Essay about College Expense

1215 Words 5 Pages
Congrats! You’ve been accepted to the college of your choice; now all that’s left to figure out is how you’ll pay for college. Unfortunately, college costs don’t end at tuition and room and board you’ll also have to pay for textbooks, meals, transportation, and a computer with working internet. We have been told that we live in a free country, but if our country is so called “free,” how come paying for an education isn’t? The most important in my case and many low income students is trying to attend college and being able to pay without going into debt. I find myself, since 2010, hearing the same stories of previous college graduate, who have gone into debt by the time they reached their sophomore year of college. Excited to venture out …show more content…
The student loan debt has reached up to $1.2 trillion in federal debt; student loans are the second highest consumer debt. A quick economics lesson, the national debt causes many consequences when our economy isn’t functioning in the level it should be, it causes our economic growth to slow down and therefore less jobs are available and it causes interest rates to rise. According to Chris Denhart, it’s safer to receive federal loans rather than private loans. Federal student loans are easier to pay and much rather safer, because federal loans are based on the income of the student, they have fixed interest rates, and don’t have to start paying until nine months later, “making them a much safer loan for students to take.” (1) On the contrary, with private loans that isn’t the case. “Private loans have done away with late fees, and in fine print have redefined the right to claim default on the loan after missing a single payment,” (1) what does that mean? Simple, you can’t afford to miss a payment and if you do prepare to have a bad credit. A result of bad credit would lead to negative effects in the future as well. By having bad credit students in the long run won’t be able to invest in a house, a car, a business, etc., which would leave the economy without any money coming in. "As a nation, we need more college graduates in order to stay competitive in the global economy,”
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