Fixing the Student Debt Problem
Many people dream of graduating from a good college and starting a career in a field that they both love and that will secure them a well-paying, secure job. Unfortunately, due to the rising cost of college tuition, a large amount of students are unable to pursue this dream without amassing a large amount of loans. Student debt has become almost synonymous with attaining higher education. However, student debt often has a crippling effect on people’s financial independence and future. For many people, finding a job that pays well enough to repay their massive loan payments is impossible. Student loans are given on the basis that one day the knowledge learned by procuring the degree financed by the loan will …show more content…
However, this is often the exception and not the rule. Many people are amassing student loans for degrees that do not secure them the well paying jobs needed to repay the loans. This can lead to situations where people are taking postgraduate jobs not in the field they studied for or that did not even require a college degree just in order to pay off the student debt. As stated by Ross (2013) “Today, it is impossible to ignore that workforce entrants, especially the college educated, have to take on large debt burdens simply to prepare themselves for employability” (Ross, 2013, p. 23). Getting employment in the field that one studied for is not always possible. With a large pool of college-educated applicants to pick from, the job market can be cutthroat. Furthermore, the employment that is secured postgraduate is not even always in the field they studied …show more content…
It will be successful because it is attacking the fundamental issues that cause student debt to be a problem. Student loans are given out too freely and with little to no vetting process into the ability of the person taking the loan being able to repay the loan. Furthermore, there is no emphasis placed on the individuals’ ability to actually finish the degree they are taking the loan out for. Changing this process will allow for fewer unqualified people to take out student loans in the first place. The next issue this plan tackles is the rising cost of college tuition. Higher education should not be a business in which the schools and the administrators are looking to exploit college students for every penny they have in order to obtain an education. College should be something that is accessible for people to afford, without the need for student loans. Lastly, there is too high of a value placed on the need for every high school student to attend college. In her article “The College Bubble” Mcardle (publication year), a journalist who has a degree in business and has extensive experience covering finance, discusses whether college is the right choice for everyone. Throughout the article, she concludes that people should start rethinking college as the most secure choice for their future. According to Mcardle (2012), “For many, the most tangible result of their four years is the loan payments, which now
Many people dream of graduating from a good college and starting a career in a field that they both love and that will secure them a well-paying, secure job. Unfortunately, due to the rising cost of college tuition, a large amount of students are unable to pursue this dream without amassing a large amount of loans. Student debt has become almost synonymous with attaining higher education. However, student debt often has a crippling effect on people’s financial independence and future. For many people, finding a job that pays well enough to repay their massive loan payments is impossible. Student loans are given on the basis that one day the knowledge learned by procuring the degree financed by the loan will …show more content…
However, this is often the exception and not the rule. Many people are amassing student loans for degrees that do not secure them the well paying jobs needed to repay the loans. This can lead to situations where people are taking postgraduate jobs not in the field they studied for or that did not even require a college degree just in order to pay off the student debt. As stated by Ross (2013) “Today, it is impossible to ignore that workforce entrants, especially the college educated, have to take on large debt burdens simply to prepare themselves for employability” (Ross, 2013, p. 23). Getting employment in the field that one studied for is not always possible. With a large pool of college-educated applicants to pick from, the job market can be cutthroat. Furthermore, the employment that is secured postgraduate is not even always in the field they studied …show more content…
It will be successful because it is attacking the fundamental issues that cause student debt to be a problem. Student loans are given out too freely and with little to no vetting process into the ability of the person taking the loan being able to repay the loan. Furthermore, there is no emphasis placed on the individuals’ ability to actually finish the degree they are taking the loan out for. Changing this process will allow for fewer unqualified people to take out student loans in the first place. The next issue this plan tackles is the rising cost of college tuition. Higher education should not be a business in which the schools and the administrators are looking to exploit college students for every penny they have in order to obtain an education. College should be something that is accessible for people to afford, without the need for student loans. Lastly, there is too high of a value placed on the need for every high school student to attend college. In her article “The College Bubble” Mcardle (publication year), a journalist who has a degree in business and has extensive experience covering finance, discusses whether college is the right choice for everyone. Throughout the article, she concludes that people should start rethinking college as the most secure choice for their future. According to Mcardle (2012), “For many, the most tangible result of their four years is the loan payments, which now