A Life in Debt: the Student loan crisis
Education is regarded by many United Nations conventions as a basic human right, and many nations have made access and improvement to education at all levels a priority. However, this has come to many at a cost, especially in regards to higher education. As of 2019, student loan debt has reached an all time high of $1.5 trillion dollars in the United States. The direct impact of this issue is reflected in rising tuition prices, stingy loan forgiveness for students and borrowers falling delinquent on their loans. However, there is an underlying economic impact that that affects more than just students. Student loan debt is impacting other financial markets since students have so much to pay off. Reluctance to invest in houses, car loans or use credit cards is swinging the balance for markets and is slowing economic growth. While there is no definitive solution to be agreed upon at the moment for the crisis at hand, the upcoming 2020 U.S. presidential election is generating discussion of how to tackle the issue. This committee will take place in 2020 in the midst of the election campaigning and will tackle the economic and political burdens the student loan debt is causing the country, as well as challenge the overall financial agenda to allow students the opportunity to achieve a higher education free from crippling future debt.