Student Debt
Two sisters named Lisa and Heather Harden-Stone graduated from Brooks Institute and Dowling College. After Heather received an undergraduate degree in anthropology from a private school, she decided to go get her master degree from Delphi University in environmental studies during 2010. She currently working on her field as environment scientist, and she is enjoying every seconds she spends at work. However, she stills be indebted about $80, 000 for her whole college education. She had no idea how much college really cost. She just wanted to have an education for a better life. In the other hand, her sister name Lisa, is obliged about $300, 000 in loan debt after going to school for photography in Brooks Institute. That was one of the top schools for photography in California. Even though, she would to have a photography job, she realized, it wouldn’t be enough to pay her school loans. So, she decided to go back to school and got her MBA in marketing from western International University as she currently working now as a full time job. (Liberto, 2013)
Those two sisters are example for a lot more students who’re going through similar life stories. One of the sisters, Heather, after graduate from college was able to find a job in her field, and was very happy, even though, she was in deep debt. Unlike her sister, although Lisa loves photography, she noticed that her dream job wouldn’t be enough to pay her debt. So, she decided to change her field in other to pay her loans.
The point of this article is to explain to students that before they decide to get a loan for college, they need to make sure that the students know what they going to do with their life. If they decide to go to college, then try not to worry much b...
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...ta shows that students are having a hard time of repaying these loans. This rate shows that only 3 out of 10 students were able to repay their payment that condensed their loans. Graduate degree programs had median rate from 43 to 47 percent. So the higher your degree education may be, the harder it will be repaid.
Given all these debt to those youngsters, it is very important to refinancing options for those borrowers. A study shows by the center for American progress estimated that the borrowers can face a rate that is greater than 5 percent could actually saves as much as $14 billion per year. In addition, borrowers would most likely spend money in large items that will increase economic activities by as much as $21 billion. As a result, it is very important for congress to build opportunities for refinancing student loans while the cost of capital remains low.
Education comes at a high price for this generation and not just financially. Going to college can give students plenty of debt with no promise of a job in return, which can set a student father back on their course of life. Young adults trying to start their lives by going to college encounter many setbacks. Today the average cost for a private university is $25...
Lee Siegel's “Why I Defaulted on My Student Loans” challenges the current state of the American system of higher education by targeting and discussing its economic impact. He begins by recounting his own story of how he was forced to take out a loan for his education at the age of seventeen. Immediately, his misgivings with the system become obvious as he states that he essentially gave his life away in order to go to college. His background is interconnected with his views on the subject given his statement that he was unable to afford college after his parents divorced and later, his mother entered bankruptcy. As he continues on to discuss how the current system causes students to be forced away from their vocation, he explains how he chose
Recent studies show that the number of individuals who default on their student loans has been steadily increasing as well. Statistics from the Institute for Higher Education Policy (IHEP) show that between 2004 and 2009 only 37% of federal student loan borrowers were able to make uninterrupted payments; it is an annual average of 7.4% (Cunningham, and Kienzl). According to IHEP, for every one borrower who defaulted, two ...
While it may seem that most students can manage the financial problems on their own, sometimes they cannot depend on themselves all the time. It is not good for students to only depend on themselves, for the students can become overwhelmed and cause them to give up on school because of the amount of debt they could possibly be in. Even if the student does not have enough financial support from their family; nevertheless, there are still people around that can help them with certain problems they may have. In Wes Moore‘s The Other Wes Moore, he introduces his readers on how his mother was able to afford him to be in a military school called Valley Forge. He states that “The price tag for Valley Forge was even steeper than that of Riverdale.
Wilson, R. (2009). A lifetime of student debt? Not likely. In G. Graff, C. Birkenstein, & R. Durst (Eds.). “They say, I say”: The moves that matter in academic writing with readings. (2nd ed.). (pp. 256-272). New York: W. W. Norton. This article examines how much debt in loans students leave college with and if it is possible to pay it off without it causing extreme distress.
The debt associated with higher education is one of the biggest factors of deterrence for most people who are interested in college, and it is not at all surprising. 71 % of college seniors who graduated last year had student loan debt, and the average debt for a college student with a four-year degree is $29,400.This number has gone up an average of 6 % each year. Keep in mind that this is just the average debt, and there are students who are in debt upwards of $30,000 dollars (projectonstudentdebt.org). Now in order to understand why the debt is so high it is best to break down the different costs of higher education. The first and most important of which is tuition.
“Unless you have a 4.0 GPA and a 36 ACT” ,she exclaims, “you are never guaranteed a full ride.” Instead, she focused on “out of school scholarships” which means scholarships for specific students not offered by colleges. Diana says, “ I applied to around 80 scholarships...won about 40 of those scholarships.” Also even with all those scholarships,She has $12,000 dollars in debt. This shows incoming freshmen that student debt will not be easy to avoid in college and that many students will have debt after college.
Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests.
Many kids beginning the college - decision process may be feeling lost at first, and ”By telling all young people that they should go to college no matter what, we are actually doing some of them a disservice. ”(Owen and Sawhill 209) For a seventeen/eighteen year old, going to college is arguably the biggest decision that they have had to make in their life thus far, and having the facts that Owen and Sawhill produce can be invaluable to the decision-making process. It is clear that the purpose of their essay is to better inform these young adults and guide them on their journey that is life after high school. The primary claim that Owen and Sawhill attempt to drive in using rhetorical appeals is that on average, having a college degree will lead to a higher income than not having one; however, it is not universally
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.
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
College debt is a universally known issue that remains one of society’s largest burdens today. Over the past ten years, high school students and graduates realized that they must seek a higher education in order to find a job that keeps food on the table. Attending a college or university is practically required in order to succeed in life today. Millions of people seek a higher education to pursue a degree, graduate, and acquire a quality job that supports their everyday needs. It often means a lot of money to pursue and earn a degree nowadays. What they don’t realize, is that paying their tuition and housing deposits is essentially signing a contract, costing them thousands of dollars in the near future and leading them down the dark path
Although a college education grows more and more expensive every year. People begin to question whether college is a good idea to invest in or not. “As college costs continue to rise, students and their families are looking more carefully at what they are getting for their money. Increasingly, they are finding that the college experience falls short of their expectations”(Cooper. H Mary). Many people believe that the cost of a college degree has outstripped the value of a degree.Studies show that a college degree will increase your earning power. A lot of people say that a college degree now is worth what a high school diploma was wor...
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.
With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.