A Lifetime Of Student Debt Essay

Many students do not know what they are paying for or understand how student loans work, and are not fully aware of available resources. For assistance, most students know to go to financial aid, however “financial aid offices allow students to borrow thousands of dollars with several mouse clicks on online portals” (Farrington). Many students are not properly informed of their options, such as the many scholarships available to them, but simply take only what is shown to them. Easy access to loans is a slippery slope and many students fall into holes that they

A problem with student loan debt is that students gain more debt because they are not able to pay off the student loans within the given time which also causes them to put certain life decisions on hold. According to Sophie Quinton debt is a problem for the recent college graduates because “There’s currently no way to get rid of federal student debt other than paying off the loans. while some borrowers are paying off their debts just fine, overall they are adding debt faster than they are shedding it”(Quinton). According to Jamaal Abdul-Alim stated that a “survey - titled Student Loan Debt: Who’s Paying the Price?- revealed a number of troubling statistics about the practical ways that student loans are impacting college graduates in their everyday lives. For instance the survey found that: 49

With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.

Over the past decade, it has become evident to the students of the United States that in order to attain a well paying job they must seek a higher education. The higher education, usually a college or university, is practically required in order to succeed. To be able to attend these schools and receive a degree in a specific field it means money, and often a lot of it. For students, the need for a degree is strong, but the cost of going to college may stand in the way of a successful future. Each year the expense of college rises, resulting in the need for students to take out loans. Many students expect to immediately get a job after graduation, however, in more recent years the chances for college graduates to get a well paying job

The increasing cost of higher education in the United States has been a continuing topic for debate in recent decades. American society emphasizes the importance of education after high school, yet the cost of higher education and advanced degrees continually rises at a greater rate than inflation in the 1970’s. According to the Advisory Committee on Student Financial Assistance, cost factors prevent 48% of college-qualified high school graduates from pursuing further education (McKeon, 2004, p. 45). The current system requires the majority of students to accumulate extensive debt with the expectation that they gain rewarding post-graduate employment to repay their loans.

In Wilson’s example she believes that there should be no reason for “over borrowing” and the total cost of an education consisting of books, classes, and living expenses cost around the weighted average. Due to the biggest setback of students who are determined to go to the college of their dreams tends to put a hole in their wallet. In other words, Mark Kantrowitz, publisher of FinAid states, “students want to be able to pay for the school they have wanted to go to for as long as they can remember, and they are willing to do whatever it takes” (258). These college students unnecessarily pull out large sums of money, which consequentially result in an outrageous amount students realize they can’t afford to pay back. Furthermore, a second situation that causes large debts is going to graduate and professional schools. Those schooling debts are way more expensive than the typical undergraduate debt. As Wilson argues, “medical school graduates borrowed on average of $113,661. But this higher debt makes sense for people who earn degrees in law, business, and medicine because they are much more capable of landing high-paying jobs and paying off larger loans” (259). These situations are the exceptions to the average student loans, which get confused on a daily basis. Wilson isn’t trying to discourage students from going to graduate school, but she is informing individuals about the end results. She

Robin Wilson had quite a compelling article, showing the potential contrast with the debt vs. the quality of life and stability a degree can provide. Wilson overall points show that the American dream we are all striving for has changed. She is able to demonstrate this through the use of several anecdotes. Wilson interviews with various professionals to see how they use these degrees to better themselves. In doing so she highlights various pros and cons of having a college education vs. the amount of debt they are now responsible for.

In recent discussions about college, a controversial issue has been the great amount of student debt owed by students. Hence, many students have opted to not go to college because they do not have the money to pay their student loan debts. In the essay“A Lifetime of Student Debt? Not Likely,” Robin Wilson argues that graduating college with student loan debts is a still better option than not attending college. On the other hand, other people contends that people should not go to college because they will end up in debt for the rest of their lives. My own view is that college is still a worthwhile investment that everyone should seek regardless of the debts they have to pay in the future. In other words, people should go to college. My

In the United States, it is generally accepted that college (or any form of higher education for that matter) is a wise investment that each and every individual should strive for. Each and every year thousands of parents open college funds and future investment plans to ensure that once their child is of age he or she can participate in quality educational programs. While college attendance rates are at a positive all-time high, right behind it follows an astounding $1.3 trillion dollars in student loan debt. Let’s face it, college is expensive, and it’s only getting worse. Could the outstanding quantity of student loan debt be the next national crisis?

