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.
It may be necessary for you to consider student loan consolidation. When you were busy in college with your studies you probably did not give much thought to the pros and cons of having multiple student loans. Chances are you took out different student loans with different variables. Some of your loans may have a fixed rate while others may have a veritable rate not only that, you probably have different repayment terms for each student loan you have. Have multiple student loans and having to make multiple payments throughout the month can wreck havoc and cost you hundreds of unnecessary dollars each month.
Student loan debt has been a big issues for a while now which is caused by the high price college tuition that has more than doubled in the past fifty years in the United States. According to figure 1, in the past five years alone the tuition price has increased an average of 11 percent (see appendix). With the serious rise in tuition many students have taken out loans which means that more and more graduates from college are not only leaving with a diploma but also with debt. "7 in 10 college seniors graduated in 2012 with student debt, which on average was $29,400" (Lundberg 1). 70 percent of all the graduates are already in debt stepping out of college and moving into the real world trying to start a career in society for the first time which means that they will be starting in a hole and will have to work much harder to dig themselves out.
Many Americans believe they can not graduate college debt free. They, in turn, take out student loans that in the long run will cause debt to pile up. Many statistics show the negative effects of student loans. This helps prove the idea that student loans are, in fact, are a major factor of high levels of debt. Also student loans and debt can be avoided with financial aid programs along with grants and scholarships.
This article written by Allie Bidwell is about the class of 2013 and how much debt they incurred while at college. The average student loan debt for this class is $28,400. Bidwell states that this number isn’t all that accurate due to the low numbers of colleges that report their numbers. Out of all private and state institutions, only 57% reported numbers of debt or the amount of graduates with debt. Schools are ranked on a scale from high debt to low debt, with schools that have high debt averaging almost $50,000.
In the article “Debt Education: Bad for the Young, Bad for America”, Jeffrey J. Williams explains the damage student debt causes past and present college students. Williams argued that more than half of the college students and their families are in debt from having to make such large payments toward the rising costs of colleges. Though, Williams also states a higher degree or education will lead to a high income and all around better jobs, the risk of being unemployed after college is too great. This is considered to be good for individuals, as it will maximize their economic potential. It is also good for society as a whole as people are getting better education, and rising to greater expectations in the world.
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.
How Much Do You Really Want to Go to College: College and the American Dream The American Dream is the ideal that everyone in the U.S. is presented with an equal opportunity for success, which can only be achieved through hard work and perseverance. In a modern perspective, the American Dream is represented by the opportunity to attend college and become a successful, contributing member of society. Every year, more than 20 million students apply to colleges in a desperate search of success for their future.
College is a big decision in one’s life, especially as a senior in high school. Students are expected to go to college to gain further knowledge in the career path they have chosen. Amanda Baratz, for example, is a freshman at Kehillah Jewish High School in San Jose, California. The summer after her freshman year, she will fly to Georgetown University for a five week course about medical careers. She hopes to see an open heart surgery while she is there.
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. College debt is a large amount of money that a college student will have to pay back within a certain amount of years after graduating.
College Debt: Myth or Not? Many people have stated that student loan is a crisis. Because of this being stated, there are many high school graduates who cringe at the fact of going to college. The rumors of debt have led to many changing their minds about college. One should not change their mind due to the debt myths because in the outcome they will earn more money from their higher paying jobs.
a similar group in 2010, found more college correlated with less dementia” (Belluck). This shows that college can have a beneficial impact for mental health. By going to college, a person is less likely to live an unhealthy lifestyle, and may keep their cognitive health for longer. The most common counter argument is, that college is too expensive and people do not want to pay off student loans for the rest of their life.
College student debt has reached over $1.3 trillion dollars. A question that is asked in society today is, is college really worth it? College tuition is continuing to rise as years go by and students are simply just not attending college due to it. Little do they know, there are ways around paying so much for college tuition. There are multiple ways students can lower their tuition so that they are able to have a successful career which include applying for grants,getting a higher degree, and staying in college.