Student Debt

In today’s society, it has been found out that college graduates have a hard time seeking a job and end up with a sky-high student debt. This reality then poses a question, is going to college worth the time and money? An essay in the New York Times published in May 2014 entitled, “Is College Worth It? Clearly New Data Say,” by David Leonhardt states, “For all the struggles that many young college graduates face, a four-year degree has probably never been more valuable” (33). In his essay, Leonhardt sets the stage by describing the struggles a college graduate might have such as student debt, no work after graduating, and accepting jobs they feel overqualified.

Who is to say that success cannot result from actively pursuing a career (internships, apprenticeships, etc.) rather than pursuing a college experience that may not be beneficial? It is critical to not confuse this, however, with Wilson’s fear that both the college path and career path remain unexplored. Not going to college definitely does not mean an easy way out; as much dedication is required as would be in school, as well as proper circumstances. For those that do require college though, a student loan may be a blessing in

Student loans is the second highest source of debt of $2.1 trillion dollars in the U.S. economy right now. This student loan debt is not only affecting the entire economy as a whole. In America, people believe that earning at Bachelor’s degree is the key to success in order to be financially secure be set in life. However at the same time, the cost of tuition has skyrocketed, and the borrowing of loans rise with it. The rising of student loan and debt will reduce consumption, lower investing, lower the rate of home ownership, and overall make it difficult to sustain financial stability.

College Education and Student Loan Debt Is a college education worth the student loan debt that accompanies it? Some argue this point but the salaries that come with a college education, with a degree, can pay this debt. The salaries for a person with a degree and college education is higher than those who have not attended college or have a degree (Bielagus).

Chen and Wierderspan begin the journal exploring the declining amount of grants and loans in the total aid given to undergraduate students. This decline of grants and loans has increased the demand for students to borrow money. Increasing student loan debt calls for examination about the quality of life and economic stability for students after college. The amount of student debt is explored in alliance to college graduates ' earnings where policy factors like grants not being able to keep up with the rising prices of colleges and the increase of college graduates obtaining part-time jobs. Ethnicity differences are also considered in the variation of student debt among students.

In some cases, people who do go to college still end up working in low paying jobs, but no job is a definite with a college degree or not. When a person goes to college they should consider all the majors their school offers and the potential job prospects of choosing that major. If a person goes to college to become a freelance artist versus someone who goes to school to become an accountant, there is going to be way more job opportunities for those who studied accounting. In addition to college graduates not getting a job of their preference, school can also be costly. People are intimidated to go to college because they are afraid of not being able to pay off student loans.

However, even after deciding to go to college with the assistance of scholarships and financial aid, the overwhelming amount of student loan debt that one accumulates throughout his or her four years of college follows them throughout adulthood. The fact that student loan debt accumulates the biggest source of debt for most people is prevalent (Federal Reserve). Because of this massive socioeconomic obstacle in between high school graduates and college education, many young people cease their education after high

In 2014, just a bit over 70% of college students graduate with $33,000 in student loans. This number is staggering and why student loan debt has become such a hot topic of debate in the United States. In the meantime I think we, as students need to be a little more involved in our future and the college process rather than placing the burden and stress solely on our parents. There are various things I can do to reduce my student loan debt and avoid the stresses after I graduate college.

Most of my friends who are currently in college have between 5000$-20.000$ in federal and private loans. In many cases, besides for the loans, students have to work and study at the same time, which results in a stressful life for the student. In fact, many students are not able to finish their education because, since they can’t afford it, they have to work over their studies. Out of all the possible reasons to drop out of college, “the No. 1 reason many young adults drop out of college is an inability to juggle school and work” (Johnson). Finishing college is the most decisive forecaster of prosperity in the workforce and the inconsistency in college completion between children of rich and poor families duplicated since the late 1980s (McGlynn 55).

The article “Is College Worth the Cost? Many Graduates Don’t Think So” by Jeffrey J. Selingo describes that most of the graduate students’ who had already completed their four years at a university and earned their bachelor’s degree are in debt for over a couple of years paying off their education. As stated by Selingo, those students that got a higher education are likely to be unemployed because the unemployment rate for college graduates is still at 9 percent, which makes it difficult for students to start paying of their debts. According to the Federal Reserve Bank of New York, the wage of college graduate workers has declined about 10 percent for the first time. Even if the college graduates do start working right after finishing their education most of

Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.

College education doesn't guarantee employment. In 2012, there was a lot of evidence suggesting the education to work link being broken. (Allen, 2011) A lot of college graduates are searching for work today. A lot of college students feel that college is a waste of money.

Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.

Under such a cruel financial burden, fewer young people actually complete their college. Those who cannot afford the college and eventually drop out of school become the “forgotten majority” (Kamenetz 500). There is no doubt that the student debt is the culprit that kills many young mem and women’s college dreams. Whereas, the fact that young people can hardly get a well paid job to repay the debt is the other side of the story that should not be ignored. The post-industrial economy revolutionized the way jobs get paid.

In addition, many students hold a part-time job while they are in school, and some work full-time, this path can be very demanding. It can be especially difficult to juggle a full-time job and a full-time course load, and they cannot afford to go to school without working, so they find that trying to work while going to school is too much at once. For instance, people find that they need to start working immediately after school, perhaps because they have bills to pay, they have family obligations, or college is just too far out of reach financially. In other words, according to Ungar “A college education is a good thing to have, but its timing is important. Lifetime earnings will be increased.