According to a report from HSBC, annually an average of $27,375 is spent on universities in the UAE. Tuition for a private university like ours is now raised to about AED 68,000 per year. As a working student, I find it almost impossible to be able to graduate anytime soon considering that the costs go higher and higher almost each year. Finally, the current system of financial aid is not sufficient. Many middle-class students find themselves in a predicament when filling up those financial aid forms before enrolling in the college.
The rising cost of college has three main effects; debt through student loans, less people attending college, and an increasing number of college graduates moving back home. Raising tuition year after year will cause a drop in applicants and affect current students’ retention rates. That is because tuition is already at an all-time high, making it harder for underfunded students to even think about entering higher education. Overtime students have grown increasingly frustrated with tuition rates. That is because in the past 20 years, "tuition increased twice as fast as the overall cost of living”
These unbelievably high-interest rates are what cause a big problem when repaying student loans. Due to the high-interest rates, when a borrower is repaying their student loans, the monthly payments may only cover the amount of interest accrued, if even that (McGuire). Private loan interest rates should be limited to 0.5% to help prevent those who must take out student loans from being unable to repay their loans on time because of inflated interest rates. With our current system of allowing lenders free reign of interest rates, by the time most people have paid off their student loans, they have paid far more in interest than they could have planned, if they were even able to keep up with the monthly bills. Interest rates for private loans should be much more tightly regulated to prevent lenders from overcharging people who were simply trying to seek out an
Coming from numerous cultures and ideologies, what possible challenge could this population face that other young people do not? While there is not such a big difference to the college experience, when compared to high school, the hardest thing to overcome is costs. As a student in college who relies on scholarships and working to make their way through college. Costs of education is at an all-time high, and continuing is a constant struggle, which explains our generations preferences. Within the recent election before the candidates were chosen, the majority of youths supported Bernie Sander and his stance on free college.
These days with the rising living coasts and tuition fees, it can be easily expected that an average families with an average income will have to struggle to pay the fees to university to have their child educated. This struggle can be real for a family having more than five children. In fact, students could finish their four years bachelor degree with a significant debts. College education should be free because everyone can attend and the country can benefit economically and socially. College fees is the reason that a poor-intelligent student will have a desperate future.
In this day and age, it is assumed that the majority of high school graduates will be attending college, whether a two year community college or a four year college or university. The problem with this expectation of young people is that college is expensive, which is why numerous people are pushing towards free college for all, not just for the academically talented. While overall publicly funded college is unrealistic, this country could slowly overcome this issue of college debt by providing more two year community colleges across the nation with the tuition of these community colleges drastically reduced. The major reason why many people are pushing towards publicly funded college is a because of the substantial rise in college debt over the last decade. College debt is developing into an immense issue in the United States with about 1.3 trillion dollars worth of college debt across the country in 2015, which is about a 39% increase since 2011 (Redd, 2016; Goldrick-Rab and Kendall, 2014).
Student Loans Make Students Moan The United States has always been portrayed as the land of opportunity and prosperity. Yet in the United States, it is almost impossible in the 21st century to receive a reliable job, paying a reliable wage, without a degree of some magnitude which most people are unable to afford. Education is a very valuable resource some people squander away through the participation in obscure, regrettable college activities that leave them in massive amounts of college debt later on in life. This is one of the reasons why as of 2014, the United States was ranked the 6th most indebted nations in the world (World). The average total tuition of someone attending college as of 2016 is around 32,000 dollars a year.
The total student debt currently resides at $1.4 trillion, with the average amount borrowed by an individual hovering around $35,000. “Student debt obligations can be a major obstacle to gaining financial independence, creating wealth, and reaching lifetime goals and dreams.” (Rose, 79). Students of middle and lower class are mostly the ones receiving student loans. These loans have the potential to severely cripple their finances in the future and hold them back from increasing their economic standing. Rich families are able to pay their child’s college fees without loans, giving them a head start on financial growth when they graduate.
My family is a fairly wealthy family, but not to the point where my parents just have money to throw around. So I have to pay for my education myself which is totally okay by me. However, this year entering college I realized that I soon will be facing economic problems. When entering college, I thought I would be paying at most $20,000 a year as promised by Moravian. Which is a substantial amount of money to begin with, but I made that my maximum I would be willing to pay.
Many families end up stressing over saving enough to pay for college for their children that they become obsessed with it. They start creating strict budgets that allow for almost all of their money to go into the savings account for college. As many have said, money is one of the top reasons why marriages fail. Arguing over trying to find money to put their children through college has made a lot of marriages fail. Having free higher education, as people would argue, would remove all of this stress and strain from families when it comes time for their children to go to