Do you believe in the “American Dream?” The “American Dream” will always be possible. It just takes patience, hard work, and dedication to be achieved, but this vision that comes with the American Dream was once a road opened when a person achieved a higher education. Today, though, student debt has the American Dream on the verge of extinction.
Most American successes are held back because of college loan debts. According to studentloanhero, in the year of 2015 to 2016, 43.3 million Americans carry a total of $1.26 trillion in student loan debt. The average monthly payment for student loans is $351. College graduates don’t have enough savings to buy a house or a car. This puts the goal of the American Dream at a halt because most people want to be able to afford nice things and plan for their future when coming out of college. Since students are more focused on paying off debts to their debt collectors than they are on saving for their futures they have taking away from their financial independence and this interrupts their personal life including not being able to start or support their families.
The burden of debt stresses people out and causes them to worry; Jessica Reimer, a columnist at Elite Daily says that “patience is likely to take you further than anxiety and constant worry about something that’s not yours yet (success).” It’s hard to dream when you’re stressed. The stress overwhelms the thought of future plans and surrounds the idea that now is all that matters; people feel like they won’t have time invest in savings because all the money they have must go towards the debt they owe. Stressful situations can impact your mental health by resulting in depression, rising blood pressure, and depleting your general health.
According to 2013 Gallup poll, 90 percent of Americans agree hard-work will get you ahead of others in life. College is a way that people further their education by learning about opportunities that may lead them to a successful path in life. However, this belief isn’t true for everyone, John Schmitt, director at Washington Center for Equitable Growth, states“Blacks and Latinos at all education levels, including college and advanced degrees, earn less than their white counterparts, which means lower lifetime earnings” Despite earning their degrees, minorities are disadvantaged when it comes to their ability to attain success and the American dream.
The “American Dream” is near the verge of extinction. As the years pass the amount of financial success from the economy declines. The values of productions increase and more people doubt their success because most people are still in debt from past college loans and others view their chances of succeeding unfair and unlikely. These problems still will have an affect on future years but, the only way to find a solution comes with a lot of time and convincing.