Would you like to know how to be debt free as entering and concluding college? Janet
Bodnar gives insight to real world of financial situation when dealing with college in The
College Debt Trap. Options that pay for college have decreased drastically. College used to be a better life ticket, but now with economic hardships and college expenses, that ticket may not make life so much better. Higher education has now become a hard choice. Graduating with high debt and no job has become the gamble of going to college. The impact of this is huge on people’s lives. Some people will not take loans, and others, even though their parents won’t pay for college, won’t qualify for loans. Perhaps a complete reform is needed for college financing.
It’s crucial to
…show more content…
Bodnar’s main objective in this writing is the help people become a part of college debts’ solution instead of becoming a part of college debts’ problem. She informs readers that there are ways to avoid the college debt trap. Bodnar’s first tip to help avoiding debt is save as much money as you possibly can. Saving money can help in various ways. Every single dollar that you save is a single dollar that you won’t have to borrow. When borrowing, doing it smart is the only option. Try government sponsored loans of perhaps PLUS loans. Parents should always be honest about the things they can afford when dealing with college. This gives students the time
and opportunity to prepare for the contribution. When preparing for college students should also take into consideration which school offers a high-quality education and is affordable. Thinking outside the box is also a big factor which helps save money and give more preparation time. For instance, starting at a lower-cost or free community college, then transferring to a university gives student time to build their funds while still earning an education. Student, if not
...ave changed and college is extremely expensive now. There are not enough jobs openings for college graduates which leaves them unemployed with heavy debt. The vast majority of jobs in America require only vocational training or a skill certificate. People who do not have the aptitude for college should not be forced into thinking college is the only way to be successful in life. Society should encourage students to explore all job options not just the college related ones, because with the way times are changing getting trained from a vocational school is the best option America’s citizens have.
Today in American society, one feels pressured and obligated to seek higher levels of education. In the article “College prepare people for life” written by Freeman Hrabowski, he expresses his views on the many aspects in which college prepares one for their life; especially, financially. Having a college degree increases ones ability to get a job in comparison to somebody who has solely a high school diploma. However, many are faced with the irony of having to go into to debt, in order to work towards financial independence and security. In terms of socio economics, those who are stuck by poverty often cannot afford going into debt to exit their current ranking in the qazi caste system of poverty. Many argues that college prepares people for life, however one can disagree due to
The American Education system needs to check their purpose and refocus students back on the reason for furthering their education. Although, many colleges are known for many amenities and student activities, college students need to focus on the issues at hand and conquer them with knowledge and compassion for humankind. Americans need to realize that student debt is a national crisis, and the best way to make a change is be involved and responsible for every cost during your education career. As a responsible student, know where your tuition money goes and question changes that are going on at school, students pay for the experience they should know what is
One statistic that Owen and Sawhill presented was “Hamilton Project research shows that 23- to 25-year-olds with bachelor’s degrees make $12,000 more than high school graduates but by age 50, the gap has grown to $46,500 (Figure 1). When we look at lifetime earnings—the sum of earnings over a career—the total premium is $570,000 for a bachelor’s degree and $170,000 for an associate’s degree. (Owen, Sawhill pg 641). Owen and Sawhill also mention that “with tuitions rising faster than family incomes, the typical college student is now more dependent than in the past on loans, creating serious risks for the individual student and perhaps for the system as a whole, should widespread defaults occur in the future. Federal student loans now total close to $1 trillion, larger than credit card debt or auto loans and second only to mortgage debt on household balance sheets” (Owen, Sawhill pg 642). Basically, what the authors are saying is college is expensive, but for some career paths, the training and education received in college is necessary to have that job and the benefits outweigh the costs. With a high paying career where a college education is necessary, paying off student loans is no problem. On the other hand, people who go after low paying careers that don’t necessarily need a college degrees,
The student loan "debt has passed $1 trillion... Nearly 20 percent are in default on their student loans" in the United States. Many schools and jobs encourage students to further on their educations but how could students keep up with the total cost of college? Ironically, a strong educated workforce is what will help maintain America in shape but college prices have been going nowhere but up. This can create a strong effect on many of the younger students thinking about attending college, "today 's teenagers might be experiencing more and more "financial anxiety" and aversion to debt than previous generations."(Jake
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
The second chapter of this book advocates students to attend college, even if they must take on a moderate amount of student loan debt. They give statistics showing the tremendous gap in wages between a college graduate and a non-college graduate. The third chapter of this book argues the opposite viewpoint of the second chapter. The author states that the cost of college today is too high and that there are too many college graduates flooding the job market causing many of them to go unemployed or seek low level jobs that do not pay enough to pay off their student loans. Both of these chapters will help me to show the two main ...
