For most Americans, the best way to better your life is by attending college. Numerous American college students take out loans to be able to attend community college, and a university. Unfortunately, with college tuition increasing, so does the amount of loans that is necessary to afford it. Many Americans are in debt, it is affecting the American family, and prevents college students to start their own family. Countless students who took out loans are struggling to be able to pay off their student loans, and many of them are defaulting on their loans (Jackson & Reynolds 2012). Default on student loans from the department of education can result in garnishing wages and lower your FICO score (Jackson & Reynolds 2012). With so many Americans …show more content…
With Harvard being the first college built in the in the 17 century, college played a role in our society. Unfortunately, with the high cost of college, many of those who are pursuing to go to college are having a harder time being able to pay for it. With the increasing college tuition, many Americans will not have the opportunity to attend college, and even if they remain in pursuit of college, they must take out loans that will affect their young adult life. In one case in particular, 2 researchers looked how college graduates were struggling to find jobs after college. They found that half of college students are working and making $34,000 a year, and the other are full-time graduates students (Arum & Roksa 2012). The half who remained in college, did so because they are not finding jobs that match their level of satisfactory when it comes to the salary to pay off their loans, and they weren’t pleased at entre level careers. Although a handful of people remain in college, and start their journey of starting a family late, many students are out in the job market looking for …show more content…
A large amount of college graduates seeks employment to where they can start paying off their student loans. For those who took out federal and state loans, you will have to start making payments after 6 months of your graduation date. So those who are looking for jobs are looking for jobs with higher salaries and benefits. Given that health, dental insurance is costly, college graduates look for jobs that includes them, because they will not be able to afford it by themselves, because they will not be able to pay for insurance. Most people go to college to study major something that they will be interested in, and for the betterment of society. According to Choi, many students go back to school to major in a field that can be lucrative now and later (Choi 2014). Debt changes the behaviors of students who may seek out one career over the other, because they want to be able have a job after college to pay off their debt. At the same time, those who are seeking employment are not being treated equally in the job
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.
The second chapter of this book advocates students to attend college, even if they must take on a moderate amount of student loan debt. They give statistics showing the tremendous gap in wages between a college graduate and a non-college graduate. The third chapter of this book argues the opposite viewpoint of the second chapter. The author states that the cost of college today is too high and that there are too many college graduates flooding the job market causing many of them to go unemployed or seek low level jobs that do not pay enough to pay off their student loans. Both of these chapters will help me to show the two main ...
Going to college has become a staple in American society. College helps students achieve greater job opportunities, increased salaries, and an awe-inspiring sense of independence. College has even been called “an economic imperative” (Owen and Sawhill 208). In “Colleges Prepare People for Life” by Freeman Hrabowski, Hrabowski argues that college not only prepares students for jobs, but more importantly prepares students for their upcoming journey through life. Hrabowski’s purpose for writing this argument is to dismiss the views of people who believe that college is not worth their time due to expenses, debt, and the fact that students will not be prepared for the outside world. He argues that students who earn a college level degree are more
When a student gets out of college the game plan is supposed to be, get a job in the field that you went to school for and make money so you can start your life. That particular situation is rare considering not all students get a job fresh out of college. For the students that don’t, they have to go back home and settle for a regular job and start paying off their giant student loans and put their life on hold. Even with having the job they wanted the student loans come right around the corner. After college is when the student’s life is supposed to start and the part where you get a car payment, pay rent, utilities, but none of that is possible when you add the enormous amount of money that the student will be in debt by. With the amount the students have to pay fresh out of college, more students are sacrificing more time struggling to pay off the student loans then they spent in school. Student loans are set-up in a way to be flawed and not always completely necessary to the student.
Although a college education grows more and more expensive every year. People begin to question whether college is a good idea to invest in or not. “As college costs continue to rise, students and their families are looking more carefully at what they are getting for their money. Increasingly, they are finding that the college experience falls short of their expectations”(Cooper. H Mary). Many people believe that the cost of a college degree has outstripped the value of a degree.Studies show that a college degree will increase your earning power. A lot of people say that a college degree now is worth what a high school diploma was wor...
