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Cost Of College Education Essay

2569 Words11 Pages

Topic: Saving for Your Child’s College Education
One of the hottest topics today in the financial media is the cost of college education. The average four-year university education can cost thousands of dollars a year when you add up the cost of tuition, books, and room and board. To add to that, many students leave college with huge sums of student loan debt that keeps them from pursuing life goals such as buying a home, getting married, or saving for retirement. According to the Federal Reserve in Washington, D.C., Americans now owe $1.4 trillion in outstanding student loans. All of this information can leave parents and children feeling very anxious and fearful about how they will pay for college. The good news is there are many options …show more content…

High school students constantly hear from guidance counselors and other individuals that the best way to increase your lifetime earnings is by obtaining a college degree. While this is generally true, students who do not have the aptitude or desire to attend college classes, may be better off going to trade or technical school or seeking employment directly after high …show more content…

While this is an admirable goal, many times it is done to the detriment of the parent’s retirement. Most individuals have thirty to forty working years to save for retirement. While this is a long time to save, many parents choose first to save for their child’s college education and only begin saving for retirement once their child has graduated from college. The earlier you can start saving for retirement, the more likely it is that you will have a sizeable nest egg at retirement. This is due to the power of compounding. The example below illustrates this

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The important information that all college students and families should know is how much will the education cost and will they be able to repay the loans after graduation. “Perhaps the most important mathematic exercise your child will ever have to do—and the most widely neglected—is figure out how much it will cost to pay back her student loans” (Bodnar, 288). Knowing the total amount of your education and how much the monthly loan payment will be after graduation will before entering college is very important and should be considered before entering your chosen university. This topic is important because many college graduates have a hard time finding jobs where they can earn enough money to pay back their loans and still have enough money to pay their monthly bills. Many student go into default on their loans and have their wages and income taxes garnished and this will affect them for years to come when they are looking to start a family or buy a

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639 Words | 3 Pages

“Poverty must not be a bar to learning and learning must be an escape from poverty” this was said by Lyndon B Johnson in 1964 and the problem he was addressing back then, has grown and become far larger and more destructive. The average Canadian student acquires 27,000$ of debt trying to earn what in our society today is necessary, to live a safe, happy and fulfilling life. Without higher education you are not likely to be able to do what you want with your life. Within the last two decades university prices have doubled and along with it so have interest rates. This enforces and maintains the trend of the rich staying rich and the poor staying poor; because of the high price less wealthy people are unlikely to be able to afford university and get a good job.

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730 Words | 3 Pages

College debt is developing into an immense issue in the United States with about 1.3 trillion dollars worth of college debt across the country in 2015, which is about a 39% increase since 2011 (Redd, 2016; Goldrick-Rab and Kendall, 2014). This debt is not just piled on a small portion of people; according to Redd, “about 10 million college students took out student loans” in the 2012-2013 school year (2016). The average tuition at in

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1299 Words | 6 Pages

While attending college you acquire a broad range of general skills and it presents many unexpected opportunities to you that aren’t always an option for people with a high school diploma such as an internship in your desired career field with hands-on training. According to Dan Greenstein and Jamie Merisotis “an education is the chief American institution that promotes economic and social mobility for all citizens. ”Studies have shown that the unemployment rate for Americans with a bachelor's degree is much smaller than the unemployment rate for Americans with no education beyond a high school diploma. The recent Labor Department statistics confirm, the unemployment rate is at least twice as high for 25 to 29-year-olds with only a high school degree than it is for those who have a four-year college degree. In today’s society having only a high school diploma almost immediately puts you at a disadvantage in most situations because employment options are decreasing.

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1509 Words | 7 Pages

The Cost of College in the United States of America Attending college leads to a devastatingly high financial cost for the majority of Americans. Even more devastating, however, are the hidden costs of college, deriving from the financial costs, which severely damage the overall happiness of the United States and its people. To combat this issue, numerous colleges have implemented tuition-free education throughout the country’s history. These efforts are being met with opposition from various taxpaying Americans. Although tuition-free college may raise taxes for upper-middle and upper class American citizens, the United States must still work towards a future with tuition-free college because it reduces financial stress, strengthens the United States itself by gaining public approval, and strengthens the economy.

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1145 Words | 5 Pages

Many people dream of a life filled with riches, but that dream is hard to obtain without a college degree. It is somewhat ironic how people dream of being a successful student and going to college but the cost of tuition turns that dream into a horrible nightmare. It is not a shock to most people when they that college tuition is expensive, but in the past few years it has increased to an all-time high. Lower and middle class students have now begun to realize that college tuition is holding them away from their dreams. Even though college tuition could provide opportunities for job creation and economic growth, tuition is not affordable for the average American household which in effect, prohibits students from taking opportunities like going to college in the first place.

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1451 Words | 6 Pages

More than 40 million Americans have student loan debt which is about 1 in 5 U.S. adults. For as long as education has been pursued, college has been a thing. Along with college comes tuition and other college expenses which are not cheap. Since the early 90s, students and parents have been suffering from student loan debt. In fact, according to the United States Department of Education, the average student loan debt has more than doubled from 1990 to 2010 and is continuing to rise (ProCon.org).

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846 Words | 4 Pages

America’s college use to be cheap, believe it or not. When did the cost go up? How many students is suffering from debt due to tuition? We have a huge problem when it comes to price of higher learning. Student debts , rising tuition, and state budgets have sky-rocket.

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1054 Words | 5 Pages

There are many way to pay and plan for college. I will just have to plan and pick the right ways to live and how to save. That is because of the way I so things will help decide if I will be in debt or not. Most people want to go to college until they see how much money it will cost.

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Research Question: Should College Tuition cost as much as it does? Thesis Statement: The College tuition has gone as far as having many college students being buried in debt for all their early life, lowering the tuition tremendously would unshackle the chains of debt that has affected over 71% of the college students that attend today. Introduction One of the hottest topics of this generation is whether college is too expensive for most students/goers. Over $70 billion is spent on college tuition annually, that’s crazy considering more than half of the people that go are in student debt. Many institutions are now charging 20k to 40k a year for tuition and fees, that doesn’t even include living expenses…

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665 Words | 3 Pages

The cost of college has been pretty high these past couple of years. 65% of the students in the U.S go to college after graduating high school. Not all get to graduate from a college or a university. Only about 56% of the students get to graduate college. Tuition is only a part of college that you need to pay for.

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1437 Words | 6 Pages

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.

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817 Words | 4 Pages

The phrase “education being worth it no matter the cost” has been drilled into students as well as their families. This has led to student loans eclipsing a total of $1 billion every year, and in total reaches more than $1 trillion. While most loans don’t have to be paid off until after graduation, many students aren’t able to find jobs to subsidize the loan payments once they have

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771 Words | 4 Pages

The tuition and cost of college is detrimental to thousands of families across the country and brings student debt to future graduates. Some students have seen their debt climb over $30,000. Friedman writes, “The average student in the Class of 2016 has $37,172 in student loan debt…” (Friedman). With the debts being over the average income for single people households, college has transformed from a benefit to a burden. Young adults not only have to worry about their education but also paying for the next semester or years of college ahead of them.

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1154 Words | 5 Pages

Parents across the nation have found it much harder to pay for their children’s education due to these rising costs. For example, in states like Arizona, Georgia, and Oklahoma “parents have seen a 77 percent increase in costs. In Georgia, it's 75 percent, and in Washington state, 70 percent” (citation). These rising costs would be especially challenging for young adults. Working for a college education is a challenge, and many cannot overcome it.

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