Why Bother Pursuing Higher Education?

While this is often true, it can create problems when a student does not have the money to pay for a quality education. The cost of college has risen an estimated 250-500% over the last 30 years while consumer price index has only increased by 115 percent during the same time frame (White, 2015; Eskow, 2014). The amount of student loan debt is increasing, along with the cost of college. The income of many young people today cannot keep up with the rising costs of college education and housing. Part of the problem with student loan debt begins when students choose to attend a college that exceeds their financial resources and rely on federal student loans as well as private student loans to make up the difference. Eskow found that even public colleges and universities are becoming difficult to pay for without taking out student loans often averaging $30,000 for tuition, room, and board (2014). Since many people do not have enough money to cover college education expenses, they rely on student loans, both federal and private, to fill the gap. Financial advisor Ramsey stated that often the loans students take out pay “for an off-campus standard of living, and no debt was needed to get the degree” (2013). “The Project on Student Debt reported in 2013 over ⅔ graduating seniors were leaving school with student loans” averaging approximately $28,400 (White, 2015). Taking on almost $30,000 in debt before even starting a career can have a significant impact. It can force people to get a job just to pay off the student loans, not based on what they got an education for prepared for or what they studied. This also can cause a setback in future plans, having to delay many adult milestones due to lack of

High school graduation marks the start of young adults’ lives, a time where they are expected to decide what they want to do for the rest of their lives. Many young adults are pressured into attending college, whether they have determined their goal or not, but is it necessary? “The Case Against College,” an article written by Linda Lee, a mother who has questioned the former belief that college equals success, claims that “not everyone needs a higher education.” College, though beneficial to many, is not for everyone and should not determine an individual’s life.

After graduation, students find themselves in the daunting situation of how to pay their loans. Students accept jobs they dislike, they begin to depend on their parents, or resort to dropping out (Hart). Many student find themselves unable to continue their education so they decide either to drop out or transferred to cheaper schools, such as a community college, consequently placing themselves at a disadvantage in the careers they desire to enter. In fact, per an article written by Rachel Beckstead, “those without a college degree are twice as likely to be unemployed as those with one.” Loan debts are a steadfast threat; however, it goes beyond the present

In the essay “College Value Goes Deeper Than the Degree” author Eric Hoover claims a college education is important to one 's well-being so they can get a job and be productive in other parts of life. Promoters of higher education have long emphasized how beneficial college’s value and its purpose. Many believe the notion that colleges teach students are life skills to apply anywhere, they also work hard to earn a degree and learn specific marketable skills which they can use to get a good job. Though obtaining a college education and a degree is helpful in countless of ways, it is not necessary to pursue a college degree in world where a college degree is seen different now, people without turn out fine, the growing average of debt that students who attend college have to pay off and people without a degree can obtain many jobs that do not require college degrees.

With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.

Here in the United States, there are many forms of consumer debt, which help contribute to the large sums of debt countless Americans find themselves faced with. Directly effecting many college students is student loan debt. Student loan debt is now the second largest form of consumer debt behind housing” declares the Federal Reserve Bank of New York (Grisales). This is due to the fact that student loan debt grew 7.1% in 2014 to $1.2 trillion (Grisales). If this statistic alone is not worrisome this next one is sure to be. The amount of debt in the housing market that helped to spark the last recession was only $1.3 trillion (Grisales). Due to the increased amount of debt required by students to attend college many students are feeling the wrath. According to the U.S. Census Bureau, “In 2014, 11.7 percent of females and 17.7 percent of males between the ages 25 and 34 were living with their parents” (Grisales). The fear of obtaining massive amounts of debt is driving the current generation of student’s to put off many future hopes and dreams. While causing them to move back home to save money. The current student loan crisis is crippling the economy and ruining the lives of American students.

