The Financial Cost of a College Education The cost of a college education has become a determining factor in whether or not people choose to continue their education after high school. The cost of college is so expensive that very few people are able to pay for their education “as they go”; students are being overwhelmed with student-loan debt. The prospect of student-loan debt shouldn't be driving people away from a college education. The cost of a college education in the United States is unaffordable. For this essay we will be using Excelsior College as an example of [realistically] unaffordable tuition. The credit-hour cost at Excelsior, for non-military students is $490.00. At that cost a Bachelors of Science from Excelsior college would cost you $16,695 per year and $66,385 total; that is unaffordable without student loans. It is a reasonable debate on whether or not to choose college after high school with these type of tuition expenses. …show more content…
The interest rate for a federal student loan for an undergraduate degree (like a Bachelors of Science) is 4.29%. It would cost $81,756.50 after 10 years of $681.30 monthly payments. Paying for college solely with federal students loans would be unadvisable but this is just an example of how expensive it can be to get a college education in the United States. The cost of an education at an online college is an example of how it has become unaffordable for a student to get a four-year college
The Trap of Student Loans Student loan debt is becoming an increasingly startling problem. Rising costs of college and lack of financial aid is driving students to take out loans that offer only high-interest rates and inflexible repayment options which can trap students in a vicious cycle of debt and default. The best solution to this problem is to have federal funds donated to all public colleges’ endowments yearly to use the money to offer more financial aid, require all public colleges to provide a minimum amount of financial aid based on expected income of the student and family, and to require that all student loans be subsidized with interest rates not exceeding 0.5%. The costs of going to college have risen tremendously and are continuing
As opposed to much of the past, most jobs today require at least a small amount of higher education, and the work field is increasingly competitive. This need for further education allows colleges to raise tuition costs, as most people have no choice but to pay the fees to have a career. Colleges are also spending more money trying to compete in rankings. Despite all this spending, the article states that “America has only the 15th-largest proportion of young people with a university
Families, who have their own issues, now need to confront the challenges of concocting cash that they scarcely have all together for their child to get instruction at a college institution. Student loan debt is common and is anticipated for undergraduates to seek higher education subsequent to graduating from their high school. College tuition costs are soaring, and a majority of undergraduates experience issues paying for their educational costs. To pay for their college expenses, most students require loans and toward the end of four years, those wind up owing debtors. Student loan debt has an unremitting impression on the lives of those within its grasp, influencing the manner in which they make important life choices.
College Education and Student Loan Debt Is a college education worth the student loan debt that accompanies it? Some argue this point but the salaries that come with a college education, with a degree, can pay this debt. The salaries for a person with a degree and college education is higher than those who have not attended college or have a degree (Bielagus).
“With more than $1 trillion in student loans outstanding in this country , crippling debt is no longer confined to dropouts from for-profit colleges or graduate students who owe on many years of education”. Students or future college students are struggling to figure out solutions to pay off college debt. With rates increasing every year , it is becoming extremely difficult to receive an education and overcome tremendous debt at the same time. However , there are several possible solutions that can help solve the issue of high tuition fees. The first solution is to attend a group called the Scholarship Sharing.
1.6 trillion dollars. That is roughly the student debt total in the United States according to whitehouse.gov. Many United States citizens have to deal with the problem of paying for college right as they graduate high school. Some do not even go to college because they cannot afford it, or because they simply do not want to deal with a storm cloud of student debt looming over them for the majority of their life. It’s time to change.
The main expense students face when it comes to higher education is not only just tuition. In fact tuition only makes up a minor part of the heavy financial burden that college education brings; most of the costs that students and their families face are external costs, or non-tuition related expenses, such as textbook prices, dormitory fees, and cost of transportation. Even if their tuition loans are erased, most of them still face these external costs that are at the core of their financial burden. This leads to the main problem of high-college drop out rates; if the financial burdens of these families are not solved, students would often not be able to focus on their studies or wish to escape from their financial situation by dropping-out of college. With no job and no degree, the college drop-out students are far from the skilled and educated work force that is the end goal of our higher education system.
The student loan issues are causing huge problems on both students and society it seems clear enough that students are borrowing a lot of student debt, and they are failing on that debt and aren’t capable of paying it back and that is destroying their ability and threatening their ability to access any more credit in the future. The approaches students are taking to a student loan debt collection are fraught with many problems, including bad recovery tactics and failing on making repayments on the debt. There is no escaping the fact that the cost of college tuition is on the rise and it’s not declining, and that is making it more difficult for students to obtain a degree which is really important to acquire to be able to function in today’s
The rise of college tuition contributes to the ever so rising income inequality. The high cost of pursuing a higher education is very frightening. In the graph in Trends in Higher Education, the average cost to attend a public four year college is around $23,410 per year and average cost to attend a private four year college is about $46,272 per year (College Board). It is a staggering high cost that most Americans cannot afford. Although the U.S department of Education offers financial aid to students, the aid it provides is not an adequate source.
There is many people that go to college, but because of the cost they don't get through college. The elevated costs of college cause not only students to struggle paying for college, but also to struggle financially paying for college when they are done. In many cases, after graduating, young adults who don’t find a job will become poorer, increasing the gap between the rich and the
College is one of the most important and life changing times in the life of an American. Leaving high school behind and venturing out to the adult world is an amazing experience that every individual should experience. However, young adults from every corner of the country leave college with crippling debt or do not go to their preferred college of choice. College education should be cheaper as it will help families and students financially and give them the satisfaction with having the opportunity to go to their first choice for college.
Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.
Student loans have always seem to be a controversial topic. Many people are in agreement and disagreement over the opportunity to student loans. Student loans can be a great advantage to many students, but it can also drown them in an immense debt, that will follow them for many years. The more we analyze this perspective, we are able to distinguish the advantages and disadvantages of student loans. There is a variety of perspectives on student loans, some involving annual salaries, interest rates, and commodity.
A rising issue in today’s society is deciding whether or not college is worth the cost. There is an extreme amount of pressure that is forced upon high school students by parents, teachers, and peers to further their education and attend college. However, there is research that challenges the thought that college is the best possible path for a person to take. College may be a great investment for some people, but it is not meant for everyone. This is supported by the arguments that colleges are expensive, jobs do not always require a college degree, and students are forced to choose a lifestyle before being exposed to the real world.
Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.