The Student Loans Essay Example | Topics and Well Written Essays - 500 words - 1

The Student Loans - Essay Example There is a study that shows areas having higher growth in the student debt, depicting lower development in the entrepreneurial spirit where there is a lower number of businesses with one to four employees (www.nytimes.com). In most cases, when students use up their capacity of debt on student loans, they can’t commit that debt capacity elsewhere. These students end up not thinking of ever taking any loans in future thus killing the spirit of being their own bosses. This therefore shuts down the spirit and ability to create new businesses and opportunities in future. With this, a country’s economic growth is hampered. Student loan debt is also appearing to affect the trends of home ownership. Recently, people around the age of 30-33 are not buying houses. This decline has been steeper for those people having the history of student loans. It was intense during the fall of the housing market, but has since continued even after the market has recovered. According to Korkki on www.nytimes.com, career choices by the students having the student loans are affected mostly. Students having the college loan have a low tendency of choosing a low-paying job. This leads to overcrowding in certain job categories whereas leaving other jobs unattended to. This tends to kill the economy because all sectors of the economy are supposed to be attended to. Overcrowding in certain professions could lead to social problems such as corruption, favoring and all those sorts of injustices. It has also come to my attention that some government organizations are not employing people who have not settled their student loan debts. It has therefore deprived various young men in the age bracket of 22 to 30 opportunities to express themselves given the fact that they are the most productive group currently. In addition, these people do not drive.