heat as high college debts bight back. For instance, note Mitchell, the number of business owned at least in part by youths declined with a 6.1% 2010-2013. This is a worrying statistic because as the trend continues the number of youths economically amputated by high debts will increase. This will affect the greater economy of the US. Daniels (2015) notes that the cost of college is the only budget item increasing annually for many households compared to healthcare. If the course continues, education at the college level will be unsustainable. Similar sentiments are shared by Puzzanghera of LA Times (2015) who feels that the escalating college cost that bring about increased reliance on college debt will have an adverse effect on the American economy. As Puzzanghera (2015) notes, the problem is not only affecting the current breed of college goers but also their parents because they too struggle with college debt. The bottom-line is the problem could create a stream of generation economic challenges that could have far-reaching implications on the economic health of the nation.

Social Problem

The leading social problem is poverty, which would emanate from the fact that most of the families would have to channel their economic resources towards covering or paying back college debt. As Puzzangherra (2015) notes, college debt is weighing down Americans who are left with little or no money to spend on other things. The fact that the problem goes back a generation or two creates a new line of underprivileged Americans. This could have an enormous manifestation in the social scene because it would affect the capability of Americans to learn, procure healthcare services, or even have a meaningful life. As Puzzangera (2015) notes, the situation is getting worse as the unpaid student loans hit the $1.2 trillion mark representing a 76% surge beginning 2009. Coupling with the fact that jobs are becoming hard to find and even the available jobs pay peanuts putting many former college students at a cross road on whether to pay up or default. Considering that the cost of living is increasing by the day, the future of many college goers is grim. For many, education will not be empowering, or emancipating, but a new kind of enslavement.

Inequity

As college costs -coupled with the prevailing college debt- spiral, the minority groups will be heat harder by the problem. This will create inequality and disenfranchisement. These communities will not have the ability to send their members to college for a college degree meaning that the people in this group will find it difficult to move up the social ladder. Disease and other problems will be prevalent as issues such as healthcare will be a problem for many of them. This trend could set the communities far back in achievements and progress that has been achieved so far.

Conclusion

From the above analysis, it is clear that intervention is needed to change the educational finance model to a system that supports empowerment through education while not holding the youth captive of debt. The role of education is to empower people to solve the problems of the society. Sadly, the current crisis proves that yet another financial crisis in the offing, with economic problems such as the ability to invest or start new business dwindling for the youths. Similarly, social problems such as inability to access healthcare and quality education will be prevalent in future. Additionally, the most vulnerable communities especially the minorities will continue to be disadvantage as because high college costs keep them off school while college debt becomes unbearable.

References