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effects of student loan debt essay
issues with student debt
issues with student debt
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“There are approximately 37 million student loan borrowers with outstanding student loans today.” (asa.org). Seems to be a ridiculously high number, except for when the fact that “…12 million (people)… borrow annually to help cover costs.” (asa.org). This means that 12 million people each year dig themselves just that much deeper into debt. When speaking of college, every year is another leap and another bound into a debt that will take years upon years to pay off. This seems to raise an important question; is college just a debt trap? College may truly not be the best option for everyone in today’s society.
Most places of employment in this day and age find the appropriate college diploma to be a very vital, or even required, during the hiring process. However, there are jobs that do not see a college diploma as necessary. For example, many musical career options do not need any sort of college education. The musical career field has been a thriving field of employment for centuries, growing and forming as technology becomes more extensive. Because the technology has expanded more and more, so has the list of available job positions in the field.
As a performing musician, these job positions caught my attention. Especially considering that I’d rather not become consumed by the debt bestowed upon those attending college. However, what I’ve learned through my extensive research is that there are so many more contributions to recording a single song, or performing a single show, than what is actually seen or heard. And each of those contributions has a job opportunity in itself. Some of these jobs, such as a recording technician, do require some sort of training or certain qualifications to properly carry out the tasks assigned t...
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...there’s no actual need to put yourself into debt, then don’t do it.” At least this once, I’m going to listen to my mother’s words and not put myself into debt. I have no needed for a higher education past high school, and I believe I can do what many others before me have done and make my dreams reality in my own way. I will prove anyone who tells me I can’t make it with the “big leagues” of music wrong one day.
Works Cited
Desenne, Michael. “Most Expensive U.S. Cities to Live in.” Kiplinger. Web. 16 May 2014.
“Kurt Cobain Biography.” Biography. A&E Television Studios. Web. 16 May 2014.
Lankford, Ronnie D., Jr. “Kings of Leon Biography.” Musician Guide. May 2006. Web. 18 May 2014.
“Student Loan Debt Statistics.” American Student Assistance. American Student Assistance Web. 17 May 2014.
Triangle Tech. Welding and Fabrication Technology. Print. 2011.
The Entertainment Industry is an expanding industry with numerous career opportunities especially for the quick learning students in today’s world. I chose to study the entertainment industry because I have always had a passion for it. I grew up with music always playing on the radio and if the radio was off, the television was tuned into some show. I know many people listen to music and watch television all the time, but there is so much more to this industry. Being so passionate has led me to studying specific things in the industry and learning the ins and outs of it, which is helping me to find a potential career. There are many people in the industry that I look up to and one person, who has made it in particular, is Debra Rathwell.
Carneval, director of Georgetown University’s Center on Education and the Workforce agrees that going into debt until you’ll be earning more money is the way to pay for your education. “The only thing worse than borrowing is not borrowing and not going to college at all,” stated Patrick M. Callahan, president of the National Center for the Public Policy and Higher Education. Lauren J. Asher, President of the Project on Student Debt group, states that the financial risk has increased. Ms. Asher points out that more students graduate with at least $40k in student-loan debt, “People lose control of their finances, and sometimes they make choices you wish they hadn’t made.” Darla M. Horn, an organizer of the student-loan-debt art show in Long Island City, NY realized she hadn’t been aware of how much money she had borrowed while in college. Referring to herself as financially illiterate, she found herself “just signing the documents and faxing them
Everyone knows that going to college and getting a degree is the most effective and guaranteed route to ensure a prosperous financial future, right? College is considered by most to be the best investment you can make in life, but what happens when that investment leaves you drowning in thousands of dollars in debt right after graduation day. This is the situation that millions of college graduates are faced with in 2016. Rising college tuition perpetuates student debt and is on a sharp incline and it seems to have no ambition of ever slowing down. The effect of this catastrophe is felt by millions of families across the country who now question, “is college really worth it?”
Contrary to popular belief, a college education can help with any job, regardless of whether the job is within a certain major or not. In fact, a college graduate even benefits if they take up a job as a plumber or a police officer- not only from their academic education, but also from learning important skills such as persistence and discipline (Leonhardt). Having a college experience and exposure to the world creates well- rounded people with higher skills and work ethics- and therefore better workers. Though they aren’t immune to being turned down, college graduates are more likely to actually get jobs, and be paid more for them, as shown in a study d...
In “Are Too Many People Going to College?”, Charles Murray brings to his readers attention that not all jobs need a degree he says, “Actually becoming good in those occupations will take longer than four years, but most of the competence is acquired on the job” (242).
