Courtney Long

Professor Madden

English 1201

10 July 2019

Annotated Bibliography

My essay will attempt to answer how student loan debt affects students later in life and

why the cost of tuition is so high. I want to know why the United States makes going to college

such a large investment. The amount of money spent per student on college tuition in the United

States is nearly twice as much as the average developed country. Is the college education

considered to be at a higher level in the United States? How many years after graduation does the

average graduate need to pay off school loan debt?

Caldwell, Miriam. “5 Ways Your Student Loans Are Ruining Your Future

Finances.” The Balance, The Balance, 25 June 2019, www.thebalance.com/ways-

your-student-loans-hurt-you-4026671.

Student loan debt not only requires years of payments, but it can also negatively affect

you when trying to buy a house, car or even investing in your retirement later in life. This article

explores in detail a few of the many negative consequences of college debt in future years.

Which include how your student loans can affect your debt to income ratio. This is the ratio that

determines how much your income is taken up by debt payments which is what lenders will look

at to determine if you qualify for a car loan or for a mortgage. This may prevent you from being

able to get a loan or only have an option for a loan with an insanely high interest rate.
 This is an academic article that is targeting current college students who are having to

take out loans to pay for school. This article pushes the reader to realize how today’s society

pushes college onto the younger generation but does not think about the later consequences from

the debt. This article also is trying to make a point to lower tuition cost so these negative realties

are not so common.

This academic article was published on EBSCOhost in 2016. The source of this article

was from the Balance which is a publishing company that focuses on today’s financial issues and

the everyday people they affect. This article was written by Miaram Caldwel who is a freelance

writer who specializes in diverse areas of personal finance, including budgeting and finance for

beginners since 2005. Her work has appeared on GOBankingRates and

BlissfullyDomestic.com. She has appeared on BBC Radio 5.

I plan to use this information obtained from this article for further evidence on the

negative impact of college debt for later in life and what can be done to prevent this.

Hembree, Diana. “New Report Finds Student Debt Burden Has 'Disastrous Domino

Effect' On Millions Of Americans.” Forbes, Forbes Magazine, 1 Nov. 2018,

www.forbes.com/sites/dianahembree/2018/11/01/new-report-finds-student-debt-

burden-has-disastrous-domino-effect-on-millions-of-americans/#1148718012d1.

Diana Hembree, who is one of the founders of Vaillancourt is one of 7,095 borrowers

who participated in a 50-state survey or the new report “Buried in Debt,” a national research

study on the state of student loan borrowers in 2018 by the social impact startup Summer and

the nonprofit organization Student Debt Crisis. This report examines the toll that unrelenting
stress and financial strain from high monthly payments have taken on the lives

of borrowers nationwide.

Hembree is trying to reach an academic audience. Hembree’s goal was to obtain as much

evidence on personal experience from her research reports on how prior college students have

had to suffer from past tuition cost and where they have ended up.

Hembree’s academic article has been published by The Washington Post in 2015.

Hembree is a former senior content director for MoneyGeek.com, a Reno-based personal finance

website and personal financer of over 20 years. She also worked more than 10 years as a reporter

and news editor at the Center for Investigative Reporting and has served as a senior editor at

Time Inc. Although most of Hembree’s experience is through reporting, her article brings lots of

credible facts and personal experience.

I plan to use this research in my essay to bring a pathos affect into the paper with the real-

life stories of people who have suffered from college debt. I will also use the financial advice to

provide those struggling with a way out.

Ripley, Amanda. “Why Is College in America So Expensive?” The Atlantic, Atlantic

Media Company, 11 Sept. 2018,

www.theatlantic.com/education/archive/2018/09/why-is-college-so-expensive-in-

america/569884/.

Today, the U.S. spends more on college than almost any other country, according to the

2018 Education at a Glance report, released this week by the Organization for Economic

Cooperation and Development (OECD). Ripley investigates on why the United States tuition

cost is much higher than every other country. Ripley investigates the amount tax payers have put
into college, the average percentage of students who go away for college and many other factors

that make the United States schooling so expensive.

This article is trying to reach out to everyone in the way that it wants to give factual

evidence on the reason for high tuition cost but also for a solution to be found so the insanely

high school-debt cost in the United States can start to decline. This article gives readers a chance

to see just how high the debt rate is in the United States and what can and will happen if a

solution is not found.

Ripley is currently an Emerson Fellow at the New America Foundation. Before

joining Time, Ripley covered the D.C. court system for Washington City Paper and reported on

Capitol Hill for Congressional Quarterly. In 2003, Ripley served as a Paris correspondent

for TIME Magazine.

This article will be used to answer the question of why the United States tuition is much

higher than that of any other developing country. This article provides insight on the many

factors that go into making up the cost of tuition and what needs to be changed so the country

does not go down in debt.

“Student Loan Debt's Effect on the U.S. Economy.” MagnifyMoney, 5 Feb. 2019,

www.magnifymoney.com/blog/college-students-and-recent-grads/student-loan-debt-

effect-economy/.

