It is no secret that Americans are increasingly burdened by student loan debt. Careerswiki reports that the total student loan debt has reached $1.5 trillion in 2020 - the average cost of a 4-year education has nearly tripled over the past three decades. While over 44 million Americans are encumbered by the debt of their student loans, delinquency rates are over eleven percent [1].
It is imperative for students to understand the responsibility they are undertaking when accepting student loans. If the responsibility of paying off student loans is not taken seriously, increased financial difficulties are imminent. The penalties for defaulting on loan payments include added fees, added interest, and wage garnishment.

Certainly, student loans can be a blessing for many people, as not everyone has the luxury to afford college. Be it lifting people out of poverty, or helping struggling Americans make ends meet, a source of credit for those unable can have immeasurable benefits. It also is a chance for students to start laying the foundation of their credit history by staying on top of their payments. However, it is important for students and families know the risk and burden they are taking on.
When an individual takes out a student loan, they are essentially betting that they will come out of their college career with the human capital to repay their loan in principle, plus interest. But, an education that allows a student to have a fulfilling career and life is worth the financial stress taking out student loans incurs.
Source:
[1] 2020 Student Loan Debt Statistics, Careerswiki