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Pros And Cons Of Student Loans

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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. This is …show more content…

As of 2016, for an average family of four to get by will cost 46,000 dollars a year, but the average salary for someone without a degree working full time only makes an average salary of 21,000 dollars a year (Troutman). So it is easily seen that forking up 500 dollars a month for student loans is close to impossible even with both parents working. In addition, just because these college graduates have degrees does not mean that finding a high paying job is easy, some may be completely incapable of paying back student loans. Degrees that have a little to no job market such as arts and humanities, social science, and philosophy may be great things for personal interest but not for financial support. These degrees can leave one stranded in the land of unemployment or in a low paying job; Afterall, 7.2% of all college graduates are unemployed and 14.7% are underemployed …show more content…

The student 's GPA ranging from 2.0 to 4.0 will then determine the amount of money they receive back at the end of each year (2.0 = 0$ - 4.0 = 8,000$). If a student were to decide to drop out their first year but they maintained 3.0, 4,000 dollars would be subtracted from their loan and they would only have to pay back 4,000 dollars plus any interest on the loan. In this method, students making outstanding grades would have a relatively free education for their effort, yet the ones that slack off and do not work to keep their grades up will have to pay around the usual cost of college tuition. In addition to this, students that maintain below a 2.0 GPA for 4 semesters will be unable to continue in their education because the degree will be close to worthless in the job force and it will be excessively hard to pay back a loan that substantial on a minimum wage

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