About a few decades ago, colleges and universities began raising their tuition cost, but recently have gotten out of control. According to Steve Odland, tuition has risen triple the inflation rate (26). In addition, more college students are graduating with enormous amounts of student loans. The burden of loans creates more liabilities than assets towards students. Therefore, from the start students are at the bottom of the disposable income graph, which leads to an increase in income inequality and a decrease in economic stability. Although many people believe that a college degree will eventually lead individuals and our nation as a whole to prosper, the consequences of rising tuition on our student loan debt, the effect that debt will have on research and development sector, and our investment sector far outweigh the benefits of obtaining a degree at such high tuition costs. Alternative views …show more content…
For one thing, a college degree provides higher earning potential, in other words, a higher income. According to a U.S News survey, bachelor degree holders earn an extra 1 million dollars over their lifetime than someone who only has a high school diploma under their belt (Peralta). Also, someone with a college degree will have more job opportunities, greater benefits, and stability. All this leads to more satisfaction, which in turn reflects on individual’s families and the economy. These points are indeed misleading because students have to make monthly loan payments for years, which reduces their income and causes hardship throughout the economy. A study done by Pew Research shows that a high school graduates “earns 3,137 more dollars quarterly than a bachelor’s degree holder who pays student loans” (Smith). Therefore, students aren’t improving their stabilities; they are just putting more pressure on their families and
Today two thirds of college students need to take out loans to pay their tuition. Inflation on college tuition has more t...
According to the Bureau of Labor Statistics, college tuition and relevant fees have increased by 893 percent (“College costs and the CPI”). 893 percent is a very daunting percentage considering that it has surpassed the rise in the costs of Medicare, food, and housing. As America is trying to pull out of a recession, many students are looking for higher education so they can attain a gratified job. However, their vision is being stained by the dreadful rise in college costs. College tuition is rising beyond inflation. Such an immense rise in tuition has many serious implications for students; for example, fewer students are attending private colleges, fewer students are staying enrolled in college, and fewer students are working in the fields in which they majored in.
The student loan "debt has passed $1 trillion... Nearly 20 percent are in default on their student loans" in the United States. Many schools and jobs encourage students to further on their educations but how could students keep up with the total cost of college? Ironically, a strong educated workforce is what will help maintain America in shape but college prices have been going nowhere but up. This can create a strong effect on many of the younger students thinking about attending college, "today 's teenagers might be experiencing more and more "financial anxiety" and aversion to debt than previous generations."(Jake
There is a graph that was published in the article “Value of a College Degree” and it does a phenomenal job showing the difference between having a high school degree compared to having some sort of college education. Although it shows that the average person who gets a bachelors in college tends to make about 500 dollars more than someone that only has a high school diploma, it also shows that the unemployment rate for people with a bachelors degree is about half that of someone with only a high school diploma
By getting a college degree, it helps to ensure that you are qualified for the job that you would like. For example, Andrew Delbanco writes in his article that a college degree is a minimum qualification for entry into the skilled labor market (Delbanco 506). Also David Leonhardt, a writer for the New York Times, wrote that the pay gap between college graduates and everyone else is higher than ever before according to an analysis of Labor Department statistics (Leonhardt). In addition, many adults believe that college is very important. An example of this is the cartoon on the right which helps to illustrate the importance of a college education using a comical dialogue. Delbanco also writes about the fact that a college education helps to raise the salary of the job. He writes that college graduates make more money (Delbanco 506). He also writes that a college education will help to shape Americans into educated citizens and can help citizens to contribute to society. He talks about this when he writes “College education provides an educated citizenry…College graduates should be able to understand the ideas and practices of democratic education”(Delbanco 507). College education also helps to provide for citizenship. Delbanco explains this when he writes “College helps people to enjoy their lives and opens their senses and minds to different experiences”(Delbanco 508). He writes about how when he first introduced this he did not emphasize as deeply what this meant he said it “plainly and passionately”(Deblanco 508). College education prepares students for their future by creating an educated group of citizens for our roles in
A college education has become the expectation for most youth in the United States. Children need a college education to succeed in the global economy. Unfortunately for the majority of Americans the price of an education has become the equivalent to a small house. The steep tuition of a college education has made it an intimidating financial hurdle for middle class families. In 1986-1987 school year the average tuition at a private university was $20,566 (adjusted to 2011 dollars) while in 2011 the average cost was $28,500 for an increase of 38.6%. Similarly in public universities there has been an increase in tuition: in the 1986-1987 school year the average tuition at a public university was $8,454 (adjusted to 2011 dollars) while in 2011 the average cost was actually $20,770 for an increase of 145.7%. Most families who are able to save for college try to do so, therefore their children are not left with large amounts of debt due to loans. Nevertheless, families are only able to save on average around $10,000, which is not enough to pay for a full educ...
