The annual current costs, for the 2011–12 academic year, for undergraduate tuition, room, and board were estimated to be $14,300 at public institutions, $37,800 at private nonprofit institutions, and $23,300 at private for-profit institutions (Lander 1). If students plan on getting a four-year degree they will be paying minimum total of $57,000 at public institutions, $151,200 at private nonprofit institutions, and $93,200 at private for-profit institutions. The costs above do not include a student’s plan to further his/her education through graduate studies or obtaining another major. Yes, of course the person will get more money with a graduate degree; however the higher pay comes with higher debts. College alumni may feel that debt and unemployment is not worth a college degrees, but life and financial security and good health it would be worth it.
The concern with higher debts is the time it takes to pay off the debts. Taking into consideration that some of the cost of education is through government’s assistance, a debt incurred for education may take ten to twenty years to pay off assuming that the person is able to get a good job after leaving school. College graduates ask the question, is a college degree even worth it? Considering only the debts for college education which might take 10-20 years to pay, the answer will be no.
The cumulative effect of students’ debt may not just be individual issues but also a societal problem. Financial aid and student loans are primary source for paying for college. Yes, student loans are there to help students get through college, but what happens when the student cannot pay the debts. Does society bears the cost of the failure to p...
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Other benefits include maturity and growth because graduates tend to expand and educate themselves more. This helps them acquire higher positions in work fields. And according to Collegeatlas.org, “not only does a college education provide an individual with new knowledge and information; it teaches them how to think critically, how to break apart and reconstruct complex issues, and how to solve problems.”
College students and alumni ask the question, is a college degree even worth it? If being in debt for about 10-20 years, no. But if they are worried about financial stability and good health in the years after, yes. Graduates have many opportunities. They may further their education or they can even have a side job. Yes, financially it is a risk factor and the cost of college varies from 57,000 to 151,200 is something to take in consideration.
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