Not Likely,” goes upon shedding light on to explaining how students end up with the debt that they have. Wilson’s piece goes on to enlighten a situation that people tend not fully to understand. To make her point across she uses different examples of how money tend to add up against individuals attend college and uses the word borrow and make reference to student loans quite often throughout her article. At what appears to be an epidemic sweeping the nation, Wilson points out a number of articles going about saying the there is a disaster of financial storms, which are consuming students who attend colleges, and who use titles like “The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We Can Fight Back” (256-257). She goes on to use an example that stating the majority of students who have debt listed against their name owe no more than a reasonable priced vehicle. Wilson also states in her writings that some borrow money for more than their schooling even cost and will even reach double the amount of what ones schooling actually cost. Any person that is responsible with money should know not to over borrow especially when it is double what something

Colleges are noticing a drop in students’ interest in a higher education, because it forces them to fall into poverty. Obtaining a higher education is a dream of many working class citizens, but the price to go to a choice college is not available economically. The majority of students use some type of student loan, they have become the norm for attending college (Johnston, Roten 24). College is becoming unaffordable to many lower class students. With tuition prices this high, students are backing out of school and looking for jobs that only require a high school diploma. Student loans should help people, but it is only hurting them because they feel like they can never repay it. Especially since student debt continues to rise. “Student loan debt rose by 328 percent from $241 million in 2003 to $1.08 trillion in 2013, according to the Federal Reserve Bank of New York” (Johnston, Roten 25).

In the year 2007, 18.2 million students enrolled into college. About thirty-nine percent of those students were between the ages of eighteen to twenty-four (Marcus). College is seen as something one must do to be able to have a successful life or career. Student debt is almost guaranteed for anyone that goes into college. Seventy percent of bachelor's degree recipients graduate with student debt. Student loans in just the U.S. alone are up to 1.2 trillion dollars, this is the second highest level of consumer debt, just trailing behind mortgages (Snyder). Student debt has been an issue for anyone thinking about going into, that is attending, and graduating or leaving college. How to solve this issue is very simple, which is to save money, lower

The rising cost of tuition has lead to more and more financial problems with students causing them to take out more loans and go deeper in debt. Highscool graduates are skipping college because of the extraneous stress of financial problems that it causes. College is a necessity now a days to get a job, but college is also one of the biggest causes of debt. A college graduate has tons of money in debt but when he graduates he gets a mediocre job that cant keep up with the interest rates on the loans. The problem of student debt will only be solved by loan forgiveness, more financial aid, and students being more educated on loans.

In the United States today, the number of students graduating college with student loan debt is quite astonishing. In the article titled, “How the $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy”, we will examine and break down the student loan debt crisis by the numbers. Today, almost two-third’s of students graduating college are graduating with an average of $26,000 in debt. For most students, $26,000 is a lot of money when the average annual income for a first year graduate is only in the mid $40,000 a year range. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark (Denhart, 2013, Introduction, par. 2). With student loan debt levels

In latest years, we’ve visible a dramatic shift in charges associated with attending a traditional college or college for education. Goldman Sachs says many college students are now higher off not going to university, if it’s a mediocre one. They file that even college graduates of mediocre schools earn much less, on common, than excessive college graduates. They even warn folks that are thinking about mid-tier schools as well due to the fee and opportunity the education may also or might not provide inside the future. “The common go back on going to college is falling,” Goldman Sachs researchers wrote. In 2010, the typical college scholar needed to work eight years to interrupt even on their bachelor degree funding, Goldman located. And it’s only getting worse. destiny conventional education will still require the equal credit hours be achieved, but the charge tag for every credit hour will boom inflicting an imbalance. The modern-day student debt is over $1 trillion now and employers are pissed off they are able to’t locate graduates with the right abilities – they’d choose to lease, based on revel in and professional achievements. absolutely put, tuition is growing quicker than the average earnings potential.1