Regarding my current financial standing, $10,000 would reduce my student loans by more than a third. This would knock an enormous amount of interest off and would give me a significant head-start on paying my loans off. Holding a degree in accounting, I can assure myself that starting now to pay my loans off is the best option possible. Computing calculations, my goal would be complete if I could pay my student loans off in less than five years.
The impact $10,000 would have on my debt is bigger than life itself. As mentioned, I am a first generation college student, so not having any guidance on college going in placed me at a disadvantage. I had never once thought about how much college would cost, the only thing I knew was I wanted to attend.
Currently applying for graduate programs, this money would further allow me to obtain a higher quality education. I wouldn’t have to limit myself as much, or work so many hours just to make ends meet. Coming into college I tried my best not to take out any loans. I quickly realized in order for me to survive, that loans were not a debate, discussion, or an option. Loans gave me a cushion room so that I would not have to stress about money while paying for classes. The result of those student loans just to hold a degree, has placed me in a compromising position. I know that the amount of my student loans will soon increase, because I want to get a Master’s degree. This $10,000 would jumpstart my future so that I can continue on with pursuing my career. I have never put a price on receiving an education, but I also did not want to dig such a hole that I could not get out of. This money would be the breakthrough, encouragement, and blessing that I have been waiting for. Regardless of any matter, my work ethic will not change. I am committed to being the best I can be, and will continue striving to produce the best future I possibly can.
Even though choosing to go to college is something that takes a lot of thought, there’s still the idea of how to pay for it. That topic is touched by Robin Wilson in his article, “A Lifetime Of Student Debt? Not Likely.” In his article he talks about how taking out student loans isn’t as bad as it sounds. He argues that taking out student loans is something that you won’t notice in the future, they’ll just be like other bills that need to be paid. Most people who do have student loans, are still able to live a comfortable life, not scrabbling like most would
Finally, so far the best ways to be able to pay off student loans are to either save up money up to the age of college preparation, find a degree that can pay well, and to find a college that can give you the best
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
The critical challenge within in today’s society is that college tuition should be free or if not free, more affordable for all students. Certainly, higher education should not be considered a luxury where only the wealthy could afford, but an opportunity for all caste systems. It must be an accessible and affordable opportunity for all students in order for them to invest in their education. Higher education is important because it provides more careers to choose from than the careers offered without having a college degree. Ultimately, the issue here is whether it is right to make college tuition more affordable for the students.
(Ramsey 108). Making sacrifices with your money now, will make your hole of debt that much less. The less you have to worry about debt, is the more you can focus on you. Around 30% of student loan borrowers have dropped out of college and have to continue paying the debt with just a high school graduate salary.
Many Americans are seeking an ideal presidential candidate for our next election; furthermore, many college students seek a candidate that has their best interest in mind, leading many to focus on Bernie Sanders and his ideas for an affordable education system. In the article, The Myth of the Student Loan Crisis, Nicole Allan and Derek Thomas focus the article on the risky investments of college and questioning the rising debt levels as a national crisis. While Allan and Davis claim the risk of college and mention rising debt levels as a national crisis; however, Allan and Davis use charts to support their stance while avoiding the issues Americans need to focus on, such as the rising cost of college, “justifiable debt”, and the cost of those not contributing to society.
Should student debt be forgiven? This question has been asked more and more throughout the years. There have been plans created to forgive student debt, and it has even been written about in popular magazines. For instance, a proposal has been made by Appleman to why student debts should be forgiven. In the short essay, “Is Forgiving Student Loan Debt a Good Idea?” by Kayla Webley, she illustrates that student debt is a problem, despite the political and economic flaws in Applebaum’s proposal.
Attending college has changed quite a lot throughout the years. When it first arose, it was only accessible to the wealthy, and it was unheard of for everyone else. Only a few decades ago a bachelor degree could almost guarantee a comfortable job, and it was another advantage to any resume. In our current times, many students struggle and are unable to go to college due to the rising price tag that is not showing any signs of slowing down. A college degree is what most employers look for now-a-days, making it more essential than ever before. Unfortunately, it is becoming increasingly difficult to attain one. College tuition and fees should be lowered because 1) student loan debt is crippling for college graduates, 2) lower tuition will increase the accessibility of education, and 3) regulated tuition would lead to a
When it comes to achieving success in the working industry and accomplishing a successful career an education is important. Getting a degree is essential to be successful. The issue is the higher the education the person wants the higher the cost is. Nowadays, not everyone can afford paying out of pocket for an education, which mean that students are forced to take out large amount of student loans to achieve that degree. Student debt is an ongoing problem, students are gaining oversized debts that most of the time if not ALL are defaulting and jeopardizing future credits. How much debt it too much debt? Everyone should have the liberty to
In an article written by Andrew Lehren, the author provides the bold statement that “the only thing worse than graduating with lots of debt is not going to college at all” (Lehren). In today 's society, many families lack the funds to provide a full ride for their children in terms of college. Due to this fact, many people turn to alternate solutions such as loans or diving straight into the workforce instead of attending college at all. These solutions, however, may greatly affect a person throughout the course of their life. The problem of college debt is increasing rates in regards to tuition, however, fortunately there are various solutions accessible in order to decrease or eliminate the debt that many american students face.
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
One thing that people often overlook when writing an essay is not what the college can do for you, but what you can do for the college. With that in mind the attributes that I possess would make a great addition to and benefit the college greatly. My ability to speak in front of large crowds, lead, and my thirst for knowledge have sshasfdafy
The process of preparing for college is an arduous process. College is an instrument used to have a successful life. However, getting into college is difficult. The competition for college admittance is extremely high. Most students do not take the necessary actions to ensure their admittance. Consequently, many students do not get attend their ideal college. Therefore, I have taken steps to make certain that I attend the college of my choice, By taking care of my class ranking, actively participating in school functions, and researching my intended degree, I have set myself up to attend the college of my choice.
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.