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Problems with student loan debt
Student debt problem
Problems with student loan debt
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God created everyone equally, and everything happens in a person’s life is according to God’s plan. Every individual has fallen into debt situation at least one time in his or her life. If you are never in debt, then you are the luckiest person in the world; you have nothing to worry about. Every situation is different. Debt is something no one wants to happen. No one wants to be a victim of debt; however, sometimes they cannot avoid it because of their situations. I came to the United States of America when I was fourteen years of age. My brother was in college at the time I arrived to America. My parent had been sending money for my brother to go to college here in America, and it cost so much of money. By the time I was about to finish high school and was getting ready for college’s life, my parent told me they could not afford for me to go to college here in United States because they spent all of their money for my brother’s college career. They told me I had to go back to Vietnam and went to a college in Vietnam because it was much cheaper. I was shocked when I heard that …show more content…
I had not been able to play sport every afternoon like I always had in the past. I had to go school four days a week and then went to work three days on the weekend. I did not have time to hang out with my friends like I used to do. I was so tired and exhausted every weekend after work. I had to sacrifice my social life in order to afford college. I tried everything I could to be able to stay in America and attended college here. My parent was so proud of me. I was able to live on my own; every once in a while, my parent sent me little extra money, so I could buy something I liked. It has been a year since I started working full time; here I am, entering my sophomore year in college. Everything worked out well for me; I made good grade in college and was able to feed
I am the product of divorced parents, poverty stricken environments, and a blended family, but I refuse to let that dictate the outcome of my life. At the age of ten, I had to assume the role of a fatherly figure to my three siblings, so I missed out on the typical childhood most would have had. I grew up in neighborhoods where gangs and criminal acts of violence were a pervasive occurrence, but I resiliently did not allow the peer pressures of others to force me to conform to their way of life. By the age of 15, I received my worker 's permit, and that allowed me the ability to help my mother financially in the absence of my father’s income. I worked the maximum amount of hours I could while balancing my academics and extracurricular school activities. I was a scholar athlete and triathlete in high school, and although I continuously faced much adversity, I still managed to be accepted to the University of California State, Bakersfield after I graduated from high school in 2005. Sadly, after
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.
The first major point that Gretchen Morgenson makes in her article “The Debt Trap” is how lenders have found ways to make a bigger profit from borrowers in the recent years. Shes states that for example, “the rates that credit card companies charge borrowers rose from 17.7 percent in 2005, to 19.1 last year”. That difference added to billions of dollars charged annually. She stated that overall, these lenders increased “junk fees by fifty percent in recent years”. In the capitalistic society that we live in, these lending companies are doing everything they can to make as much of a profit as they can. If this means shoving Americans into the ground in the profit, they do not seem to feel bad about it one bit. This has created a problem with
Elliott states, “A college education should offer to all graduates similar opportunities to achieve financial success in the long run.” It does not in fact to that at all. Having high debt holds students back from that. It is sad you cannot go to school for what you are passionate about cause the fear of debt and not having good money after graduation. Article mentions, “two students investing similar levels of effort and ability in college and yet achieving dissimilar outcomes upon graduation. Obviously, there is a different in the post-graduation lives of students with and without debt” (Elliott). It would not be worth it to the one with debt because they cannot use their degree. All of your loans would not be worth it because of loan debt. I feel it would only be worth it if you had means on paying it back instead of struggling. Loans are not
As a kid growing up in a very abusive household my mother was a victim of Domestic Violence and for many years we were living in poverty this made it extra hard for me to handle secondary education until she decided to escape to the United States. At the age of seventeen my environment changed. The abuse stopped but we still struggled, as an illegal immigrant she was not qualified for a job and she worked cleaning houses and ironing clothes while I attended High School in Brooklyn New York.