It is perceived that college graduates will make more money and be successful in their lifetime. Although it may seem that college graduates are more successful in the long run, which they can be if they are motivated. Anyone can get a college degree but what one does with it is what determines their future. President Obama has called it “an economic imperative.” The rate of return on education is 10%. If one goes to college an extra year he/she can earn an extra 3,000 a year. If one attends a 4 year then he/she can earn up to an extra 12,000. Attending college can cause anxiety because of how much one may pay. In the future it will pay off because it 's given one a way to provide for him or herself. The rate of return has increased tremendously with some colleges providing financial-aid. Along with colleges having financial-aid and high
First, college degree graduates have better opportunities in finding a high wage job. “Graduates enjoy increased opportunities for employment at higher rates of pay, providing them with the wherewithal to pay off debt, if they are wise stewards of that debt.” (Smith, 29) People with college degrees have higher chances of being successful in the future because employers would rather employ those who holds a college degree. However, although there are some people who did not attend college find jobs that can help satisfy and support their lives, they cannot compare the earnings of college graduates who holds a degree. My cousin, holding a Bachelor’s degree of Business Management, graduated 5 years ago from College. At first, College education can guarantee the success of her goals, but because of her persistence, she is now a successful businesswoman. She has now a full-time job that can support her family and has already built her own home. With this means, having a college degree helps a person not only achieve their own goals but also being independent. “Realistically, having a college degree will likely mean a com...
Over the past decade, it has become evident to the students of the United States that in order to attain a well paying job they must seek a higher education. The higher education, usually a college or university, is practically required in order to succeed. To be able to attend these schools and receive a degree in a specific field it means money, and often a lot of it. For students, the need for a degree is strong, but the cost of going to college may stand in the way of a successful future. Each year the expense of college rises, resulting in the need for students to take out loans. Many students expect to immediately get a job after graduation, however, in more recent years the chances for college graduates to get a well paying job isn’t nearly as high as it used to be. Because students can no longer depend on getting a job fresh out of college, it has become harder to repay the loans. Without a steady income, these individuals have gone into debt and frequently default loans. If nothing is done to stop colleges and universities from increasing the cost of attending their school, the amount of time it takes for students to pay off their loans will become longer and longer. The extreme expenses to attend a college or university may leave a student in financial distress: which may ultimately lead to hardship in creating a living for them and affect the country’s economy.
A college education has higher benefits in the long run for better and higher paying jobs. Some people think no matter what the education gives them it is not worth the cost. However, a large amount of graduates of college stated that it treated them well, taught them more and college was
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.
After finishing college you can be ahead of your colleagues. Your qualification will determine your position in the company you work in, also will increase your anual salary. “College graduates earn more, and are more likely to have a job in the first place” (Rotherham 79). Unemployment is a serious issue in the U.S. This topic is brought countless amount of times. Unemployment rates for people with college degrees are far less than a person with only a high school diploma. Also the chances of someone getting laid off is also far less likely versus someone with a high school diploma. In the article “Why college isnt for everyone” by Richard Vedder the author mentions “A person who compares the annual earning of college and high school graduates would no doubt conclude that higher education is a good investment” (Vedder
American culture has embedded the idea that education is essential for a successful and thriving future; however, the price for higher education has increased almost 82% since 1980 (Shabazz). On the contrary, minimum wage, jobs, and government programs have been stagnant. Students are expected to pay back steep student loans with mediocre jobs and deficient wages. This ignorant concept leaves students with an absurd amount of debt that is practically impossible to pay off within a reasonable amount of time. Student debt creates a long-term financial struggle that can deter future socioeconomic decisions and opportunities.
It's a fact that higher education and college are necessary for society, as it stimulates growth, jobs, and has many benefits for the economy, but there are jobs which don't require a degree, are crucial to the economy, and pay well like fixing cars, unclog toilets, or build houses. The economy today is in high demand for these jobs, and rather than being “...hustled off to college, then to the cubicle, against their own inclinations and natural bents…” (Source A), young people can learn and practice these skills at a young age and make a healthy living off
Higher education is an expensive investment that many people choose not to pursue everyday. Some people believe college is too expensive for just a job, since not everyone who gets a degree gets a job in the field they obtained their degree from. They also believe that college is not necessary for everyone to be successful, as there are some higher paying jobs that don’t require a college degree but prefers experience. However, some people believe that college is the best thing you can do, it not only gives an education, but it presents a lot more opportunities and chances to network. College graduates also have a better chance at finding jobs than those who lack a degree, especially considering most employers require a college degree.