suggests that college is nothing but a debt trap, while also using solutions and examples to back
is a known issue that persecutes people throughout their adult life, Bok in his cartoon recreates the massive amount of debt that now in day’s crushes students after their graduation and with sarcastic tone indicates the fact that the Universities say to be preparing you for life. In my opinion, the image recreates the whole misconception behind education, yes, it is very good for you to get that good quality education and better yourself but in reality the way you thrive in this modern society is via the formula you use to build that better life; which is created by educating yourself, life events and the hours you spend formulating your plan to get where you want to be. As a fulltime employee, father and husband I can tell you that many times we spend more than the necessary thinking about debt and how am I going to repay without placing in jeopardy the well-being of my beloved ones or myself, yes, you can’t plan to pay all your debt and not go out and have fun. As a student you have to come up with your own plan and figure out what you’re going to do with your financial responsibilities, I guess that’s the part that Bok makes the most emphasis, in other word
If more people went to college, and less went the vocational route, jobs will take a momentous hit. Today, companies will not even touch an application that does not include a Bachelor’s Degree; even if the Bachelor’s Degree has nothing to do with the job being applied for. Attention is not given to whether the hopeful applicant qualifies for the job; all that matters is that the applicant has a Bachelor’s degree. Murray best sums up the American job market when he says, “Employers do not value what the student learned, just that the student has a degree” (Murray). However, if less people obtain a Bachelor’s Degree, employers will be forced to base applicants on their skills, and abilities. Furthermore, important vocational jobs that lie vacant will be filled. Good electricians, carpenters, and construction workers will always be in
No matter how much students work to pay off their tuition, chances are they are still stuck paying for it. There is no easy way around debt, which is the main reason why many students begin to obtain jobs in college. CNBC reporter, Stacy Rapacon explains that new studies show tuition is unavoidable because no matter how much we work, it still isn’t enough to pay off tuition. Tuition continues to rise year after year, less and less students are able to actually afford going to a college they desire. In “Degrees of Debt”, by New York Times editor and reporter, Andrew Martin, the discussion of college students taking out loans are due to the belief of investment. However Martin argues that in the end, once they received their education, they still have a
In “Should the Obama Generation Drop Out?” Charles Murray talks about how a college degree now days, is looked at higher than it should be when it comes to meeting the qualifications for a job. Most jobs that pay over minimum wage will require you to have a college degree, making it very difficult for people that either can’t afford it or do not believe in it, to get a reliable well paying job. Like Barack Obama said “It’s what you can do that should count when you apply for a job, not where you learned to do it”(Murray 97); a large amount of people have the skills for a job but do not have the degree to show for, making them not qualified for the job. Companies will not even give you an interview if your resume does not have any type of degree on it. That situation makes life very unfair for multiple individuals. There should be some kind of certification test for applicant to take to see if he or she meets the skills needed for the job. The benefits of discarding the bachelor’s degree as a job qualification would be huge for both employers and job applicants. Therefo...
Psilos, P. (2003). The impact of arts education on workforce preparations. National governors’ association: center for best practices. (1)2. Retrieved November 4, 2003 from ERIC(Ebsco).
Four-year colleges’ tuition is rising by each year, so college education would be a heavy financial burden for people who pay tuition and housing during school years in debt. They could not afford school and housing expense for various reasons, such as low-income family background, but they still did it by taking loans because they hope that they could gain more benefits by doing such a investment. However, it would not be a wise investment when the person could not clear off the costs of investing, and many colleges graduates would not pay off their students loans in five years after graduation. A famous journalist Edward McClelland says “In a recent survey, 24 percent defined the American Dream as ‘not being in debt.’ They are not trying to get ahead. They are just trying to get zero” (553). Being debt would hold back those people by not achieving all the other goals freely, including their American dreams, and they have to delay everything excepting paying debt first. Certainly, believing that attending college would always make individuals better off is misleading, but investing college education by being debt in ten years would only be
People continue to wonder if college is worth the time and money spent with numerous individuals still unemployed, a valid concern of young students. Despite the information the majority have heard about unemployment rates, this is not a valid argument. (Michael Greenstone and Adam Looney) notes, “In Apr. 2013 the unemployment rate for college graduates aged 25 and over with a bachelor’s degree was 3.6%, compared to 5.0% for associate’s degree holders, 7.5% for high school graduates, and 11.4% for high school drop-outs.” These statistics alone should put your mind at ease relieving concerns an individual may have in respects to finding a job in their field. Moreover, employers that can see someone’s passion toward the carrier they’re seeking will increases one’s chance of successfully finding
Those who think a college education is not worth it believe that college can become a setback in life due to the thousands of dollars that college students are spending on tuition and books. Students who attend college will not have the money to purchase a home, spend money on family, vacations, or any other costly items and bills. On the other hand, most college students end up paying for their college loans all of their life or go into debt. They will never have money to rely on since their credit cards will be racking up interest for college loans that need to be paid off. As stated by Paul Taylor in Michelle Adam’s report, the cost of a college education has been at a record level and the cost of tuition and fees has more than tripled which is causing a rise in student debt (58). With rising prices, the economy is making it more difficult for people to afford a college education.
Most people can find a job in their field, but the amount of people who can not find a job in their field is increasing. “Unequal outcomes from college have always been a fact of life, but there is evidence that the dispersion of outcomes has increased” (Haltom). If a person ha a lower income job, it is not always because they did not have a college education. “1 percent of taxi drivers and roughly 3 percent of bank tellers had a college degree” (Haltom). This shows that even though some people have a college education, they could not find jobs in their field and had to take jobs that they less likely wanted. Haltom also says, “as many as 120,000 of the nations 1.7 million 2012 graduates who wanted to work elsewhere took jobs as waiters, salespeople, cashiers, and the like” (Haltom). More and more people with a college education can not find jobs in their field.