Disadvantages While there are benefits of attending college, there are also significant challenges that affect students. Specifically, high school students can be intimidated with the overall process of going to college. For example, finalizing paperwork, completing financial aid, adjusting to their new environment, and meeting new people can be cumbersome. In addition to these adjustments, students have to deal with the increased costs, which make college more expensive and less affordable. The increase in college expenses is a result of the decline in state appropriations, which affects tuition and other expenses associated with attending college. The increase in tuition attempts to make up for the reductions in state appropriations. …show more content…
In essence, student loan debt affects graduates enthusiasm about their career choices and their quality of life. Student loan debt has made it a challenge for graduates to live comfortably. Student loan debt can also result in prolonging other important decisions such as marriage. Another important factor of student loan debt is the default on loans. While college is supposed to be a place to enhance your life; it can also be a place where you can ruin your life. Graduates who have high student loan debt and lower ability, tend to default on their loans. However, students who have average student loan debt and higher ability are more apt to repay their loans. For example, a young couple from Seattle left college with $500,000 worth of debt. They had taken out so many loans, that they did not know exactly how much they owed. When they finally sat down to work out a payment plan, they did not have enough money to make the initial payment. With two children, a mortgage, and living expenses, $80,000 will not go far. It is essential to set up the best repayment plan to meet your needs, without negatively affecting your credit. There are essentially six ways to repay federal loans: standard payment, graduated, extended repayment, income-based, income-contingent, and consolidation …show more content…
However, it is very important that students research their options on the front-end before making a final decision on whether or not to attend college. Additionally, students ability, major, and lifetime expected earnings are significant when weighting the investment. The rate of return (roi) has been well-documented in prior research. I agree that there are numerous benefits of earning a college degree due to my own educational
Although many tend to think going to college and getting a degree is the american dream, that varies, and in most circumstances that isn’t the truth at all. As college prices have soared over the past few decades, and student debt becoming evermore of a factor in the decision of going to college has been increasingly difficult.
Along with scholarships, fellowships, and grants, student loans are an important method of financing post-secondary education. With tuition costs rising, more students are borrowing to pay for college education today. However, not all students realize the burden of paying back their student loans. Many are defaulting.
Doyle states in his article, “As of this writing, the total amount of outstanding student loan debt has been estimated at $960 billion (Kantrowitz, 2011).” Right now, there is only 7.4 billion people on earth, but not all of those people are in debt. So, massive debt with not near enough people to even cover the debt on the whole planet put this issue into perspective. Many people talk about applying for scholarships but scholarships can only cover so much of the price, and even then, the scholarships aren’t guaranteed. Now what about paying off the loans? How will that take? “First, incomes vary tremendously across different choices of majors and professions. Second, the incomes of individuals starting out in the labor market vary according to the state of the labor market at that time.” There are many different factors that go into this process. As stated in the previous paragraph, those who do both work and school are more apt to pay their debt off at a quicker pace. But, how much they make and how often they paid is another contributing factor. If the average college student is making minimum wage (part time) and is going to an in
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.
When students are looking for colleges to apply to, one consideration might be how much it will cost them to attend that college. This is a very important matter to consider because the cost of going to college is the highest is has ever been. Even though there is some aid to assist students in paying for college, those services are not available to everyone. Some students are awarded scholarships but some of them are only for a few thousand dollars, which means that they still have a considerable amount of debt to pay off. When you take into account the cost of text books, classes, application fees, and room and board, the final bill ends up being overwhelming. The large total at the end of the bill could scare students who cannot afford all of this. Lankford poses the question “Can anyone attend college?” He ...
Many Americans today tend to believe that a college education is valuable financially, yet some others strongly oppose this, since they look at the college education as being both time and money consuming. A person who successfully completes a college education may obtain one or all of the following; an associate’s degree after two years, a bachelor’s degree, master’s degree or a PhD. The institutions that provide the college education can be public or private. Whereas a college education might be seen as being very expensive, it actually increases people’s chances of getting higher paying jobs, instills knowledge into them, and raises their enjoyment levels.
As high school students begin to look into getting a higher education, certain factors determine what college they may look into: locations, academic profile, graduation rate, school size, and, to some the most important, the cost of the university. The cost of a university can play one of the biggest deciding factors in furthering one’s education. Many students do not have hundreds of thousands of dollars for college. There are many poor people in this world who want to attend college and earn a degree to support themselves and their family and be able to live a more comfortable life. Everyone should have the opportunity to go to college. Every year, college prices are increasing, causing it to be less affordable. This will discourage people
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). The debt will only continue to grow with neglect, so the most effective action to take would be eliminating the cost altogether.
Having the college experience is everyone’s dream, especially High School students who are ready to get out into the world and explore. College is very important for furthering someone’s career, but no one thinks about all the costs and the stress that comes along with college. Tuition fees and costs are increasing more and more each year. Now days it feels like you have to be a millionaire just to attend a good college and get a good degree in what you were attending for. There are some students that do not have a lot of money and live on very little things with their parents, but indeed are very smart and have a 4.0 GPA. Those students are the ones that are unable to attend college if they cannot afford it. College tuition is too expensive,
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...
A challenge that all seniors face at the end of their high school career is the decision that will shape the rest of their future. Will it be Harvard, Ivy Tech, or a job at the nearest fast food joint? Of course, there is nothing wrong with not going to college, but for the people of society who plan to marry and have at least three children, it is almost essential. After making this decision, the seniors who choose to attend college must then decide which one. Campus size, housing, nearby activities, and available degrees and study programs are all important traits to consider when searching for the perfect college.
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.
College success has become a most desirable goal. However, many students struggle through college. In fact, according to the Website Ask.com, approximately 15 percent of college students receive a degree. Because I’m willing to earn a degree like many other successful students, I find that college is the stepping stone to my dream goals. I know that college is difficult, but I realize that attaining my dream of a college education will require me to understand the benefits of what I’m learning, to prepare for obstacles, to seek advice, and to create effective and reasonable strategies will help me achieve my goals.
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.
We know that students with more years of education have a jump in expected earnings. Many people consider education as something vital, and, valuable; is the number one source of a successful future. For individuals who believe in college education,