About a few decades ago, colleges and universities began raising their tuition cost, but recently have gotten out of control. According to Steve Odland, tuition has risen triple the inflation rate (26). In addition, more college students are graduating with enormous amounts of student loans. The burden of loans creates more liabilities than assets towards students. Therefore, from the start students are at the bottom of the disposable income graph, which leads to an increase in income inequality and a decrease in economic stability. Although many people believe that a college degree will eventually lead individuals and our nation as a whole to prosper, the consequences of rising tuition on our student loan debt, the effect that debt will have on research and development sector, and our investment sector far outweigh the benefits of obtaining a degree at such high tuition costs. Alternative views …show more content…
For one thing, a college degree provides higher earning potential, in other words, a higher income. According to a U.S News survey, bachelor degree holders earn an extra 1 million dollars over their lifetime than someone who only has a high school diploma under their belt (Peralta). Also, someone with a college degree will have more job opportunities, greater benefits, and stability. All this leads to more satisfaction, which in turn reflects on individual’s families and the economy. These points are indeed misleading because students have to make monthly loan payments for years, which reduces their income and causes hardship throughout the economy. A study done by Pew Research shows that a high school graduates “earns 3,137 more dollars quarterly than a bachelor’s degree holder who pays student loans” (Smith). Therefore, students aren’t improving their stabilities; they are just putting more pressure on their families and
Over the past decade, it has become evident to the students of the United States that in order to attain a well paying job they must seek a higher education. The higher education, usually a college or university, is practically required in order to succeed. To be able to attend these schools and receive a degree in a specific field it means money, and often a lot of it. For students, the need for a degree is strong, but the cost of going to college may stand in the way of a successful future. Each year the expense of college rises, resulting in the need for students to take out loans. Many students expect to immediately get a job after graduation, however, in more recent years the chances for college graduates to get a well paying job isn’t nearly as high as it used to be. Because students can no longer depend on getting a job fresh out of college, it has become harder to repay the loans. Without a steady income, these individuals have gone into debt and frequently default loans. If nothing is done to stop colleges and universities from increasing the cost of attending their school, the amount of time it takes for students to pay off their loans will become longer and longer. The extreme expenses to attend a college or university may leave a student in financial distress: which may ultimately lead to hardship in creating a living for them and affect the country’s economy.
Today two thirds of college students need to take out loans to pay their tuition. Inflation on college tuition has more t...
In the article “Learning by Degrees” by Rebecca Mead describes both sides of the argument is college worth the money. Rebecca tells us the benefits of going to college by giving examples of certain degrees that are paying well and have a good hiring rate. For example college students who earn a degree in business have a 44% chance of making it into a job right out of college or students majoring in economics have a good starting pay around $50,000 per year and could get to over $100,000 before they retire. Both of those examples show why college is a good investment and will get people better jobs.
First, college degree graduates have better opportunities in finding a high wage job. “Graduates enjoy increased opportunities for employment at higher rates of pay, providing them with the wherewithal to pay off debt, if they are wise stewards of that debt.” (Smith, 29) People with college degrees have higher chances of being successful in the future because employers would rather employ those who holds a college degree. However, although there are some people who did not attend college find jobs that can help satisfy and support their lives, they cannot compare the earnings of college graduates who holds a degree. My cousin, holding a Bachelor’s degree of Business Management, graduated 5 years ago from College. At first, College education can guarantee the success of her goals, but because of her persistence, she is now a successful businesswoman. She has now a full-time job that can support her family and has already built her own home. With this means, having a college degree helps a person not only achieve their own goals but also being independent. “Realistically, having a college degree will likely mean a com...
