Final answer:
Student loans are indeed more dangerous today than 40 years ago because the cost of college has risen significantly, often resulting in student loan debt exceeding $1.3 trillion. Graduates face heavy financial burdens, with average debts around $29,000, and they may struggle to find employment that requires their level of education.
Step-by-step explanation:
True, student loans can be seen as more dangerous today compared to 40 years ago because college tuition has dramatically increased. The average cost for a year of college at a public university in 2022 was estimated at more than $25,000, and as a result, student loan debt has soared past the $1.3 trillion mark. This is substantially higher than the costs students faced in the past, indicating a higher risk associated with taking on loans now to cover these expenses.
The value of a college education is often cited as worth the cost, yet the burden it places on students is undeniably heavy. The rising tuition rates and accompanying debt mean that students, such as those in Michigan, are concerned about their ability to repay loans after graduation. The increased economic pressure makes starting a career in debt the new norm, with averages reaching approximately $29,000 in debt for graduates.
Despite measures such as increases in Pell Grant funding and lowered student loan interest rates during the Obama administration, tuition continues to grow at a rate of 2-3 percent per year. Employment opportunities not keeping pace with the qualifications graduates hold further compounds this issue, with many finding work in fields not requiring a degree. Thus, high levels of student loan debt and the cost-benefit ratio of higher education remain significant concerns.