Rising college tuition costs is an issue that hits close to home for many of us. Being a student, will always coincide with money struggles. During ones college search, numbers are all we are told to focus on. These numbers include ACT scores, GPAs, AP tests scores, and the biggest number of all, the cost of college itself. 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” …show more content…
According to the New York Times, “about two-thirds of bachelor’s degree recipients borrow money to attend college, either from the government or private lenders, according to a Department of Education survey of 2007-8 graduates.” On average since 1980, college tuition prices rise 7% a year. In comparison, the inflation rate is just 3.2%. But we have to remember that as long as the demand for higher education continues to rise, the price will also rise. In order to pay for the absurd prices of higher education, students should not have to end up turning to loans. 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
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Journalist Sophie Quinton discusses how college expenses are constantly rising, though many states are now reducing instate tuition in her recent article, “States Move to Curb Rising College Tuition. Quinton informs readers that colleges are not only cutting college tuition, but freezing it. As a result student loans are soaring nationally, and schools are forced to become more efficient. Student loans are then causing debt, that later affects a students’ life in numerous ways. College students today, tend to lean towards nicer looking colleges, rather than a higher education.
Americans owe nearly $1.3 trillion in student loan debt, spread out among about 44 million borrowers (U.S. Student Loan Debt…). This is a very problematic topic in the U.S. today that needs to be solved with a carefully thought out analyzed plan. It is unnecessary for one to be in debt from schooling just to get a job to make money. College is supposed to help give a job that pays enough money to be financially stable and make monthly payments for student loans not put people in debt from paying so much money back.
Hourly wages are dropping and “it will likely be many years before young college graduates-or any workers-see substantial wage growth” (Source C). Since wages have dropped it is becoming pointless to get a degree due to the amount of debt and stress caused. Even though, we need to learn, higher education is becoming a risky
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.
Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.
The financial burdens that college leaves with the families and students needs to be addressed as student loans keep racking up over time. The cost of tuition for colleges has risen drastically over the years and has bounded students to only one or two college choices to choose from and at some points tearing away the opportunity to go to their dream college. However, one reason college has driven up in price is because the value it brings with it’s degrees, but it should not limit those who can not afford the worthy degree. College should be cheaper as it will ease financial burdens and broaden the choices of those wanting to attend
Student debt not only puts an individual in a financial crisis but also delays major life events and decisions in their life. For so long the money earned with a degree out of college far outweighed the money made without. However, as the dollar continues to lose its value and jobs continue to keep the same wages, students with college debt can hardly breathe let alone begin a life of their own. More and more we see college graduates drowning in their student debt, struggling to find a job, even having to live back with their parents to make ends meet. Sadly, these are just some of the struggles that debt imposes upon the common person.
Student debt not only puts an individual in a financial crisis but also delays major life events and decisions in their life. For so long the money earned with a degree out of college far outweighed the money made without. However, as the dollar continues to lose its value and jobs continue to keep the same wages, students with college debt can hardly breathe let alone being a life of their own. More and more we see the college graduate drawing in their student debt or the college graduate struggling to find a job or even the college graduate having to live back with their parents to make ends meet. Sadly, these are just some of the struggles that debt imposes upon the common person.
Most of my friends who are currently in college have between 5000$-20.000$ in federal and private loans. In many cases, besides for the loans, students have to work and study at the same time, which results in a stressful life for the student. In fact, many students are not able to finish their education because, since they can’t afford it, they have to work over their studies. Out of all the possible reasons to drop out of college, “the No. 1 reason many young adults drop out of college is an inability to juggle school and work” (Johnson). Finishing college is the most decisive forecaster of prosperity in the workforce and the inconsistency in college completion between children of rich and poor families duplicated since the late 1980s (McGlynn 55).
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
College should be free in the United States for multiple reasons. These reasons include, but are not limited to, the following. College is too expensive for the majority of the population of the United States. If college was free, it would let people explore their horizon, and have an easier time finding a desirable career. College has been proven to be effective, and even shown to have been working in the united states for over 100 years.
The cost of tuition is an incredible problem in today’s education system throughout the United States because it hinders the people who want to go college but cannot afford to do so. The price of tuition is a burden to those who are actually attending
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.
“State efforts to cap or freeze tuition, meanwhile, may do little to dampen the forces driving tuition up and simply set the stage for exceptionally large tuition increases as soon as the restrictions are lifted”(Smith). In their attempts at lowering the costs of tuition and guaranteeing a flat rate throughout a students four years of education, the lawmakers create a substantial spike in education costs over time. Many colleges are even raising tuition rates much faster than the inflation rate, which in turn pulls a higher education out of reach of those less privileged. William R. Bowes, vice chancellor for fiscal affairs of the University System of Georgia said “We had to put enough of a bump in that tuition so that we could cover costs estimated over a four-year period.” Not only are the college tuition rates rising as restrictions are lifted, but the price of tuition is also being raised as a means of covering the costs of these restrictions.