College Debt Letter

You got the letter in your hand. The envelope holds your future. Months of SAT and ACT classes, years of working for that perfect GPA. It all comes down to that one letter, now clutched in your hand. You open it and the first word pops out to you, “Congratulations”. You are finally in college, and that summer you can finally sit back and relax. The bliss ends abruptly though once you start realizing how much college will cost. According to a CBS Money Watch poll, only 0.3% of incoming freshman will get a full-ride scholarship. If you’re the other 99.7%, then college will cost you, which will result in considerable debt. While some argue that college debt is worth it, others argue that this debt is crippling. College tuition should be lowered significantly because it places students under overwhelming amounts of debt.

As with any college student, the idea of not having to pay for school sounds quite perfect. Average student loan debt has increased at a constant rate since 1993 and peaked for 2015 graduates at $35,000 according to the Wall Street Journal. The same report shows two other key factors. While 70% of students leave college with student debt, the need for a college degree has never been more important. Unemployment rates between people holding a bachelors degree or more sits around 2%, while people with only a high school diploma is over 5%.

As a high school senior, post high school options are far and few, but the one that shines above the others is the option of attending college. Instead of going straight into the workforce in order to establish some sort of independence, college provides the opportunity to build upon academic skills, gain a step up in terms of work experience, and become more acquainted with the world and adult life without a watchful parent. It is a very impactful experience that can alter the path taken in life but it comes with a very high price, one that many aren’t able to pay and in turn are forced into tens of thousands of dollars in debt. However, the individuals in debt that did graduate have received something that to most of them was all worth it, a degree. With this, they have opened up more paths in life and immediately are more welcomed in the workforce.

People will find that the authors say, going to college will be worth the expenditures. College is a lot of time and money. Today, college costs nearly $40,000 a year between tuition, rooming, supplies, and extra fees. Although, people may not want to find themselves buried in debt, after attending college. According to “Are We Getting Our Money’s Worth?” written by William Elliott, he states that “relying on student loans as the primary mechanism for financing college is a recent development.” Loans are how college is paid for in today’s generation, “loans have remained the largest form of financial aid available to students,” no student can afford college. Although, some are forced to go if they want to further their education. Owens and Sawhill mention, “the benefits of a college degree far outweigh the costs,” and “more educated workers earn more.” These authors give a valid opinion which people may

College is a major investment that can lead to debt, but in the future the education will pay off.

Now that I'm a senior I guess college is right around the corner, along with the dreaded expenses. Paying for college can be a stressful experience or a walk through the park. For most it's a mightmare, because of the debt they are or will be in. I've always been concerned about how my family and I were going to pay for college. Fortunately there are many options I can take advantage of to avoid a horrible financial fate.

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

Do you have money laying around? Would you like to have extra cash to make your dreams come true? Use student loans to pay for college and a college education will pay for its self, with knowledge. A college degree is worth gaining student debt because it will increase one’s potential income, make one successful in life, and make one happier by allowing one to chase one’s dream.

When it becomes time for someone to pay off their student loans, it can be a long, complex, and strenuous process. Attorney Heather Jarvis, a specialist in the field of managing student loan debt, graduated Duke University School of Law with a total of $125,000 in loans. “Four-year college graduates continue to experience far less unemployment and earn higher salaries than those with only a high school education… But higher education is expensive and scholarships and grant aid has failed to keep with the rising tuitions.” Says Heather Jarvis. This shows that yes attending college is beneficial to people and their futures, but with tuition continuously rising year after year, colleges have failed to keep increasing the scholarships and grants they give out, which in turn causes many students to end up taking out loans, which if they don’t manage right can have endless effects on their future. “In the United States today, there are approximately thirty-seven million student loan borrowers who together owe more than one trillion dollars. Seven in ten college seniors who graduated in 2012 had student loan debt. Those who had student loan debt owed an average of $29,400.” This is why it is so important to constantly monitor one’s loans, because they can pile up very quickly and suffocate you with debt when you finally get around to paying them.

The social issue of student debt might be one of the most harmful in the long run for society. While it might not seem like anyone is in immediate danger like in other social issues, it does however create a dominion effect of other detrimental issues. While some may think student debt only affects people financially, it has been found that it affects in many more areas in a person’s life course as well. According to Mitch Daniels, president of Purdue University and the former Republican governor of Indiana “Men and women laboring under student debt are postponing marriage, childbearing and home purchases, and...Pretty evidently limiting the percentage of young people who start a business or try to do something entrepreneurial," (Holland,

As decades pass by, obtaining a college degree seems more necessary to get a decent job after graduating. Therefore, high school students feel the pressure to get into a good university and to get the highest degree possible, even when they have no plan on how to pay for it. Financial aid has not kept up with growing tuition prices, and taking out student loans seems almost impossible to avoid. According to research, “About 40 million Americans hold student loans and about 70% of bachelor’s degree recipients graduate with debt.” (Market Watch) The U.S currently has a total of 1.3 trillion dollars of outstanding debt. There is a ton of controversy on how to solve this issue, but there are progressive solutions schools and college kids need

Even though the expenses may cause temporary debt, it is manageable for many to overcome the demise of ones net worth. To make it more controllable there are many options as to what kinds of schools can be enrolled in. “Students who attend public community colleges, who are most likely to come from disadvantaged backgrounds and parents without college degrees, receive an average of $8,000 a year in financial aid” (Davidson 6). Receiving an aid could potentially make college more affordable and appear to have more worth. All of college wouldn’t be worth it in the end if it were not taken seriously. To be dedicated to ones studies, it can benefit in more ways then just learning something new. “Obama recently proposed making community college free for anyone able to maintain a G.P.A. of 2.5 while in school and whose parents make less than $200,000 a year” (Davidson 5). College can be worth it as long as one has acknowledged the fact that there are many ways to tackle debt and reduce its quantities. In the end, there are many universities that provide scholarships or even lower prices. So, take chance of the countless opportunities to learn about a passion and to become more independent.

Even though college gives students the oppurtunity to increase their earning potential , and gives more employment possibilities college is not worth it. The amount of debts most students have upon graduating and receiving masters degrees serves as direct evidence to support my statement. Americas student debt amounts up to 1.2 trillion dollars in total, yes 1.2 TRILLION which comes after billions. While college does give student’s the oppurtunity to increase their earning potential , and more employment possibilities, college is not worth it .

Debt can make one’s life become a stressful thing. There is a constant worry the debt will continue to grow or dealing with the struggle of having to pay every last penny back plus more. Colleges are finding fewer reasons to lower prices and more reasons to raise prices. The college perspective is understood by many in this matter though. Colleges, as well as any other business, needs to make money also. The affordability of college is the second most important thing about a child’s college education, right below the actual education itself. “… the cost of college will remain unaffordable, tuition will continue to rise, and the 18-year-olds… will ‘get to’ continue paying for college with student loans” (college cost act does not…). Does it really pay off to go to college though?

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.