College Debt Barriers

Families are now aiming low when it comes to college- or are simply not going at all. Money could play a huge part in this decision- after all, the cost of college has skyrocketed over the years, and so has the amount of student loan debt. This is something even Leonhardt admits, stating that, because of this, only about 33 percent of young adults get a four-year college degree today, while another 10 percent receive a two-year degree (Leonhardt). And even though many colleges offer financial aid packages, that money may soon be cut and the cost of college will continue to grow. It is true that, in my personal experience, just because a student is awarded financial aid does not mean they have a golden ticket to University. This leaves many desperate students the only option of taking out as many loans as they think they can handle- often more than they should. Debt is not a new issue for America, but it is still a problem. Although David Autor, an M.I.T. economist, laments: “not sending [young adults] to college would be a disaster”, no one can ignore the rising rates of loan defaults, and some think it

Statistics exhibit that majority of people are unable to pay for their further education. Pew Social and Demographic Trends state, “A majority of Americans (57%) say the higher education system in the United States fails to provide students with a good value for the money they and their families spend.” Tuition rates for colleges hyperbolizes its values comparatively to the money families spend. It also proclaims, “An even larger majority- 75%- says college is too expensive for most Americans to afford.” College snatch away the money of American families at a value too high and too much for the average family to spend. Not only does college seize the money many family don’t have to begin with, but it forces families to go into debt. Working extreme hours and trying to pay for college wearies the family’s way of living. According to Pew Social and Demographic Trends, “A record share of students are leaving college with a substantial debt burden… about half say that paying off that debt made it harder to pay other bills… about a quarter say it has had an impact on their career choices.” Debts triggers a person to change their profession and causes hardships to their life in the future. High tuition rates and debts stir students away from college and jobs that they truly want. College acquire families money at an

As educational cost has altogether expanded in the course of the last 20-30 years, it has turned out to be extremely prevalent for college students to support their financial costs through student loans. Higher educational costs have turned out to be so expensive that it is nearly impossible for students to accommodate these expenses by just working alone. “Education loan debt in the United States now stands at approximately $ 1.2 trillion, and some thirty-nine million Americans, nearly 20% of U.S. households, owe student loans” (Austin, 2015). As a result, countless numbers of college students hold a large obligation to pay off these student loans once they graduate. Obligation from such student loans has turned into a classic reality and something students of this generation expect when being admitted to a university. Individuals trust that an education from a university is justified regardless of the sticker price.

College is where you go to get higher sources of education. Many high school students dream of attending college in order to attain more knowledge, yet so many people fail to realize the cost of college. Attending college, currently, is nearly impossible to do without being in some sort of financial debt or seeking out government help. According to the American Association of University Professors, “two-thirds of American college students graduate with substantial debt, averaging nearly $30,000 (if one includes charge cards) in 2008 and rising.” (AAUP, 2012) Although going to college is beneficial, there is an argument on whether or not going to college is worth the possible debt incurred. The goal

This memo offers a solution to help increase the percentage of the college education of our younger generation.This proposal below is motivated by the experiences of college students who are overwhelmed by the student debt they have collected over the past few years and still have not yet graduated. This is due to either difficulty navigating college from lack of exposure and resources to even properly begin the process of attending college causing inadequate preparation, and/or for those who have had a problem with finding a balance between handling school work and families all at one time. This proposal should not only help students with student debt and aid students in completing higher education but it will also bring light how the nation has been and is still currently going through a college completion crisis.

There is no escaping the fact that the cost of college tuition continues to rise in the United States each year. To make it worse, having a college degree is no longer an option, but a requirement in today’s society. According to data gathered by the College Board, total costs at public four-year institutions rose more rapidly between 2003-04 and 2013-14 than they did during either of the two preceding decades (Collegeboard.com). Students are pressured to continue into higher education but yet, the increasing costs of books and tuition make us think about twice. Sometimes, some of these students have to leave with their education partially finished, leaving them with crushing debts. It is important to find the means to prevent these

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.

The U.S. is home to some of the greatest colleges and universities in the world. But with an overwhelming 1.3 million students graduating with an average student loan debt of $29,000 each and with youth unemployment elevated, the question of whether or not college tuition is worth the money arises (The Institute for College Access & Success, 2013). Higher education faces intimidating challenges: continually rising costs, access and completion problems, constant changing of technology, and responsibility pressures from state and federal officials. But no challenge is more intimidating than the fundamental question that many Americans face to ask themselves, "Is college worth the cost?" As a result of the economic turn down, many students who graduate are not finding well-paying jobs, either within their field of study or not.

Although many people are considering student loan debt to be a national crisis, we must understand the reality behind it. Unfortunately not everyone is fortunate enough to make it through college without accumulating debt. In Robin Wilson’s essay, “A Lifetime of Student Debt? Not Likely”, she makes a compelling argument that shows how students get involved with really high debt. She claims, “…the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter what the cost (257).” It is a true statement because students want to turn their dream into a reality. All students can reach their goal of attending a dream college by first choosing a community college in order to decrease the amount of student loans.

The towering prices of college tuition is an avid cause for the overwhelming ignorance in America. U.S. leaders once hoped that 60 percent of the U.S. population would have college degrees by 2025. Today in 2017, it is closer to 30 percent. Not only do tuition costs dig deep financial holes in a student’s life, the pressure of making the investment causes unnecessary, avoidable stress. Students around the world flourish without the financial commitment. Students in America- the land of the “free”- need the same financial freedoms and opportunities to thrive and contribute to mankind in the changing world of today.

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).

Higher education comes at an extremely high price. The excitement of graduating college to land the six-figure job is soon destroyed when students realize how much debt they’ve obtained. Dreams of owning a house and starting a family are shattered by the money borrowed to provide and guarantee students an excellent future. Instead of waiting to land the ideal job, students work multiple jobs to help ends meet. Struggling to stay afloat, millions of students become victims of one of the major economic crisis in the United States today; Student debt.

Every day in the United States thousands of juniors and seniors are applying to colleges all over the country. However, roughly 80% of Americans cannot afford the cost of attending college. Families and their children are paying over-priced college bills years after finishing school, even after scholarships, grants and aid. A college education has become necessary to acquire a decent paying job, yet prices are outrageously high. I will be attending college in two years, but the financial burden that is going to be put on myself and my parents overtime, is a major concern of mine.

American youth have more pressure to get a good education than ever before, but at what price? The cost of education is at an all time high and rising every year. Many Americans are struggling with a large amount of student loan debt weather they graduated with a degree or not. The only way to secure the future of students today is to invest in the students themselves rather than investing their money into the corporate market. By preparing students for higher education and providing financial resources students will have the knowledge to deal with student loans and the debt they may be accruing while in school.

If an aspiring college student doesn’t have the necessary funds to attend school, there is another option they could use to pay for school. Student loans are a popular choice so that the student can pay for school. While this may seem like a great option for affording school, it can be a devil in disguise for many. The New York Times reports that Americans owe over 1.4 trillion dollars in student loan debt (Kelly 1). This happens when a college student takes loans with the belief that the college degree they get will help them achieve a higher salary which will in turn will help them pay off their debt. This often isn’t the case. A student takes the loans and attends school, but does not receive the salary that they were hoping to acquire from attending school. A standard payment plan for students is to pay off their debt in ten years, but according to a study conducted by US News, the average bachelor degree holder takes twenty-one years to pay off (Bidwell 1). This is a common occurrence as well, a report conducted by The Institute for Collee Access and Success shows that in 2012, seventy-one percent of college graduates had student debt (Serrato 1). The current system that the government offers to help those struggling to afford a secondary education is a flawed program that needs restructuring.