Debt For College

This report examines the increasing trends in the amount of debt students are graduating with. The purpose of this report is to prove why these trends need to be stopped, and how they can be stopped. After viewing the statistics from 1993 to the present it will be obvious that student debt is not rising at a steady pace, but that its growth is leading to large financial burdens by many students. Recommendations are given about the actions that can be taken by not only students, but everyone to help improve this dire situation. The changes that student loans have been through over the last couple of years will have a lasting effect on current students, prospective students, parents, and those who have graduated and

Supporters of getting a college degree often point to the statistics that college graduates earn more than their high school educated peers over a lifetime. Statistics by the U.S. Census Bureau reports that since 1977, “Adults with bachelor's degrees in the late 1970s earned 55 percent more than adults who had not advanced beyond high school. That gap grew to 75 percent by 1990 -- and is now at 85 percent.” A gap of an 85% pay difference is a huge figure and a clear reason why college is a great option for some people. But there are problems with that figure because when the number of college graduates who are either unemployed or underemployed is taken into account it changes the value of the statistic. In an article by Businessweek’s Richard Vedder we get statistics to counter that argument. He tells of how the number of new college graduates far exceeds job growth in technical, managerial, and professional jobs where graduates traditionally have searched for employment. As a consequence, we have underemployed college graduates doing jobs historically performed by those with just a highschool education. He says we have “more than 100,000 janitors with

5. Base on class statistics 83 percent out of 16 percent thinks the government should forgive student loan debt once a student has completed college and has obtain a job in the field of study.

A college degree is a valuable asset that could ultimately lead to a productive life in society due to the received education, but people without a college degree do turn out more than adequate in regards to societal success. According to the Bureau of Labor Statistics, of the forecasted 30 fastest growing jobs between 2010 and 2020, five do not require a high school diploma, nine require a high school diploma, four require an associate 's degree, six require a bachelor 's degree, and six require graduate degrees to get the jobs (College). In an article called “College Education” by ProCon.org,

College graduates, on average, make a whopping one million dollars more in lifetime earnings than those with a high school diploma. Those with a college degree now make $17,500 more per year than those without — a wage gap that's doubled in recent decades. Those without a degree are four times more likely to be unemployed.One of the biggest and most important reasons for anyone to attend college is the upper hand it gives with regards to jobs and career. A college graduate has a higher chance of landing a job when compared to an individual with a high school qualification. Further, a college graduate also has better options and opportunities to progress in their

The articles written that are completely devoted to either extreme of the issue are numerous. Pharinet says that college is not for everyone, supporting her position by saying that “approximately 50% of students who begin college never graduate” (635). Yet, Robert Perry aligns with the opposite side, saying that “we need more, not fewer university and community graduates” because his state is facing a shortage in workers who fulfil requirements for their positions (625). Humphrey agrees with Perry, proposing that “for any individual student, going to college is clearly better than not going” (she also cites economic reasons). Although these writers are very strong in their positions on one side or the other, they fail to acknowledge the fact that the decision to go to college depends on more than just the economy or the graduation rate. Although these two considerations are significant, the age of the graduate, prior commitments (such as a family business), and how much money and time is desired to be spent on the education as a whole. Thus it is reasonable to consider community college or vocational school depending on the specific situation of the graduating student.

All of those careers do not require a college degree, and they will allow the student to get into the work force much quicker than a four year, or even a two year, college. According to the article by the Advanced Technology Institute, “Trade School vs. College: Which Should I Choose?,”“Trade schools fulfill a vital function, providing the services we depend on in a complex society. Cars break down. Furnaces stop working. Toilets clog. No amount of doctoral research is going to get your remodeled house wired for electricity, for example. We need people skilled in practical trades.” Trade schools are an outstanding institution. They allow students, that are not necessarily cut out for college, to prosper in a good career that is based for the future. Also, in a trade school, the student is able to complete the education in half the time of a college degree (Advanced Technology Institute). With all of that being said, the perks of a trade school are amazing for a student that does not want to attend college, or a student who is not cut out for

An estimated 20 million Americans attend college each year, and 60% of those students borrow annually to pay for it (qtd. in asa.org, “Student Loan Debt Statistics”). Moreover, citizens continuing to pay off debt after schooling brings the overall number of student-loan-borrowers to about 40 million- with a collective 1 trillion dollars in debt (McCarthy, “10 Fun Facts About the Student Debt Crisis); a fourth of these borrowers owe over $28,000, a tenth owe over $54,000, 3.1% owe more than $100,000, “and 0.45 percent of borrowers, or 167,000 people, owe more than $200,000” (Haughwout, “Grading Student Loans”). While some view this predicament as the result of laziness or carelessness, the bulk of this substantial group are not at fault.

