IndexIntroductionConclusionReferencesIntroductionRob Wilson, President of Employco said, “In our society we have this idea that a college degree is the gateway to financial freedom and success, but the statistics don't necessarily support that out ." A report conducted by the Project on Student Debt states that two-thirds of graduating seniors in the year 2011 borrowed to pay for college. The average debt was $26,600 at graduation. That's a 5 percent increase over to the previous year.Moreover, recent headlines suggest that individual student loan debt is more than six figures for recent graduates. Say No to Plagiarism Get an original essay This begs the question: Is college worth the cost for people in this growing college debt crisis Should younger generations place so much importance on a college education that they can pay for it until they retire? In this essay I will discuss three main points about student loan debt. Three main points are: investment is worth the profit, loan default and student loan debt cause younger graduates to avoid important life decisions. Many studies have reported on the burden of student loan debt, how it impacts millennials, and how that may affect what they save for retirement. A study by Aon Hewitt found that debt and its associated consequences are problems that actually span generations. According to the study, 44% of Millennials reported having student loans along with 26% of Generation X and 13% of Baby Boomers. An analysis of recent data from the GAO shows that the number of borrowers, particularly older ones, who have had their Social Security benefits offset due to such unpaid loans has increased over time. From 2002 to 2015, the number of these borrowers, of all ages, with Social Security offsets increased from approximately 36,000 to 173,000. Additionally, approximately 44% of borrowers aged 50 and older had the maximum possible amount of their Social Security benefit withheld at the time of their initial settlement, equal to up to 15% of their payment. The offset for the remaining 56% was less than that maximum, but most of these borrowers had between 10% and 15% of their subsidy payment offset. Older Americans, who are in or near retirement, and other borrowers who default on their federal student loans are subject to a variety of actions to recover the amount owed, including Social Security offsets. Older borrowers who remain in compensation may progressively experience financial hardship. This is the case for a growing number of people whose Social Security benefits have fallen below the poverty line because the compensation threshold does not adjust for cost-of-living increases. In 2004, approximately 8,300 borrowers in the 50 and older age group had benefits below the poverty line compared to nearly 67,300 in 2015. This growth corresponded to an increase from 38% of that age group of borrowers in 2004 to 64% in 2015. More than 44 million Americans owe $1.6 trillion in student loan repayments, and more than two-thirds of these debtors are in default. Jeremy Epstein, in a presidential debate, asked how quickly new college graduates can find good jobs in a tight economy because it's a common concern among Americans. Mitt Romney, the Republican candidate, responded that 50% of students who drop out ofcolleges can't find jobs. However, according to the Project on Student Debt report, only 8.8% of recent graduates are unemployed. Anthony P. Carnevale, director of the Center on Education and the Workforce at Georgetown University, says only about 14 percent of recent college graduates are unemployed or underemployed. While there is conflicting data on this topic, it is clear that there is a problem, regardless of its size, in new graduates finding good jobs after graduation. Indeed, at a protest in November (2011) in New York, students carried signs displaying their school loan debt. In a new report from the Project on Student Debt, part of the Institute for College Access and Success, it was found that about two-thirds of seniors who graduated in 2011 borrowed to pay for college and that their average debt was $26,600 at graduation. Student debt is taking a toll on recent graduates, so much so that many feel their lives are "stuck" and they can't make big steps forward, like getting married, buying a house or continuing their education. Chris Duchesne, who is the vice president of EdAssist, a company that assists companies with their tuition programs, said, "Instead of opening paths to success, in some cases, these big education bills are having l “opposite effect,” he also went on to explain, “First, student loan debt burden could disqualify millennials for mortgage loans due to low credit scores and high debt ratios. Second, debt aversion may discourage student loan holders from taking on additional debt for homeownership.' Chris also included a statement that “most graduates end up moving home after graduation to live with their parents, and it takes several months or more before they find a job. In many cases, that job isn't in their field of interest, and these young people end up spending a good portion of their salary paying off their large student loans. such as the Empowering Students Through Enhanced Financial Counseling Act or the Financial Literacy for Financial Aid Act, have been introduced in Congress, according to a review of the bills on Congress.gov, but the fate of the bills is very similar to some of the Similar versions of which have been introduced in the past remain unclear. The Student Debt Project offers some recommendations in its report. They think the federal government should provide the key information students and families need to make wise decisions when deciding which college to attend. Those things include the average debt at graduation of all colleges that receive federal funding. This recommendation echoes an element of the new Financial Aid Shopping Sheet that includes federal agencies encouraging institutions to use the report. He also suggests that federal officials limit unnecessary and risky lending by requiring school certification of all private loans. Additionally, they recommend reducing the need to borrow by increasing need-based grants and tax aid. The GAO also suggests that Congress address the adjustment of Social Security compensation provisions to reflect rising costs of living. They are also making five recommendations to Education that clarify documentation requirements for allowable aids arising from disability. The statement generally agrees with GAO recommendations in these matters. Conclusion Is college worth the cost for people in this growing college debt crisis? I believe2.