Debt is defined as something, typically money, that is owed or due to another person or business. I have not had to deal with debt at all, because of my family. Growing up, my family has remained debt free. That means my parents have not ever owed a form or repayment for anything. Of course, we had to make payments every month, but this was for bills. Everyone has to pay bills. We have never been behind on our bills, though we came close. The house that we live in, we paid cash for. The cars that we drive have been paid for with cash. My parents would not buy anything unless they had enough money beforehand. Nowadays you see people drive around in brand new cars. People go out, and build brand new houses that they do not have enough money for. My family does not have brand new, built from the bottom up house, but we have a home that we are comfortable in. We enjoy our house. Other people may not like it, but what does their opinion matter for? It is our house. We are comfortable in it. My parents bought me a new car for my Quincenera. Instead of having the party, I had the choice to get a car. I obviously picked the …show more content…
Another positive aspect would be that, I would be able to save up money for a house, or new car instead of worrying to be my student’s loans off. There are so many positive aspects to of paying cash for college. A negative aspect of paying cash for college is that everything that I make will have to go towards my college fund. Taking on student loans is known to be as a negative aspect, because you are going into debt. Although the one positive aspect of taking on student loans is that I will be able to raise my credit score, and by doing that I have to make my payments on time, along with making more than the minimum payments, so I could get rid of the loan, and not pay a lot of interest
A pro of a paid for college education is that since all of the students pick their own majors, all of these majors come with specific professors who specialize in his area. In high school there are often a lot of bitter teachers who just need the money, they do not actually like what they do which can be disheartening to a student trying to get somewhere in life. In college, it is refreshing to be taught by people who specialize in the fields we want to study, and who choose to be their because they like their subject and they like to
Debt is heavy. It sits on your shoulders and weighs you down. Debt is also addictive. It 's easy to throw something on credit when you don 't actually have the money to buy it. It gives you instant gratification, and that can feel good - in the moment. But, for many people, there comes a point where they can 't use their credit anymore and debt is all they are left with. The stress of having to pay it all off can take its toll on your happiness and health, so you must come up with a way to get out of debt and start living a debt free life. Following are two things that will help you get out of debt once and for all.
Wilson states that for the 65 percent of students that graduate with debt, the average amount owed is a staggering $20,000.00. On the contrary, as many as a third of all college students will graduate with no debt at all. Some may think that $20k is an outrageous amount of debt. But if you consider what the average adult spends on their first new car, it puts things into perspective. A new 2016 Nissan Rogue SUV for $20k could be paid off in an average of 4-5 years. This is where one would argue about what
Furthermore, to attend a university, it is becoming more expensive to receive a degree of your choice. Parents are expected to save their money from the moment their child is born, although, they might not have that privilege to save their earnings. One way I could benefit from the program is by saving money on tuition. My sister is currently attending college and by the time I graduate high school, my parents would like to save as much money as possible. By completing about thirty college credits, my tuition overall reduces. Another way I could benefit from Early College is by attending college classes. It will help me later on in my education and it will prepare me for university level work.
Student then wouldn’t have to stress about working at the same time just to pay tuition fees. Students today over work, using the rest of their money to get energy drinks keep going from doing homework and attending college courses daily. According to the New York Times Article “College for the Masses”, studies have claimed, “Enrolling more students in community colleges may well make economic sense. So, in all likelihood, would create more and better vocational training, for well-paid jobs like medical technician and electrician, which don’t require a bachelor’s degree.” This makes students pushed harder to focus on any college that will be offer free. Thus, it wouldn’t take them longer than the average 4 years, due to them working full time as well as schooling. With fees out the way parents don’t have to worry about not making enough savings for their child to be able to attend for college. Students would be more focused on any subject in school as they strive for their
The two advantages are that you have more time to explore fields you want to study in and people who can’t afford college can get a college education. The two disadvantages are that there is a limited amount of majors and universities will have a higher expectation for two-year community colleges. In today 's society, there are many families that can 't afford college and have to take loans. The government should be able to take care of those needs. When people come fresh out of high school, a lot of people don’t usually know what they want to do with their life. There are reasons to why they might not offer particular majors at a community college such a budget and resources. Since community colleges would be free for people to apply to, it would be harder to transfer to a four-year
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
One benefit of college is that you will have better self-discipline after you get out of college. This is true because people who don’t go to college only have a high school education in which they babied you to get you through. College allows people to grow and develop into more mature people. Once you have matured from college you realize you have to prioritize your life. Having a higher level of education will make you stand out on an application; if it is you and someone without a college education
