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Student Loan Debt

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The Financial Cost of a College Education The cost of a college education has become a determining factor in whether or not people choose to continue their education after high school. The cost of college is so expensive that very few people are able to pay for their education “as they go”; students are being overwhelmed with student-loan debt. The prospect of student-loan debt shouldn't be driving people away from a college education. The cost of a college education in the United States is unaffordable. For this essay we will be using Excelsior College as an example of [realistically] unaffordable tuition. The credit-hour cost at Excelsior, for non-military students is $490.00. At that cost a Bachelors of Science from Excelsior college would cost you $16,695 per year and $66,385 total; that is unaffordable without student loans. It is a reasonable debate on whether or not to choose college after high school with these type of tuition expenses. …show more content…

The interest rate for a federal student loan for an undergraduate degree (like a Bachelors of Science) is 4.29%. It would cost $81,756.50 after 10 years of $681.30 monthly payments. Paying for college solely with federal students loans would be unadvisable but this is just an example of how expensive it can be to get a college education in the United States. The cost of an education at an online college is an example of how it has become unaffordable for a student to get a four-year college

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The Trap of Student Loans Student loan debt is becoming an increasingly startling problem. Rising costs of college and lack of financial aid is driving students to take out loans that offer only high-interest rates and inflexible repayment options which can trap students in a vicious cycle of debt and default. The best solution to this problem is to have federal funds donated to all public colleges’ endowments yearly to use the money to offer more financial aid, require all public colleges to provide a minimum amount of financial aid based on expected income of the student and family, and to require that all student loans be subsidized with interest rates not exceeding 0.5%. The costs of going to college have risen tremendously and are continuing

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623 Words | 3 Pages

As opposed to much of the past, most jobs today require at least a small amount of higher education, and the work field is increasingly competitive. This need for further education allows colleges to raise tuition costs, as most people have no choice but to pay the fees to have a career. Colleges are also spending more money trying to compete in rankings. Despite all this spending, the article states that “America has only the 15th-largest proportion of young people with a university

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1838 Words | 8 Pages

The main expense students face when it comes to higher education is not only just tuition. In fact tuition only makes up a minor part of the heavy financial burden that college education brings; most of the costs that students and their families face are external costs, or non-tuition related expenses, such as textbook prices, dormitory fees, and cost of transportation. Even if their tuition loans are erased, most of them still face these external costs that are at the core of their financial burden. This leads to the main problem of high-college drop out rates; if the financial burdens of these families are not solved, students would often not be able to focus on their studies or wish to escape from their financial situation by dropping-out of college. With no job and no degree, the college drop-out students are far from the skilled and educated work force that is the end goal of our higher education system.

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324 Words | 2 Pages

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).

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767 Words | 4 Pages

Families, who have their own issues, now need to confront the challenges of concocting cash that they scarcely have all together for their child to get instruction at a college institution. Student loan debt is common and is anticipated for undergraduates to seek higher education subsequent to graduating from their high school. College tuition costs are soaring, and a majority of undergraduates experience issues paying for their educational costs. To pay for their college expenses, most students require loans and toward the end of four years, those wind up owing debtors. Student loan debt has an unremitting impression on the lives of those within its grasp, influencing the manner in which they make important life choices.

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339 Words | 2 Pages

The rise of college tuition contributes to the ever so rising income inequality. The high cost of pursuing a higher education is very frightening. In the graph in Trends in Higher Education, the average cost to attend a public four year college is around $23,410 per year and average cost to attend a private four year college is about $46,272 per year (College Board). It is a staggering high cost that most Americans cannot afford. Although the U.S department of Education offers financial aid to students, the aid it provides is not an adequate source.

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569 Words | 3 Pages

Understanding college costs will give us a reason as to why the price is so high as well as how they got to that point. In order to know how and why college costs are so high, we have to know what the rates of colleges are. Four year colleges and universities are $23,066 (Understanding) a nearly $20,000 increase in a thirty year period and two year colleges are now $9,308 (Understanding) an almost 2,000 increase in the same thirty year period. Student debt as the NPR says “has now surpassed a trillion dollars, higher than America’s collective credit card debt” (How).

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1228 Words | 5 Pages

The student loan issues are causing huge problems on both students and society it seems clear enough that students are borrowing a lot of student debt, and they are failing on that debt and aren’t capable of paying it back and that is destroying their ability and threatening their ability to access any more credit in the future. The approaches students are taking to a student loan debt collection are fraught with many problems, including bad recovery tactics and failing on making repayments on the debt. There is no escaping the fact that the cost of college tuition is on the rise and it’s not declining, and that is making it more difficult for students to obtain a degree which is really important to acquire to be able to function in today’s

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1090 Words | 5 Pages

“With more than $1 trillion in student loans outstanding in this country , crippling debt is no longer confined to dropouts from for-profit colleges or graduate students who owe on many years of education”. Students or future college students are struggling to figure out solutions to pay off college debt. With rates increasing every year , it is becoming extremely difficult to receive an education and overcome tremendous debt at the same time. However , there are several possible solutions that can help solve the issue of high tuition fees. The first solution is to attend a group called the Scholarship Sharing.

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1994 Words | 8 Pages

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.

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670 Words | 3 Pages

1.6 trillion dollars. That is roughly the student debt total in the United States according to whitehouse.gov. Many United States citizens have to deal with the problem of paying for college right as they graduate high school. Some do not even go to college because they cannot afford it, or because they simply do not want to deal with a storm cloud of student debt looming over them for the majority of their life. It’s time to change.

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1019 Words | 5 Pages

A rising issue in today’s society is deciding whether or not college is worth the cost. There is an extreme amount of pressure that is forced upon high school students by parents, teachers, and peers to further their education and attend college. However, there is research that challenges the thought that college is the best possible path for a person to take. College may be a great investment for some people, but it is not meant for everyone. This is supported by the arguments that colleges are expensive, jobs do not always require a college degree, and students are forced to choose a lifestyle before being exposed to the real world.

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998 Words | 4 Pages

The moment a person enters college, they find themselves stranded in a financial vacuum called student debt. The typical American making an average salary struggles to keep up with their student debt. Getting a job straight out of college is not a common opportunity anymore. Meanwhile whether a person is employed or not, loans start to become due shortly after they receive their degree. With loans underway and no job to pay the bills, this causes great stress on the individual and their family.

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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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901 Words | 4 Pages

There is many people that go to college, but because of the cost they don't get through college. The elevated costs of college cause not only students to struggle paying for college, but also to struggle financially paying for college when they are done. In many cases, after graduating, young adults who don’t find a job will become poorer, increasing the gap between the rich and the

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