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Financial Debt Scenario Analysis

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An Examination of Three Future Worries: Financial Debt, Career, and Business Relationships

The first category of future worries would be my current financial debt situation. I am a student that has a lot of student loan debt, so I will need to be conscious of these paying off these debts in the future. The rising cost of collegiate education has become a major issue, which often makes it very expensive to go school. I have to pay for tuition, books, and housing, which make it possible for me to attend college full time. More so, I have to pay for my automobile insurance, which is also a significant cost for my budget. The cost of education, however, does not include things, such as clothing, food, and other necessities of life that also …show more content…

I have chosen to study English composition and literature, but what types of jobs does this major offer after graduation? Of course, I could become an English teacher or a professor, but these positions are scare in the current job markets. I know that I will be an excellent writer in the future, but I do not think that it will be a feasible profession to pay off massive student debt loans. I have often heard of former English majors not being able to find lucrative jobs, which makes me wonder about the career option of teaching. Also, I do not feel that I would be a good teacher, so I am also worrying about that option as a future choice. I am not a “people person” with a career mindset for teaching, so this might not be a good idea. In fact, I do not have very many “good ideas” about my future career options as a specialist in literature or English writing. These career options are causing me a lot of worry, since I am currently in great debt. I really need to think about career options to lessen my worries about this aspect of my professional …show more content…

In school, I have made a few friends that might be able to get me a job in the future, but I am more prone to be a loner on these matters. I really need to stat thinking of my future relationships with other people, so that I may be able to build better job opportunities after I graduate. Don’t get me wrong: I am a good friend and a good “team player”, but I simply do not have the “right friends” in the “right places.” This is a worry that I need to resolve because I, naturally, want to become more successful and make strong business relationships in the community. Recently, I was able to talk to my student advisor, and I hope to get some help with this issue. I am terribly worried that I will not be able to get the right job to pay down my debts. The student advisor also acknowledges the limitations of being an English Major, so I really need to start worrying about my future business relationships as a way to compensate for any professional

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Do you remember in kindergarten when the teacher would ask the class what they wanted to be when they grew up? The answers usually consisted of firemen, doctors, princesses, cowboys, or an astronaut. Then there was always the teacher’s pet who of course said they wanted to be a teacher (typical). Well college is a lot like kindergarten. Your advisor asks you,” what do you want to do with your life after college”, but this time the answers don’t come as easily.

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According to Anya Kamenetz in the article “Generation Debt,” young people of today are struggling with high debt due to high educational finances and this is preventing them to move on as responsible adults. College tuitions are too high to pay that young people fall into applying for student loans, and have significant credit card debt with high balances. Most students are using their credit cards to pay for their college expenses and student loans; even their paychecks are being used to pay for college. I agree that many young people held back in becoming a full adult which they are doing everything they can just to continue their education. Even if it means to continue living at home with parents just to make ends meets and not being able to step in the “fully adulthood.”

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In his article, Mark Edmundson discusses an ever increasing problem orbiting around university education– the misconception that studying something that could land you a high paying job trumps studying something that you love for the sole reason that you wouldn’t be able to earn as high as an income with that field of study. Edmundson also brings up the fact that before students get to college, they’re being told who they all their lives. Whether it be by their parents, their teachers, coaches —whoever, by the time most people get to that next step of their lives they don’t have their own definition of who they are. And that’s Edmundson argues what the main point of college is; discovering who you are and what you love. It’s not about preparing

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Textbooks and other general necessities are also costly aspects of college life that are often unaccounted for in regards to the true expense of obtaining a

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Student loan debt has been a big issues for a while now which is caused by the high price college tuition that has more than doubled in the past fifty years in the United States. According to figure 1, in the past five years alone the tuition price has increased an average of 11 percent (see appendix). With the serious rise in tuition many students have taken out loans which means that more and more graduates from college are not only leaving with a diploma but also with debt. "7 in 10 college seniors graduated in 2012 with student debt, which on average was $29,400" (Lundberg 1). 70 percent of all the graduates are already in debt stepping out of college and moving into the real world trying to start a career in society for the first time which means that they will be starting in a hole and will have to work much harder to dig themselves out.

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Many kids do not have the privilege of having their college education paid for by parents or through scholarships, therefore, causing more student debt. Paying for college can be very overwhelming and stressful, but if I take my time and plan ahead I can eliminate the feeling of stress. I believe it is very important to have a plan before I head off to college. I cannot go away thinking that mom and dad will be able to pay for everything.

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But for many families the high cost of college streches budgets to the limit and forces students to take on increasing amounts of debt (“ Reasons To Save For College”). By saving money and hopefully having good savings you could easily save yourself a couple thousand dollars by just simply planning and saving for

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Although it is something to be thankful for since the number of people who can manage to pay at once is low, education is also something to be thought of as a priority that everyone should be worthy of even if it can’t be

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I do plan to go to college after I graduate. One thing that colleges expect is for you to come with some spending money so you don’t starve to death or don’t make it to school on time because you ran out of gas. In one month, on average, I get paid $320 at $8.90/hr. In one month I have around $300 in bills if you add up my phone

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We have to pay for tuition, meal plans, books, labs, parking, detergents, air, the right to live, and other things that we simply shouldn’t have to be bothered with. We are forced to work while in school. Some work on campus, others work off. Regardless, its tough. There are times we have to make the choice to stay home and study without pay or go to work so we can make that monthly installment to stay in school.

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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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The first thing that they might bring up is that college education makes more money which in return can pay off your student loans as said, “While the income for those with a bachelor 's degree was $65,482, and $92,525 for those with advanced degrees. [110] The median income for families headed by a bachelor 's degree holder was $100,096 in 2011.” (college-education) The next point they might bring up is that more and more jobs are requiring people to have some sort of college degree as said here, “According to a June 2016 study, 99% of job growth (or 11.5 million of 11.6 million jobs) between 2010 and 2016 went to workers with associate 's degrees, bachelor 's degrees or graduate degrees. [104] Based on economy and job projections calculated by Georgetown University, in 2018, approximately 63% of jobs will require some college education or a degree.

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College is one of the most important and life changing times in the life of an American. Leaving high school behind and venturing out to the adult world is an amazing experience that every individual should experience. However, young adults from every corner of the country leave college with crippling debt or do not go to their preferred college of choice. College education should be cheaper as it will help families and students financially and give them the satisfaction with having the opportunity to go to their first choice for college.

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College is also a great investment on life. The University of North Texas in their article “Why Go to College?” says, “The average four-year college education at a public university in Texas (instate tuition and fees) costs about $19,434 - less than the average price of a new car. You’ll get more mileage out of a college education than you will from a car... you and your parents should consider those four years as a lifetime investment, not just as annual expenses for job training.” Even though you are paying around the same amount as a car, unlike a college education a car will eventually break down on you and you’ll have to spend another $20,000 for a new

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College graduates may be academically qualified for a career, but they can also be hindered by their own financial situation caused by student loans. Scholarships, grants, and work-study programs are all solutions to help in the reduction of student

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