...a junior in high school so student loans are an issue I am soon about to face. Honestly, as a 16 year old it is quite difficult for me to even imagine paying this large sum of money when I don’t even make a semesters worth of pay in a year. Furthermore, thinking of life post-college I would like to remain as debt free as possible. This being said, exploring realistic options for myself, it seems to be limited. It boils down to finding good scholarships for myself, working at least part time in college, and/or taking out a massive student loan. The option to take a year off of school after my senior year to work and earn a steady income for myself, while it may seem tempting, is actually unrealistic because not only am I planning to somewhat rely on my parents and skipping a year of school...
Words: 981 - Pages: 4
...Some people believe you need to have student loans to pay for college. That is not true, there are other ways you can pay for college without going into debt. One way is to apply for grants and scholarships and fill out your FASFA applications. Another way is to get a job and pay your way through college. The first way you can pay for college without student loans is apply for grants and scholarships and fill out FASFA applications. A grant is from the state or federal financial aid that you do not have to pay back. You also do not have to pay back scholarship money. Companies your parents work at could offer you scholarships, or even a company you work at. You can get scholarships for playing sports or academics. Also, FASFA can help get you...
Words: 396 - Pages: 2
...The student loan debt crisis is a major issue in the United States. Every day, students are dropping out of college because they cannot afford college. Ever since college tuition went up in the 1960s, the student loan debt has risen. Student loan debt takes a major effect of student’s lives after college is over and they must start paying their loans off. On average, students take out as much as $28,000 to $30,000 of student loans (Holland). Taking out these large amounts of loans cause students to dig a hole of financial debt for themselves. From the history of student loan debt to the current solutions that could solve the debt issue, student loan debt will always be a constant issue in students’ lives unless drastic measures are taken to...
Words: 1739 - Pages: 7
... Go To College? It is unfortunate that many students and their parents will pinch pennies and borrow heavily to pay for a good college education. For many families obtaining a college degree is very important to them no matter how much debt they are put in. Applying for federal student loans is becoming the norm to cover the cost of obtaining a college education. Students have to borrow more and more money to cover the cost of higher college tuition rates. Currently, the interest rate for a Federal Stafford Subsidized and Unsubsidized student loans is at 3.4 percent, however, as of July 1, 2013, the interest rates on Federal Stafford student loans will significantly increase from 3.4 percent to 6.8 percent making it even more expensive for students to pay for college this fall. President Obama is working with Congress to keep the student loan interest rates down to 3.4 percent to keep it affordable for students (Lucas, 2012). So what is the problem? If Congress doubles the federal student loans interest rates, students will not be able to afford to pay for college. And college is sometimes not the only thing that students have to deal with. Student loans can put students with long-term burdens and stresses that in the future may affect their choice in jobs. Many students have to take care of other monthly bills like electricity, water, phone, rent, and possibly a mortgage. Nearly 10% of federal student loan borrowers failed to make a payment on their loans in 2010...
Words: 1595 - Pages: 7
...Claim/thesis: The cost of higher education affects young american students because the rising increase in tuition causes many students to experience high amounts of debt. BODY PARAGRAPH 1: The controversy over the affordability in higher level education has increased over the years. As more and more students are deciding to pursue a college career, these institutions are becoming forced to charge certain amounts of tuition for attendance. As a result, this has caused some colleges to drastically increase their overall tuition prices. However, the increase in tuition causes many students to be affected financially; which can lead to a result in the decrease of educational...
Words: 1297 - Pages: 6
...the increasing cost of college are not justified. The government and colleges themselves both are factors that influence the sticker prices of universities. Because of the Great Recession of 2008, state and local governments have enforced appropriation cuts for higher education. State budgets experienced harsh declines, for state funding per student decreased 6 to 15% in 2008, which made a lasting impact, as shown in the upcoming years. Over the course of a decade from 2001 to 2011, state subsidies per student decreased 2 to 4%. As a result, the average full time student paid 1 to 4 % more in 2011 than 2001 (Desrochers and Hurlburt). Furthermore, since state governments increased financial aid to students, colleges...
