The Pros And Cons Of College Debt

Poor families often have difficulties enabling their children to receive admission to desired colleges and universities. According to the writer Kim Clark, “Since 1990, average in-state tuition at public colleges has more than quintupled, from $1,908 a year to $9,650” (“College Prices Reach New Record Highs in 2016”). Though countless people wish to be enrolled the best colleges in the country, their parents often is denied the money to afford it. Parents are unintentionally hindering their child due to the lack of a profitable job. Some believe that programs proclaimed to lower tuition costs are effective, yet the reality is that their payoff is minimal for many universities. Clark had also found that “even if students are willing to take

In 2012, “...there were 6.9 million student loan borrowers aged 50 and over who collectively owed $155 billion with individual average balances between $19,521 and $23,820” (“Is College Education Worth It?”). An astronomical amount of people in recent years are being pushed over the edge by their unpaid college loan debt. Just a few mistakes in college and one may not have the means to pay it back. Some believe that college loans are getting easier to pay with increased support form the government, but reality displays that simply isn’t true. Furthermore, this debt has boomed in recent years. Statistics exhibit how “...the fraction of students graduating with excessive debt has grown steadily for several decades, starting at 6.5 percent in 1985 and climbing to 14.4 percent in 2007” (James). If the government was to alter their cash flow to provide college funding, students wouldn’t be stuck with exorbitant debt after college since college loans would become

College graduates, on average, “...earned 56% more than high school grads in 2015, according to data compiled by the Economic Policy Institute. That was up from 51% in 1999 and is the largest such gap in EPI's figures dating to 1973” (Rugaber). Since there is a bountiful supply of poverty-stricken families unable to send their children to university, it is likely that they will subsist in the same unfortunate conditions that their parents underwent. In the case that more are able to earn a degree, an increased number of Americans can receive higher quality jobs. Since a raised percentage of the populace would have a higher salary, the US average income would skyrocket in the coming years. Some believe that Americans overall are in a great enough condition to persevere, and any optional national average boosts would be insignificant overall. On the contrary, countless Americans are below the poverty line. According to the U.S. Census Bureau, 12.7% of Americans live in poverty, and things don’t appear to be changing for the better. This in mind, the U.S. government should fund colleges and universities so the eternal cycle of low-income Americans will come to a fulfilling