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Effects of student loan debt essay
Issues with student debt
Issues with student debt
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To this day, countless college graduates are still paying back their school loans from years ago with no foreseen future of the bills ever ending. To many, college is believed to be the best time of your life, where young adults get to be who they are with no adults to tell them what to do. However, years later when the bills start to seem like they are getting too much, it is probably because they are. School loans are ridiculous for the small snippet of what people actually learned and leave the universities with. All high school graduates in the United States should be given an opportunity for a tuition-free college education, following the model used in European countries.
Right now in the United Sates the average student loan is about $30,000 dollars. This number multiplied by the amount of college students (approximately 18 million) leaves the national student loans debt at almost over 500 billion dollars (Financial Times). At this rate, many students start to struggle to repay loans because they do not have adequate jobs in their field of study. This is caused by the economy not having enough jobs to provide recent graduates with and if they even do it does not do very much financially for the student.
If a student were to be able to attend college tuition free, it would allow students who were not able to attend college to enroll, help the lower class receive better jobs with new degrees, and push the economy into a better direction with more jobs and workers all within the United States. College tuition for all high school graduates is an important part of the ongoing economy. If tuition were to be covered many more jobs would become available, help boost the economy and allow students the opportunity to receive post high school education.
If college tuition gets any higher many will not receive post high school education which leads to many unemployed people
to College tuition some graduated scholars are stuck with debt and because of that problem they become depressed.If we were able to make college free to everyone that could lower the rates of students stuck with debt in The United States. Another problem we could fix with Making college free is with Students who can't afford college and take the time off school work to look for jobs.If This problem gets fixed students would actually be studying rather than looking for jobs to afford tuition.
As people attend college, fees build up and students loan money and possibly be in debt. Not only that, some may say college isn’t worth it, but it is. Getting a degree pays off at the end, going towards your career path, making twice as much as you would work at a regular job. Students who have received a degree are slowly declining. To make adjustments, college should be free for everyone.
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
There is no doubt that college is expensive, price tags for some universities go over a quarter of a million for just a bachelors degree! (That’s if you graduate in four too). The extravagant price for college is no doubt crazy. Trying to better yourself and your future shouldn’t cost $250,000 plus. If public universities were to be free a plethora of problems could be solved instantly. According to Forbes the National student loan debt has surpassed 1.2 trillion dollars (Denhart )! This number is growing exponentially as more students enroll in to college. Why question then whether college should be free? Well, this number is the total amount of student loan debt from all students that have exited college. Some of these students are freshly graduated while some are aged with the wisdom trying to pay their loans back. If public universities were to be free and funded by our federal government, our government would pay this amount within ten years. Relatively a short amount of time considering that the student loan debt is an accumulation debt from students that have graduated more than ten year ago, also this also greatly increase with the following years as well.
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
America’s future lies in the youth and building an educated youth that is interested in their career would benefit society. Rising college tuition is hurting the higher education of America. As more financial pressure is placed on these kids, the more they aren’t able to focus on their goals and dreams. Although inflation is a problem, the students who are able to graduate will benefit society if they worry more about their job. They should be able to satisfy their duty in society and a rise in college tuition will hinder that vision substantially.
Free higher education has several economic benefits for students and for the government. According to Thomas Mortenson from the American Council on Education, tuition has risen 230% at state universities and 164% at community colleges since 1980. Student loan debt has reached 1 trillion dollars. As stated by Scott Hines, the founder of the World Education University, “the return on investment just isn’t there.” Many students choose to drop out or skip college altogether because of the high costs. These issues will be resolved if the government funds colleges and more people will be able to graduate. Currently, the government spends billions of dollars on academic programs with very low graduation rates, around 30% (Samuels). This is because colleges spent too much money on luxuries and amenities, and as a result, they raise tuitions while the quality of instruction remains the same. If higher education were government funded and caps placed on tuitio...
No matter what age or where people are in their life, they would be able to go back to school to start or finish their higher education and fulfill what they have always wanted to do. An article “Why Free College is Necessary” Tressie McMillan Cottom presents the need for free college in the U.S. According to Cottom, “Why aren’t more people going to college? One obvious answer would be cost, especially the cost of tuition” (Cottom/115). Cottom states that basically the main reason why many people are not going to college is because of cost, plain and simple. The job opportunities people would be able to acquire would grow immensely for them, instead of being stuck at a certain job making ends meet. I have come across old friends that never considered going to college after high school because they simply could not afford to go college or even pay for a book. Tuition free colleges nationwide would help many people struggling with their jobs, bills etc. and give them motivation to want to do something better in their life by extending their education, creating new career
As you can see, there are more drawbacks than benefits to free college tuition once you look past the surface of it. Like I said before, at a glance, it seems perfect, flawless. However, take a deeper look and see all of the things that would need to change in order to sustain nationwide tuition-free higher education. It is not as simple as it sounds, student debt may go down, but how many other people are we putting in debt to make up for the loss of funding going to schools through the tuition that we have
For most young Americans, college has always been preached to them as being a vital part to their success in the adult world; but as they reach this educative rite of passage many find they must take out inflated loans, work part time jobs, or even become dissuaded entirely due to the exorbitant costs of higher education. We must forsake this current antiquated system in favor of government subsidized tuition. Therefore, college education must be free because of its benefit to the economy, creation of equal opportunity, and the resolution of the student loan crisis.
If college tuition continues to increase the percentage of students going to college after high school will just continue to decrease until only the rich are able to attend college after graduating. This is not fair because America was built on the idea that everyone should have equal opportunity, but it is hard for those who simply cannot afford the extra cost of boosted tuition.
Today students are marching for free tuition. “It is important to stress that the current tuition rates are inflated because schools increase their sticker price in order to subsidize institutional financial aid for low-income students and to provide merit aid for wealthy, high-scoring students” (Samuels). So basically they are trying to get everything they can out of the more comfortable students, but some low-income students can’t get enough financial aid to survive. Thus making it hard for the low-income students to get the right education they are paying for. It makes them having to get one or two jobs, making them slack on their education. That being said this is why we need free tuition. More people will get an education, it 'd be fair for everywhere whether they 're rich or poor. We can take a look at Finland because they have free tuition, and they have been successful with it. “There were five major components to Finland’s success: all education became public and free; teachers became well compensated and highly trained; education became interactive and experienced based; students at an early age received individual attention; and in high school, students were able to choose if they wanted to pursue a vocational track or an academic track” (Samuels). For instance, by making education free, it took all of the financial stress
While the idea of free college is often seen as beneficial only to the wealthy, college should be free for everyone because going to college could once again be seen as a choice instead of a financial problem for many households, people could also better understand others that come from different backgrounds, and there are more
College education has become an expensive luxury rather than a fundamental right in the United States. Many Americans have and are on the verge of letting their dreams fade away. These are potential politicians, doctors, firefighters, teachers, humanitarians and possibly scientists that encounter a numerous amount of doors closed on them due to the government’s indifference on education . The U.S. Government should pay for the first two years of every American citizen’s college education. In this case, having the government financially cushion the students would naturally offer life changing opportunities at no cost. Americans would be given a reason to seek a career, to discover and explore their purpose in society, and be helping hands in preventing all sorts of global problems.
A college education is necessary today in society. Students can focus on their academics and try to get a high score. The cost of education for each student has become more difficult to afford. Thus, many students and teachers wonder if free college tuition must be granted. Free education must be responsible and funded by the U.S. government because it will help students focus on their studies, and encourage them to work harder in school. Even thought many people think that education must be free, it is very important for many reasons such as the economy, quality of education, and value of a college degree.