When this study asked students who were much older about their student loans, they had very different feelings. “The oldest of those studied - ages 28 to 34 - began showing signs of stress about the money they owed. ‘They're experiencing the burden of repayment . . .versus the pleasure of going to college’ ” (qtd. in Carrns). College should never feel like a financial burden. America has made college so accessible to anyone and everyone. Students who otherwise could not afford college can go now because they are being approved for student loans worth thousands of dollars, along with credit cards to finance their education. The “average graduating senior . . . [has] at least one credit card . . . [worth] $4,138 in debt on the card” (qtd. in …show more content…
Most students are aware of the fact that they will be paying off their student loans for the next ten years after graduating college. What most students are not prepared for is paying three times more than they originally borrowed or paying the loan off for the rest of their lives. Blake Ellis, senior writer and investigator for CNN, tells us that “between 2005 and 2013, student loan debt among seniors 65 and older rose by more than 600% from $2.8 billion to $18 billion” ("Student loan debt"). Rosemary took out a loan for $65,000 twenty years ago and now owes $152,000 in student loan debt. “After getting divorced, losing her job and caring for her sick brother, she basically gave up on making payments. She was hit hard by interest and penalties and the amount she owes has since climbed by tens of thousands of dollars” ("Student loan debt"). Rosemary never thought that getting a masters degree would lead to this point in her life. Rosemary like many others graduate with high student loans fully expecting to pay them off, but then the truly unexpected happens...life. Rosemary will now be under the financial burden for most of her life unless a miracle happens. Rosemary says herself, “ ‘I will be indebted for life,’ . . . ‘I find it very ironic that I incurred this debt as a way to improve my life, and yet I sit here today because the debt has become my undoing’ ” ("Student loan debt"). Rosemary's case …show more content…
Jackson Toby, professor of sociology emeritus at Rutgers University, tells us that “if graduates fail to find good jobs, they are trapped in a prolonged adolescent limbo, burdening their parents economically and delaying the responsibilities of marriage and children. Former students will eventually default on a considerable portion of these loans—a reasonable estimate is 40 percent—or die before paying them off. This means that student debt is likely to be a permanent drain on taxpayers, as defaults add to the ballooning federal debt” (Toby). In other words, student loan debt is now creating a problem for not only the student but for family members, taxpayers, and the economy in
Martin and Lehren’s article “A Generation Hobbled by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debts due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples
In the argument, Debate on Student Loan Debt Doesn’t Go Far Enough, author Robert Applebaum, graduate of Fodham University School of Law, asserts that excessive student loan debt should be forgiven after a reasonable repayment period and suggests this would stimulate the economy because former students would have more money to spend(Debate). He backs up this claim by introducing the Student Loan Forgiveness Act of 2012, contending that education should be a right that people of all classes can benefit from, and addressing both the individual and the economic drawbacks of student debt in the middle and working classes(Debate). Applebaum
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
Mark Kantrowitz indicates in his article, Why the Student Loan Crisis Is Even Worse Than People Think, that “Student loan debt is increasing because government grants and support for postsecondary education have failed to keep pace with increases in college costs”(Why 1). This means that the government no longer covers for college tuition fees. College graduates are 20% more likely to work at a job that is outside of their major by the debt they are in. Kantrowitz also mentions that “students who borrow to attend college, it appears that more than a quarter (27.2%) of them are graduating with excessive debt” (Why 1). In reality, leads to student saying that the financial cost was worthless, ending up with a job that is especially not what they went to school
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.
...hew , and Debbie Cochrane. "Student Debt and the Class of 2012." Institute For College Access and Success. December (2013 ): n. page. Web. 12 Dec. 2013.
It may conclude that student who pay by student loan feels more pressure to getting a job after graduate to be able to pay back for the loans. This motivates them to study hard because they realize that how much the importance of academic performance to get a job.” What does this mean? Those who are having to use loans are more pressured to find a job and work to pay off their debt, seeing as how it could last a lifetime and are having to work hard to maintain financial aid. Yet, for those who go to college with their parents funding their education, there isn’t as much pressure to succeed because the family has the ability to fund
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up
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).
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
The cost of college tuition continues to increase each year. If this keeps increasing the way it has been, students will be indebted the rest of their life. Author of “The Looming Student Loan Crisis”, Jackson Toby states that student loans have increased along with the increase of tuition costs. In 2004, the average unpaid student debt was approximately $18,650...
In an article written by Andrew Lehren, the author provides the bold statement that “the only thing worse than graduating with lots of debt is not going to college at all” (Lehren). In today 's society, many families lack the funds to provide a full ride for their children in terms of college. Due to this fact, many people turn to alternate solutions such as loans or diving straight into the workforce instead of attending college at all. These solutions, however, may greatly affect a person throughout the course of their life. The problem of college debt is increasing rates in regards to tuition, however, fortunately there are various solutions accessible in order to decrease or eliminate the debt that many american students face.
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.
they have so much debt after graduating. Because of student loans, college students think they