Words: 1024 - Pages: 5
...two-thirds of college students graduate with student loans. Most of them think that this kind of debt is “good debt” and is normal for a teenager or any student to do. Dave Ramsey clearly states that “no debt is good debt”. Almost 70% of college students graduate with student loans. 30% of students who take out a student loan dropout. All of those students still think it is okay and normal to be taking out the loans and getting stuck even after they graduate. Although people believe all of this is normal and what you need to do to get a good education, the truth is that student loans lead to a lot of hard debt to pay off, and if they don’t pay off the debt fast, life after college is not enjoyable. There is no reason why...
Words: 634 - Pages: 3
...February 2014 Student Loan Debt: A Threat to the American Economy And the College Education. As the ever increasing ceiling of student loan debt rises, it bears more of an impact on the generation known as the “Millennials” and the rest of the economy. Many individuals who have decided to embark on earning a college education, whether it is a bachelor’s degree or higher, have had to contemplate on how they would finance such an endeavor. An increasing number of institutions, including private and federally supported bodies, now offer student loans to help many students obtain a college education. Some students find themselves in what can be considered a downward spiral of increasing debt, as these loans continue to mature over time. Many times payments spread over a number of years, equal what some have spent on what use to be the American dream, which was purchasing a home and having the satisfaction of becoming a proud property owner. At the alarming and increasing rate that students spend on education nowadays, it will eventually be safe to say that many individuals will have some very difficult decisions to make concerning what purchases take precedence over the other. Evidence has shown that earning a post-secondary education will be increasingly harder for students to accomplish overtime. There are many obstacles that have developed in modern times for today’s college students. Obstacles include but are not limited to the ability to finance a college education, and...
Words: 2442 - Pages: 10
...avoid taking on student loan debt, first of all we all know that any type of loan is required to repay to the lender later on. However, student loan debt can be very serious if one did not pay back to the lender. Having too much student loan debt can destroy person life financially and make things worse, and I also personally heard some people stories about their student loan debt. Some of them regretted about loan they took while they were in college. After 5 to 7 years repaying their student loan they haven’t pay off their loan yet. And there are several things happened to some of them such as: been denied from getting car loan or house loans. And because of these types of obstacles some people who graduated from college are having hard time with relationships, have kids...
Words: 362 - Pages: 2
...Map Contact Advertise About • • • ©2016 StudyMode.com 1. Home > 2. Debt > 3. Student Loan Crisis... < Back to Debt Student Loan Crisis Research Paper Debt, Education finance, Higher education • • • • By sympathys Jun 11, 2013 1348 Words 220 Views PAGE 1 OF 5 �PAGE � How to Make College More Affordable Many of the protesters occupying Wall Street and other places say they are upset about the rising price of going to college. There is little dispute today that the number of students who have debt has increased, and that the amount of money they have borrowed has gone up (Billitteri). Many students incur large amounts of debt that will never pay dividends in higher wages or greater job satisfaction, and they graduate into a world with weak employment prospects. It's a betrayal of the American social contract that says if you work hard and invest in yourself through education, you'll be able to build a better life. The current system is badly in need of an overhaul, and this paper will present several ways to bring about this needed change. The seriousness of the current situation has worsened during the last few decades. Since 1982, the average cost of college tuition and fees has increased by 439 percent, while the typical family's income has increased by a mere 147 percent (_Measuring_, 8). After adjustment for inflation, students are...
Words: 1243 - Pages: 5
...In America, if a student wants to go to college they have to pay a sustainable amount to be able to do so. The cost of college has greatly increased in the past few decades. The high cost discourages minorities and poor students from attending college. Many students take out student loans to be able to afford college, but then struggle later in life with paying off those loans. Higher level jobs are beginning to require college education to even be considered and this can come troubling to those who are not able to afford college. In this essay I intend to explain the problems with the high costs of college, introduce a policy to fix the cost of college, and introduce the opposing side to my research. Congress should address the issue of the high cost of college because it is impacting our job market. A better educated society leads to a more educated nation, so it is in the best interest...
