Student Debt Essay

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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! Most students would drop out of school in fear that they would never be financially stable enough to pay back the debt. Clearly, student debt is a major problem for young adults in today 's society. One might wonder how students become so financially dependent and in debt in the first place. It begins with high school. Most students are uneducated about the scholarship opportunities that exist as an incoming freshman, and/or they do not care enough to apply for them. In fact, “paying for college is a 'major ' concern for only 12 percent of freshmen” (O 'Shaugnessy). Those kind of students, the lazy ones, cause the trouble upon themselves. In addition to that, saving money is a thing of the past. Therefore, those who have entered college and are struggling to pay for it, tend to make mistakes by taking out high interest rate loans. These are all problems that can be solved with careful planning and diligence. Applying for scholarships before you even get to college is the best place to start. There are so many financial aid opportunities out there. Statistically, seniors in high school will qualify for 50 to 100 scholarships (Strauss). Although some students will not put in the effort to apply for them, the others who work hard to earn their way into college have a good chance of getting scholarships. Keep in mind that money, regardless of the amount, is money that can help in some way. Do not be afraid to apply for the smaller scholarships, because they do add up. Also, most athletic departments, clubs, and organizations offer special scholarships to their athletes or members, so being involved in a variety of things can definitely be in one 's favor. According to the 2007-2008 National Postsecondary Student Aid Study, “about 1 in 10 students enrolled full-time at 4-year colleges used scholarships to pay for their education, and the average amount was $2,800” (Strauss). Scholarships do exist and will pay for an education as long as the student is diligent enough to work for it. The higher the ACT score, the more money one is likely to get. This is important, especially when applying for scholarships, because most applications will want to verify an ACT score. Colleges are more likely to give out bigger and better scholarships to someone with a bigger and better ACT score than someone else. In fact, some schools give out full rides to students with …show more content…
Many parents begin a savings account for their child when they are born. The savings usually go towards a college fund, the child 's first car, or something the parent deems worthy of saving for. If a student 's parents have already done this in advance for him or her, then that student is most likely not to experience college debt. The student can probably go to the college of his or her choice, without fear of tuition. On the other hand, if a person 's family is not fortunate enough to save for them, that person should invest in saving themselves. When of age, get a part-time job. Devise a savings plan to put back a little money from each paycheck, even if it is just $5.00 a week. As said earlier, money does build up and it will amount to something as long as you save rather than spend. While saving money in high school is still helpful, some students will still need help paying for their junior or senior years of college. “Nearly 4 out of 5 college students are working part-time while studying for their degrees, averaging 19 hours a week, according to the survey, but just 18% pay their way through school” (Kingkade). Statistics show that even with saving, sometimes it is just not enough to pay for the education. College is extremely expensive and, at times, can seem like a financial scam. That is why it is such a good idea to start saving at a young age or even better if student 's parents ' begin a

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