There is a graph that was published in the article “Value of a College Degree” and it does a phenomenal job showing the difference between having a high school degree compared to having some sort of college education. Although it shows that the average person who gets a bachelors in college tends to make about 500 dollars more than someone that only has a high school diploma, it also shows that the unemployment rate for people with a bachelors degree is about half that of someone with only a high school diploma
The student loan "debt has passed $1 trillion... Nearly 20 percent are in default on their student loans" in the United States. Many schools and jobs encourage students to further on their educations but how could students keep up with the total cost of college? Ironically, a strong educated workforce is what will help maintain America in shape but college prices have been going nowhere but up. This can create a strong effect on many of the younger students thinking about attending college, "today 's teenagers might be experiencing more and more "financial anxiety" and aversion to debt than previous generations."(Jake
After finishing college you can be ahead of your colleagues. Your qualification will determine your position in the company you work in, also will increase your anual salary. “College graduates earn more, and are more likely to have a job in the first place” (Rotherham 79). Unemployment is a serious issue in the U.S. This topic is brought countless amount of times. Unemployment rates for people with college degrees are far less than a person with only a high school diploma. Also the chances of someone getting laid off is also far less likely versus someone with a high school diploma. In the article “Why college isnt for everyone” by Richard Vedder the author mentions “A person who compares the annual earning of college and high school graduates would no doubt conclude that higher education is a good investment” (Vedder
A college education has become the expectation for most youth in the United States. Children need a college education to succeed in the global economy. Unfortunately for the majority of Americans the price of an education has become the equivalent to a small house. The steep tuition of a college education has made it an intimidating financial hurdle for middle class families. In 1986-1987 school year the average tuition at a private university was $20,566 (adjusted to 2011 dollars) while in 2011 the average cost was $28,500 for an increase of 38.6%. Similarly in public universities there has been an increase in tuition: in the 1986-1987 school year the average tuition at a public university was $8,454 (adjusted to 2011 dollars) while in 2011 the average cost was actually $20,770 for an increase of 145.7%. Most families who are able to save for college try to do so, therefore their children are not left with large amounts of debt due to loans. Nevertheless, families are only able to save on average around $10,000, which is not enough to pay for a full educ...
According to the Bureau of Labor Statistics, college tuition and relevant fees have increased by 893 percent (“College costs and the CPI”). 893 percent is a very daunting percentage considering that it has surpassed the rise in the costs of Medicare, food, and housing. As America is trying to pull out of a recession, many students are looking for higher education so they can attain a gratified job. However, their vision is being stained by the dreadful rise in college costs. College tuition is rising beyond inflation. Such an immense rise in tuition has many serious implications for students; for example, fewer students are attending private colleges, fewer students are staying enrolled in college, and fewer students are working in the fields in which they majored in.
A college education has higher benefits in the long run for better and higher paying jobs. Some people think no matter what the education gives them it is not worth the cost. However, a large amount of graduates of college stated that it treated them well, taught them more and college was
...ggled with high debt burdens that adversely impedes their lives. Also, it will threaten to the affordability and success of higher education in the US. I believe that through my research paper in can prompt American college students to make wise and informed decision on financing higher education. Moreover, it will make the education policymakers aware that the rising education debt has a serious implication for college access and affordability, prompting them to decrease total student loan debt amounts by holding down college tuition and increasing the federal student aids.
Tuition has risen at an astonishing rate. Kids have to do a lot in order to pay for college nowadays. Loans are the biggest way to pay for college. The article “Sorry, But 'College Is Too Expensive' Is Not A 'Myth'” states, “In the past quarter-century, tuitions have risen 440 percent, roughly four times faster than general inflation over the same period. As a result, students and their parents have amassed historic debt in an effort to keep pace with tuition hyperinflation.
One of the most important contributions of rising student debt issues across America is the infamous rise of college tuition. Obviously, the rise of tuition is probably the main factor for student debt, but it has completely been ridiculous these past couple of decades. Really, it is astonishing and scary to seeing the increase of college tuition that has risen in the past couple of decades. According to economists from the Christian Science Monitor, “four year public college tuition has risen
American culture has embedded the idea that education is essential for a successful and thriving future; however, the price for higher education has increased almost 82% since 1980 (Shabazz). On the contrary, minimum wage, jobs, and government programs have been stagnant. Students are expected to pay back steep student loans with mediocre jobs and deficient wages. This ignorant concept leaves students with an absurd amount of debt that is practically impossible to pay off within a reasonable amount of time. Student debt creates a long-term financial struggle that can deter future socioeconomic decisions and opportunities.
It's a fact that higher education and college are necessary for society, as it stimulates growth, jobs, and has many benefits for the economy, but there are jobs which don't require a degree, are crucial to the economy, and pay well like fixing cars, unclog toilets, or build houses. The economy today is in high demand for these jobs, and rather than being “...hustled off to college, then to the cubicle, against their own inclinations and natural bents…” (Source A), young people can learn and practice these skills at a young age and make a healthy living off