“The current balance of federal student loans nationwide is $902 billion, with an additional $140 billion or so in private student loans” (p 5). College debt is becoming a well known concept due to everyone graduating college with student loans. The problem of college debt has many solutions, but applying for scholarships is better than them all. College debt is a big deal nowadays as college tuition rapidly increases. “About two-thirds of bachelor’s degree recipients borrow money to attend college” (p 4). College students must borrow money in order to attend college because of the cost of tuition, books, transportation, etc. Students go to college so they could earn a better paying career and a degree. Student are borrowing money to …show more content…
The first one would be to apply for scholarships. There are no limit about how many scholarships a person could earn. Lorraine SantaLucia, a student at Virginia Commonwealth University stated “I would apply for 10 to 20 scholarships at a time” (p 11). Students have an unlimited amount of scholarships to apply for. There are so many different types of scholarships ranging from prices as $500 and $5000. Even though it's time consuming, it saves tons of money. Another solution would be to get a job while you're in college and start paying off your debt. In the Journal of Student Financial Aid shows results as “college students who were employed actually had a slightly higher average GPA (2.72) that those who weren’t working (2.69)” (p 13). Once students start working and becoming more dependent upon themselves to get rid of their debt they will start to work harder in school. Students become more work efficient as well and start to learn how to save and manage their money. Although students won’t have much free time to themselves or be tired a lot, they start to adapt to their situation. Last solution would be to attend a community college. Community colleges are much more affordable than going to a out of state university. In the document Paying for College with Loans, Scholarships, or Looting Your Parents’ Retirement states “Skipping out on the first choice college and attending a state school or a community college” (p 14). Students can even go to a in state university to save themselves for debt. Community Colleges might not have the same programs or education as an out of state university, but it's a great start on your secondary
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt 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 of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
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.
Many people would agree that our country’s young adults have and continue to incur a lifetime of debt by enrolling in college. It’s become an almost acceptable understanding that if you plan to attend college, you might as well expect to graduate with an enormous amount of debt. Robin Wilson, a reporter for the “Chronicle of Higher Education,” and author of “A Lifetime of Student Debt? Not Likely” suggests student loans are very real and can be life altering.
According to Steven Goodman, in his article Why College Tuition Should Be Regulated, “two-thirds of American undergraduates are in debt” (Why 1), which is ridiculous considering the fact that they have not graduated yet. Even though he said that in 2011, it is very aware that it will continuously go up if no one puts a stop to it. Students even take out loans because their financial aid cannot cover up for their
that college puts a financial limitation on many families stating “As important as education is in
(Ramsey 108). Making sacrifices with your money now, will make your hole of debt that much less. The less you have to worry about debt, is the more you can focus on you. Around 30% of student loan borrowers have dropped out of college and have to continue paying the debt with just a high school graduate salary.
Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests.
In today’s society, the cost to attend college to earn a degree continues to increase, which results in an increase of students needing financial aid. A determining factor of how much a student receives is dictated by the Earned Family Contribution (EFC). The EFC is mandated by Congress as a part of the required Free Application for Federal Student Aid (FAFSA) that every student must fill out in order to apply to college. Steve Cohen, an Op-Ed Contributor to the New York Times and author of “A Quick Way to Cut College Costs” believes that the EFC is flawed in that it does not accurately depict how much a family can contribute to the cost of a student’s education. Cohen’s solution is for Congress and the President to drastically cut the EFC to realistically reflect on the unequal rising of college tuition and average household income. Cohen is very effective in utilizing his research to appeal to readers. The statistics and figures he utilizes make it easier to understand his point.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
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).
Is there a way to eliminate student debt? Student loan is becoming a serious problem nowadays. A lot of college dropouts are buried under thousands of dollars of student loan. Some believes student debt crisis is rising due to high tuition, while colleges and universities blame high tuition on insufficient state support. Rising student debt is affecting people’s health, and it is delaying their further higher education. Student debt is an issue affecting Americans of all ages, so to solve this crisis the interest rates should be lowered, federal and state government should contribute more to lower tuitions and employers should somewhat participate in student loan repayments.
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...
Do you ever wonder why students in college are always in debt? Students in college are always low on money because of the student loan they take out. Taking out a student loan isn’t a good thing. You can take another path on paying for college. After taking a loan out for college you soon become broke and can’t afford anything else.
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.