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The Pros And Cons Of College Debt

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College debt used to take up to 25 years to pay off depending on your choice of college, but now has decreased to 10 years, is college worth that price tag. Colleges provide people of all ages with higher education and meaningful experiences that will last most people a lifetime. Going to college is a well worth it decision, but not everyone is suited to it. There are some people who believe they aren't right for college and go straight into the workforce. Although the cost is high the valuable education and experiences are worth the time effort and money. The cost of college is skyrocketing, but college students and families still believe it is great education option and amazing opportunity. “ College graduates say college was a good investment for them”-Time Magazine. The pay gap or difference has increased in past years and is still on the rise. “When comparing the average wage of college graduates to the average wage of those with only a high school diploma, a distinction was clear”-Kevin Short. The difference between high school diplomas and a bachelor's degree is a compelling reason to go to college alone. “ The “net present value” of a …show more content…

These student loans are prominent the time needed to pay them off has lowered. It took graduates an average of 25 years to make up for the costs of getting a bachelor’s degree in the late 1970s, the researchers said. Today it takes on average 10 years-(Huffpost). Student loans are a big part of why many peoples decision to go to college are wavering, but if you are careful and think it through “ attending a public college might make more financial sense than a private college. Private schools charge $26,300 a year on average, compared with $7,000 for in-state students at public, four-year schools”-(Kotlikoff for msnbc.com). The choice to go to college can be a less stressful more pleasant

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In 2014, the average student loan debt was between 24,000 and 33,000, varying by state. “Seven in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower. Over

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One of the main points about college is that it is too expensive. Many Americans feel like college is not worth it, “A majority of Americans. for most Americans to afford.” Paying off student loan debt can take years or even decades to pay off. Despite this, 86% of Americans say that college was a good investment and helped them in their jobs.

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Is College Worth the Debt? In today’s society, college plays a vital role in millions of individual’s lives. After high school graduation, many students sail off to college in hopes to expand their knowledge and education to become prepared for their future career. College provides the extra mile that students need to prepare for the real world.

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Nowadays, student loans can crush people. According to Source 3, student borrowers say paying back student loans affect them harshly in daily life,48% of student borrowers say, the loan makes it harder to pay bills, 25% say, it makes it harder to buy a home, and 24% say, it makes it harder to choose a career (Source 3). Debt can follow borrowers well into adulthood and can cause some complicated problems. Alternatively, Source to states, "Those grads emerged with more debt...due to a struggling economy...as their debts get paid off and earnings rise, they may have a change of heart."

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Over the last 12 years, federal student loan balances have quadrupled, exceeding $1.1 trillion (Lee and Looney, et al.). America’s student loan debt has skyrocketed to over $1.1 trillion. In the United States, student debt is a known problem that haunts many students and alumni due to the high prices of colleges. Many may argue student loan debt is worth it because of the job opportunities and higher earnings that can justify the debt. In contrast, others believe college prices should either drop or that the government should help with the debt.

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Justin Meng Mr. Ash 05/18/2016 Is College Worth the Debt? There are many people in the world today who carry a large amount of student loan debt, sometimes more than $100,000, which may take them decades to pay off fully. Many today are debating that the education and degrees received in college are not worth a lifetime of debt. Some feel that they can find gainful and fulfilling employment without the need of a 4-year-degree.

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College is Worth it All Nelson Mandela once said, “Education is the most powerful weapon which you can use to change the world.” I believe a college education is worth the cost in spite of today’s skyrocketing tuition costs and a poor job market. Despite most students that leave college with expensive degrees, massive debt, and no jobs; they gain something in life. The expense of a college degree is worth the benefits. Dreams are achievable if one puts in the amount of work necessary to succeed.

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Becker and Murphy depict a graph that shows the correlation between higher education and higher income. This chart shows that over the course of 30 years (1970 to 2005) the percentage of people who graduated college are making noticeably more than people who stopped their education after high school. “In recent years, a person with a college education earned roughly 70 percent more” (Becker and Murphy, 582-583). Becker and Murphy also stated that, “the labor market is placing a greater emphasis on education, dispensing rapidly rising rewards to those who stay in school the longest” (583). Knowing these “rewards” are to come from furthering ones education, the desire to go to college has encouraged people to study longer in an attempt to achieve “a stable, middle-class lifestyle… which they can focus on saving money for the future…”

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some college students, with smart living and a bit of thinking, can pay college loans off in under two years. the people who have over 100,000 dollars in debt only account for 1.2 % of the population who have student loans, most of which are doctors, lawyers or others who received graduate

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Attorney Ian Rodier has had hundreds of clients with student debt issues. With 29 years in the field, Mr. Rodier has spoken at countless high schools to give his advice on student debt. He says, “Carefully calculate costs versus benefits.” Along with this, student debt can take countless years to pay off. For some people, they may only be forty years old when their debt payments are completed and college finally pays off.

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These studies have proved that college is not worth it in the long run. College graduates are beginning to have high expectations on their wages earned. New college students are losing ground on wages by the time they graduate. Many are working hard to earn a degree, going into debt, making sacrifices financially. But, the lack of wage growth is affecting them after college.

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This is a huge financial burden, especially for newly graduates who are just beginning to try and make it on their own. This is one of many reasons why some people will not go to college. Some do not think that the degree is worth the many years in debt trying to pay all the money off. They might feel differently if the amount of debt was decreasing, but in fact it is actually increasing every year. Between 1992 and 2012, the average amount owed by a typical student loan borrower who graduated with a bachelor 's degree more than doubled to a total of nearly $27,000(CNBC).

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565 Words | 3 Pages

College Is Worth It Have you ever wondered about why you should go to college? Well, college is worth it and you get rewarded in many life-changing ways and you get live life easier and in relaxation. Here are a few facts and reasons why you should go to college. First of all, college gets you more money.

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With colleges becoming increasingly more expensive in the United States, high-school students in the US may start to question if they can afford college and if the price is worth it. However, college is the best way to learn about your dream career, make lifelong friends, and develop skills necessary to be a strong, independent adult. Others may argue that college is not worth it, but according to scientific studies, the best economic and financial decision is going to college.

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As a High School Junior looking at jaw dropping tuition prices, my family and I often ask ourselves a question I’m sure many other American households are challenged with: Is a college degree actually worth it? Once you look past the recent unemployment rate for college grads, you’ll find that a college degree proves to be highly beneficial once placed in a career. Degree holders often enjoy benefits such as higher pay, higher-skilled work, and an intellectual advantage over their coworkers that do not have a degree. These benefits often outweigh the seemingly outrageous cost of college, making the price tag more than worth it.

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