Higher education is an integral part of the American Dream. But today more and more young people increasingly have to finance their education through student loans(Johnson, Van Ostern, & White, 2012).
The cost of attaining a college degree has increased more than 1,000 percent within the past three decades. In the United States, one-thirds od of parents can afford college degree cost. The other two-thirds of students who pursue four-year bachelor’s degrees are graduating with minimum of $25,000 student loan debt or more. American first job graduate employees owe more than $54,000 in loans.Furthermore, colleges have been escalating the costs of their tuition. This Student Debt Crisis has resulted in many students and families barely scraping by closing door to school dream. They have to turn down admissions because they couldn’t afford, or delaying college altogether. Worse still, some students leave school with debt and no degree.