In 2014, just a bit over 70% of college students graduate with $33,000 in student loans. This number is staggering and why student loan debt has become such a hot topic of debate in the United States. In the meantime I think we, as students need to be a little more involved in our future and the college process rather than placing the burden and stress solely on our parents. There are various things I can do to reduce my student loan debt and avoid the stresses after I graduate college. Many kids do not have the privilege of having their college education paid for by parents or through scholarships, therefore, causing more student debt. Paying for college can be very overwhelming and stressful, but if I take my time and plan ahead I can eliminate the feeling of stress. I believe it is very important to have a plan before I head off to college. I cannot go away thinking that mom and dad will be able to pay for everything. Being able to go to college is a privilege and I understand that I will have to be more responsible and try and help with the costs. …show more content…
This did not mean much to me as a child, but now that I am older, have my own job and want to attend college, I understand it more. For example, going to a college that I can afford is very important. An in-state college will be much cheaper to attend than an out-of-state college as well as choosing a public school versus a private one. Both of these options will help lower costs and therefore lower debt and yet still provide a quality education. I believe that it is not necessary to attend a brand-name school to get a good education, we as students have to make the most of the opportunities we are
According to the last recording of student loan debt, the total amount of the United States student loan debt is roughly one and a half trillion dollars (A look at…). Statistics like these present the urgent need to resolve the major financial issue of student loan debt. Solutions have been given by many people to solve this issue but most solutions fail. The main reason behind student loan debt is falling to far into debt to the point where it is almost impossible to come back. The origin behind all of this is a lack of a student loan amount cap.
College Debt: Myth or Not? Many people have stated that student loan is a crisis. Because of this being stated, there are many high school graduates who cringe at the fact of going to college. The rumors of debt have led to many changing their minds about college. One should not change their mind due to the debt myths because in the outcome they will earn more money from their higher paying jobs.
Student loan debt has become a vast problem in today's society. More than forty million people have student debts, and make up approximately $1.3 million of debt in the United States (Knebel). People are delaying major life events in order to pay off these loans. To remedy this, the government should make it possible for people to revise their student loans to fit their salary or implement an income-contingency plan.
Managing and financing money smartly, while taking a proactive position to earn as much money for college will enable me to remain out of debt created from students taking on an excess of student loans. Student loans are a nightmare of the past that are now easily avoidable if the time and effort is put into avoiding them. Scholarships, work studies, full college and university rides are all opportunities constantly available to students. There should be no need to experience financial debt while in your student school years. Schooling should be every student's priority, not worrying about having to drop a class to get a job or on which loan company has the lowest interest rate.
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 was always one of my biggest goals and something i do not plan on giving up on not even with the thought I possibly will be in debt during or after i get my college diploma. But this isn't the same situation for other young adults throughout the US, a lot of young adults don't even dream of college because of student debt. The thought of it alone almost made me feel like it’s something impossible. In this image unfortunately, I see my future and the future of a lot of my peers and family members .
The tuition and cost of college is detrimental to thousands of families across the country and brings student debt to future graduates. Some students have seen their debt climb over $30,000. Friedman writes, “The average student in the Class of 2016 has $37,172 in student loan debt…” (Friedman). With the debts being over the average income for single people households, college has transformed from a benefit to a burden. Young adults not only have to worry about their education but also paying for the next semester or years of college ahead of them.
Since tuition has risen 3 times higher the rate of inflation in the past 10 years, this increase a student’s chances of not being able to afford higher education and also gives them a better chance of accumulating debt post-graduation. Some people think that the college education they acquired did not fit the amount they paid for it, even if they pulled out loans or were an ideal candidate for a scholarship. This is a scary fact because higher education can determine if you thrive
Going into debt in college helps build a good mind set for after college about how to spend/save
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 can be helpful, but when it's time to pay back, it can lead to future mental struggles and be stressful and hold you back from living the life you want to live in the long run. The student loan debt crisis in now only taking a huge toll on the personal lives of many Americans, but on the economy as well. Whether or not students graduate or not, if they pulled out student loans worth $200,000 they remain in debt for a remainder of years. As the problem continues to grow it becomes more and more critical to find a solution to help the well being of everyone in the nation, student or
Have you ever owed someone $20? Well, imagine owing someone $100,000+ . Many students every year are left in crippling debt that can affect them for the next few decades of their life. Because of the cost of college, many students fresh out of high school can’t go to college. In order to make it easier for the lower-class to go to college, you should do at least one of the following things.
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.
With student debt reaching more than 1.2 billion, I think students should have a part time jobs and have a percentage of their paychecks go to paying on their loans like Village taxes or social security tax. Before student take on the responsibility, they should have a plan and stick to it. I would recommend people who don’t know want they want to be not to go to college until you know what you are going to do as your main jobs. A person who uses student loans should have a part time job. Having a job gave show the people that you are getting a student loan from that you have a source of income
In order to attend college,you do not need to take out a student loan. Studies show that 30% of student loan borrowers drop out of school, and then have to find a way to pay back their student loans on a high school graduate's salary. One way to succeed without student loans,is to be smart about your money. Save for your future and invest in retirement so you will be financially covered,while at the same you can still buy things you want with your income. Applying for scholarships is also a very good way to steer clear of taking out student loans,by getting a scholarship your cost for college is lowered tremendously.