College Cost Benefit Analysis

The United States needs to look to other nations that have figured out the necessity of higher education to be at an affordable cost if not free. In 2015, college graduates are facing on average just north of $35,000 in student debt (Berman). In part, the government has reduced the federal funding that each college receives each year. Therefore, colleges have constantly raised the

Owning a home, gaining employment, getting married and even having children are all milestones at risk. Accordingly, the debilitating nature of debt also threatens the mental, emotional and physical wellness of Americans. Based on a survey of roughly 1,000 student loan borrowers, Student Loan Hero (2018) reported that effects of debt on the psychological health of the participants negatively affected three main areas: quality of sleep (64.5%), physical health (>67%), and social interactions (>74%). In essence, Siege’s and the millions of others’ stories of financial hardships, psychological stress, and physical problems are the reasons why the U.S. federal government should support the cancellation of all student

Student debt can socially affect a person’s life for years after graduation. Taking out thousands of dollars in loans causes a negative effect in student’s lives. In reference to Natasha Yurk Quadlin and Daniel Rudel, who has a Ph.D. in sociology and both work at Indiana State University, student loans affect persistence and completion for undergraduates. There is a correlation between how students do in their classes, the amount of time spent on their work, and the amount of time working in a job to pay off debt. Students become so stressed that they do not complete their college courses and enter their path of a new career. (Quadlin, Rudel, 2015). When students do not perform well in their classes, they tend to want to compensate for it. However, they cannot because they have to go to their jobs, to help pay off the thousands of debt that they owe and for their everyday necessities. Due to the amount of stress that they have to handle, it affects their personal health. Katrina Walsemann, in a representative study on student loans and early adult mental health, argues that “We are speculating that part of the reason that these types of loans are so stressful is the fact that you cannot defer them, they follow you for the rest of your life until you pay them off,” (Blake, 2015). It also mentions that the students with higher levels of debt incurred, have had higher levels of depressive symptoms. A college student’s overall health is

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

College students, much like the rest of the population, become informed about what will affect them personally. Student loan debt is something that should concern students entering the realm of attending a university. $1.44 trillion is currently owed by U.S. college students and student loans affect over forty million Americans. These numbers intimidate and scare incoming college students, sometimes keeping them from fulfilling their full potential as a scholar. Education should not be threatened by financial hardships and barriers, rather a student’s integrity and willingness to learn. Student loan debt makes lives of college bound students, college attendees, and college graduates more stressful than it already is, especially for those who have not planned ahead or are not necessarily affluent. These issues cause many to question the worth of a college education.

The average college student acquires over $29,000 in educational debt. The debt of American college students has been steadily on the rise. Tuition has been increasing while the average American families’ income has been decreasing. Some students qualify for federal grants; however, the majority of money used to pay for college is debt that has been borrowed from private lenders. Students who qualify for federal grants must still depend on private lenders to fund their education. “Seven in ten seniors graduated with student loan debt, and a fifth of that debt was owed to private lenders, which often charge higher interest rates.” (CNNMoney) Most students enroll in college to better their lives, provide a more stable environment for their

Bernie Sanders, an American politician defines college education as “a right, not a privilege.” Society today requires students or those who choose to attend, to pay perpetually high tuitions in order to receive a higher education (college). Too many, it undoubtedly is a “privilege” rather than a right. By means of this, many young people contradict Sander’s statement by skipping to receive a college education due to these apparent tuitions and student expenses (Josephson). Future possible career plans and speculations are consequently jeopardized. According to College Board, the average tuition for out-of-state students attending a public four-year college is about $23,890 (“College Costs: FAQs”). This has never been a more prevalent financial

The return on investment for a college degree has grown however the cost of higher education has increased at faster rate. The growth in tuition and fees has led to an increased need for students to take on educational loans to fill in the funding gap; federal loans now make up 45% of student aid packages (Baum & O’Malley, 2003). Educational loan debt has transitioned from an individual problem to a societal one. Over 35 million Americans are currently paying off educational loan debt (Williams, 2014). In 1982 student loans began to increase while federal, state, and private grants shrunk (Elliott, 2014). Student loans have become the primary financial aid tool for funding college. The shift in funding for higher education resulted from the view that a degree is a personal investment and the student should bear the burden of the cost not government or universities. Educational loan debt is a critical and valuable investment, however because it must be repaid it has the potential to inflict financial vulnerabilities and influence choices.

