In today’s society, many students will go on to receive a higher education after high school, but is the cost of having a higher education worth it? In 2017 the average college graduate accumulated more than 34,000 dollars in student debt (Dickler). ADD. Student loan debt creates early financial difficulties for young adults, leading to many mental and physical issues from stress and overall hurts the economy. With the weight of student debt on a person’s shoulder, they are less likely to be financially successful in the future.
Forgiveness of Student Loan Debt On a global scale, there is a large amount of people who are unfortunate in the sense that they are all regrettably faced with the issue of the struggle to pay for a proper education. Seeing as those who struggle are unable to pay on the spot, whether it be because they are financially independent adolescents or their families have low financial income, a majority of said strugglers resort to applying for student loans. This allows them to receive an education for the time being, but it still must be paid for eventually. As a result, every student who takes a loan for schooling will be in debt until everything that has been borrowed is paid off. Thereupon, student debt is generally defined as a type of debt
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
With a college degree playing an ever increasingly crucial role in job placement after graduation, students feel the pressure to go to college, but with the astoundingly high cost of higher education, millions are forced to take out loans- 42 million to be exact. This group of Americans currently hold the 1.3 trillion dollars in student loans on their shoulders. With the majority of college graduates being in their early 20s, the amount of debt per capita, around 25,000 dollars can be crippling, thus leading to higher default rates and less stability as they begin their journey out into the world. Not only will it impact their young adult life, but it is predicted that "students who graduated from college in 2015 will have to delay retirement until the age of 75" (Hess 5). Ultimately, it is this battalion that has to most to gain, as well as lose, should student debt not be controlled.
Financial When we hear the word ‘financial’, we always think about everything that is related with money. Financial problem is also another factor which greatly affects the student’s performance not just in school but also outside the school. Of course, having a problem can greatly affect a student’s performance but that has something to do about the last factor which is health. Ms. Valentina Lee, the assistant professor of Psychology at FIU, said that financial stress became a significant stressor to student and workers. It was based on the website article entitled as “Effects of Financial Stress on Academic” written by Marisol, M. with this kind of stressor, it will really affect a person’s performance.
Source C shows while there has been an increase in the hourly wages of men and women both since 1970, there has been a decrease in the wages (men more so than a woman) since 2000. The hourly wages for men have fallen down to be around the same amount as forty years ago when inflation is applied to the rates. What this indicates is that college is becoming less beneficial as it is no longer leading to the desired raised wage that is typically associated with higher education. Additionally, in source F a piece of evidence shows that “record 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%)” What these data shows is that college debts have been having an increased impact on a graducates life after college, and has made it harder for them to move on and get things like a house for themselves, and even impacted their ability to get
The average family cannot afford the average four year cost of a college student because the cost of tuition is too high, housing and meal plans are too extreme, and students struggle keeping their workload (from school and jobs) while athletes are normally forbidden to have jobs. Tuition is the main cost of student debt. Tuition is how much the school’s education cost for a full time student. The only problems with tuition is that it is way too much and changes between public and private schools. A good
Almost every college has a high percentage of students who after leaving college are in deep debt. Most students have to take out student loans. College is not worth the cost because it leaves many students in debt and bad wages after college, and doesn't give them hands on training, and four years of college isn’t needed. A
If you do have to borrow money for college, the debt lasts a very long time. A person who decides to skip out on college and go straight to work will have money to put away, while as a student attending college will have all their time taken up with school work. The student who starts with a company right after they graduate may have a chance to progress through ranks or titles in the job and start getting promotions which in the long run lead to more money in their pocket. A high school graduate can get a job and earn good money working at steel plants
These levels of stress can take over a person’s life, causing them to lose their drive and focus, which affects their future further. A Student 's future should depend on his or her effort and intelligence, not which income quartile their family is a part