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Recommended: Issues with student debt
A. Attention Getter: Daniel, my cousin a biomedical Engineering major at the Rowan University in Glassboro, New Jersey realized something was amiss when he could not register for his second year of college in September 2011. His father, who promised to pay all his college fees started struggling financially after his first year and could not come through with about $24, 510 of college fees. He made a call to the financial aid office for help and that call will put him in debt of over $70,000 in student loan debt after he graduated 3 years later! B. Central Idea: it is possible to graduate college without student loan debt or a very minimal debt. C. Justification Statement: having a debt free life after college is a dream come true many people …show more content…
In fact, the average class of 2016 graduate has $37,172 in student loan debt up six percent from last year” and many graduates will leave school with large debt that will consume 10% or more of their monthly salary. More so, graduates have to deal with the ridiculously high interest rate that won’t go away even if you file bankruptcy. This in turn also hinders you from accomplishing other financial goals like starting a family, getting a mortgage and leaving you very little money at the end of the month for everyday spending let alone retirement …show more content…
Apply for grants and scholarships because they don’t have to be paid back. There are many scholarships that only require you to write an essay or complete a task and not by merits alone. (I have some websites where you can apply for scholarships……. Grants can be applied for at the school you attend) Chose an affordable school, especially community colleges where you can study the first two years of college. It is also advisable to also work part time and live at home. If you take up employment, you can take advantage of the Employer reimbursement programs where your employer pays up to 50% percent of your college fees. If you join the military they pay your college fees as well. Work study program is an excellent way where you can work in your career field and still get paid. That way you are gaining experience and studying. Crowdfunding is another way to raise money through an online platform, e.g. gofundme.com you sign up and tell them the reason you are raising money, if it is genuine people will
Most of us go to college because we want to have a good future. We want to have a secure job when we get older, so we can have a happy live. There are a lot of sacrifices we may have to make to be able to graduate a four-year college to get degree. we may have to sacrifice socialization and laziness. There are a lot of people who would make these sacrifices, but they do not have the resources, such as money and car for college, even if they do have car they cannot afford college tuitions. The college tuition is the biggest reason most people cannot go to college.
Mark Kantrowitz indicates in his article, Why the Student Loan Crisis Is Even Worse Than People Think, that “Student loan debt is increasing because government grants and support for postsecondary education have failed to keep pace with increases in college costs”(Why 1). This means that the government no longer covers for college tuition fees. College graduates are 20% more likely to work at a job that is outside of their major by the debt they are in. Kantrowitz also mentions that “students who borrow to attend college, it appears that more than a quarter (27.2%) of them are graduating with excessive debt” (Why 1). In reality, leads to student saying that the financial cost was worthless, ending up with a job that is especially not what they went to school
The debt associated with higher education is one of the biggest factors of deterrence for most people who are interested in college, and it is not at all surprising. 71 % of college seniors who graduated last year had student loan debt, and the average debt for a college student with a four-year degree is $29,400.This number has gone up an average of 6 % each year. Keep in mind that this is just the average debt, and there are students who are in debt upwards of $30,000 dollars (projectonstudentdebt.org). Now in order to understand why the debt is so high it is best to break down the different costs of higher education. The first and most important of which is tuition.
Doyle states in his article, “As of this writing, the total amount of outstanding student loan debt has been estimated at $960 billion (Kantrowitz, 2011).” Right now, there is only 7.4 billion people on earth, but not all of those people are in debt. So, massive debt with not near enough people to even cover the debt on the whole planet put this issue into perspective. Many people talk about applying for scholarships but scholarships can only cover so much of the price, and even then, the scholarships aren’t guaranteed. Now what about paying off the loans? How will that take? “First, incomes vary tremendously across different choices of majors and professions. Second, the incomes of individuals starting out in the labor market vary according to the state of the labor market at that time.” There are many different factors that go into this process. As stated in the previous paragraph, those who do both work and school are more apt to pay their debt off at a quicker pace. But, how much they make and how often they paid is another contributing factor. If the average college student is making minimum wage (part time) and is going to an in
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
When you graduate from college that is the time you start your life but many are not able to. Some people want to get married or start a family but cannot afford it at the time. By the time they receive their first check they instantly have to start paying their loans back. They are not able to afford rent/mortgage, utilities, or transportation because of it. Mishory O’Sullivan and Invincible (2012), “Found the average single student debtor would have to pay close to half of his or her monthly income toward student loans and mortgage payments. As a result, he or she would not qualify for an FHA loan or many private loans” (Elliott). A Survey ASA did on college students stated, “Student Loans were created to be an engine for social mobility, but they are, in fact, limiting young people’s ability to achieve financial success” (The Impact of Student). A student graduate mentioned, “Student debt weighs on every decision I make from
In my opinion, what you are being told in high school is only half of the story, once you are in college you realize that you will have to face a financial DEBT, which among students seems to be rising and we are overwhelmed with repayment after graduation. According to studentloanhero.com there is 1.26 trillion in total U.S. student loan debt and there are 43.3 million Americans with student loan debt; these are crazy numbers, which in my opinion shouldn’t be that high and we should formulate a plan to lower the numbers.
Kayla Webley proves her argument by using strong and persuasive validations. One of her validations is that most people can afford their student loans. She also states that only a small handful of graduate students leave school with an unbearable amount of
In that case, students might consider loaning options. In order to use a federal loan to pay for the education, it is a must to be enrolled in a federal program offered by an accredited school. Borrowers of the loan must maintain an acceptable academic standards. According to “How to Pay for College”, “The undergraduate Stafford loans have an interest rate as low as 4.66%, no application fee, and no payments until six months after you graduate”. Likewise, private loans can obtain from banks, credit unions, and other lending institutions. Students can directly apply for a loan, but, it will become their financial and legal responsibility to repay the loans. Federal loans are more advisable because private loan providers’ charges a higher interest
Have your parents pay for it. I don’t mean co-signing your student loans, I mean having daddy take his wallet out and cover your costs in full. If you’re rich enough that your parents can afford college without any loans, it doesn’t much matter what you do.
When starting college every student must make a very important decision. Whether if they want to get financial aid or to pay the money up front. Having college debt will not only ruin their credit, but he or she may also have to pay off their tuition for the rest of their life. Research says, “According to the College Board, which tracks students’ financing of higher education, undergraduate students in 2013 through 2014 borrowed in the aggregate nearly $63 billion and received $33.7 billion in Pell grants.” By this quote from “Debt, Merit, and Equity in Higher Education Access” it clearly shows the effects College Debt has on their society, but also on their educational future. Every paycheck they receive, a small portion goes toward paying
As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements). The debt will only continue to grow with neglect, so the most effective action to take would be eliminating the cost altogether.
According to my survey almost half of my class is in debt because of college fees.
Scholarships, financial aid, military benefits, and student loans are all common ways of paying this dreadful tuition. All of which are great free resources to help a person further their education, except
All it takes is determination and hard work. Student loans can be avoided by obtaining as many scholarships as possible, saving for college before you get there, and working to get money to pay cash for college. Student loans can be avoided by applying and receiving as