Argumentative Essay: Embracing College Debt "By making college unaffordable and student loans unbearable, we risk deterring our best and brightest from pursuing higher education and securing a good paying job" (Pocan, 2016). High school seniors advance into college with little income and no knowledge of managing large expenses. Although college incurs significant debt, it has positive lifelong benefits such as a better job, higher salary with benefits, and obtaining an opportunity for a fuller life. College graduates tend to have better employment opportunities.
The government has a set plan that a person have to follow until the debt is payed off. Because of this debt, some newly graduated students have to delay life events such as getting married, having kids, or planning for retirement. If we would just adapt an income-contingent plan we would have a lot more people who are able to pay off
The total U.S. student loan debt now surpasses $1.2 trillion and there is more than 40 million recipients owing on federal and private student loans (Malone). Most of the college students in the United States can’t afford their education by themselves and, as a result, students end up drowning in student loans in order to earn a degree. Student debt is a major problem in the US, and it is a major influence on the gap between rich and poor. A more accessible college education would help reduce the gap between rich and poor in the United States.
Student loan debt loads have been spiraling, doubling over the last decade, and the enrollment rates of young people from lower socio-economic groups are rising far slower than middle and upper groups. Governments must recognize the renewed public investment in post secondary education is an economic and social imperative. 6.7 million borrowers in repayment mode are delinquent (Snider 1). The sad fact is that many lenders aren't exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can't be discharged in bankruptcy. Forgiveness programs can be lifesavers for borrowers drowning in student loan debt (Snider 1). However, jobs for recent grads are harder to find and salaries are lower, but that won't last forever; in spite of all of this, the data make clear that getting a college education is still a good idea. College graduates earn more and are more likely to have a job in the first place, and is especially important for some Americans (Webley 2). According to the Bureau of Labor Statistics in 2010, the unemployment rate was 9.2 percent for those with only some college and more than 10 percent for those with just a high school degree, but it was 5.4 percent
“The dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement (Adams 1).” A 2002 study found that 17% of student loan borrowers reported their loans had a significant impact on their career plans.13 Today, after the economic downturn, ASA’s survey suggests that number has nearly doubled, as 30% of respondents said their student loan debt was a deciding factor or had considerable impact on their choice of career. In addition, 52% said they either strongly or somewhat agreed with the statement that their “need to pay student loan debt is hampering my ability to further my career.” One ASA survey respondent commented, “I need to have two jobs because of my student debt, and I cannot take employment opportunities that will not make enough money, regardless of the potential that they may have in the future (American student assistance 5).” Relates to definition because they need to have 2 jobs to be able to pay off student debt.
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.
The phrase “education being worth it no matter the cost” has been drilled into students as well as their families. This has led to student loans eclipsing a total of $1 billion every year, and in total reaches more than $1 trillion. While most loans don’t have to be paid off until after graduation, many students aren’t able to find jobs to subsidize the loan payments once they have
Author, Sandy Baum writes about how student debt affects individuals in the book Student Debt: Rhetoric and Realities of Higher Education Financing. “It seems quite clear that student debt has generated serious harm to some individuals” (Baum 70). In stating this, most people do not want to go to school because they believe
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.
Just how awful has the student loan strain become? Rhetoric of crisis influences the present popular discourse, while very few voices call for tranquil, noting the average number of student indebtedness is approximately equal to the cost of a new car. concealed by the aspect and attention captured headlines, though, it is a more embarrassing picture exposing that all classes and groups of students will not bear the increasing debt hardship equally: women, students of color, and Low-income household students are more greatly affected by this escalated debt. I have currently revealed the 30,000 dollars is the typical amount of debt that students will acquire after attending college for four years. Though the cost of college is increasing, a variety
Many people dream of a life filled with riches, but that dream is hard to obtain without a college degree. It is somewhat ironic how people dream of being a successful student and going to college but the cost of tuition turns that dream into a horrible nightmare. It is not a shock to most people when they that college tuition is expensive, but in the past few years it has increased to an all-time high. Lower and middle class students have now begun to realize that college tuition is holding them away from their dreams. Even though college tuition could provide opportunities for job creation and economic growth, tuition is not affordable for the average American household which in effect, prohibits students from taking opportunities like going to college in the first place. 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.
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. Overall, this issue affects most people living in our world today and must be fixed for our generation and generations to come.
So many successful adults till this day are paying back their college debts. Over the years, some are able to pay back their debts in college and others are not able to and are still struggling, due to having to pay other debts that they may have. In some cases, some people drop out of college just so they will not have to owe so much money, but to drop out for that reason is not good. There are several of ways to stay away from college debt and that is getting scholarships, saving money before going into college, and also attending a community college instead of jumping to a university.
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.
Is The Cost of University to Excessive? College and universities are the final steps in someone’s educational journey. To go away to college is the dream, the American dream. College is where students find their future, to work for a degree, and to find out what they want to be, but at what cost?