preview

Should College Be More Afordable Research Paper

Good Essays
Should college be more afordable? “The price of a Higher Education” The question everyone is asking: is should college be more afordable? I hear from past generations, from the 70’ and 80’s, that working a full summer could pay for a full year of college. But those times of working, paying for college, and getting a college degree with no debt are over. Every year university hikes up the cost of attendance including tuition without any alternative way to pay for it.
Every year the rate of college drop outs rise. Not because of bad grades or not personal life. It is because of school costing too much and students needing to get full time job to even make some type of payments, so the college won’t drop you from classes. The lack of funding
…show more content…
Some take the word free too literally. College hasn’t been free since the start of the WWII G.I. Bill back in 1944. So I don’t expect it to be full on “free.” But I do expect it to be affordable for the working class student. Some say grants and student loans supposed to help you out. But grants can only give you so much. How are students to make up the difference, by getting a full time job (40 hours a week) and getting student loans? But loans that you’ll be paying back until you are 50 years old depending on what age you start college that is. But it doesn’t matter whatever age you start either, you are a new student or returning student. The price you will pay after you are done you will be in some type of…show more content…
But the stats says 6 years to finish college add another so add another $11’000 and that’ll be $33,000 of loan debt. But is says on studentaid.ed.gov that of the $5,500—No more than $3,500 of this amount may be in subsidized loans.so the other 2,000 will be of Direct Unsubsidized Loans. But with each year the amount of money you can receive in subsidized loans go up. So second Year of Undergraduate No more than $4,500 of this amount may be in subsidized loans. Than Third-Year and Beyond Undergraduate No more than $5,500 of this amount may be in subsidized loans. The Unsubsidized Loans interest’s rate is 3.76%. Unsubsidized Loans starts interest almost right away with a six-month grace period. The interest’s rate are the same for subsidized loans at 3.76% but begin 6 months after graduating from college. So for two years you will receive $3,000 of Unsubsidized Loans before the interest hits. For the first year at $2,000 in loans arrconding to the loan payment calculator the student will pay a Monthly Payment of $ 394.02 before the 6 month grace period for the first year. The second year at $1,000 loan the student will pay a Monthly Payment of $ 197.01 before the 6 month grace period. So now the tables have turned the 15 hour a week job has turn into 40hours a week to pay back the loan before the 6 month interest starts if not according to loan interest calculator the student will pay
    Get Access