Although someone without a degree may have more natural intelligence and ability than their credentialed counterpart, a degree is now worth more than actual capability in the job market. Bankston writes that “the popular emphasis placed on higher education in a society in which higher education has become a broad expectation has heightened the importance of credentials as an asset for obtaining a job at the expense of other assets, such as demonstrated ability or experience in a field” (p. 337). A degree provides a form of merit that employers look for immediately because the degree marks the individual as someone who can supposedly meet deadlines, fulfill obligations, and think critically. Margolis (2007) remarks how “it was the common practice of my colleagues to immediately sift out the [resumes] that didn’t have a degree and just throw them away” (p. 42). Because many employers are searching through high volumes of resumes, they don’t have time to thoroughly look at every single one; they speed up the process by simply filtering out

Although the majority of students in college struggle with finances, STEM majors and underrepresented minorities, specifically have a daunting task of paying for college at a remarkably young age. According to the article, “Debt Overload”, by the National Society of Professional Engineers, “…28% of African American students reported $33,500 or more of undergraduate debt compared to 15% of Caucasian students.” Also, students with Science, Computer Science, Engineering, Environmental Science, or Mathematics majors accrue over $20,000 a year in debt. Majority of student loan debt exceeded $900 billion in the first quarter of 2012, up $30 billion from the previous quarter, the Federal Reserve Bank of New York reported on May 31. This number has increased by $663 billion since just 2003. Student debt is so widespread that two-thirds of the class of 2010 graduated with loans averaging $25,250 each, according to the Project on Student Debt. While studying the article, it was clear that another possible reason that students did not enter the STEM profession was because they could not afford to go in debt for a degree that often required further education after a Bachelors. At the same time, the country is

Facing a seemingly massive debt can create a scare tactic to continue on a path toward a higher and exceptional education. Although there are controllable factors to help lessen the weight of student debt it creates a wall of challenges toward furthering ones education, because of the fear of falling into a seemingly large debt Canadian students are afraid to maximize their education, prohibiting Canada to create and maintain a stronger and more skilled work force.

From the beginning of an education in preschool, to the time of graduation 14 years later, everything learned, interpreted, analyzed, understood, or even misunderstood has its effect in the future. The question is always “what do you want to be when you grow up?” As you age, the career dreams develop into a more mature answer. No matter how anyone is raised, there is always someone pushing at least one other person to go to college. Then, that silly career question is turned around on them, “how exactly do you expect me to afford college?” Roughly, about $809.6 billion is spent on college in the United States each year. Along with all the money spent, deb comes trailing along. Everyone can agree college tuition is not cheap, not to mention

In today’s society, employers look for workers with college degrees because they know what college students are capable of doing. Employers now hold their employees to a different standard compared to the 1900s. Back then, employers did not mind the level of education a person had because being educated was not as common. However, now that society has progressed, more and more people have the same level of education: a high school diploma. Today, employers want to hire someone that

He mentioned that most of the entry-level jobs require at least high school credentials. Especially due to today’s current economic conditions, many individuals are forced to take employment that, at one time, was given to people without a high school diploma. In addition, Tyler & Lofstrom (2009) expressed that recent graduates have lower unemployment rates and higher employment rates.

Throughout the history of civilization, education has been an important tool in shaping an individual as well as the society that the individual is a part of. In the older civilizations, only the elite upper class had access to education. This kept these people at the top of the social ladder, and suppressed the common people who did not have access to the same education as the nobles. We have come a long way since then, with every child having access to a free high school degree. However, there is still some inequality in this modern education system that has similarities to the old injustices. In this day and age, a college degree is a great start for a young adult starting to enter the work force. According to a study conducted by Pew