Graduation Speech : ' Millennials And College Debt '

What is your American Dream? For most people, the American Dream involves a quality education, a family, a home, good health, and financial security. Many people all over the world know about the “American Dream,” but what they may not know is how it is being affected by…. With an increasing number of young people going to college and the increased cost of college, many students must take out loans to pay for their education. According to Norris, student loans have historically been a way to pursue a college education for a person who might not otherwise be able to afford it. However, student loans and the accompanying debt are quickly leading to problems financially for those that borrow that will continue for many decades (B1). Dave Ramsey,

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

It seems that over the decades, the “American Dream” has changed along with the generations who follow it. After the “Great Recession”, the housing crisis which triggered a financial crisis, and millennials have changed their point of view about homeownership. This change created another definition for the “American Dream”, because more opt out to rent versus buy, and some don’t bother with houses at all and prefer to live in apartments. This is all due to rising student debt, risks associated with owning a home, and the fact that homes are often suited for families and it’s been proven that millennials are pushing back the age for conceiving children.

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%.

It can be argued that the American Dream is dwindling as the country ages. As the country’s population rises, competition becomes more intense. This undoubtedly can make it more difficult to achieve a level of success that was more easily attainable 30 years ago. In addition, the cost of education has gotten so high that many graduates are paying back student loans for years. Many are stuck in a pit of debt that greatly hinders their career and personal goals. Also, rising costs of healthcare make it nearly impossible for some lower-income families to worry about more than keeping their basic needs met. In fact, some millennials are so fed up with current conditions that they completely deny the existence of the modern American Dream. For example, Andy Vasoyan, a 24 year old freelance voice actor and audio producer said, “I feel that the American dream (existed) and then just disappeared into the ether. Right now, because of income inequality and the difficulty of living in urban centers, it’s probably impossible for a huge segment of the population. And I don’t know if it was ever a real thing, but the idea of working

We have all heard of this intense rollercoaster ride that we are on called the American Dream. The term was coined by James Truslow Adams in 1931 defining it as “dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement.” Since it’s arrival, the Dream has evolved from a pursuit towards “freedom, mutual respect, and equal opportunity” (Shiller) to later one of greed described by Shiller as being “excessively lustful about homeownership and wealth” beginning in the 1960s. Traditionally, the American Dream included features of a nuclear family, that is one with a breadwinning father, a housewife, and two kids, owning a white picket fence home, thriving without financial worries, and a happy family. There has been a shift in focus for the Dream caused by the Millennial generation and in turn they have included features that place an emphasis on equality in all aspects of their lives from family life to the workplace placing their own twist on the Dream. The American Dream has evolved over time to include equal opportunities, college education, and happy family.

Along with the average tuition increasing, so has the average income of Americans. In order to afford college tuition, student loans, financial aid, and scholarships come in handy for the time being. Unfortunately, American’s who have finished college still have a load of debt to pay off for many years after graduating. Americans are spending money they don 't have to finance educations they are not sure are worth it. In some cases, students who find jobs right out of high school are left without college debt, but also without a degree. On the other hand, many people who attend college have large college debts yet have a decent

College is an expensive place for teenagers our age to go, and for just now being an adult they have a lot of responsibility. As a result of this the average class of 2016 graduate has $37,172, in student loan debt, up six percent from last year. I feel like this is too much and that most students need money to pay for books and food and everything else. It is unfair how they need to do such things and do not get money to help them out while doing so.

Thousands of American University students are drowning in debt, furthermore statistics indicate student debt currently tops 1.3 trillion dollars and rising. Grads1st consider the unsettled debt currently exceeds outstanding mortgage and credit card debt.

Over the last decade student loan debt has risen substantially and is now one of the largest form of personal debt in America, totaling about one trillion dollars, with 71 percent of students who earn a bachelors degree graduating with debt, with the average amount of debt being $29,400.

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

One of the major causes of student debt rising is the current trend with colleges in competing with opposing universities in providing unnecessary luxurious lifestyles. This raises college expenses way more than it is worth. Unfortunately, this makes even the lower universities cost too much for people in the lower class, making them have to borrow money to get the education they need be successful. If colleges just made changes that were more necessary for the students than adding

I noticed you sent an announcement out about seeing our grade as of Friday in the handout section, but when I try and click on that section there is no link for it. Also, from what I can recall, on the quizzes, and Rocketmix I am not doing well in your class and would like any and all suggestions you have for me. I'm feeling upset with myself as I've been doing well in all of my classes since attending the CSUDH I'm on track to graduate Summa Cum Laude. I have had many struggles in the past with school and getting my first Associates degree and I believe being a first generation college student did not help matter but now 10 years have past since my first degree and I've learned to be a better college student since then and going into

Because of the drastic rise in college tuition, it has made it so that the kids who are going to college are coming out with more debt than they can handle. “Between

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