College Essay On Student Debt

590 Words3 Pages
The Student Loan Myth Every year, 12 million people are enrolled into a college or a university. During the last 20 years, tuition increased four times faster than overall inflation. After the adjusting for financial aid, families pay 439% more for colleges since the late 1900s. Because of the raise in tuition, students have taken out student loans to pay for their education. Studies show that 30% of student loan borrowers drop out of school to find a job, with their high school graduate salary, to pay for their college debt. Although it seems impossible to get a college education debt free, there is a way for you to pay for it all. About 41% of borrowers fall behind on their student loan payments in the first 5 years and 63% have a difficult time trying to pay it back. Why does this happen? Loans don’t start charging you until six months after you graduate or drop out. Students think, “Oh, I don’t have to pay it back until I’m done with school”, but you can actually start paying your fees without interests when you’re still in school. Throughout your college experiences, you can work on/off-campus to gain extra money. But if you start working while you’re getting your education,…show more content…
College debt is not “good debt” because it’s for your education. The estimated loan for student debt is more than one trillion dollars. $85 billion of student loans are past due. Piling up your student loans keeps the monster inside your closet angrier. Every semester, the beast will get bigger and nastier. Six months after you graduate, whether you have a job or not, the monster will attack you and make every day harder. Working and studying is a lot of work and we all want to have a fun experience, but nobody wants to be in their late thirties trying to pay off their debts. When you pay forward, before the monster attacks you, you are able to graduate debt
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