The Four Year Formula: A Look Into Further Education. 60%

1899 WordsApr 11, 20178 Pages
The Four Year Formula: A Look into Further Education 60% of two year college graduates walk the stage debt free, versus the average four year college graduate being stuck with roughly $30,000 in debt (Hill). College is something that affects us all, and everyone reading this paper has been confused about the “right” college to attend after high school whether it be a four year or two year college. This statistic can be shocking for some, and will even turn a few of you off from attending a four year college that many of you should be attending. If 5 of every 8 people whom graduate a two year college do so without any debt, why isn 't everyone doing it? This answer is not simple, however can be partially explained through the quote many…show more content…
But just because a two year institution is cheaper, it most certainly does not mean that it is better. Like I said earlier, the average student loan debt for a person who graduates from a four year college is around $30,000 while 60% of two year graduates have none. In other words around 7/10 four year graduates will owe around $41,000 fresh out of college due to the average interest rate, while 6/10 two year individuals have to pay absolutely nothing after college. These statistics may seem alarming at first, however these student loans are usually payed off in no time due to the average income after college being exceptionally high for four year graduates. Nearly all employers pay a premium of about $10,000 more per year for an applicant with a bachelors degree over one with an associate 's degree, and this also increases substantially with experience (Hill). If an individual uses this extra money towards student loans right away, it will take a little more than 5 years to pay off the debt and that is also if one does not spend more money to pay off the student loan debt and excludes raises one is bound to obtain. After these 5 years of student loan payments, 10 years at most, the rest is yours to bank. It is also important to remember that 4/10 individuals who graduate with an associate 's degree also have debt. Many individuals

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