For most Americans, the best way to better your life is by attending college. Numerous American college students take out loans to be able to attend community college, and a university. Unfortunately, with college tuition increasing, so does the amount of loans that is necessary to afford it. Many Americans are in debt, it is affecting the American family, and prevents college students to start their own family. Countless students who took out loans are struggling to be able to pay off their student loans, and many of them are defaulting on their loans (Jackson & Reynolds 2012). Default on student loans from the department of education can result in garnishing wages and lower your FICO score (Jackson & Reynolds 2012). With so many Americans …show more content…
default, it makes it impossible to raise a family or even survive on your own. With increasing debt that Americans get themselves into with going to college, make you wonder if it’s worth going. But for most Americans, college has always been valued into today society.
With Harvard being the first college built in the in the 17 century, college played a role in our society. Unfortunately, with the high cost of college, many of those who are pursuing to go to college are having a harder time being able to pay for it. With the increasing college tuition, many Americans will not have the opportunity to attend college, and even if they remain in pursuit of college, they must take out loans that will affect their young adult life. In one case in particular, 2 researchers looked how college graduates were struggling to find jobs after college. They found that half of college students are working and making $34,000 a year, and the other are full-time graduates students (Arum & Roksa 2012). The half who remained in college, did so because they are not finding jobs that match their level of satisfactory when it comes to the salary to pay off their loans, and they weren’t pleased at entre level careers. Although a handful of people remain in college, and start their journey of starting a family late, many students are out in the job market looking for …show more content…
jobs. Although students are seeking employment in the job market, many of them are looking for jobs that had nothing to do with what they study and majored in during their college years (Choi 2014).
A large amount of college graduates seeks employment to where they can start paying off their student loans. For those who took out federal and state loans, you will have to start making payments after 6 months of your graduation date. So those who are looking for jobs are looking for jobs with higher salaries and benefits. Given that health, dental insurance is costly, college graduates look for jobs that includes them, because they will not be able to afford it by themselves, because they will not be able to pay for insurance. Most people go to college to study major something that they will be interested in, and for the betterment of society. According to Choi, many students go back to school to major in a field that can be lucrative now and later (Choi 2014). Debt changes the behaviors of students who may seek out one career over the other, because they want to be able have a job after college to pay off their debt. At the same time, those who are seeking employment are not being treated equally in the job
market. Ultimately, men and women is viewed differently in market sector when applying for career jobs. “Women and men face different labor market opportunities and so their assessments of whether debt is worth the eventual goal of a college degree can easily differ” (DWYER, HODSON, & MCLOUD 2012). With women more like to attending college than men, women are more than likely to take out more loans than men. With them having to acquiring much in loans, that are effected by sexism in the work place (Dwyer, Hodson, & Mcloud 2012). Man are more likely to receive a job faster after college, and more likely to get the job over women who is equal or more than qualified than a man. The affects how women will be able to start and be able to pay off their loans, if men are more favored over women in the job market. For women who decided not to attend college, are more subjected to have a pay gap when you compare wages for men and women who didn’t go to college (Dwyer, Hodson, & Mcloud 2012). So women are better off to go to college so the wage gap will not be so large, that its financially cripple women chances to pay of their debt faster. With student’s loans effecting college graduates, it makes it harder for them to transition into adulthood. Many Americans students are being force to move back home, and remain dependent on their parents. Like most college students coming out of college, they don’t have the resources to be able to pay their monthly payments for their debt, and afford an apartment. As I stated before, many students deterred from a career that they wanted to do, like public services jobs, to more time-consuming jobs that they’re not pleased with. Debt makes one not be able to pursue something they interesting in, because the fear of remaining in debt. According to Houle, college students who boomerang double since the 60s, and 70s (Houle 2017. With student debt ceiling being 1trillion, is forcing student to move home, which keeps the parents supporting their children, rather than themselves being able to take care of themselves. Those parents who went to college before college was expensive, didn’t have to rely on their parents after graduating college. Many of them were independent from their parents and was starting families after college.
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
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.
In Caroline Bird’s “College is A Waste of Time and Money”, it’s argued that there are many college students who would be better off if they were to begin working after high school graduation. Colleges and universities can no longer ensure that one will go on to get a better job, getting paid more than they would have without a higher education. However, high school seniors still stress about where they will be attending college, how they’re going to pay for it and what they’re going to study for the next four years. Bird points out how college has changed over the past few decades and how, in turn, it has set many young adults up for disappointment, if nothing else.
Although a college education grows more and more expensive every year. People begin to question whether college is a good idea to invest in or not. “As college costs continue to rise, students and their families are looking more carefully at what they are getting for their money. Increasingly, they are finding that the college experience falls short of their expectations”(Cooper. H Mary). Many people believe that the cost of a college degree has outstripped the value of a degree.Studies show that a college degree will increase your earning power. A lot of people say that a college degree now is worth what a high school diploma was wor...
