Essay On College Debt

The price of college has risen substantially in the last three decades; the average car would cost more than $80,000 if the inflation was equivalent to college tuition (Campos). According to a College Entrance Examination Board called College Board , “The average cost of tuition and fees at a private, non-profit, four-year university…was $31,231—up sharply from $1,832 in 1971 to 1972 (in current dollars). At four-year public schools, tuition and fees cost about $9,139” (Schoen). In addition, "Nearly 40 million Americans have accrued student debt, with 60 percent of all borrowers owing at least $10,000 and another 30 percent owing $25,000 or more" (Quadin and Rudel). During the Great Recession in 2008, a “global economy collapsed under the weight of a massive credit bubble” creating major cuts to higher education (Schoen). Even after the economic crisis, a report from the National Association of State Budget Officers proposed that state spending …show more content…
Even with some who favor college debt as a necessity and will only be temporary, the negative effects of owning a large sum of money while also focusing on achieving a higher education surely outweighs the pros of college tuition. College debt affects students’ mental health, their performance in school, and also decrease social interaction in an effort to maintain decent grades and a secondary job to payback their loans. In addition, making college free will provide an opportunity for everyone, rich and poor, to receive a higher education. With more educated citizens in the United States, the rate of those living in poverty will lower and the country will prosper. Higher education is vital for the success of the United State’s economy and it is only reasonable to make it free so everyone can attend and succeed with minimal