The Evidence Any change to the help alleviate the student loan debt crisis, must be a change that will last in the long-term. Many proposals, like the proposal of making college free, wouldn’t be able to support itself in the long-term, because eventually it would run out of funding. If the reform implemented to relieve this problem wasn’t long-term, things would go back to the way they are now, or may even become worse. Many critics disagree with the point that this program would be financially stable and say that it is too expensive to work. However, in the beginning it does seem somewhat expensive, but the price tag on it is only to get the program started. After the fourth year in effect, the program will require less funding each …show more content…
In an article covered by CQ Researcher, they examine Jasmin Johnson’s story as a college student and how she is $65,000 in debt and still doesn’t have a degree. She has dropped out of two colleges, because she couldn’t keep up with working and her schoolwork. She is currently in a third college and is working a full-time and a part-time job to pay for her tuition costs. There are many students like Jasmin who are trying their best to earn a degree, but who are struggling to keep their grades where they need to …show more content…
By students not worrying about paying for college while they are in school, they are more likely to graduate. College graduates help lower-class individuals, mainly because they make more than the average high school graduate and they learn more about others socioeconomic classes while in college, “Moreover, those with college degrees are more than twice as likely to volunteer and they contribute nearly 3.5 times more money to charity.” (Trostel, 2012) By donating to charity, graduates are demonstrating kindness to others and many times people who witness this kindness go on to do acts of kindness towards
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.
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
Carneval, director of Georgetown University’s Center on Education and the Workforce agrees that going into debt until you’ll be earning more money is the way to pay for your education. “The only thing worse than borrowing is not borrowing and not going to college at all,” stated Patrick M. Callahan, president of the National Center for the Public Policy and Higher Education. Lauren J. Asher, President of the Project on Student Debt group, states that the financial risk has increased. Ms. Asher points out that more students graduate with at least $40k in student-loan debt, “People lose control of their finances, and sometimes they make choices you wish they hadn’t made.” Darla M. Horn, an organizer of the student-loan-debt art show in Long Island City, NY realized she hadn’t been aware of how much money she had borrowed while in college. Referring to herself as financially illiterate, she found herself “just signing the documents and faxing them
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
There is no doubt that college is expensive, price tags for some universities go over a quarter of a million for just a bachelors degree! (That’s if you graduate in four too). The extravagant price for college is no doubt crazy. Trying to better yourself and your future shouldn’t cost $250,000 plus. If public universities were to be free a plethora of problems could be solved instantly. According to Forbes the National student loan debt has surpassed 1.2 trillion dollars (Denhart )! This number is growing exponentially as more students enroll in to college. Why question then whether college should be free? Well, this number is the total amount of student loan debt from all students that have exited college. Some of these students are freshly graduated while some are aged with the wisdom trying to pay their loans back. If public universities were to be free and funded by our federal government, our government would pay this amount within ten years. Relatively a short amount of time considering that the student loan debt is an accumulation debt from students that have graduated more than ten year ago, also this also greatly increase with the following years as well.
An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling on the government to forgive their student loan debts so that through their spending the slowly recovering economy can finally return to its pre-2008 strength.
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.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
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
With tuition rising every year, students face the challenge paying the debt achieving a college degree comes with. “Student debt surpassed credit-card debt in June 2010 for the first time in history, rising to about $830 billion — or nearly 6 percent of the nation 's annual economic output”(Clemmitt, Marcia). Not everyone has a ton of money just laying around. Being that financial trouble is the biggest problem for students, they begin to question whether college is worth it or not. In recent years, students have taken out loans to help with expenses. Most students choose to attend a community and junior college to help minimize the debt. Even after graduating with a degree, students still face the struggle of finding a job in this economic time. For higher class families this may not be a problem to them. But for the middle class and low income families, they face tougher times being that they don 't have the financial help like higher class families do. For the middle class and low income families, it makes more sense attending a community and junior college rather than a four year university.
Bird argues that students should not risk being in debt for the rest of their lives, while Wilson claims that many students graduate with a reasonable amount of debt, therefore going to college ultimately will benefit them. In Bird’s essay, she explains that going to college and graduating with a lot of debt does not always benefit students because jobs in certain fields are scarce, like psychology. College graduates thus do not always get the job they prepared for, instead “most of them wind up doing what there is to do” (Bird 378). Bird refutes the idea that going to college leads to better job opportunities by claiming that the job market is “shrinking” causing a lack of jobs for college graduates entering certain fields. On the contrary, Wilson states that “debt is the best way to pay for education because you’re shifting the cost forward until you can earn more money” (260). She claims that the only reason students graduate with a lot of debt is because they chose to attend the college of their dreams regardless of the cost (257). If students were more reasonable in their college choices, their overall debt would not be so drastic. Wilson believes that even though college students may graduate with a lot of debt, college is still worth the
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.
If college educations were tuition-free, student debt would not continue to crush the younger generations. The absence of debt also would decrease the harm done on young adults’ credit scores. They would be able to spend their money on cars,
Education reform has been an ongoing debate in the United States for many years. The latest argument that many politicians, teachers and even students have debated is whether or not four-year public universities should be free. Even Barack Obama pushed for a plan that would make two-year community college free for everyone. In addition to this, Bernie Sanders has made free higher education one of his main political platforms in his presidential candidacy. According to "How America 's Colleges Could Be Tuition Free," student college debt has passed the one trillion dollar mark (collegerank.net). This number is unreasonably high. With all the hype, most people’s initial reaction would be to agree with free higher education. Knowledge and education
Individuals who attend institutions of higher learning offer many benefits to society as a whole. Some social benefits realized from those with a higher education include increases in the individual’s volunteer activity, as well as increase in overall individual health and well-being. A report from Analyst Diana Wardell, entitled “The Benefits of Higher Education,” states that individuals who did not complete high school made up 9.9% of those who volunteer their time, while those with a high school diploma made up 21.7%. Those who have some college experience made up 34.1%, and those with a Bachelor’s Degree made up 45.6 percent of those who volunteered their time. Additionally, those with a high school diploma, with an income ranging from $35,000-$54,000, 62%, report to be in excellent or very good health, while 73% of those with a Bachelor’s Degree, in the same income bracket, reported to be in excellent or very good health (Wardell, Benefits). Similarly, an article e...