Essay On Student Debt

For many people in the United States, going to college is considered a rite of passage. However, in recent years with student loan debt increasing, many believe that college is actually not the way to go anymore. Those who think that college is not a worthwhile investment are simply choosing to ignore the facts. A college degree in Americas today is becoming more and more necessary to be successful in the workforce. Student loan debts often intimidate people into believing that college is not the right path for them, but in today’s economy, a college degree is paramount.

Obtaining a college degree is as critical as ever. In fact, more and more jobs require a college education each year. “According to studies based on economy and job projections calculated by Georgetown University, in 2018, approximately 63% of jobs will require some kind of college education or degree (Is a College Education Worth it?).” In just three short years, well over half of the jobs available to the work force are going to require a certain level of post secondary education, and that

statistic is constantly rising. Not only will a college degree be required for the majority of jobs, but it also can and will provide job security during times of recession. During the recession between December 2007 and January 2012, jobs requiring a college degree grew by 187,000 while jobs requiring a high school degree or less fell by over 5.5 million (Is a College Education Worth it?) Having a secure job during a tough economic time, such as a recession, is something that cannot be obtained with anything less than a college degree.
In this day and age, degrees are money. The United States Census Bureau has revealed the staggering difference in annual pay between high school graduates and degree holders. Those with a high school diploma only make an average of $27,915 a year, while those with a bachelor’s degree make an average of $51,206. That is over a 20,000 dollar difference in pay each year (How Much Money Do College Grads Make?). According to the Labor Department statistics, the pay gap between college graduates and high school graduates reached a record high last year; and it will keep growing (Is college education worth It?). People who think that College Degrees are not financially beneficial are certainly mistaken. The pay difference is daunting, and the demand for college graduates is still growing.
The one issue that college doubters seem to rely on to justify their beliefs is the high price of student loan debts.

They claim that the amount of debt student loans bring will not be repaid by having a degree. However, that couldn’t be farther from the truth. Even though the average student borrower graduates with $26,000 of debt, it is still more financially beneficial to have a college degree (Is college education worth It?). According to a paper published on the journal Science, the actual cost of a college degree is negative $500,000 (Leonhardt). In the long run, college is going to make you money, and not attending college is going to lose you roughly half a million dollars. The upside of a college degree is far greater than the downside of student loans. It is true that student loans can be quite pricy and intimidating, however it is not true that they outweigh the benefit of a college

diploma.
Besides the fact that college graduates have a higher chance of employment, higher salary, and a higher job stability rate, college is also a valuable experience for any young adult. It prepares students to be mature, responsible grownups and sets them up with the opportunities to do well in the work force. Students who go to College will have a strong sense of independence, and will be ready to make impactful decisions on their own. College brings more to the table than just an education and a degree, it provides valuable experiences of maturity and coming of age situations. College is the obvious choice after high school. All students should thoroughly evaluate their current standings and decide to put in the work it takes to earn a college degree. The experience and long term benefits of a post secondary education are simply unmatched. So get up, get to work, and get a degree.