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
Going to college has become a staple in American society. College helps students achieve greater job opportunities, increased salaries, and an awe-inspiring sense of independence. College has even been called “an economic imperative” (Owen and Sawhill 208). In “Colleges Prepare People for Life” by Freeman Hrabowski, Hrabowski argues that college not only prepares students for jobs, but more importantly prepares students for their upcoming journey through life. Hrabowski’s purpose for writing this argument is to dismiss the views of people who believe that college is not worth their time due to expenses, debt, and the fact that students will not be prepared for the outside world. He argues that students who earn a college level degree are more
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.
career field because of their debt” (Life Delayed: The Impact of Student Debt on the Daily Lives of Young Americans). Additionally, even if a college graduate made the decision to make a large purchase, such as a house, “the mounting rate of default on student loans is hurting young people’s credit ratings – and making it much harder for them to buy a home or condominium” (5 alarming facts about America's $1.3 trillion in student loan debt). As a result, student loan debt not only hinders the lives of borrowers, but it also affects the economy. “If student loan borrowers continue to sit on the sidelines and delay diving into economic commitments, the perilous position of the U.S. economy will continue to plod cautiously along rather than prosper with the help of a new generation of well-educated consumers” (Life Delayed:
With college being a social norm and being looked at as the path or key to success, many who walk down that path, face financial nightmares. Most students face the struggles of paying for tuition, text books, food, housing, commute, etc. For this reason, a lot of students have no choice but to take out student loans in order to continue their studies and get a college degree, in hopes for a better future. To get a sense of how many people are struggling financially due to student loans and debt, the United States has an accumulated total of approximately, 1.4 trillion dollars in student loan debt. The vast amount of student debt has created many barriers in many people’s lives, which is why the government should make it easier for individuals
Having a college degree is more important now than ever before as there are fewer and fewer high paying jobs available to those with just a highs school diploma in America. This may sound like a good thing as it incentivizes more people to obtain at least an associate’s degree, but in recent years we have seen a steady decrease in college enrollment from its peak in 2010. This decline is focused mainly in community colleges where there were over 800,000 fewer enrollments according to government data (cite 6). The number of students that enroll in community college is particularly telling as these campuses cost far less and therefore draw heavily from low-income households. This data shows us that those in the poor of our country are increasingly less likely to get an education that would get them into the middle class or above. The brunt of this downturn can be blamed on the ever increasing price of a college tuition and the perceived lack of social mobility in America. The costs of a college education would be impossible to pay for most Americans without getting into student load debt that averaged $37,000 for the graduating class of 2016 and is only increasing (cite 8). As inequality grows there are more and more Americans for whom these staggering costs keep them from pursuing a degree. Furthermore, research by
In our society today, money is a controlling factor is just about everything so earning high wages is imperative. With the abundance of personal development in a plethora of fields, it is no surprise that college students “made 40 percent more than those with only a high school diploma”, and that “last year, the gap reached 83 percent” (Source D). It was also reported by the U.S Census Bureau that “annual earnings between a high school and college graduate [was] $19,550”, (Source F) meaning that graduates make on average twenty thousand more. Because there is a “vast unfilled need for college graduates” (Source C), they are in high demand in all fields of work, assuring that jobs will always be available. “College graduates...are also far less likely to be unemployed than non employees” (Source D). With the awareness that they make considerable wages and have impressive job security, graduates are enabled to live uncomplicated lives. Their roads are smooth and clear. The quality of life that many individuals are used to in America is reliant of a high steady income and those with the knowledge that college provides are better equipped to meet these
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).
As college degrees becomes increasingly interconnected with finding a high-paying job and being successful in society, the price of a college degree continues to increase at an astonishing rate. Students continue to take out student loans in order to get their degree, culminating in a huge amount of debt by the time the student graduates, resulting in students choosing to pay off their student loans over purchasing non-essential items such as food and housing. After all, it is more important to have a college degree that one cannot get a job with rather than working at McDonalds and having a steady income. College is becoming so expensive that graduates will only have to pay off their student loans for the rest of their life, whether they find a job with their degree or not! However, the benefits of prodigious student loans cannot be understated and are too often ignored.
In 2009, the percentage of borrowers who dropped out was as high as 29% (Nguyen). This is significant because students’ primary reason to attend college is to acquire a degree, but it is hindered by loans. Those who both take out loans and dropout face a worse predicament: they lack a degree, and they owe money. For those who have the opportunity to finish college, debt still haunts them, as it “causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid ‘public interest’ jobs” (Rothstein and Rouse 149). Consequently, students who are not able to acquire a high-paying job often remain unemployed.
By attending college, students guarantees themselves a better job that the average Joe. Because the world is changing rapidly, and many jobs rely on new technology, more jobs require education beyond high school. With a college education, an individual will have more jobs from which to choose. In addition to obtaining a better job, people who go to college usually earn more money than those who do not. College furnishes you with proper credentials and documents to land high-level jobs. Figures from an A&E television program on ‘The Working Class’ show that in 2004 the average earnings were $23,895 for a high school graduate and $41,478 for individuals with a bachelor’s degree. Getting a college education is simply a stepping stone in ensuring yourself with a good start in life. Some may agree that college students are open minded and knows exactly how to expre...