Cost Of College Essay

The average cost of college is $25,707 per year or $102,828 over 4 years (Hanson, 2022). That is equivalent to the income of working as an electrician or truck driver for one year! (John and Sam, 2023). College students are spending the same money to go to school just to learn how to be able to make that much money per year. Does paying that much for college really make that much sense? Despite the fact that the cost to run colleges is at an all-time high, colleges should be more affordable for students, given the amount of time, preparedness, and personable traits that college professors carry. For most students, the cost of college comes with student loans and debt. Those are two words that no one ever likes to hear. They give off a negative

Many college students have to take out a student loan in college because they are unable to pay the cost of tuition. “The average student is also taking on more debt: the balance per borrower rose by 25 percent from 2009 to 2021, according to U.S. News and World Report. Students are generally borrowing more because college tuition has grown many times faster than income (CFR.org, 2022). In today’s world, the amount of debt the world has scares many people. We are in a record amount of debt. The world owes nearly three hundred trillion dollars! Debt rises even more when it pertains to college students. You will find young adults taking out student loans very often when they fail to meet the standard cost of college. Student loans are money college students borrow from the government during their college years when they are able to pay out of pocket. Eventually, they are required to pay the lenders back for the used money. “Each year, 30 to 40 percent of all undergraduate students take federal student loans; 70 percent of students who receive a bachelor’s degree have education debt by the time they graduate (Urban Institute, 2016). If debt is such a problem, why does it seem to be that colleges disregard it and still charge students high fees? It does not make logical sense. “Today, around 44 million Americans owe a combined $1.7 trillion for their education” (Nova, 2022). With so many young adults in debt, this can slow the process of living independently. For example, this could forestall the process of buying a house or renting an apartment and paying for insurance, which are key components of a healthy living style. “Uninsured adults are also more likely to face negative consequences due to medical bills, such as using up savings, having difficulty paying for necessities, borrowing money, or having medical bills sent to collections resulting in medical debt (Tolbert,