Debt is a sum of money that is owed or due. The major issue with students’ debt in higher education is that there has been an increase in government spending, mainly as loans, grants, or direct subsidies, which has increased tuition costs. There is also an increase in demand for universities and colleges, which has made colleges and universities to charge a lot. I suggest that students in colleges or universities should work during schools and seek a job after graduation. Students also should pay their loans first with the highest interest rates and, thereafter, make extra payments.
Student’s debt in higher education has deterred from planning for a higher education degree. College students who finished school feel the burden of paying back the loans while those who dropped out bear the burden for much longer. Many of the students who entered the institution leave without a degree because of their inability to repay the loan. Low social classes students are discouraged from application to universities due to fear of debt. Attitude against debt has discouraged planning for higher education levels by lower-class students.
Reference
Callender, C., & Jackson, J. (2005). Does the fear of debt deter students from higher education?. Journal of social policy, 34(4), 509-540.