“In addition to causing difficulty for repayment, increased student loan burdens may affect other life-cycle behaviors of college students as they enter careers or family formation” (Hershbein and Hollenbeck 6). The issues of student loan debt should cause students to pursue other routes of education and careers. “Isolating the causal impact of student loans on future behavior is problematic because the same set of problems that influence student loan behavior may also influence the type of education pursued, academic success, and later earnings” (Hershbein and Hollenbeck 6). Those individuals who are going to the same college and going for the same degree will pay the same amount of tuition. This is not true because some student has more scholarships …show more content…
Students should also consider the type of degree they are going into because you may have to pay more money than someone else who are going for a different degree and it may be harder to find a job in that field and if it may affect their future. When a student graduate college, it is hard for them to find a job and they have 3 months after graduating college to start paying off their student’s loans. That is too short of a time limit when they are competing for jobs with people in the same field as the student who have been doing that job longer. Students should also consider getting as much free money as possible before applying for financial aid as in getting as many grants and scholarships they can. Although some articles I have read has said that students with just a high school diploma earn less than those with a college degree but in this type of economy exploring a trade in which a worker can get paid while learning the trade will be better suited for some students rather than going to college and getting in student loan debt. Going to community college, getting a formal training job, or getting a non-formal training job may be suited for …show more content…
“What Educators Should Know About College-For-All- Policies.” Phi Delta Kappan 97.5 (2016): 49-54. Professional Development Collection. Web. 11 October. 2016.
Hershbein, Brad, and Kevin M. Hollenbeck. Student Loans And The Dynamics Of Debt. n.p.: Kalamazoo, Michigan : W.E. Upjohn Institute for Employment Research, 2015., 2015. Columbus State University Gil Catalog. Web. 15 October. 2016.
Hutchins, Heather. I Don’t Want To Go To College: Other Paths To Success. Chicago: Independent Publishers Group, 2012. eBook Collection (EBSCOhost). Web. 11 October. 2016.
Rose, Clarence C. “Overcoming The Obstacles Student Debt Presents To The Ability To Buy A Home.” Journal Of Financial Service Professionals 70.5 (2016): 72-80. Business Source Complete. Web. 14 October. 2016.
Rosenbaum, James E., Caitlin Ahearn, and Janet Rosenbaum. “The Community College Option.” Educational Leadership 73.6 (2016): 48. Advanced Placement Source. Web. 11 October.
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
The second chapter of this book advocates students to attend college, even if they must take on a moderate amount of student loan debt. They give statistics showing the tremendous gap in wages between a college graduate and a non-college graduate. The third chapter of this book argues the opposite viewpoint of the second chapter. The author states that the cost of college today is too high and that there are too many college graduates flooding the job market causing many of them to go unemployed or seek low level jobs that do not pay enough to pay off their student loans. Both of these chapters will help me to show the two main ...
Many people would agree that our country’s young adults have and continue to incur a lifetime of debt by enrolling in college. It’s become an almost acceptable understanding that if you plan to attend college, you might as well expect to graduate with an enormous amount of debt. Robin Wilson, a reporter for the “Chronicle of Higher Education,” and author of “A Lifetime of Student Debt? Not Likely” suggests student loans are very real and can be life altering.
Once a person graduates from high school they are left with a difficult decision, wither to go to college or not. Some families this is not an option, their kid will go no matter what, but many students do not want to go to school and have so much student debt by the time they finish that they will have to pay off that they decide that college is not worth it. According to Craig Smith in his article in Education Digest he says, “too many families cannot afford to send their children to college so the student is left with making the decision on wither to go to college and collect debt or just skip college altogether” (Smith 42). He has a good point. Too many students feel like they have to pay so much yet they are not really getting much out of it. Smith later on in his article states, “We must stop balancing our state and institutional budgets on the backs of students and families” (Smith 46). School should not be all about money, it should be about helping the students get the education that they need so they can make it out in the big world. If a student is so worried about how they are going to pay their school bill they are not going to be focusing on their class work and it ...
To understand the student debt crisis, one must first understand what caused it and what results from it. College undergraduates use student loans to finance the cost of tuition, room, board, transportation, and personal expenses while attending (Gage and Lorin). Student loans are different from other forms of debt because basic consumer rights like bankruptcy protection don’t apply to students who default on their loans. As a result, students are virtually locked into their debt, offering them little to no ability to refinance it. Solutions to debt problems like consolidation are available to students but that process doesn’t involve shopping for a better deal from competing lenders like it does in other debt areas. Therefore, interest rates often remain high and the loans remain with the original lender (Vanegeren). As Kayla Webley expl...
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.
Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests.
“New Data Confirm Troubling Student Loan Default Problems.” Project on Student Debt: Home. N.p., n.d. Web. 29 Oct. 2013. .
Pharinet. “Is College for Everyone?” Practical Argument. Ed. Lauren G. Kirszner and Stephen R. Mandell. Boston: Bedford/St. Martin’s, 2011. 635-636. Print.
Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up
As people of many ages wish to further their education outside of high school, they tend to take out student loans in order to fulfill this wish since the large tuition payment is not in their budget. Paying for an education that presents a degree seems easy to many by taking out large loans to pay for their education. Recently, student loans have challenged the economy of Americans. Education is perceived as a necessary expense to many, in which they do not mind putting a burden on the economy for. Many people believe those loans can be paid off in a matter of a couple years. However, this idea is misguided as many people do not pay their student loans off until their early forties.
Ross, Andrew. “Mortgaging the Future: Student Debt in the Age of Austerity.” New Labor Forum (Sage Publications Inc.) 22.1 (2013): 23-28. Academic Search Complete. Web. 13 Mar. 2015
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.
With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. 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).