Students’ Opinion on Global Financial Crisis

The global financial crisis has come to a head between 2007 and 2008. Internationally, the stock markets have fallen and huge financial institutions were either bought out or have collapsed. Because of this, governments, which include even those of the wealthiest nations, need to offer rescue packages to assist their financial systems. From one standpoint, people are generally concerned that those who are involved in the financial problems are the individuals who are being bailed out.

This financial meltdown is increasingly affecting students. Generally, for students, borrowing money is an essential part of going to college. A typical student graduates with a debt of no less than $21,000, although it is common for them to graduate with a debt of $100,000. Simultaneously, the tuition in private colleges and universities has greatly increased. Some of these students’ parents are being laid off and some are experiencing reduced salaries. Therefore, their budget for education is diminishing. This could mean that students will be increasingly reliant on student loans.

Nevertheless, students share some positive views on the economic crisis. Though stocks are continuing to fall, students’ interest in economics is on the upswing. The current financial crisis has made the subject current and relevant to many colleges and high school students. Unexpectedly, students’ attention towards their classes has increased. Instead of learning about it in history, they are able to see actual examples of a real financial crisis. For example, George Schwartz, a junior at New York University, dropped macroeconomics when he studied it for the first time. However, because of the current crisis, he recently became interested in it again; so much so, that he is studying economics as his major.