Essay on “Higher Education Without Higher Interest Rates”

College is becoming increasingly expensive, ranging from 60,000 dollars to around 10,000 dollars. In the United states, 75% of people feel that “college is too expensive”(Source F). But to what extent should money rule an individual's life? The same survey also reported that 86% of people feel as though “college has been a good investment for them personally.” (Source F) This statistic proves that money should not control the life of an individual because although college is expensive a vast majority of people enjoy it. A college education not only prepares someone for a career in the future, but allows academic experimentation, higher pay as an adult and teaches students skills that young adults with only a high school degree may lack.

Over the past decade, it has become evident to the students of the United States that in order to attain a well paying job they must seek a higher education. The higher education, usually a college or university, is practically required in order to succeed. To be able to attend these schools and receive a degree in a specific field it means money, and often a lot of it. For students, the need for a degree is strong, but the cost of going to college may stand in the way of a successful future. Each year the expense of college rises, resulting in the need for students to take out loans. Many students expect to immediately get a job after graduation, however, in more recent years the chances for college graduates to get a well paying job

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

“… A college degree is the surest ticket to the middle class,” says President Barack Obama (10, “College Education”). However, many disagree. Only 44% of people say that college is worth it from a previous 75%. This is understandable because tuition is the highest it has ever been and is still rising; meanwhile, student debt has surpassed $1.2 trillion (4, “Is College Worth”). Is college really worth the money? It depends on many factors such as the student, major, college, and time taken to graduate. But for the average student, it is definitely worth it; in fact, a college degree has never been more valuable because it increases the chances of having better wages and benefits, more job opportunities, and marketable knowledge. Anthony Carnevale from Georgetown Center on Education and the Workforce says that ““the only thing worse than going to college is not going to college,” meaning students must decide between risking lower wages and higher chance of unemployment or paying for college (4).

In the year 2007, 18.2 million students enrolled into college. About thirty-nine percent of those students were between the ages of eighteen to twenty-four (Marcus). College is seen as something one must do to be able to have a successful life or career. Student debt is almost guaranteed for anyone that goes into college. Seventy percent of bachelor's degree recipients graduate with student debt. Student loans in just the U.S. alone are up to 1.2 trillion dollars, this is the second highest level of consumer debt, just trailing behind mortgages (Snyder). Student debt has been an issue for anyone thinking about going into, that is attending, and graduating or leaving college. How to solve this issue is very simple, which is to save money, lower

College students across the nation suppress a shudder when the phrase is uttered. They try to push it to the back of their mind, to save the problem for another day. Sadly, it cannot be ignored forever. Student loans over the United States have been becoming more frequent and increasing in size for years. According to M. Swig, Hickey, and S. Swig, there are now 41 million Americans burdened with having to pay student loans back. While one may question if taking out a student loan in the thousands is worth it, one should consider today 's society. To most people, college is the only option. Parents, families, and neighbors almost force it upon the young adults because they believe it’s the only way for them to be successful. Much of the nation views a higher education as the key component in an individual 's future job, wealth, and therefore general happiness. It is almost to the point where not attending would be comparable to breaking a social norm.

The United States has developed a set of economic circumstance in which it has not seen in quite some time; with regard to some factors it has never seen such circumstances. For example, student and credit card debt has reached unprecedented heights. This is also coupled with a slow jobs market as well as a lack or inability to save or invest for retirement. In this environment, the younger generations face an incredible hardship if their finances are not planned accordingly. Therefore, the prudent student will likely be far ahead of his peers financially. Whereas the value of a higher education was once clear, in today's environment

College is extremely expensive. In fact, “college tuition costs have gone up 945 percent since 1980” (Liberty). The rapidly increasing costs of a college education prevent an extraordinary amount of students from enrolling, and restricts those that can go to college to only the wealthy. “University administrators keep hiking tuition, ... and a whole generation of Americans is struggling ... as they postpone their dreams for a tomorrow that may never come” (Wonkborg). Critics argue that students have the option to take out student loans. Conversely, the majority of students who take out student loans owe tens of thousands of dollars that they might never be able to pay back. “Today’s college students borrow and rack up more debt than ever before.

