User:Grhernandez07/Student loans in the United States

Rise in Tuition, Rise in Loans
Students are taking out several loans to pay for the escalating tuition costs for school. While some students may be eligible for financial aid when filing the FAFSA, other students may not and must significantly rely on the loans that are being made available to them. The annual interest rate for federal loans climbed to 4.99% during the most recent school year. Students after graduating must start paying these loans and their interest rate back, students spend half of their check paying these loans back. It could take nearly a decade or longer to repay the loan in full, depending on how much was loaned.

Students are considering leaving college more often now that loan rates are higher because they don't see the benefit of graduating from college with significant debt that they can't afford to pay back. President Biden acknowledged the issue of high student debt and advocated a student loan relief program that would eliminate a significant portion of the debt owed by many students. Due to the heroes act, the U.S. Supreme Court refused to approve the loan forgiveness program.

References

Dickler, Jessica. "From tuition hikes to higher student loan borrowing costs, inflation is making college even more expensive". CNBC, July 15, 2022.

Hess, Abigail Johnson. "Survey finds that student debt holders spend 20% of their take-home pay on loans". CNBC, August 8, 2019.

DeMatteo, Megan. "This is the average age when people finally pay off their student loans for good". CNBC, November 25, 2020.

Kirshner, Jodie Adams. "Why Some Students Are Skipping College". The Atlantic, January, 08, 2023.

Turner, Cory. "What the Supreme Court's rejection of student loan relief means for borrowers." KPBS Public Media, June 30, 2023.

Frederick, Susan. "Supreme Court Strikes Down Student Loan Forgiveness Program". National Conference of State Legislatures, July 10, 2023.