career field because of their debt” (Life Delayed: The Impact of Student Debt on the Daily Lives of Young Americans). Additionally, even if a college graduate made the decision to make a large purchase, such as a house, “the mounting rate of default on student loans is hurting young people’s credit ratings – and making it much harder for them to buy a home or condominium” (5 alarming facts about America's $1.3 trillion in student loan debt). As a result, student loan debt not only hinders the lives of borrowers, but it also affects the economy. “If student loan borrowers continue to sit on the sidelines and delay diving into economic commitments, the perilous position of the U.S. economy will continue to plod cautiously along rather than prosper with the help of a new generation of well-educated consumers” (Life Delayed:
Having a college degree is more important now than ever before as there are fewer and fewer high paying jobs available to those with just a highs school diploma in America. This may sound like a good thing as it incentivizes more people to obtain at least an associate’s degree, but in recent years we have seen a steady decrease in college enrollment from its peak in 2010. This decline is focused mainly in community colleges where there were over 800,000 fewer enrollments according to government data (cite 6). The number of students that enroll in community college is particularly telling as these campuses cost far less and therefore draw heavily from low-income households. This data shows us that those in the poor of our country are increasingly less likely to get an education that would get them into the middle class or above. The brunt of this downturn can be blamed on the ever increasing price of a college tuition and the perceived lack of social mobility in America. The costs of a college education would be impossible to pay for most Americans without getting into student load debt that averaged $37,000 for the graduating class of 2016 and is only increasing (cite 8). As inequality grows there are more and more Americans for whom these staggering costs keep them from pursuing a degree. Furthermore, research by
With college being a social norm and being looked at as the path or key to success, many who walk down that path, face financial nightmares. Most students face the struggles of paying for tuition, text books, food, housing, commute, etc. For this reason, a lot of students have no choice but to take out student loans in order to continue their studies and get a college degree, in hopes for a better future. To get a sense of how many people are struggling financially due to student loans and debt, the United States has an accumulated total of approximately, 1.4 trillion dollars in student loan debt. The vast amount of student debt has created many barriers in many people’s lives, which is why the government should make it easier for individuals
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.
In our society today, money is a controlling factor is just about everything so earning high wages is imperative. With the abundance of personal development in a plethora of fields, it is no surprise that college students “made 40 percent more than those with only a high school diploma”, and that “last year, the gap reached 83 percent” (Source D). It was also reported by the U.S Census Bureau that “annual earnings between a high school and college graduate [was] $19,550”, (Source F) meaning that graduates make on average twenty thousand more. Because there is a “vast unfilled need for college graduates” (Source C), they are in high demand in all fields of work, assuring that jobs will always be available. “College graduates...are also far less likely to be unemployed than non employees” (Source D). With the awareness that they make considerable wages and have impressive job security, graduates are enabled to live uncomplicated lives. Their roads are smooth and clear. The quality of life that many individuals are used to in America is reliant of a high steady income and those with the knowledge that college provides are better equipped to meet these
In Caroline Bird’s “College is A Waste of Time and Money”, it’s argued that there are many college students who would be better off if they were to begin working after high school graduation. Colleges and universities can no longer ensure that one will go on to get a better job, getting paid more than they would have without a higher education. However, high school seniors still stress about where they will be attending college, how they’re going to pay for it and what they’re going to study for the next four years. Bird points out how college has changed over the past few decades and how, in turn, it has set many young adults up for disappointment, if nothing else.
As college degrees becomes increasingly interconnected with finding a high-paying job and being successful in society, the price of a college degree continues to increase at an astonishing rate. Students continue to take out student loans in order to get their degree, culminating in a huge amount of debt by the time the student graduates, resulting in students choosing to pay off their student loans over purchasing non-essential items such as food and housing. After all, it is more important to have a college degree that one cannot get a job with rather than working at McDonalds and having a steady income. College is becoming so expensive that graduates will only have to pay off their student loans for the rest of their life, whether they find a job with their degree or not! However, the benefits of prodigious student loans cannot be understated and are too often ignored.
In 2009, the percentage of borrowers who dropped out was as high as 29% (Nguyen). This is significant because students’ primary reason to attend college is to acquire a degree, but it is hindered by loans. Those who both take out loans and dropout face a worse predicament: they lack a degree, and they owe money. For those who have the opportunity to finish college, debt still haunts them, as it “causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid ‘public interest’ jobs” (Rothstein and Rouse 149). Consequently, students who are not able to acquire a high-paying job often remain unemployed.
“Student loans can turn what should be a blessing—an education—into a burden” (Dave Ramsey). Student loans can cause many graduating students to feel lost and helpless because they have so much debt after graduating. Because of student loans, college students think they can just get through college and pay the loans off easily after they graduate since they will be making money. However, sometimes it isn’t that easy. You can graduate college without taking out one single loan!
By attending college, students guarantees themselves a better job that the average Joe. Because the world is changing rapidly, and many jobs rely on new technology, more jobs require education beyond high school. With a college education, an individual will have more jobs from which to choose. In addition to obtaining a better job, people who go to college usually earn more money than those who do not. College furnishes you with proper credentials and documents to land high-level jobs. Figures from an A&E television program on ‘The Working Class’ show that in 2004 the average earnings were $23,895 for a high school graduate and $41,478 for individuals with a bachelor’s degree. Getting a college education is simply a stepping stone in ensuring yourself with a good start in life. Some may agree that college students are open minded and knows exactly how to expre...