When young adults complete high school they’re encouraged to enroll in a higher education program. With the constant talks of soaring tuition costs, in addition to the massive student loan debt, taking this step can be worrisome. Reyna Gobel, a journalist on financing college education and repaying student debt, states. “It’s easy to stop believing that a college education is worth it when the nation has over a trillion dollars in debt, but college graduates still earn more over a lifetime than those without a degree. Plus, they’re more employable.” More than three-quarters of all college graduates agree that higher education is indeed still worth the cost. Additional education in a field you’re passionate towards
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).
Fighting the cost of college tuition is a hot topic these days. As long as I can remember, tuition has always been a reason why most people don 't pursue their bachelor’s or even associate degree. Today 's society has changed students are fighting for grants, financial aid, and even loans to pay through school. In order to be financially comfortable in the 15th century a college education is a must. It is an everyday battle getting financial support from a college’s administration. Colleges need to be more affordable, obtaining funds less stressful, and colleges must enact policies that condone these principles.
How much is the burden of student loans affecting the personal lives of students after completing their education? The degree to which a person will have a financially successful future is largely depended on getting a good education. However, not everyone can manage to pay for that education. Therefore, students often resort to taking out student loans to help them compensate for their education. According to some sources, the average amount of student debt is equivalent to the price of a new car. Like many other Americans, Wearing Thin faces the same problem of repaying those student loans without family support and claims that the loans “are the cause of almost every stress in [her] life.” Not only does she associate her student loans with stress, but also states that her life is defined by her student loans. In the article “A Big Life”, Thin seeks advice and reaches out to Cheryl Strayed, a writer, and asks her for her perspective on the situation. Cheryl, referred to as “Sugar” in the article, writes back claiming that she too is a victim of student debt. She forms a connection with Thin and provides hope by advising her to accept the student loans and to move forward from there. By establishing her credibility through sharing her life experiences and appealing to emotions through the use of empathy, Sugar attempts to inspire in Thin a sense of hope for a brighter tomorrow.
One question that comes to mind when graduating high school is, “should I attend college?” For many graduates this question have a very obvious answer. A high school graduate may state that, “college is the best option if one is trying to get a higher level of education, and will help one compete for a higher paying job.” However, in my opinion most graduates do not consider the fact that going to college is a very big decision to make and that the schoolwork will not be easy. Going to college is not the best choice for every high school graduate because many students cannot handle college, colleges’ lower standards, and not all jobs require a college degree.
Increasing college costs has proven to be a major issue for those who pursue higher learning. With institutions raising tuition and fees, students are forced to make life-altering sacrifices to repay soaring student loans. We have come to a pivotal place in history, where individuals have no choice but to minimize or delay important life decision’s such as moving home with their parents to save money, becoming home owners, retirement saving and forfeiting higher education. The impact of increasing college costs has become so severe that it is at the forefront of politicians, political agenda, inducing conversation and policies like the revised income-driven repayment program. The program proposed to help combat the effects of massive student loans.
...ggled with high debt burdens that adversely impedes their lives. Also, it will threaten to the affordability and success of higher education in the US. I believe that through my research paper in can prompt American college students to make wise and informed decision on financing higher education. Moreover, it will make the education policymakers aware that the rising education debt has a serious implication for college access and affordability, prompting them to decrease total student loan debt amounts by holding down college tuition and increasing the federal student aids.
“Is College Worth it? Clearly, New Data Says” by David Leonhardt, “The Value of a College Degree” by Emily Hanford, “New study shows the value of a college education” by Hope Yen, and “Is College Worth It Anymore” by Kristen Sturt, all primarily discuss the advantages of a college education and its true value. In the United States, the student debt is over $1.2 trillion dollars. It is the second largest cause of debt following mortgage debt. When the media spends so much time talking about the limitations of a college education, they are discouraging some students from attending college. Regardless of all the debt, attending college and attaining a higher education is the best decision a student pursuing a bright future, could make today.