The liberal progressive media that currently seems to be dominating our national news networks we seem to be finding ourselves at pinnacle topic of discussion. That pinnacle point is that of Institutions of Higher learning and the rising cost of education. The cost of for attending these “institutions of higher learning be it a college or university do not come with a cheap price tag. The implication of attending has directly resulted in the rise of student debt that is acquired via the financial products called students loans. In order to understand the massive problem that we have we must first journey down the path in history of what is considered by many a dark and low time in this nation's history, the 2008 housing crisis. This Housing …show more content…
Millions of students have taken to the streets in order to protest student debt and college tuition. Is this the right move for students? Students are demanding more benefits such as fifteen dollar minimum wage for all college campus employees, relief from student debt, and the students demand that the 1% of the wealthiest people in the U.S. Students nationwide have chanted the name million student march in order raise awareness for their new campaign. Students although may think they have the right to claim these benefits by having others pay for it, they have yet to understand the crucial reason for why these specific social programs are not going to be accomplished and ultimately lead us into a more socialist center society. Student debt has grown at an exponential rate in the past decade, and bank loan rates increased as their debt grew. The recent desire from president Barack Obama has sparked a campaign for students to ask that college be free for everyone. The question remains however, how do we accomplish this goal free college and pay off our current student debt? Student participating in this million student march movement have provided the idea the top 1% of the wealthiest people pay for it. According to Neil Cavuto lead anchor on the FOX Business network “ The math doesn't add up even if we do combine their wealth it does not cover it”(Cavuto) During this interview Cavuto continues to argue with one of the
Click here to unlock this and over one million essaysShow More
Many Americans are seeking an ideal presidential candidate for our next election; furthermore, many college students seek a candidate that has their best interest in mind, leading many to focus on Bernie Sanders and his ideas for an affordable education system. In the article, The Myth of the Student Loan Crisis, Nicole Allan and Derek Thomas focus the article on the risky investments of college and questioning the rising debt levels as a national crisis. While Allan and Davis claim the risk of college and mention rising debt levels as a national crisis; however, Allan and Davis use charts to support their stance while avoiding the issues Americans need to focus on, such as the rising cost of college, “justifiable debt”, and the cost of those not contributing to society.
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.
An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling on the government to forgive their student loan debts so that through their spending the slowly recovering economy can finally return to its pre-2008 strength.
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.
With total college debt in the United States approaching 1.3 trillion dollars and average college debt at $35,000 in 2016, there is no question that our country has a flawed higher education program (Botstein). Amid the recent presidential election, candidates like Bernie Sanders and Donald Trump proposed their own reforms for the world’s largest and most well-reputed education system, which were met with varying levels of opposition from the public. Several journalists and experts in the field have also proposed their own solutions to the problem, one of which is Leon Botstein in his TIME Magazine article, “Why the Next President Should Forgive All Student Loans”. Botstein lays out a bold proposal to forgive all student debt for students
Bruni begins by describing the golden promise of college as it appeared for baby boomers. In that time getting into college and completing a degree was enough to be successful. He acknowledges that this idealized vision of college may be inaccurate, however, he asserts that the issue is far more “complicated” than it once was. Bruni makes use of a recent (2012) debate over student loan interest rates in the U.S. to explore the issues surrounding college education today. While rising student debt is certainly part of the problem he suggests that the issue extends beyond that. College is now a “luxury item with newly uncertain returns” (Bruni). While rising costs make college a luxury item that not everyone will be able to afford, even those who can and do manage to go to college are not guaranteed success.
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
Student loan debt is approaching $1.41 trillion dollars, according to studentloans.net. That is so much money. Our colleges are costing our own people, our next generation, to be in debt $1.41 trillion dollars. With college costing so high, and that it’s cost rising, the time is now to push for free college education. We cannot continue to pay for education.
Getting a degree is essential to be successful. The issue is the higher the education the person wants the higher the cost is. Nowadays, not everyone can afford paying out of pocket for an education, which mean that students are forced to take out large amount of student loans to achieve that degree. Student debt is an ongoing problem, students are gaining oversized debts that most of the time if not ALL are defaulting and jeopardizing future credits. How much debt it too much debt? Everyone should have the liberty to want to seek an education for a better lifestyle and for those with undergraduates that seek masters should as well feel the liberty to reach that higher education without fearing of the tremendous debt he or she can be in once done. I consider this a good reason to why student debt should be forgiven.
The cost of student debt, in an economic perspective, highlights the crisis of the corruption in student debt, and leaves individuals with less than their expected outcomes. Increased income and a higher standard of living is supposedly the opportunity cost of going to college, but some people end up being afflicted by student loans. They become tormented by debt that will take time to pay off - giving up time and more than they have anticipated. Student debt has not only become a crisis for the economy but for the people who believe that college will help them find a better job.
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.
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.
Every year, students are borrowing money from banks which are commonly known as student loans. These loans help cover the costs of tuition, books, room and board, and other necessities for high education. However, more and more students are racking up copious amounts of debt from these loans, as the interest rates keep increasing over the years. In 2003, the average student debt rose from 241 million to 1.08 trillion in 2013. Many students say the financial aid system is a long, confusing ordeal with debt that is sky high.
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).
...ggled with high debt burdens that adversely impedes their lives. Also, it will threaten to the affordability and success of higher education in the US. I believe that through my research paper in can prompt American college students to make wise and informed decision on financing higher education. Moreover, it will make the education policymakers aware that the rising education debt has a serious implication for college access and affordability, prompting them to decrease total student loan debt amounts by holding down college tuition and increasing the federal student aids.