College has a extensive impact on a person that some people simply don’t realize. When I first started college, I was a little close-minded and unsure about what it was I wanted to do with the rest of my life. When I was halfway through my freshman year, I decided to completely change my path in life. I left ECU, moved into an apartment, transferred to Pitt and declared my major intended sonography. Then suddenly I hated what I was doing, I had to take a step back and truly evaluate my life and what it was I was meant to do. I was completely lost. Then one day I received a text from a friend telling me to apply to a hospital located in Chesapeake, Virginia. I did, and I got the job. When I told my parents they were less than thrilled, they didn’t like the idea of me taking a year off from school to work, but I thought long and hard about what was best for me and decided it was something I was meant to do, it was the path I needed to follow. I worked for a year while living at the Virginia Beach Oceanfront. I was completely independent, providing for myself 100 percent. While working this job, I realized that what I wanted to do and what I was called to do in life was become a nurse, which is something I would have never figured out had I not seriously weighed my options
Since I still wanted to make friends, I desperately continued to try to break down the barrier between my peers and I and I slowly began to succeed. As I began making more and more friends, my experience in the U.S. started to become a happier one. Although there were still many things about American culture that I did not understand, I chose to face my fears head on which lead to a more content life. I realized that no matter where you are from, what obstacles you had to face, or what social class you belong to, coming to America gives you an opportunity to build a new and better life for you and your family. The journey to learn this lesson was not an easy one, but I’m glad I learned it.
Is College worth the debt? You and I can both agree that education is vital in this day and age. But is it smart to take the risk and not go to college? College is worth the debt because after everything is done, you will have something to show for it. In the end you will make more money, you would have gotten a higher education and you will end up being happy with what you have and are going to accomplish.
My family is very close and nothing happens without everyone knowing about it. Most of my family members are hard working and value education. I learned that an education is important in today 's world and I need to out all of my energy into my education. That is why I work to help my mother pay for my tuition because I picked this college and it is also my responsibility to help. I also pay for all of my necessities. I wish that my mother made more than twenty-nine thousand to make her life easier, but I am known nothing else so, my socioeconomic does not bother me much. I grew up with a lot less than what I have now so, all I can be is grateful for where we are. After my parents divorce the reason why my family moved to Kokomo, Indiana was that my mother’s step-father and mother lived
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.
Bankruptcy as a financial management is a legitimate proceeding involving a person or business that cant repay outstanding debts. The general meaning of bankruptcy is the point at which somebody has credit debt that they are making payments on and can no more make those installment because of occupation misfortune, market investment losses or any kind of income loss that prevents them to make their installments schedule. At the point when a person can no more make these payment they seek for a financial company that specializes in bankruptcy. This firm will attempt to negotiate a settlement with the credit company and if that does not work will file for bankruptcy. There are structures to fill out which include one’s income, tax returns and
Most people want to blame the banks and card companies, but in the end the person put themselves in that predicament. The majority of adults are not taught how to manage their money properly and may eventually end up living off of credit as a way to pay for necessities. Therefore, simple planning and budgeting can prevent over spending and knowing what the money is being spent on. In the article Credit card woes may be your own fault, La Times writer Liz W Pullman states, “credit card debt, by definition, is a bad idea. It’s corrosive to your financial health and much too expensive for what you get- essentially the luxury of temporarily living above your means.” In other words, Liz is stating, debt is comprised of trying to live a lifestyle a person is not able to afford. When someone is spending money they are not looking at the possible implications, but instead a person is looking at what is going on that moment. Spending money is seen as fun and having access to cash is simple. For example, payday loans are everywhere and charging up a credit card during a shopping trip is not only fun, but also a normal occurrence for most people. Therefore, people need to know their limitations of how much they can or cannot spend in order to have a clear idea of what they are able to pay back. When credit debt is accumulated through spending habits no one can
“Student loans can turn what should be a blessing—an education—into a burden” (Dave Ramsey). Student loans can cause many graduating students to feel lost and helpless because they have so much debt after graduating. Because of student loans, college students think they can just get through college and pay the loans off easily after they graduate since they will be making money. However, sometimes it isn’t that easy. You can graduate college without taking out one single loan!
My story starts when I came to the United States about three years ago from Colombia. My family and I had to start from scratch, because none of us spoke English at all and arrived with nothing more than our suitcases. As soon as we arrived, we had to live in a crowded house, where my sister, my parents and I
I had a comfortable life, living in Florida with my grandmother. I’d never been expected to get a job, and never had to, as I was spoiled rotten without fully realizing it. I had been accepted into SCAD, the art college of my dreams, and had gotten engaged to my boyfriend of four years (so scandalous at our age, I know). Everything was generally peaceful, until Grandma decided she’d had enough.