The average graduate in the Class of 2017 owed $39,400 in education loans. With such a

high amount owed in debt, this calls for high monthly payments which will burn up most of your

salary especially if you are not making much. According to the Bureau of Labor Statistics, the
median weekly earnings for a bachelor’s degree holder was $1,173 in 2017. According to the

research done, Wise has found that since the college dect average has sky-rocketed in the last 10

years, less and less people are wanting to start a business since they’re already thousands of

dollars in debt.

This article is written for college-bound students to provide an insight on what the years

to come have in store if they’re needing to take out loans for school. Wise provides evidence on

how debt affects business marketing, future investments and solutions to avoid the trap.

Wise is the author for Magnify Money which is part of the company Lending

tree. Which is America’s largest online lending marketplace. It connects borrowers with

multiple lenders so they can find the best deals on loans, credit cards, deposit accounts, insurance

and more. This article was published in February of 2019 and the facts listed in this article are

coming from a credible source.

The article will be used to site statistics on today’s college debt and what it affects

outside of the student themselves. It will also serve as a base for my argument that college debt’s

impact is much broader than just high month to month payments.

“The Far-Reaching Impact of the Student Debt Crisis.” Scholarship America, 18 Apr.

2019, scholarshipamerica.org/blog/the-far-reaching-impact-of-the-student-debt-

crisis/.

When graduates are looking for their first post-college job, there thousands of dollars in

debt affect the economy negatively. Despite their qualifications, they often have to settle for

lower-paying, lower-skill jobs just, so they can start paying their loan bills right away. As a
result, graduates in debt often miss out on the benefits that come with a degree. The high cost of

tuition is steering more and more people away from attending college, making the workforce

education rate decrease rapidly.

Anyone who is affected my college debt can relate to this article. It covers majority of the

negative impact college debt has on not only the graduate but the economy. I believe this article

is wanting to get the facts out there that tuition cost is affecting even those who have no college

debt.

Scholarship America is a Minnesota-based American philanthropic organization that

assists communities, corporations, foundations and individuals with fundraising, managing and

awarding scholarships to students. This article was published in 2018 and I believe helps give

insight on the real life affects from a student’s view.

I will be using this article to provide evidence on the negative affects of college debt

outside of the student themselves. I believe that this article will provide readers who may not

have college debt themselves some knowledge and hopefully motivation to help lower tuition

cost once they have read that it affects everyone.

Ucl. “Student Loan Debt Has Negative Consequences in Later Life, Review by IOE

Researchers Suggests.” Institute of Education, 17 Oct. 2018,

www.ucl.ac.uk/ioe/news/2018/jun/student-loan-debt-has-negative-consequences-

later-life-review-ioe-researchers-suggests.

The authors from Centre for Global Higher Education (CGHE) draw on research

evidence, mainly from the US but also from England, spanning the past 20 years. Their research
examines the affect of college debt on not only post-graduates but also those who never finished

their degree. Professor Claire Callender of the IOE and Birkbeck, one of the co-authors found

that student loan debt discourages entrepreneurship, restricts career choices and leads to lower

job satisfaction. Existing research shows that people with student loan debt have lower levels of

net worth, experience more financial distress, and have lower savings, pensions and retirement

funds - particularly those who did not complete their degree.

This article is targeting current and past college students. This article provides years of

research to back up their facts on college debt’s impact. This article also provides a view from

those who did not complete their degree and how their obtained debt has affected with no being

able to find a higher paying job.

This article was published in 2018 and the author (Callender) has a PHD in higher

education policies and has worked with Centre for Global Higher Education (CGHE) since 2007.

The CGHE has had many publications and strives for helping out the future lives of college

bound students.

This article will be used in my essay to provide researched evidence spanning over 20

years to show the incline of the debt rate and what has been damaged because of it. I believe this

article will provide my essay with research that is spanning outside of today.

Williams, Terri. “10 Ways Student Debt Can Destroy Your Life.” Investopedia, Investopedia, 12

Mar. 2019, www.investopedia.com/articles/personal-finance/100515/10-ways-student-

debt-can-destroy-your-life.asp.
 Student loan debt can hinder you from attending graduate school. The average

undergraduate accumulates $30,000 in student loan debt. Students who are leaving their

undergraduate programs with significant amounts of debt often cannot afford to take out another

massive loan. Data from the Pew Research Center reveals disparities among college graduates

with student loan debt vs. those without debt. The median net worth of a household headed by a

college graduate under the age of 40 with student loan debt is $8,700 while those without is

$64,700.

The targeted audience for this article is college graduates. This article provides evidence

for almost every factor that debt affects. This article provides advice to avoid being one of the

listed statistics.

Williams received her Bachelor of Arts degree in English from the University of

Alabama at Birmingham and has written business, finance, higher ed, and ethics articles, guides,

and other documents for some of the biggest brands in the world, including The Economist,

Yahoo, US News & World Report, USA Today, and more. This article was published in 2015.

Although Williams does not have education higher than a bachelors, I believe that her personal

college experience and years of researching and writing provides strong support for my essay.

This article will be helpful in using the authors personal experience with college debt and

years of research will provide my paper with a strong argument on lowering tuition cost.