It is realized that costs of tuition are rising in higher learning institutions, an aspect that is placing much pressure on the already strained student’s pocket. Hence, students are borrowing to meet the costs that come with exercising their right to education. The qualification that graduates will have challenges in attaining various important life tasks like acquirement of homes or beginning of a business due to the debt acquired. This paper carries out an investigation into one particular cause of concern growing with the student loan debt affecting the nation and the undesirable effects it has on the economy and the customers. The objectives in this study are to present and explain several significant consequences in term of economics, such as decrease in consumption and postponement in economy growth. The objective of this chapter is to satisfy the goal of conducting a thorough analysis of the present configuration more specifically regarding the student loan obligation as well as the multifaceted implications of the development. The group of people who are in a position to pursue their educational dreams in institutions of higher learning worldwide has been affected by the student loan debt dilemma, which is at levels that are unprecedented. In the framework of this research investigation, the factors contributing to the scenario of student loan debt are explored in detail; however, more focus is given to students coming from another country.