Imagine yourself as a college student, and it is your first day of school. You meet new people, you learn about your school, and you get to have fun with the college experience. Four years later, after all, the partying, studying and so many other things you did, something hits you. You know what that is? It is the one thing you forgot about because you were trying to just enjoy your years of college. Student loans, which can be also known as debt. The one thing that helped you into college is now luggage you have to carry into the real world and it is heavy. Those loans were needed because college is just so expensive nowadays. There are many reasons for this like, colleges are paying the administrators lots of money. Institutions are putting …show more content…
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. Today, the student-loan debt stands at nearly $1.3 trillion, which, for the first time in history, exceeds total national credit-card debt” (Lindsay). Students are using so many loans to pay for college and it is a huge problem. Student debt is at a historic high, and things will get worse because college tuition is only getting more expensive. In the article “Cost Of College Degree In U.S. Has Increased 1,120 Percent In 30 Years, Report Says” claims, “Bloomberg reports that the rate of increase in college costs has been “four times faster than the increase in the consumer price index.” It also notes that “medical expenses have climbed 60 percent, while the price of food has increased 244 percent over the same period.” Resources like food and medication, things we need, are not even close to how expensive college is. For something to raise that much in a short period of time is outrageous. America has a predicament on its hand, …show more content…
They are also paying those staff and administrators more money each year. The article “Here’s what the average full-time professor made last year” points out, “Presidents of public doctoral institutions, meanwhile, saw their salaries rise 11.3 percent on average over the past seven years. And presidents at top private universities saw even higher average raises: 17.3 percent over the same period, compared to 7.2 percent for professors at the same schools. (Private schools tend to pay their faculty more.) Pay for senior administrators, such as chief academic officers or chief financial officers, saw increases similar in scale to their presidents, or even higher, at both public and private doctoral institutions” (Mcgregor). That is a big increase in pay for professors and for administrators even bigger. A whole bunch of money is invested into people who work at the universities. Even more, funds are put into staff and administrators who work part time. An article called “The Real Reason College Tuition Costs So Much” claims. “According to the Department of Education data, administrative positions at colleges and universities grew by 60 percent, …” (Campos). The rate of administrators being hired is astonishing. Colleges are starting to focus more on them than professors because they feel like they are more important to the university as a whole. Not too much to worry about
In recent years, there has been a tremendous increase in student enrollment in higher education after high school effecting the need for financial aid for all students. Education has become a growing part in America where more students want to better their lives with a college education. However, the cost of college tuition has increased and more students find themselves struggling to pay off the enormous tuition rates. In a recent study by the Consumer Financial Protection Bureau, student debt has reached $1 trillion in federal loan debt. Student loan debt has crippled the economy and students are struggling to pay off federal loans. In order to help students with the high tuition rates of college the government and universities offer
Mark Kantrowitz indicates in his article, Why the Student Loan Crisis Is Even Worse Than People Think, that “Student loan debt is increasing because government grants and support for postsecondary education have failed to keep pace with increases in college costs”(Why 1). This means that the government no longer covers for college tuition fees. College graduates are 20% more likely to work at a job that is outside of their major by the debt they are in. Kantrowitz also mentions that “students who borrow to attend college, it appears that more than a quarter (27.2%) of them are graduating with excessive debt” (Why 1). In reality, leads to student saying that the financial cost was worthless, ending up with a job that is especially not what they went to school
Today in America, “The average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year. $1.28 trillion in total U.S. student loan debt...44.2 million Americans with student loan debt”(U.S. Student Loan Hero, 1). We spend our lives working, learning, and trying to survive. In order to survive, we need to be educated. In order to be educated, we need money. To collect money, we need a good paying job. And in order to have a job, we need to be educated. It’s a large cycle that goes around in circles, and we can’t seem to find a steady way to help provide these things for everyone. While we all strive to make the best of every situation, money has become an issue, creating problems in many lives around the world. “According to the College Board, the average cost of tuition and fees for the 2016–2017 school year was $33,480 at private colleges, $9,650 for state residents at public colleges, and $24,930 for out-of-state residents attending public universities” (COLLEGEdata, 1). And it’s not easy to have a positive look on the American dream when our own president in spouting things like “Sadly, the American Dream is dead” (President Donald
The cost of college tuition continues to increase each year. If this keeps increasing the way it has been, students will be indebted the rest of their life. Author of “The Looming Student Loan Crisis”, Jackson Toby states that student loans have increased along with the increase of tuition costs. In 2004, the average unpaid student debt was approximately $18,650...
