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The Pros And Cons Of College Debt

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$1.3 trillion. The United States college debt grows past the number of $1.3 trillion as of 2016. College debt is continuing to grow leaving students unable to pay for it and living expenses. The innovative technological world also restricts students of having a good job as well. College debt, and the little money made afterward proves that college is not worth going to. College debt in the United States has hit record breaking numbers, and these are only going to rise. Research and polls show that 87 percent of admission directors of private colleges and 51 percent at public colleges say they are “..losing potential applicants because of fears about accumulating student loan debt” (Christine Giordano). Enrollment at these colleges have dropped by nearly 800,000 in a span of just four years, according to government data. The avoidance of enrollment however, is not for poor reasoning. College students believe that the debt sustained after schooling is too much to pay off. Almost 50 percent of college graduates in their twenties are underemployed, and don’t make enough money for tuition bills. Recent college graduates unemployment rate has even reached a total of 9 percent. It is nearly unlivable to pay for living wages and college debt at the same time. …show more content…

“..when computers can engineer software and cure diseases on their on their own, demand for human labor will plummet” (Gus Veerman). Even the White House officials agree that occupations that require a high use of creativity, interpersonal communication and analytical thinking will be most secured in the world of technology. Jobs such as those are immune to these technological advances. There is no gaurentee that a great job graduating college today, will be a good job five years from now. The innovative society today takes jobs from college graduates every

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Colleges require way too much money. Janet Bodnar digs deeper in this issue in her article “The College Debt Trap”. In this article, Bodnar describes how she thinks people can actually dig themselves in more debt than necessary by accepting loans from different places. She states a few things people could do to keep from getting themselves in this particular situation. Bodnar believes that parents should take into consideration the various opportunities they have to save money.

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It has risen substantially over the last decade. In 2007, total student loan debt reached 548 billion. Last year, it hit $1.4 trillion. There are many reasons for the debt crisis such as the high cost of tuition, job unavailability, and low paying salaries. Astra Taylor speaks the harsh truth and says: “The schools slurp up about a

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Debt is important to the United States In “The pedagogy of Debt” Jeffery Williams discusses the harsh realities college students face after graduation. He talks about how even after 15 years of being out of grad school he still is currently paying back his debts. Not only is he paying back his schooling debts, but also his daughters current tuition. Debt is something we all face if we decide to expand our knowledge after high school by attending college.

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That's enough money to last anyone more than a lifetime and it doesn't help that the cost to attend college is increasing only making it harder to pay off. Tuition at a private university is now roughly three times as expensive as it was in 1974, costing an average of $31,000 a year; public tuition, at $9,000, has risen by nearly four times” the NY times states (Davidson, 1). For middle-class families that most nearly sounds impossible to pay off especially because it's costing them more than their annual income. The average middle-class family earns about $250,00 a year. This ultimately forces many students to drop out which is only hurting.

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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.

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Was it really worth it? The question most college graduates ask, when they receive their first bill from the US Dept. of education. The idea of student loans can be extremely deceiving, even after reading the fine print. Most students see them as a stepping stool, towards a more promising and financially stable future. Now it’s 4 years later, a degree has been obtained and students find themselves standing in the real world 50,000 dollars in debt and extremely overwhelmed.

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Rising College Debt College costs are rapidly rising. It is an undeniable fact and one of the major issues arising from this problem is student debt that in major cases can go into hundreds of thousands of dollars. National student debt is approaching 1.3 trillion dollars in the United States and rising every year (Douglas-Gabriel). Unfortunately, the majority of higher paying careers today a college degree is a requirement, and this situation is not likely to change. Different loan repayment options, more scholarships, and more help from state government could help offset the rising cost of higher education.

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According to BloombergBusiness college tuition in the U.S. again rises faster than inflation. Tuition and fees at most private nonprofit colleges have claimed more the 3.7 percent with an average of more than $31,231.00 per year according to a report by College Board. College tuition is a topic that is constantly brought up in the students mind constantly. Most believe that the cost of college has become outrageous and have thought about dropping out of school multiple times. About 79 percent of college seniors at a four-year school graduate with high student debt.

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America began to see college tuition rates increase in the 1970’s and haven’t seen it stop since then, the rate is even outdoing inflation. One article put together facts from the Bureau of Labor Statistics and the Federal Reserve Bank of New York and found that college tuition and fees have increased by more than 1,122 percent since 1978 while the cost of housing and food rose less than 300 percent and the cost of medical care went up less that 600 (Quandt). The rates at which college tuition and fees are increasing are putting students in unmanageable amounts of debt. Keith Ellison, the U.S. Representative for Minnesota’s Fifth Congressional District, said that debt from student loans has become the largest form of personal debt in America,

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College tuition today is making students feel like the only way they will be successful after college is if they were already wealthy before they started college. Students feel like they are sacrificing their futures by getting a higher education. Instead of going into college with a positive mindset, they worry about how they will be able to pay back their student loans. There are plenty of students who need to take out multiple loans just to pay for one semester of college. The majority of students who have older family members didn’t have to experience the struggle that students have to face when it comes to tuition prices today.

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Tuition has increased by 112.5% for a four-year institution while income has remained the same making it difficult for students and parents not to apply for student loans. Addressing the student debt problem will require new tactics such as relief to existing borrowers as well as returning the American higher education system to a debt-free system. Student debt has reach approximately 1.2 trillion dollars; a very disturbing new reality for many students trying to obtain a higher education. Higher education once believed to be the gateway to the middle class can now be viewed as a “debt-for-diploma” system with a long-term financial impact, which also places limits on the economy. In order to accomplish this goal, the state and federal governments must provide new resources for funding higher

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The phrase “education being worth it no matter the cost” has been drilled into students as well as their families. This has led to student loans eclipsing a total of $1 billion every year, and in total reaches more than $1 trillion. While most loans don’t have to be paid off until after graduation, many students aren’t able to find jobs to subsidize the loan payments once they have

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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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Most of my friends who are currently in college have between 5000$-20.000$ in federal and private loans. In many cases, besides for the loans, students have to work and study at the same time, which results in a stressful life for the student. In fact, many students are not able to finish their education because, since they can’t afford it, they have to work over their studies. Out of all the possible reasons to drop out of college, “the No. 1 reason many young adults drop out of college is an inability to juggle school and work” (Johnson). Finishing college is the most decisive forecaster of prosperity in the workforce and the inconsistency in college completion between children of rich and poor families duplicated since the late 1980s (McGlynn 55).

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Forgiveness programs can be lifesavers for borrowers drowning in student loan debt (Snider 1). However, jobs for recent grads are harder to find and salaries are lower, but that won't last forever; in spite of all of this, the data make clear that getting a college education is still a good idea. College graduates earn more and are more likely to have a job in the first place, and is especially important for some Americans (Webley 2). According to the Bureau of Labor Statistics in 2010, the unemployment rate was 9.2 percent for those with only some college and more than 10 percent for those with just a high school degree, but it was 5.4 percent

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