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.
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.
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
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.
Currently, the U.S. has accumulated roughly one trillion dollars worth of debt from student loans. (cite) But, what if student debt was forgiven overnight? Now if student debt was eliminated all at once it would be an enormous expense for private lenders and the federal government. Yet, people continually suggest the dissolution of student loans with a one-time payment plan from the government. This notion seems politically appealing for those on the left wing side of the argument, but overall no one wants to accumulate debt. Many of the young progressive college students and graduates would love for their student debt to dissipate. Student debt has become a crushing and often unavoidable generational crisis. But why not just forgive all that
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
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.
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.
Between 2003 and 2012 the number of 25 year olds with student debt increased from 25% to 43% and their average loan balance was 20,326. While some thrive in college, some fail due to stress to succeed while trying to figure out how to pay for their college education. Student debt has surpassed the trillion dollar line and more than 850,000 student loans were in default.
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. The first is give grants to states so they can help pay for colleges, therefore, making more people able to go to college. The second is being able to get 3-year bachelor degrees which are currently being done in Europe right now. The third is to increase the federal minimum wage which would make teens and others who work a minimum wage job able to go to make more money which would make it easier to go to college.
Is College Worth The Time And money Many people go to college for many reasons the main one for most is to get a degree in something they think will give them better job opportunities which in return would allow them to have a better paying job then what they may have now. A lot of time ,effort and money go into college and so it’s understandable to think that once you’re done you’ll have a great job waiting for you . In a lot of cases it really doesn’t turn out that way, but either way college is well worth all the time and money someone puts into it.
Is College Really Worth it? Many college graduates are currently unemployed, which has left many parents wondering, is college really worth it? Some parents believe that college prepares students for more than a job or career, and others don’t think it’s worth the cost. Recent studies have shown that new college students are losing ground on wages by the time they graduate, higher education is becoming a risky investment, and most students are better off developing their own “lower-risk” business.
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
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. Yet the amounts of financial aid they receive are generally never enough for most students, and they continue to carry the debt for most of their miserable life.
The goal of the tuition cap is to streamline the education financial process, rather than taking it away. Tuition caps should not create artificially low prices in the education market, but there needs to be extra pressure on colleges to contain costs; which there’s not right now. Requiring colleges to stay under the cap can help control the increasing prices of education, as the continual receival of federal funding and tax exemptions can be used as an incentive for those colleges who comply. Furthermore, tuition and fees have grown more than twice the rate of inflation each year (Wolfram, 2005). If colleges and universities choose to increase tuition cost more than the CPI, not only should they lose federal funding and tax exemptions, but also it should be mandatory for them to use money from their endowments to fully fund grants for students on financial aid; instead of the federal government increasing the Pell grant each award year to make up that extra