Literature Review #1

Draut, Tamara. Strapped: Why America's 20- and 30- Somethings Can't Get Ahead. Doubleday. 2006.

In Strapped: Why America's 20- and 30- Something Can't Get Ahead, Tamara Draut explains how Americans in their 20's and 30's struggle to achieve financial independence because of their student loan debt. Draut describes the economic changes that have occurred over the last few decades by connecting them to the social and cultural aspects of one's life. Throughout her book, she provides different examples of adulthood milestones that are either put on hold or achieved with difficulties.

Tamara Draut

Tamara Draut is the Vice President of Policy and Research at Demos, a think tank in New York City, that focuses on analyzing policies and practices that maintain inequality within communities and larger systems. She is a part of a group of individuals that value diversity and hope for a better future, in regard to politics, the economy and educational opportunities. Draut's role in this organization, as well as her focus on wealth inequality, makes her knowledgeable on the topic of student loan debt and its effect on college graduates.




Key Terms: 

• "Strapped:" short of money, or tied down by debt and bills. 
• "Generation Debt:" the generation of young individuals carrying student loan debt.
• "Dreams Deferred:" postponing a dream.

Quotations:

• "First job. First house. First child. These 'firsts' when strung together, traditionally signal the arrival of adulthood. Today, we can add dodging debt collection calls and filing bankruptcy to the list. Between college debt and the spillover effects of paycheck paralysis, piling up debt has become a new rite of passage into adulthood" (Draut 91).
• "After paying back loans for three years, some young adults are less likely to agree that the benefits of a college degree make the debt worthwhile. Borrowing for college is a lot like buying a new car. By the time that great 'new car smell' wears off, so does the joy of owning the car" (Draut 96). 
• "Today's young adults are hitting the marker of home ownership later in life and paying more in real terms than their parents did. It now takes two full-time earners to pay the mortgage for a modest house in a good school district-which increasingly is located farther from jobs and families than in the past" (Draut 147). 

Value: 
This book can help me explore my research question because it provides me with information on the debt crisis and examples of obstacles young adults face as they transition from college into "adulthood." This book was written a while back; therefore, the data presented has most likely changed. However, I think that it would be useful in comparing the change in tuition fees and different generations of students.

Blog Post #3: Research Question & Three Academic Sources

Adulthood is characterized by major life milestones-moving out, buying a house, getting married and having children. Throughout college, many students dream of reaching these milestones and achieving greatness; however, their debt puts a hold on their life, delaying the transition into adulthood and hindering their ability to thrive. Therefore, my research question is, how does student loan debt affect a young adult's transition into adulthood?


Source 1: Bozick, Robert, and Angela Estacion. "Do Student Loans Delay Marriage? Debt Repayment and Family Formation in Young Adulthood." Demographic Research 30 (2014): 1865-1891.

In "Do student loans delay marriage? Debt repayment and family formation in young adulthood," Robert Bozick and Angela Estacion explore whether or not student loan debt influences family formation. They explain that "while paychecks and bills, to varying degrees, are not unfamiliar to college graduates, the student loan repayment process represents a new and oftentimes substantial 'shock' to their cash flow;" (Bozick and Estacion 1868-1869) therefore, influencing their ability to transition into adulthood. Bozick and Estacion's research demonstrates that student loan debt limits choices and affects life decisions in young adults, especially in women. Their findings serve to show that loan repayment affects decision-making, economic stability and relationships, leading to delayed adulthood.

Source 2: Elliott, William, and Sondra Beverly. "Staying on course: The effects of savings and assets on the college progress of young adults." American Journal of Education 117.3 (2011): 343-374.

In "Staying on Course: The Effects of Savings and Assets on the College Progress of Young Adults," William Elliott and Sondra Beverly focus on education as a part of the American Dream. Their research seems to suggest that saving money for college leads to success; however, there are financial and personal differences among individuals. Not every student and their family have the finances to save for college or are provided with financial assistance. In their conclusion, Elliott and Sondra state that "many [students and their families] have to rely on education loans that may be difficult to repay, leaving them strapped with debt much of their adulthood" (368). This connects with my idea that debt have a negative effect on personal growth and delays financial stability, which impacts other aspects of adulthood.


Source 3: Arnett, Jeffrey Jenson. "Emerging adulthood: A theory of development from the late teens through the twenties." American psychologist 55.5 (2000): 469-480.

In "Emerging Adulthood: A Theory of Development From the Late Teens Through the Twenties," Jeffrey Arnett discusses about the concept of emerging adulthood, its characteristics and the differences among people. He explains that "emerging adulthood is distinguished by relative independence from social roles and from normative expectation" (Arnett 469). It is a period of change and exploration, where individuals learn about the opportunities around them and make important life decisions. I believe that this article can be used in the beginning of my research paper, where I will focus on explaining the concept of emerging adulthood and its importance, followed by how student loan debt effects this period of life.

Blog Post #2: Scouting the Territory

After researching different approaches to student debt, I have come to the conclusion that I would like to focus on the emotional and financial effects of student loan debt on college graduates. I would like to analyze how these effects lead to "delayed adulthood," which can be defined as the delay of milestones of adulthood. Student loan debt delays life milestones such as moving out, getting married, buying a home and having children; therefore, impeding one's transition into adulthood.

My research led me to two sources, which I find the most important to learn more information on my chosen topic. The first source is, "The Crushing Burden of Student Loans: How Debt Weakens Family Formation among Generation X," by Allan Carlson, which focuses on cohabitation, marriage and birth. Throughout the article, Carlson provides statistics on the impact of student loan debt on family formation to demonstrate how the growing burden of debt is effecting family life among young adults. The second source is an information guide on the various dimensions of the student debt crisis by Prudential, titled, "Student Loan Debt: Implications on Financial and Emotional Wellness." This guide provides facts and statistics on the effects of debt on college graduates, while sharing tips on how to pay for college and manage debt. I found these two sources very interesting because they approach this topic from different angles and provide different information.

While researching, I did not find any controversies over this topic. I believe that this is because most individuals face challenges while trying to pay off their student loan debt. Debt is not something that individuals enjoy experiencing, especially because it causes personal issues to arise. Therefore, I was unable to find articles that present possible benefits of debt.

Links: 

http://familyinamerica.org/files/5813/8783/1094/FIA_Spring10_Carlson.pdf

https://www.prudential.com/wps/wcm/connect/b6a99ee5-5fb8-4b03-b839-2255566c9a4f/Student_Loan_Debt.pdf?MOD=AJPERES&CVID=mMoGhAY&CVID=mMoGhAY&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM&CVID=medsyOM

Blog Post #1: My Topic Idea

For the research paper, I am considering writing about the long-term effects of student debt. With the rise of tuition, more students and families are taking out loans to pay for education expenses. By the time students graduate college, whether with their bachelor's, master's or doctoral degree, they are swamped in debt. Student debt keeps individuals from reaching their financial goals because once they finish school, they must begin paying back their loans.

Although I have not taken out any loans, I know that paying off debt is a long, challenging road, that many individuals experience; therefore, I would like to dig deeper into this topic.

Here is an overall representation of the student debt crisis.