In America, college costs have been growing at a rate faster than inflation for over a decade. The resulting student loan debt, most of which belongs to young people aged 22-40, is causing a lot of trouble for the whole economy. The average college student is graduating with $32,000 in student loan debt . Not only do they have to pay this back with interest, it affects them in other areas of their lives. Debt forces students to postpone life in several key areas including buying a house, getting married and saving for retirement.
Firstly, college as well all know is quite expensive and is continuously increasing in price. Tuition fees have basically tripled in the past 20 years.Many parents do not earn enough money on an annual basis to pay for their children’s higher education; therefore they start saving from when they get married in order to be able to cope with the payments. Many teenagers try to help with the fees by achieving high grades during high school in order to attain a scholarship. Unfortunately not many teenagers are capable of getting a scholarship, as you need to maintain a minimum of a 90 percent
In today’s society we regularly hear about the high tuition universities and colleges are demanding. In the span of one generation, how is it that graduating students are still unemployed? Could they be unknowingly causing a plummet and stagnating the economy? Tuition for both public and private colleges has tripled in the last four decades. We are living in an era where families are paying as much as six figures for their children’s higher education.
Student loans another. And the third is the value of most university endowments, which is or could be used to relieve Student loans. When I went to the University of Connecticut tuition was $600.00 a semester. Loans were rare and quickly paid off. You now have skyrocketing tuition costs and loans.
College, unfortunately, is very expensive; However, in America we have many options for students to pay for their education, almost all ways of paying tuition put students in debt. A chart that uses information from The U.S bureau of labor statistics shows that “The bottom quarter of earners with a college degree don’t make more money than the average high school graduate.” If someone is getting put in debt
Although debt is a bad thing, it is not unavoidable for everyone. People will fall into debt because not everyone has a solid financial backing. More than seventy-one percent of students graduating from a four year college are graduating with debt (A Look at...) . Setting a cap would cutthat percent far down so the students would have a chance to break even with the income they receive after college. Because there is no student loan debt cap, colleges take advantage of this or they set the cap very high so the students will keep having to pay the college for years.
Simply being able to attend college doesn’t guarantee success, as source C states that, “a good proportion (more than 40 percent) of those attending four-year colleges full time fail to graduate, even within six years.” This lack of success brings about underemployed college graduates with debt accrued during an unsuccessful venture. On the subject of underemployment, there are “more than 100,000 janitors with college degrees, and 16,000 degree-holding parking lot attendants,” leading some to believe that a college degree wouldn’t be worth the time. While underemployment does exist, it is not necessarily proof that college is a worthless endeavor. There are a multitude of reasons why college graduates would take a job that isn’t top tier, and there are still plenty of job opportunities for college graduates. Regardless of unspecific statistics regarding the employment of college graduates, those with a bachelor’s degree are certain to have more job opportunities and a higher chance of being employed according to source
This is bad because many are going to college and graduating but can’t get a job in their major. “In 2010, 62 percent of college graduates had a job that require a college degree” (Washington Post). This is a high number and proves a college degree can increase your chances of getting hired on a job. ”27 percent of college graduates had a job that was related to their major” (Washington Post). This is an extremely low number considering that 73 percent of college graduates don’t get a job in their major.
Furthermore, students attending a four-year institution are basically used as a bank for that university. College is very expensive, students must pay for tuition, books, parking passes, and food. Four-year colleges may look good when a degree is obtained, but some graduates are unable to find employment after all the hard work done over four long years. This is why students are committing suicide and being mentally and physically drained which cause them to drop out or even give up (Woods). By going to a two-year college, a student will have a shorter amount of time than a four-year college to start a career or get a head start in a
An even larger majority -- 75% -- says college is too expensive for most Americans to afford. Similarly, a record of share of students are leaving college with a substantial debt burden, and among those who do, about half (48%) say that paying off that debt made it harder to pay other bills; a quarter say it has made it harder to buy a home (25%); and about a quarter say it has had an impact on their career choices (24%) -- (pewsocialtrends). This just simply shows that it is better that there are no more tuition in college in which will help lessen the percentage of people who suffers difficulty in paying debt. Although we know how great number of people contradicts in giving a free education for college students, it is one of the needs of students and will also be an ease for their parents. Along with this, President Obama made a proposal which offers two free years of community college where this proposal of the President had received lots of different positive and negative opinions, comments, and feedbacks from it.
Various authors today are still writing about the ongoing issue of poverty and the ways to climb out of it. Brink Lindsey, the Cato Institute 's vice president for research, writes about not only the importance of a college degree, but also the financial strain it has on the families funding it. Brink Lindsey, has written that the income of college graduates has risen from below 50% in 1980 to 85% in 2008, and those without an education are barely able to attain a menial income, insufficient of their needs. “Tuition costs have galloped far ahead of inflation, while many in the working class have seen their incomes stagnate or slip” (Lindsey). “A lack of money is the