The number of American students in debt keeps increasing day after day. To make matters worse, most of these students happen to come from low income families. So their families are already struggling to make ends meet in their household, but not only that, now they also have to worry about an extra burden upon their shoulders; college tuition. Many students who can't afford to pay these large amounts, usually end up dropping out or putting their careers on hold. According to a statement in the reading, "Almost one in three Americans in his or her twenties is a college dropout, compared with one in five in the late 1960s.…
In her article “A Lifetime of Student Debt? Not Likely,” Robin Wilson proposes that students have liability to ensure that they will not complete school with an intractable amount of debt. In her opinion, although many claim that student debt is the lender’s fault for supplying the money or the school’s fault for charging lofty expenses, the flaw lies in the student when they don’t take different factors into account and live inside of their means. Wilson gives an example of this by saying, “higher debt makes sense for people who earn degrees in law, business, and medicine because they… [can] land high-paying jobs… [but one man] has struggled because he went to an expensive law school, but then took a low-paying job” (259).…
Summary of “It’s Not About You” From David Brook’s blog in New York Times, he speaks about the unpreparedness of college Americans nationwide. Starting out, he states that America sends classes off to bad markets, and an economic downfall which causes them to enter an unbelievable amount of debt on their account. However, the main issue is the fact that the people that interact with the individual to give them such a great structure up to college such as parents, teachers, and fellow colleagues, basically leave them to themselves after college.…
Many college students believe that they will end up making more money than their uneducated peers. There are many citizens who are unaware that they have the potential to live a world of debt after graduating. Robin Wilson, author of the article “A Lifetime of Student Debt Not Likely”, clearly concludes that student debt is unlikely in the title of the article itself. The real truth is student debt can be highly likely. Although it is easy to agree with Wilson’s conclusion it is easy to see debt in an entirety can also be prevented.…
Students across the country are facing a mounting challenge upon graduation. This challenge is not one that is easily surmounted or circumvented. The challenge is also not limited in scope to one social class or geographical region. The challenge facing more and more students every year is student loans. The loans themselves are not the issue, but rather the excessive amount of debt that tends to follow.…
Even worse, the students that struggle the most use the money to get necessities like a vehicle or a place to stay; the author states, “Millennials have been hit the hardest, Burdened by student debt, millennials are putting off large purchases, like houses and cars” (para. 4). The problem is that the student misses…
The United States must pass legislation making college debt free as it will lead to an increase of graduates that will help the growing demand of higher educated job opportunities and it will also lead to the decrease of debt in the United States. I believe making college debt free will lead to the increase in enrollment in public four year colleges as this legislation will be aimed at making four year public college debt free for low and middle income families. This legislation is known as the RED act which means Reducing Education Debt Act. The RED act focuses on making college debt free, allowing college loan borrowers to refinance loans at lower rates, and allowing Pell Grants to be acceptable to inflation. This legislation could potential…
Caralee Adams author of “Students Alerted to Loan Debt,” Kim Clark author of “Learning the Hard Way,” and Hollis Phelps author of “A Degree in Debt: The High Price of Higher Education,” explain the consequences of student loan debt, specifically how students are forced to take out large amount of loans because of the “struggling” economy. The three articles stress the need for a higher education to be successful in life. The three articles also showcase a students’ fight for a quality, wont-break-the-bank education. In each of these articles, the multitude and differences of opinions of student loan debt are explored, and combined with each authors take on the consequences of debt that come along with the price of higher education. Adams, Clark,…
It’s hard to believe that once upon time, Americans did not have the dreadful worries of finding a way to prepare for the financial necessities for college. Now, college is becoming more of a dream rather than a reality as high tuition rates becomes the number one reason why Americans are not advancing themselves into higher education. In some cases, there are college students who receive full-ride scholarships to the college they desire; however, the majority of those who do go to college do not obtain the same luck. Those students who do continue their education and go off to college find themselves short of financial aid, out-of-pocket cash, and even scholarships. This causes students to resort to taking out a student loan.…
Student loan debt is one of the many financial issues that we in America are faced with today. Not only does this debt have detrimental effects on the economy, but it is directly affecting students who would like to pursue an education, but fear the dreaded debt that accompanies it. Graduates are completing school with exorbitant amounts of debt and are being expected to start making payments within 6 months of completing their degree. How are students expected to start living their lives with massive amounts of debt after freshly graduating school? This issue is increasingly important to me because I am one of the students that will have to be dealing with this issue in not too long.…
Over the years, student debt has accumulated uncontrollably and has affected millions of Americans. While the goal of attending college is to prepare oneself to be successful after school, many college graduates are restrained from doing so. Making big purchases becomes scary to people who are burdened with debt – people like college graduates who are looking for a place to call home. Not only does the housing market become affected negatively, but so does the job market. With many college graduates unable to find jobs well-suited for the degree they earned, and with the amount of debt they accrued, young adults are left to find jobs that allow them to pay off debt and other bills.…
Student loan debt has surpassed credit card and mortgage debt becoming the largest amount of household debt. In this decade the enrollment rates for postsecondary has steadily increased, having more young adults between the ages of 18-24 enrolling in a 2-year or 4-year institution. With the rise in the rate of enrollment there has also been a rise in the cost of attending a college or university. While the cost has skyrocketed the traditional sources of financial aid have not kept up with the pace (College Board 2006). Without financial assistance, attending postsecondary institutions would be impossible for most students.…
In today’s American society, the average college graduate leaves college with a whopping $37,172 in student loan debt. Crippled by constant payments, many struggle to keep up with payment plans. On top of that, federal student loans encompass an interest rate, which has a limit of 8%. Because the interest rates are so high, graduates can end up paying double the original loan amount. Coming from a large family, I have had first hand experience with the effects of student loans, and what it can do to a blossoming individual looking to start a new life.…
Student loan debt has increasingly become an issue, not only for those who have acquired it and must deal with it, but also for the economy. To function normally in today’s society, pursuing a college education is a requirement for those who want a high paying job. With this decision, students also decide to take on large amounts of student loan debt and the long-term turmoil that it inevitably leads to. Student loan debt impacts students purchasing power which negatively impacts the economy. Over 42 million people owe $1.3 trillion in student loans (Rosato).…
Game of Loans Education should not be a debt sentence. However, according to Mark Kantrowitz in The Wall Street Journal, the average student this year will have to pay back more than $35,000 in student debt (Sparshott). Statistically, that is more than buying a new 2016 car or truck, which averages around $33,560. For a college student that is just graduating and makes less than 30K a year, that is outrageous!…