Student Debt Essay

Student Loans

Faith Uvalle

Many young adults say they are upset about the rising price of going to college. There is a little dispute today that the number of students who have debt has increased, and the amount of money that they have borrowed has gone up. Many students incur large amounts of debt that they will never pay dividends higher wages or greater job satisfaction, and they graduate into a world with poor employment prospects.

Student debt has recently passed 1 trillion dollars, which has caused many to voice their concerns over a modern college education. This generation has been touting undergraduate degrees as a necessity for success in the modern age, but with student debt rising, formal degrees may not be

the solution that they are hoping to be. Since the argument has begun, many papers have been published, opinions expressed, and conversations had, and with heated debate on both sides, the answer may be more complicated that many believe.
Proponents for a college education for all young adults believe that even though the cost of university is increasing, the money made from a career requiring a postsecondary degree will recoup the losses of the eventual graduate, and live happier and more fulfilling lives.

However, the opposing stance believes that jobs are already few and far between for many graduates, and that many students who do not finish their degree, whether for personal or intellectual reasons, will not be able to make the money back that they have spent, and will live most of their lives indebted to their past.

The main motivation for going to college, for many students, is to find a job that will give the student more money. However, many maintain that with the cost of tuition of a traditional university rising, it may not be worthwhile to spend up to one hundred thousand dollars on a degree that they may not use their whole

life.
Tuitions for enrolling for colleges are increasing every year.

This growth of tuition makes Students feel pressured when they choose to enroll any class in colleges. Most of students are paying their tuition themselves because they would like to be independent from their parents after they reach the age of 18. According to The Huffington Post, 35% of students are paying for their own tuition and 4 out 5 students are working part-time while studying for their own degree. They are certain to be responsible for their own livings. However, it is not an easy thing for students to pay their tuition now because the economy of the United States is depressing at the moment. Jobs are getting harder and harder to find. In this case, students don’t have enough money to pay off the tuition because it is hard to find jobs to equal the cost. Some of them go to loan from bank or get financial aids from schools, but these methods have prerequisites that some of the students may not acquire. Moreover, there is no longer guarantee for college students to find jobs after graduating from colleges. Students are facing difficult problems caused by high cost of tuition like defer study, debt and unemployment even if graduated.

Education is a critical part in society in the current day and age. Many students pursue such important concepts for a brighter future. However, these student loans can potentially destroy the dreams of many talented scholars. Students dread the aftermath of receiving a good

but a very expensive college degree.
Many universities have to completely cut out a department, merge it with another one, or hire part-time faculty to meet budget restrictions, while impacting faculty morale. The average college student leaves a 4 year university with over $20,000 in debt. For others, it can be around $100,000 if they are pursuing a graduate degree. Last year, Governor Chris Gregoire signed a bill into law ultimately giving universities the power to increase their tuition. WSU recently approved a 16% increase in tuition raising their costs to over $25,000 for one academic year. Although the state of Washington has a huge deficit to control, the budget cuts they make should be minimal to our public universities and community colleges.
Debt is something that haunts us all. Student loans are a type of debt that continues to affect about 37 percent of the American people. These loans affect our population by not allowing people to live the normal lives that they should be living but are rather burdening themselves with debt. If student loans are forgiven, they will greatly boost America’s economy and increase social interactions such as marriage. If the loans are not forgiven, there are multiple ways for the loans to be paid off quicker and easier rather than straining one’s self to pay back the debt.
Finally, some ways we can save some money for college. Start by using free money first. Most people skip over this step because they dont think they will qualify for free money. We need to make it an easier approach to apply for financial aid. You can also apply for federal loans. If you qualify for this particular loan, the government will pay you’re interest while you’re in school. Another thing most teens are capable of is saving their money before hand. Always get a head start on saving money while you can. You can open up a savings account and start saving that way. Student loans is a hard subject to make both sides happy. If we give free college, then it gets abused and not used properly. If we dont give financial aid, then students dont have enough money to pay for college. Its a lose-lose situation, that hopefully soon gets resolved.