If the student graduates with a degree that is high need this can help the graduate get the job much easier and if the job pays well, this can help pay off the graduate’s student loans sooner as well. Whenever you have a higher income this can increase your monthly loan payment, which leads to being able to pay off your student loans much faster than having a job that has a lower pay rate. “The value of a college degree remains high, and the average college graduate can recover the costs of attending in less than 20 years.” (Mary C. Daly, Leila Bengali, page 4). From the article “Is it still worth going to college” Mary C. Daly and Leila Bengali explain how if you graduate from a four year college a graduate will have a much higher earning rate rather than a high school grade and also a graduate that attended some college but, less than four years of attendance. “College graduates earned an average about $20,050 (61%) more per year than high school graduates.” (Mary C. Daly, Leila Bengali, page 1). Not only does having a well-paying career help pay off student loans quicker, but it can also help the
With a college education, one of the benefits college graduates earn is more money. College graduates have a much higher earning potential than individuals with no college education. A college education could actually earn you a million dollars over your lifetime. In the article it states, “On average, college graduates earn 1.5 time that of adults with high-school diplomas” (Andreas Schleicher). This demonstrates that by earning a college degree, you will earn a lot more money than people who stop their education at high school. As a college graduate, you earn far more over your working lifetime than non-college graduates. The more education you get, the more likely it is for you to always have a job. There are numerous other benefits associated with graduating from college. The benefits of going to college her in the U.S. are valuable than other countries. As a college student, the effects of a college degree will likely affect you and future generations. In the article it states, “While a degree is still a good investment in other countries, nowhere are the benefits quite as good as in the U.S” (Andreas Schleicher). This demonstrates that here in the U.S., there are plenty of benefits of having a college degree. With a college degree, you will have a higher lifetime earnings, you will have
In the article, “Is student loan debt really stopping people from buying homes?”, written by Jillian Berman, she discusses how being more cautious going into the college life will definitely benefit the student, quoting another author, “Instead students should be mindful of the cost and the amount they’re borrowing when choosing a school” (Berman). Berman goes on to quote, “[…] no, you should not skip college” (Berman). Because skipping college is a nasty idea in the twenty first century and could potentially lead to debt, it is a good idea to think of the smarter options when choosing a college to attend. Many students choose a college based off of if it sounds good or if it’s far enough away from their parents, and this most definitely leads to more cost, especially if a student decides to attend an out-of-state school and does not have the money. Choosing smarter and cheaper paths are the easier way to go when thinking of college. Not everyone, however, will decide to choose the cheaper path, so there are other things that could possibly help the financial
We now live in a society where kids start their adult lives “in the red”, as their debt exceeds their income. (Draut, 2005) 60 years ago this wasn’t the case, as told by Studs Terkel in Hard Times-An Oral History of The Great Depression, “I had no idea how long $30 would last, but it sure would have to go a long way because I had nothing else. The semester fee was $22, so that left me $8 to go.” (Turkel, 1970) Imagine that! 60 years ago tuition was $22 dollars a semester! Furthermore, 45% of adults under 35 state they find themselves resorting to credit card use for basic living expenses like rent, groceries and utilities, (Draut, 2005) adding to their mounting debt. This use of credit puts them into an entirely different category of indebtedness: survival debt. (Draut, 2005) Imagine being forced to borrow to live! (Draut, 2005) If a car breaks down or someone gets sick, the only option available is using a credit card. (Draut,
There are many concerns that students have when they are going to attend a college such as financial issues, preparing themselves, and adapting to their new environment. By creating a way of gathering money to pay for college will ease the concern of not being able to afford it. Giving students more of a challenge in big school will prepare them for the more difficult work they will need to accomplish. Creating a good suitable environment for themselves, they can excel greatly at the college they
Credit card debt is what’s known as unsecured consumer debt. Card debt is not necessarily collected through the use of a credit card. Debt can be accumulated from transfers, such as transferring money to make a payment or to another account. This can get you in a cycle of revolving debt meaning, what you owe can spiral out of control. Many people owe money because of the current financial situation of the U.S Economy. Credit card has a major impact on one’s personal wealth. People who have an asset have personal wealth; some examples of an asset are your house as well as your land. Many people may feel if the house burns down or gets destroy in a tragedy, then they have nothing left but that not the case. You still have your land, but asset also come in form of items that may be more personal such as a car, bank account, stocks and bonds or an item of value that has been passed down for generation.
The idea of going to college has many cons but it also has many pros. It is very important to get a college education. Although college is expensive, risky, and time consuming, the pros of a college education making more money, having increased opportunities, and finding jobs with better benefits over come all of these things. Having a college education Makes a person feel more stable, comfortable, and less dependent on other people. Even though it is expensive scholarships can be offered and a person will