The option of higher education comes with a price. Many individuals choose a form of higher education to provide employment opportunities and a lifetime of reassurances. Most, however, walk on a path of student debt to their destinations. Student debt, also known by its misnomer, “good debt”, produces negative consequences for borrowers that has many wonder if a college education is really worth working for (“Life Delayed” 3). The creation of loans aim to advance social mobility and to invest in America’s future status as a leading nation. It also assures that students with less economic capabilities would receive equal opportunities of having a higher education (“Life Delayed” 1-2). Despite its benevolent intentions, loans and debts begin
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In 1985, the average instate tuition was $1,318 for a four-year public education and $16,121 for a four-year private education. By 2015, the average instate tuition grew to $9,000 for a four-year public education and $31,231 for a four-year private education (“Life Delayed” 2). This huge increase evidently shows the rising of tuition over the years. Statistics collected in 2014 states that tuition has risen 112% since 1990 with loans averaging out to $26,500 per graduate (“Sad for grads”). Student loan debt exceeded credit card debt in 2010, auto loan debt in 2011, and then passed the trillion mark in 2012 (Kantrowitz). These numbers explicitly display the great changes of debt and how it has grown into a crucial drawback for many. College and universities’ tuition begun increasing due to the decline of federal government fundings to higher education (Williams). This reduction shifts the heavy burden of debt onto the individuals and their families (Kantrowitz). This, in turn, opens up a new path of heavy burdens for one’s …show more content…
Student debt, nevertheless, produces complications such as prohibiting college graduates from spending money and saving for emergencies (Lanza). These debts and loans continue multiplying as time goes on, reaching major problems like saving for retirement or paying for a future offspring’s college (“The Impact of Student Loan Debt”). Having restrictions on purchasing items such as homes, cars, and other big investments create financial and economic disadvantages, not only for individuals, but also society (“Life delayed” 3). America’s economy will eventually collapse once big-ticket items are no longer purchased by citizens who are buried under debt (“Sad for grads”). In addition to financial hardships, society will bear the burden of career paths untaken, entrepreneurship put on hold, investments unmade, and over all, lives being delayed (“Life delayed” 1). Society’s investments might be at loss when it comes to student
In 1985, the average instate tuition was $1,318 for a four-year public education and $16,121 for a four-year private education. By 2015, the average instate tuition grew to $9,000 for a four-year public education and $31,231 for a four-year private education (“Life Delayed” 2). This huge increase evidently shows the rising of tuition over the years. Statistics collected in 2014 states that tuition has risen 112% since 1990 with loans averaging out to $26,500 per graduate (“Sad for grads”). Student loan debt exceeded credit card debt in 2010, auto loan debt in 2011, and then passed the trillion mark in 2012 (Kantrowitz). These numbers explicitly display the great changes of debt and how it has grown into a crucial drawback for many. College and universities’ tuition begun increasing due to the decline of federal government fundings to higher education (Williams). This reduction shifts the heavy burden of debt onto the individuals and their families (Kantrowitz). This, in turn, opens up a new path of heavy burdens for one’s …show more content…
Student debt, nevertheless, produces complications such as prohibiting college graduates from spending money and saving for emergencies (Lanza). These debts and loans continue multiplying as time goes on, reaching major problems like saving for retirement or paying for a future offspring’s college (“The Impact of Student Loan Debt”). Having restrictions on purchasing items such as homes, cars, and other big investments create financial and economic disadvantages, not only for individuals, but also society (“Life delayed” 3). America’s economy will eventually collapse once big-ticket items are no longer purchased by citizens who are buried under debt (“Sad for grads”). In addition to financial hardships, society will bear the burden of career paths untaken, entrepreneurship put on hold, investments unmade, and over all, lives being delayed (“Life delayed” 1). Society’s investments might be at loss when it comes to student