Words: 1707 - Pages: 7
...Rising Student Loan Default Rate: The Next Financial Crisis in the United States Rebecca Richards QBT1 - Language and Communication: Research October 1, 2012 Rising Student Loan Default Rate: The Next Financial Crisis in the United States Introduction Higher education is an important resource for career focused people here in the United States. In order to attend college, most students have to take out loans in order to cover the cost of attending. However, the rising rate of student loan defaults has recently become a serious issue that needs to be addressed. Economists agree that the rising amount of student loan default can prove to be a good indicator when seeking to predict future payments on student loans (Ismail, Serguieva, & Singh, 2011). Recent studies have shown that the growing rate of student loan default on higher education loans could cause another financial crisis in the United States because the loans are government backed, the cost of higher education is on the rise, and unemployment rates are on the rise preventing repayment. Taking on student loans can feel like and endless cycle of entrapment to the borrowers and they are often left with the belief that they have no other choice than to default on their loans. It is impossible to say with 100% certainty where the culpability lies for this unfolding crisis. One point of view is that the students may be at fault for not fully understanding the magnitude of the debt they are taking on...
Words: 2597 - Pages: 11
...Free College Education: Right vs Privilege In one of his speeches, Leonard L. Boswell, a former U.S. Representative for Iowa's 3rd congressional district, quotes “The American Dream is one of success, home ownership, college education for one's children, and have a secure job to provide these and other goals” (Ersoy). Over the years, college tuition fees have increased immensely. Statistics show that the average in-state tuition fees at public four-year schools increased from $8,646 in 2012-13 to $8,893 in 2013-2014. In 2013-14, the percentage increase in tuition fee prices for out-of-state students was 3.1% which was slightly higher than that for state residents at public four-year institutions. There was an increase from $12,887 to $13,310. The $110 increase in average tuition and fees for full-time students in a public two-year colleges reflected a 3.5% increase from $3,154 in the years 2012-2013 to $3,264 in 2013-14. The $1,105 increase in average published tuition and fees for full-time students at private nonprofit four-year institutions reflected a 3.8% increase from $28,989 in 2012-13 to $30,094 in 2013-2014 (“Trends in Higher Education”). Furthermore, between the years 2001 to 2011, at least a third of states experienced funding cuts. During the recent recession in 2008, total public funding for higher education has declined by 14.6 percent (O'Shaughnessy). Consequently, the escalating cost of college tuition has threatened educational opportunities for...
Words: 2054 - Pages: 9
...Graveyard Shift Is having student loan debt for the rest of your life worth it for a college degree? Would you work the night shift to get a majority of your school paid for? For the people that work, are they getting enough rest to excel in the classroom? A college degree makes you money while doing less work, but people without a college education usually work tireless hours to make half the amount. It’s Monday morning, a person just finished working a six-hour shift. They have just gotten get off at 5 am, and have class at 8 am, how do they cope? Studies show working more than 15 hours can affect a student’s success in the classroom (Semuels, p. 210). Also, people who went through 35 hours of sleep deprivation saw two letter grade drops in classes (Semuels, p. 211). Working a job, especially the night shift doesn’t seem like a bright idea? Some schools offer programs to work during the night and receive half...
Words: 792 - Pages: 4
...half of college freshmen show some concern with how to pay for college. This is the highest this number has been since 1971 (S. Chan and Kim Chan). The amount of college graduate debt has been rapidly increasing also. With limited jobs available because of the high unemployment rate, college graduates find themselves staying in debt even longer. However, grants and financial aid are available to students, but students still struggle to pay for their college tuition. Although some claim that higher education is still affordable, higher education costs too much because the state’s revenue is low, the unemployment rate is high, and graduates cannot pay off loans. One reason that higher education is not affordable is that the states’ revenue is low and the states are in debt. Because of their decreasing tax revenues, many states need to make cuts in their budget. As a result of this, tuition is rising and other changes are happening throughout colleges. Some of these changes include: higher student to faculty ratios, less but larger classes, and fewer on-campus jobs that normally support students (Scaliger). These changes affect students and impact their view and decisions of certain colleges. The tuition rate has also “been rising at about 6 percent a year for most of the past ten years” (S. Chan and Kim Chan). This percent inevitably makes it harder for students to find an affordable college. High tuition prices also keep some people from attending their dream college. All of...
Words: 1344 - Pages: 6
