The Pros And Cons Of Total Student Debt

Here's the story. You graduate high school you think you know what you're doing and go straight off to college. You’ve heard stories about college and its heavy expenses and life after it but still you think you could manage it with help of your parents or financial aid. After all, you do believe these stories are just “myths” to scare you away, therefore, you continue on with it. The first months go well and by the time you know it you're already in your second year. With time you find yourself a bit short and start taking out loans little by little and as the semesters pass by hooray! You’ve graduated college only to be stuck with a ridiculous student loan bill. At this point you find yourself working restless days and nights just to pay

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. They won't even be considered as college

Based on the economic policy institute for the class of 2015 “ For young college graduates, the unemployment rate is currently 7.2 percent (compared with 5.5 percent in 2007), and the underemployment rate is 14.9 percent (compared with 9.6 percent in 2007).”( Davis, Kimball, Gould, ). They simply cannot find a good paying job especially when the economy is still drowning. As put in the simplest form unemployment is high for young college graduates because “young workers always experience disproportionate increases in unemployment during downturns and the Great Recession and its aftermath is the longest, most severe period of economic weakness in more than seven decades”( ). Even when they do end up finding a job it’s usually a low minimum wage paying job. With an average student loan debt o $26,600 for college graduates there's no way a minimum wage job will help you get out of that extreme debt anytime soon. As a matter of fact, the number of college graduates working minimum wage jobs is nearly 71 percent higher than it was a decade ago, according to the Bureau of Labor Statistics'. ( ). It is simply not