The Ethics Of College Debt

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

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.

Higher education, college, has always been seen as a no brainer for most of us. Is that because we grew up in a place of privilege and assume college is something we deserve? Or is it because we love to learn and a university is one of the best places to do such a thing? If the answer is the latter, then college is the right choice; that is, if there is a way to pay for it. If the former fits better, then it’s time to rethink what attending a university means and take a look at the alternatives. In today’s economy, college isn’t for everybody.

A former president, Theodore Roosevelt, once said, “Do what you can, with what you have, where you are,” but yet more than 30% of students don’t attend college the following fall after graduation. As of right now, college is only an option for students, not a requirement. But as technology increases, and jobs become tougher to get a hold of, college is more of a necessity and definitely worth the price tag. It has long term benefits and increases the chances of a successful future. College is definitely worth the cost for the reasons that college graduates have a higher salary than a high school graduates, more and more jobs recently require a college degree, and college graduates more likely to have health insurance and retirement plans.

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

This article was a very engrossing read, listing the pros and cons of college. Interestingly enough, the journalist John Cassidy leaves an insinuation that the revered idolization that is known as higher education of college is a scam. Similar to AP tests, attending college is expected of almost all students as it will give them benefits later on in life; high wages for an example. However, the expenditure for going to college is the hard fact that it will squeeze all the money from your wallet, bank account, mattress, and anything you managed to shove up your butt. This suffocation may lead some students to get a student loan and get into debt (which is something you specifically told us not to do). Add in the fact

Owning a home, gaining employment, getting married and even having children are all milestones at risk. Accordingly, the debilitating nature of debt also threatens the mental, emotional and physical wellness of Americans. Based on a survey of roughly 1,000 student loan borrowers, Student Loan Hero (2018) reported that effects of debt on the psychological health of the participants negatively affected three main areas: quality of sleep (64.5%), physical health (>67%), and social interactions (>74%). In essence, Siege’s and the millions of others’ stories of financial hardships, psychological stress, and physical problems are the reasons why the U.S. federal government should support the cancellation of all student

In 2016, college grads graduated with an average of $37,172 in student loan debt. This is a 6% increase from the previous year, and the rates increase as colleges become more expensive. Going to a University or College is looked upon as a luxury or a privilege nowadays. Good paying jobs that supply good living standards are requiring at least a bachelor’s degree to be considered for hiring. Any persons, including college students, should not be forced to live with, be pressured by, or be under the control of student loan debt. Student loan debt has been proven to have an impact on a person’s mental health. It keeps the less fortunate from having a chance to prosper in a competitive workforce, and the system that provides financial aid (FAFSA) doesn’t always meet a person’s needs completely. College should be an earned right for those who have stuck through the education process as an adolescent.

Past research has focused on two individual-level consequences of student loan debt. First, debt can help and hinder students’ chances of graduation. Accruing a modest amount of debt may facilitate completion, but students who owe more than $10,000 are less likely to finish their degrees ( Dwyer, McCloud, and Hodson 2012 ). Second, the relationship between debt and college completion is not uni - form within the population. Of those students who drop out without a degree, men do so with less debt than women ( Dwyer, Hodson, and McCloud 2013 ).

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?

People are constantly asking themselves if college is worth the cost? Should they even attend a college? There are many arguments to these questions. Therefore, if they attend college, then they will be able to find a job that pays a lot of money and will develop many skills. While others say that after they graduate, they will have to pay off all their debts making it harder for them to live their lives.

Today, more than 94% of students take out loans (.......). That is up from 1993 when 63% of students of students had to take out loans. (....) This leaves a great deal of the younger generation trying to come up with ways to pay back their debts for years, sometimes even decades, after college. While this is happening, people are trying to travel, get married, and have kids. The burden of student loan debts could hinder one’s ability to do these things and move on with his or her life. This could create strains in relationships with one’s friends, as expensive social outings can’t happen, one’s family, as it costs money to visit them, and one’s love relationship, as having a kid or a wedding would be a big financial burden when large monthly payments still need to be paid on student loans. In a study conducted by Lange and Byrd (1998), higher debt was linked to lower self-esteem. This creates a more secluded society. Studies show that college kids who are debt-free are more likely to go to parties, engage in extracurricular activities, and create friendships that last far beyond college (.....). This is compared to kids with loans, who spend the majority of their time studying alone and do not take the time to form any relationships or interact with others. “Student debt can also affect students’ mental health; Cooke et al. (2004) find that students in with higher student debt experienced significantly higher rates of stress and anxiety.” (http://www.brookings.edu/~/media/research/files/papers/2014/05/student%20loan%20debt%20rising%20gale%20harris/student_loans_rising_gale_harris_09052014.pdf) Also, more and more students are choosing alternative methods when they find out about the loans they will be tied to. Some kids choose to not go to college, or to work for minimum wage for many years until they have more

The research hopes to show that former students with large student debts suffer more psychological problems that those with smaller debts. In this

Higher education is everything now, even with the rising cost of an already mouth-dropping price. Yet, students accept the lifetime of debt to achieve their aspirations. For me, going to college enables my set an example for my younger siblings and cousins while granting me the opportunity to spend time doing what I love learning. Even though I am staying in state, going to the University of Arizona allows me to learn independence in a secure environment.

High school students are often stressed how important college is and how vital it will be for their future, but students often wonder if the thousands of dollars spent to further their education is worth it. According to the New York Times, “Student debt, meanwhile, has topped $1 trillion” (Leonhardt, 2014). Having that much in student debts, often questions individuals attend college or to join the work force right out of college. There are a lot of advantages of attending college as well as disadvantages of attending college. As an individual, you have to be the one to decide if it will be worth it or not. Some may view it is not worth all the debt in the long run, whereas some think it is worth every penny in the end. I have always had strong values when it came to education, therefore I think college is worth every penny.