As the writing advances, the argument shifts to people capable of hands on jobs out of high school considering whether going to college should really be advocated as much as it is today. Along with this, he says that eventually attending vocational schools will become scarce due technology and the fact that many things accomplished at these schools can be done online. He also claims that income statistics of high end jobs today are skewed considering the fact that when you look at average incomes of a profession, many of us will end up in the lower percentiles. For many people, he says, the best option is to pursue a service or hands on job that doesn’t require a four year education. He ends the essay by claiming that “College isn’t all it’s cracked up to be” as well as depreciating the value of the normal B.A. that little college pursuers end up achieving. Murray writes: “the misalignment is in the optimistic direction, as adolescents aspire to be attorneys or physicians without understanding the educational hurdles they must surmount to achieve their goals”.

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

Post-secondary education comes at a very high price. The excitement of graduating college to land the six-figure job is soon destroyed when you realize how much debt you are in. Dreams of owning a house and starting a family is shattered by the money borrowed to provide and guarantee students a better future. Instead of waiting to land that perfect job, students are forced to work multiple jobs to help ends meet. Struggling to stay afloat, millions of students are becoming victims of one of the major economic crisis in the United States; Student debt.

It’s no secret in America that many college graduates are struggling to pay off their student loans. While looking at the statistics for how much is owed and how many college graduates are affected, it is clear that student debt is an issue and the need for a solution couldn’t be more urgent. The latest data show that across the country there are over “40 million borrowers” who share in “$1.2 trillion dollars” of student loans (Life Delayed). According to those numbers, that means that the average borrower has $30,000 dollars to pay off. With college tuition ever increasing, it is not hard to see how borrowing more money has becoming inevitable. According to Alan Greenblatt, a staff writer for NPR and CQ Researcher who focuses on

Today, a 4-year degree is a necessity to be considered for a stable, good paying job, but the amount of student loan debt creates challenges that are just as overwhelming as finding a good paying job would be without a degree. Additionally, tuition increases have students borrowing more than ever, which means that student debt is on the rise. Since most students graduate with $30,000 of debt, students purchasing power is compromised. As a result, fewer individuals plan to become homeowners, start a business, buy a car, or proceed with continuing education because of the impact that their student loan debt has on their everyday lives. Financially it would be irresponsible, if not impossible, for them to even consider any of these things with the debt they have accumulated. The student loan debt crisis stems from a very outdated borrowing system, which has turned what should be manageable debt into complete financial disaster. With rising tuition rates, and no solution in sight, students purchasing power will only continue to diminish and the economy will deteriorate as a

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

Students not only leave college with a degree, but they also leave owing thousands of dollars. Even though having a college degree would help students get a higher paying job, that doesn’t necessarily mean they will find one. After graduation, the majority of these students do not have prospective jobs and those that do start at entry level salaries because of their lack of actual experience in their field. About seventeen percent of college students at the age of twenty-five are limited to what types of jobs they can find, some not even related to what type of degree they earned. Because of their limited job options, it’s even harder for them to repay their student loan debts.

The sheer amount of debt that a college student acquires after they finish their schooling is an egregious sum. The average amount that a borrower owes after they graduate is $26,000 (Denhart). These now excessive amounts of debt are thrust upon graduates, both young and old, and could take several years to pay off. Additionally, the national student debt has increased from $80 billion to $500 billion from 1995 to 2011 ("Student debt"). A young adult, fresh out of school, potentially has few approaches to attempt to decrease a debt of such enormity with perhaps a limited income. While less than 1% of people have loans

In today’s economy, a traditional college education is generally a must-have to be relatively successful, for it grants high-paying careers and creates a variety of opportunities such as stability and advancement in the workforce for those that possess it. Without a high-paying job, it is still possible to scrape by, however, scraping by does not fit the standard of being “successful”. Neither does drifting from job to job because one lacks a stable career, or being stuck at a low career level since advancement requires more education. The standard of successfulness here is to be free to live without worries of survival or limits on how far one can advance in their career and in life. Even though in the past it was easy to be successful without a degree, nevertheless, in this day and age, the chances of success without one are low.