A true example of this is my friend Liana, whom after she graduated was so overwhelmed by student debts that she ended up moving back in with her parents and staying there for approximately five years now, instead of renting or buying a small living space for herself. .
Students pursuing certain degrees in for example, social studies areas, like Humanities, are less likely to take risks with their careers, whether it be entrepreneurial or community organizations. Taking risks doesn't pay in the beginning as much as job at an established company and financial you are already weighed down by student loan responsibilities, so why bother taking the risks. A close friend of mine, Des, has a dream to start a nonprofit organization in Newark that help the homeless. But raising a family and the cost of living makes the dream hard to reach and instead of pursuing this entrepreneurial cause, which could help numbers of homeless citizens, she opts for the less risky job at a data consulting firm. .
The burden of debts are pushing the young to pick better paying jobs over jobs that they are passionate about. Passion driven jobs like social workers, teachers and even public defenders are not as easily persuade as it doesn't generate large financial benefits for the individual even though it can generate much greater benefits to society ( Inequality for all).
Furthermore, due to the lack of financial security and overwhelming student debt, young people delay marriages and families. In doing so, we are plummeting the general demand that the economy is yearning for. I know that in my future, a family is very far, as it is not about not being ready for that responsibility but more of the fact that I don't and will not have the financial backing in doing so, unless I dream up a technological innovation like Steve Jobs or become a multi-million dollar celebrity.
Okay, so by now you wonder, who is going to pay for all this debt free public education? I have two solutions.