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.
Imagine stepping into the halls of college, filled with dreams of a promising future, only to be met with the harsh reality of overwhelming student loan debt, as shared by individuals like Philip Rogers and Chloe Peterson. In recent decades, the landscape of higher education in the United States has undergone significant changes. The cost of college tuition has skyrocketed, far outpacing inflation rates. This trend has led to an unprecedented surge in student loan debt, with graduates facing substantial financial burdens upon completing their education. Additionally, job prospects and median salaries have not kept pace with the rising costs of education, exacerbating the challenges faced by recent graduates in repaying their loans and achieving financial stability.
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
I’ve routinely seen estimates that two-thirds of students take out loans for college. The New York Times, however, conducted an analysis that concluded that 94% of students who earn a bachelor’s degree borrow. That’s up from just 45% in 1993.Only 7% of students at public colleges and universities graduate without borrowing while only 5% of grads at private schools can pull off this feat. The average debt is $23,300, but 10% of students borrow more than $54,000 and 3% borrow more than $100,000” (O'Shaughnessy 1). This number is increasingly high compared to what many people think. People do not realize how much money is actually borrowed in order to complete
Throughout adolescence, there is a constant reminder of how important a college education is if one wants to be successful in life. Unfortunately, after generations of working hard and developing massive amounts of student debt, people begin to question the quality of a degree. The significance of college degrees gets muddled underneath the amount of stress student debt puts on people while they are pursuing individual dreams. In some cases, because of the amount of debt that has accumulated, people are never able to improve their lives after working hard through school. In this study, the effects of rising tuition are looked at through the perspectives of five individuals. There are many different types of people that are affected by the
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.
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.
Social Issues in College Education and the Student Debt Crisis. Hayley Engelman Central Methodist University SO101-OA: Intro Sociology Professor Barwick March 3, 2024. Introduction For many high school graduates, receiving a college degree is a huge step towards achieving success in the workforce, in the United States.
The government is literally telling students that regardless of the variability of their income – or if they even have one at all – that they must pay back their loans. Now, how exactly is a student supposed to pay the government back when they may not even have a job? Why should students be punished for being unemployed because the economy might be experiencing a recession? The government’s predatory-like approach to having students repay their debts is asinine to say the least. The government should be trying to alleviate the problem instead of merely blaming it on students.
One of the first steps toward college reform is to begin adjusting our tuition rates accordingly. Many college institutions have steadily raised the cost of tuition resulting in many students to have difficulties paying for college across the United States. Tuition rates have been a huge barrier for college undergraduates: "Over the past three decades, tuition at four-year colleges has more than doubled, even after adjusting for inflation" (Fact Sheet). Tuition is steadily increasing, causing college to become more expensive than in previous decades. Instead of helping Americans who have a desire to attend an educational institution, the government is slowly making it harder to attend and pay for college. High Tuition is preventing college undergraduates from obtaining a degree, causing many to be in a financial crisis when taking into account student loans and paying for tuition. Having high inflation rates in the economy is only making it worse and more difficult to get a higher education. The government would undoubtedly want to see improvements in employment rates within the United States, yet when Americans are trying desperately to obtain a degree, they have to deal with the overwhelming, costly tuition rates that have caused many to slow graduation and make college students pile up more debt than necessary. Thus, students often worry about debt