Relationship Between Student Debt
Kelly Franceschi
Mrs. Terry
Sociology 101
28 September 2014
Student Debt The Gallop poll studies the link between student debt and long term challenges a college graduate faces. The poll shows that those with more student debt tend to have more difficulties in four out of five categories of well-being. The four categories of well-being include community, physical, purpose and financial. This topic is important to society today because it is now becoming harder to afford a full college education so students are turning to student loans which can be a burden for a lifetime. Student loans are great for those who are interested in pursuing their education with little to no money to afford school. On the competitive real world side of things, the career market is demanding that potential workers have some sort of degree, preferably a bachelors. Because of this new demand, people have the desire and the need to further their education in order to make a decent income in today’s economy. …show more content…
Between the years of 1990 and 2014, 27% of students borrowed anywhere from $1 to $25,000 and 11% borrowing $50,000 and more.
Those of who have debt raising over $25,000 are significantly less likely to thrive financially and physically than of those without loans. In financial well-being, those of who graduated in 2000- 2014 debt free were 16 percent more financially stable than those who had debt of $50,000 or more. This large thriving gap exists for all other categories of well-being including community, social and purpose. When comparing these results to those of 1990- 1999 graduates, the older group has little differences in community and social well-being elements. One of the possible reasons for the older group still having lower well-being statistics could be because once you become debt free, you’re still carrying a financial burden due to the fact that you were paying off student loans instead of investing for the future
ahead. The challenge of paying for college has become a serious problem in today’s generation because we are in a time where higher education has never been so important or expensive. Tuition at a public university has almost tripled in the past thirty years but is considered the smartest investment for your future. Another issue that is correlated to this one is that even when done paying off your student loans, you are still behind because the money used to pay off school could have been used to become a homeowner or invest in your retirement. The results in the Gallop poll do not surprise me. I found it interesting that those who had more debt in the 1990’s had higher statistics for the category of social well-being when compared to those of debt free students. I think it is important for others to see this poll because then it could have an impact and possibly change the way education is done. Tuition has increased so much over the years and it is becoming harder and harder for students to pay for school and I think this needs to change. Everyone should have the opportunity to advance their education and further themselves as individuals in order to properly create a full market of job ready people.
Works Cited
Dugan, Andrew. Student Debt Linked to Worse Health and Less Wealth. Rep. Washington: Gallup, 2014. Print.
Henslin, James M. Sociology: A Down-to-earth Approach. Boston: Allyn and Bacon, 1995. Print
Mrs. Terry
Sociology 101
28 September 2014
Student Debt The Gallop poll studies the link between student debt and long term challenges a college graduate faces. The poll shows that those with more student debt tend to have more difficulties in four out of five categories of well-being. The four categories of well-being include community, physical, purpose and financial. This topic is important to society today because it is now becoming harder to afford a full college education so students are turning to student loans which can be a burden for a lifetime. Student loans are great for those who are interested in pursuing their education with little to no money to afford school. On the competitive real world side of things, the career market is demanding that potential workers have some sort of degree, preferably a bachelors. Because of this new demand, people have the desire and the need to further their education in order to make a decent income in today’s economy. …show more content…
Between the years of 1990 and 2014, 27% of students borrowed anywhere from $1 to $25,000 and 11% borrowing $50,000 and more.
Those of who have debt raising over $25,000 are significantly less likely to thrive financially and physically than of those without loans. In financial well-being, those of who graduated in 2000- 2014 debt free were 16 percent more financially stable than those who had debt of $50,000 or more. This large thriving gap exists for all other categories of well-being including community, social and purpose. When comparing these results to those of 1990- 1999 graduates, the older group has little differences in community and social well-being elements. One of the possible reasons for the older group still having lower well-being statistics could be because once you become debt free, you’re still carrying a financial burden due to the fact that you were paying off student loans instead of investing for the future
ahead. The challenge of paying for college has become a serious problem in today’s generation because we are in a time where higher education has never been so important or expensive. Tuition at a public university has almost tripled in the past thirty years but is considered the smartest investment for your future. Another issue that is correlated to this one is that even when done paying off your student loans, you are still behind because the money used to pay off school could have been used to become a homeowner or invest in your retirement. The results in the Gallop poll do not surprise me. I found it interesting that those who had more debt in the 1990’s had higher statistics for the category of social well-being when compared to those of debt free students. I think it is important for others to see this poll because then it could have an impact and possibly change the way education is done. Tuition has increased so much over the years and it is becoming harder and harder for students to pay for school and I think this needs to change. Everyone should have the opportunity to advance their education and further themselves as individuals in order to properly create a full market of job ready people.
Works Cited
Dugan, Andrew. Student Debt Linked to Worse Health and Less Wealth. Rep. Washington: Gallup, 2014. Print.
Henslin, James M. Sociology: A Down-to-earth Approach. Boston: Allyn and Bacon, 1995. Print