Is college really worth the multiple years of schooling paired with the ever-increasing debt that students have to repay after they graduate? A record 18.4 million students applied to colleges in the U.S in 2009. Tuition, however, typically rises each year at a rate that surpasses the rate of the Consumer Price Index. Critics find it unfair that students have to pay tens of thousands more for an education than people did decades ago. Most students will use some type of loan for an average of 23% of their education, despite the fact that loan distributors are closing at an alarming rate. Some students will even resort to using credit cards to repay their debt, and on average, 66% of graduates have outstanding debt. In addition, unemployment

Everyone has heard the horror stories of people who graduated college, paying extreme sums of their student debt till the day they die. Nevertheless, paying for higher education is another aspect that is expected when seeking a college degree, and numerous cannot afford to pay the cost of pursuing higher education; for a certain mass of people, it is not a logical choice to attend college. In the article,”Why I’m telling some of my students not to go to college”, author Jillian Gordon argues, “But with student loan debt reaching an all-time high of $1.2 trillion (surpassing credit card debt), and little research to support that the investment is worth it, I am cheating my students by not encouraging them to make the best choice for themselves.

These days, going to college is hailed to be the solution, the key to making something of oneself in life. It is celebrated as a part of life that will make a person successful and rich later on. A degree is essential to making one’s way up the 21st century economy. College is meant to give people a chance at the American Dream – an education, a job, money, and quite possibly a spouse. But is that promise too good to be true? With the ridiculous price tag on college today, anything less would be criminal. Unfortunately, colleges do not guarantee an education, and yet still leave students with debt in the ten thousands, which ends up negatively affecting their job opportunities, mortgage, family, well-being, retirement, and future in general. By forcing those who pursue higher education to enter the working world with crippling debt, student loans are destroying the American Dream, leaving graduates with limited and undesirable choices in all aspects of life.

For the past decade, The United States has stressed the importance of college education, to those seeking employment, and better careers. For most people, college is the logical next step in education, as it provides a working knowledge of a desired field and opens the door to many opportunities, but college has become increasingly more expensive as time goes on. Many people feel that college is no longer an option financially. Even with financial aid and scholarships, the cost of a college education can still be very taxing. This is due to massive price increase across the boards, but the main issue on most people’s minds is the debt that will be acquired from higher education.

Today, students and graduates face long lasting consequences when it comes to student loan debt, which in recent years has become increasingly problematic and inevitable regardless of the precautions a student takes. No amount of awareness or understanding can change the lasting impacts that taking out student loans has. Pursuing a college education today, is nothing like it once was or once promised to be. Before, getting a degree meant an almost guarantee to find a good paying, stable job. Now, a college education is not only an absolute requirement, but also does not guarantee a high paying career, leaving students with the crushing impacts and burden of student loan debt. A college education puts great strain on life after college, causing students to forfeit their purchasing power, postpone starting a family, or from pursuing their entrepreneurial dreams, all of which negatively impact the American economy.

The debate over the actual worth of a college education may be rising in popularity, but it is no new controversy. This dispute dates back to when “New College” which was later renamed Harvard, was founded by the colonists who’d arrived from Europe in 1636. As of current times, such as a recent 2015 study, the United States contains 20.2 million college students with the average debt set at $28,950. Both sides bring effective reasoning in their argument. Some are passionate that a college education will lead to a higher salary, a better chance of employment, and more appealing work benefits. The opposing claims some end up going to college just to get a job to pay off their student debt. With this comes the

The cost of college has only gone up at an astounding rate over the past decades, but the financial aid given out to high school students across America has not grown enough to compensate for that. The average cost of a four year degree has gone up a massive amount in the last 30 years, thus causing more and more students to lose hope of going to college. This increase, however, was not met with a substantial increase in aid given to students. A consequence of this difference has caused graduates to accumulate more debt than ever before. And with the increasing demand for a college degree, being almost a necessity to every job sector, while receiving minimal debt, is sometimes seen as unattainable. This begs the question: to what extent is college an option for all students?