Student debt
The cost of education has risen and obtaining a college education has become more difficult than ever now due to the sky rocketing cost of college tuition. In today’s economy with such limited jobs available, often students graduate and are unable to find decent paying jobs in the field that they studied. With the rising costs of college tuition, many students are forced to work and apply for student loans which put them in a financial mess after they graduate. Many students struggle over the years just to pay off their college debts. These days it is difficult to find a good paying job that doesn’t require a college degree, therefore getting a degree should be made more obtainable for students. One might argue that grants and financial aid are available to students; however students still struggle to pay for their college tuition.
Student loans differ from other loans in many ways, firstly their interest rates are at six percent, which is higher than those of home loans. Also, students do not negotiate with the lenders. They have to begin paying off their debt six to twelve months after graduation. It is required by law, whether the student completed their studies or not. (Foley).
Millions of students are graduating each year and many of them will have to pay back thousands of dollars that they borrowed. But is it worth the cost? “Approximately 47% of students enrolled in school have borrowed money to finance their college education. The median debt is $38,100 and 73% said that they owe more in student debt than they can manage.” (Levi) The bigger problem at hand is that students are graduating and are either unemployed or underemployed. Today’s bad economy makes it more difficult to find a way to pay down these debts. According to a recent article in ABC News, “the unemployment rate for adults ages twenty to twenty-four remains at 12.5%, about 1.5 million bachelor’s degree holders—53.6% are unemployed or underemployed” (Levi). The high college debt combined
Student loans differ from other loans in many ways, firstly their interest rates are at six percent, which is higher than those of home loans. Also, students do not negotiate with the lenders. They have to begin paying off their debt six to twelve months after graduation. It is required by law, whether the student completed their studies or not. (Foley).
Millions of students are graduating each year and many of them will have to pay back thousands of dollars that they borrowed. But is it worth the cost? “Approximately 47% of students enrolled in school have borrowed money to finance their college education. The median debt is $38,100 and 73% said that they owe more in student debt than they can manage.” (Levi) The bigger problem at hand is that students are graduating and are either unemployed or underemployed. Today’s bad economy makes it more difficult to find a way to pay down these debts. According to a recent article in ABC News, “the unemployment rate for adults ages twenty to twenty-four remains at 12.5%, about 1.5 million bachelor’s degree holders—53.6% are unemployed or underemployed” (Levi). The high college debt combined