The Pros And Cons Of Debt In College

every college around the country. Many factors can influence how fast a student can pay the debt such as, the salary after getting the first job, the financial situation, and the martial situation. There are many solutions to pay for college such as, working part time in the university, applying for scholarships, making payment plans with no interest fees, private or alternative loans. Asking an extended family member for money and rethink getting a loan (Americanhonors.org 2). Most student would look at the student loans as the first options which leads to accumulated substantial amount of debts. Student must think smarter when choosing a college and figuring out a plan to pay tuition without asking for a loan first. People graduating with substantial debts struggle for the first couple of years even if the job pays well, there are many other commitments. Especially, those who are not paid well struggle the most. Sadly, the truth is that student debts and tuition are only going up in the next couple of years. Meaning that more students who make it through college will graduate with a significant loan. all those students who got into one of the elite colleges will not be able to afford it. Christopher Avery and Sarah Turner elaborate saying, “Total student debt rose to over $800 billion in June 2010, overtaking credit card debt outstanding for …show more content…
Listing the pros and cons might help paint a clear picture to decide if getting a degree is the right choice or not. Golden and Katz said, “The earning premium for a college degree relative to a high school degree is nearly doubled in the last three decades” (qtd. Avery and Turner 166). Back in the 60’s not getting a college degree for both genders were not a serious matter because they can work any job and get paid well for it. The cost of living and the luxurious life style that most people lead nowadays makes it harder for students to live on a minimum wage job