It can be helpful to know about the different terms for taking out loans and financing them. For instance, while reading one of the nitrocollege's articles about reasons to choose federal loans, I came across the word “consolidate.” I knew its definition from an academic perspective; but in the context of finance, I had no idea what the word meant. I ended up reading many articles and compiling their information to a simple, satisfactory definition. Repeating the same process for numerous financial terms that are used when talking about paying for college would be painstaking. A list of financial terms that students should know for college would be a helpful reference for when they are reading up about financing for college. My plan to make college more affordable despite the rising tuitions would be to add deductions to the parent’s paycheck and have that money put into an account for their …show more content…
I now understand that companies are willing to pay for college classes in exchange for a set number of years of employment. The only other requirements would just be passing the classes related to the major that is relevant to the future job. Some maybe even pay for all the classes you take to have their future employees more well rounded. What is amazing is that more than half of the companies in the United States offer tuition reimbursements to college students so it is easier to get family reimbursements than I thought it would be. In an article comparing federal student loans to private loans, https://www.nitrocollege.com/blog/11-advantages-of-federal-loans-vs-private-loans, I learned that federal loans do not require a cosigner, contrasting my previous belief that all loans that students take out required the parents to be in the equation. It means that credit would not limit the loans that the student takes
Students even take out loans because their financial aid cannot cover up for their 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).
The critical challenge within in today’s society is that college tuition should be free or if not free, more affordable for all students. Certainly, higher education should not be considered a luxury where only the wealthy could afford, but an opportunity for all caste systems. It must be an accessible and affordable opportunity for all students in order for them to invest in their education. Higher education is important because it provides more careers to choose from than the careers offered without having a college degree. Ultimately, the issue here is whether it is right to make college tuition more affordable for the students.
Many parents send their child(ren)off to college, thinking that an loan is the only way to
Employers consider a degree necessary for getting a job at their company. However, not many people can afford college. The solution is to take out loans, then college becomes affordable. These loans create a whole different issue, student loan debt. This can affect people their whole lifetime and has been happening for years upon years. But, in the more recent years America is starting to shed more light onto the issue and are becoming curious on why colleges charge twenty five thousand dollars, or more, for a year of education. Many different countries offer free college, but in America student loan debt keeps getting worse.
Personal Finance Essay Many students in today’s world believe they need to take out student loans for college. I believe you don’t have to take that path. Student loans are hurting many students who attend jcollege, and I believe that the loans should stop. Any student can get through college and be debt free at the end.
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
A college degree is one of the best educations that a person can get. It not only develops your mind, but it helps to develop you as a person as well. No matter what kind of degree you receive, whether it be a bachelors, associates, or masters you are more likely to get a better job than without it or with just a high school diploma. Workers with a college degree will earn much more and are much less likely to be unemployed than those with only a high school diploma. This paper will argue that with a college degree you are more likely to get a higher paying job than without a degree. I will support this argument with multiple scholarly articles and other valid sources to further convince you.
Higher education costs have been increasing at a rapid pace, faster than inflation for the economy as a whole, for the past fifty years. It started in the 1960’s when the federal government passed the Higher Education Act to increase the amount of people able to afford and attend college. Regardless of the Unites States Government efforts to increase the affordability of college, federal aid programs have not risen to expectations due to the ever-increasing college prices. To lower the price of college, the government needs to cut back on student financial spending to go only to the lowest income families and create tax incentives for families to start saving up on their own.
In the recent past, many of the United States Presidential Candidates and the President have suggested and implemented the idea of “free” college. The idea is that the United States Government would set a budget for college students to have the first two years of community college paid for. There are two very different opinions about the topic, mostly between the younger and older generations of the United States.
Making College Tuition Cheaper I believe that college tuition should be cheaper for everyone no matter what economic level your family is in. College tuition should be very affordable for everyone, so everyone has a chance to get an education without being in debt. There are kids and adults all over the country and world that would love to go to college. Should universities turn down people because they can't afford it? Of course there are numerous scholarships, financial aids, and loans available, but sometimes they don't help everyone out that much because the average family can’t fully support the child going to college, and make a living comfortably in residence.
Through my research I hope to explore the consequences of education debt on college graduates’ lives, including career choices, consumption pattern and lifestyle choices. Meanwhile, I want to discuss some feasible alternatives to minimize student loan debt. My intended audience will be the American college students and their families. The other audience I want to reach is those education policymakers. The contribution of this research will be to help students better understanding the consequences of indebtedness and making informed and careful decisions on paying for college. Also, it will raise the awareness of education policymakers, prompting them to improve our existing student loan policy. As a college student, how to finance a higher education is closely related to my personal life. Through the research I hope that I can acquire enough information on the pros and cons of student loan, and other options to minimize the student loan debt, so that I can make careful decision on financing my college education.
The student loan program has been around since 1958. Once the U.S. department of education was created in 1979 it became in charge of the student loans. The mission statement of our department is “to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access” (Ballotpedia). In order for the United States to compete globally we need education. Advancements in technology are one of the largest sources of economic growth. In order to advance technology and create jobs in these fields, the United States needs qualified individual with some form
Choosing to attend college, some of us find ourselves unable to pay for tuition in full and in result, we turn to financial aid. Financial aid is based on, “your Expected Family Contribution, your year in school, your enrollment status, and the cost of attendance at the school you will be attending” (Loans). This system is flawed and should be changed due to financial aid money being used irresponsibly. Aid money should be rewarded based on the student’s income alone, rather than the entire household income. Remaining financial aid money should not be given back to the student via check or online banking, but should be given back to the lender to prevent irresponsible spending. Lastly, aid money should be rewarded to those who had shown
In regards to school finance, the ultimate goal of school administrators is to provide all students with the most cost effective, comprehensive education that meets all federal, state, and local requirements and that reflects the values and beliefs within the community. This means that it is an expectation for schools to equip all students equally with the best possible educational opportunities that a community is willing to furnish. However, to accomplish this, school administrators must be able to sustain school programs throughout various economic periods.
The E.F.C. says that this family will contribute $17,375 each year to a child’s college expenses. A $100,000 income translates into take-home pay of about $6,311 monthly. An E.F.C. of $17,375 means the family must contribute about $1,500 a month — every month for four years. But cutting family expenses by 25 percent every month is unrealistic”. Student loans are an option for students who need money to fulfill their tuition. Federal government sponsored programs like the Stafford Loan and the Perkins Loan for help students pay for their tuitions; these kinds of loans offer low fixed interest rates as well as delayed payment options. The Federal Direct Stafford Loan is a particularly great program, as it offers a subsidized option to qualifying borrowers. With a subsidized Stafford Loan, the Federal government will pay all interest on the loan for as long as the student remains enrolled in college.