The tuition for college has skyrocketed. “For the past quarter-century, the cost of higher education has grown 440%, according to the National Center for Public Policy and Education, nearly four times the rate of inflation and double the rate of health care cost increases” (Lataif). Inflation raises every year and tuition keeps getting more expensive as if it needs to be ahead. Some states have had their tuition raised more than others. Smith gives an example, that in the 2007/2008 fiscal year the state of Nevada raised tuitions in the state’s public universities by 10.9%, while the Boulder Campus for the University of Colorado raised their tuition by 14.6%. Rates of tuition increase

When high school is over and students start preparing for their futures in college, choices have to be made regarding the financial route they are willing to take to fund their education. Some college students are fortunate enough to receive plenty of aid that covers the cost of their tuition and housing, others can pay for the total net cost themselves, but then there is the majority of students who have to take out loans because they don’t have enough financial support. Loans make it possible for those students to continue their education, however the sacrifices they make don’t seem to be worth the debt. Students from all social classes that take out loans to pay for their education take on an additional weight of stress detrimental to their health and academics during college.

This article focuses specifically on accruing student loan debt and its affects on mental and physical health of younger people. This is introduced by explaining that president Barack Obama is aware of the high cost of education and that the government is working on a way to help students avoid the accumulation of loan debt. There is factual information regarding a study done by Northwestern University which focused on the link between student loan debt, high blood pressure, and poor mental health. The author of the study concluded that there were strong links between debt and depression as well as debt and suicidal thoughts. The article then goes into more detail about the consequences of poor mental health, such as poor dietary choices and substance abuse. Although this article discusses one study that was conducted on the topic, the lead author of the study, Elizabeth Sweet, suggests that more research should be done. Sweet is planning on furthering her exploration of debt’s affects on mental and physical health in a five-year study.

The cost of tuition for higher education is quickly rising. Over half of college freshmen show some concern with how to pay for college. This is the highest this number has been since 1971 (Marill and O’Leary 64-66, 93). The amount of college graduate debt has been rapidly increasing also. With limited jobs available because of the high unemployment rate, college graduates find themselves staying in debt even longer. Although grants and financial aid are available to students, students still struggle to pay for their college tuition. Higher education costs are prohibitively expensive because the state’s revenue is low, the unemployment rate is high, and graduates cannot pay off their student loans.

Debt induced stress significantly decreases the psychological functioning of students and has been found to accompany individuals long past the term of their scholastic career. Recently, student loans have been a deciding factor in the choice of career path of students. Free higher education is being gradually introduced around the world, primarily in northern European nations. A few of these countries extend monthly study allowances to citizens furthering their education. Globally, increasing amounts of individuals are undertaking higher education programs to ensure future career stability. Students are one of the best resources any nation could choose to invest in. In order to bolster psychological functioning of students by the time they join the workforce, the government should step in to unload the stress of high tuition for higher education students.

44 million Americans hold a total of 1.4 trillion dollars of student loan debt. Federal grants are a very important part of this nation, these grants help thousands of people attend college each year, but the people receiving the grants and our nation are still being set up for failure. Large student loan debt is having a negative effect on our economy and is slowing the development of technology that will lead us to a bright future. More tuition grants can lower student loan debt and lead our nation to success.

In an effort to find the best evidence-based practice (EBP), a search of the literature through EBSCO host was conducted using terms such as “student loan debt,” “student debt,” “college student financial knowledge,” “college student credit cards,” and “college student theory of planned behavior” among others. This literature search led to findings regarding students and financial stress, which allowed us to also address the psychological impact that financial issues can cause.