Student Debt Research

In 2015, 34,015 students attended N.C. State University (NCSU). Research by The Wall Street Journal claims, “Almost 71% of bachelor’s degree recipients will graduate with a student loan, compared with less than half two decades ago and about 64% 10 years ago.” With so many students in debt before finding their source of livelihood, how could they make a start in the world already stumbling? Another fact from CBS News, in 2014 forty six percent of college graduates were working jobs that did not require their college degree. With so many startling facts about what happens after college, admissions to college in recent years have fallen according to CBS News.
In a truth alleviating the financial crisis for college students and graduates is
This number can vary from state to state, for example New Hampshire has the highest average debt at $33,410. These numbers only reflect the students that graduate with a bachelor’s degree and college seniors. The cost for graduate school and above become even more substantial. An average from $40,000 to $60,000 in debt. Not only does going to a graduate school affect how much tuition, but also the career field you choose. “Students studying medicine or law can easily amass a student loan debt that tops six figures. Taking into account loans for residencies and bar exams, they can easily find themselves with loans in excess of $100,000.”(The Average Student Loan Debt) Very few students come out of college not owing back tuitions to the schools they graduated from.
Solutions to North Carolina College Debt College exists for people to be able to make a better living for themselves and to be able to pursue their educational goals. In North Carolina it is currently ranked 37th in highest average college debt for students graduating with a four year degree (College Access & Success). Even though debt in North Carolina is lower than most states, UNC leaders have proposed ideas to help alleviate student debts. NC GAP described by UNC president Margaret Spellings, “… has identified the right problem, but has come up with the wrong solution”.
According to legislation,
President Obama by signing the “Health Care and Education Reconciliation Act of 2010” has allowed people to be able to afford to pay back their loans. The benefits of this act is as follows, “The federal government will no longer give subsidies to private lending institutions for federally backed loans. Borrowers of new loans starting in 2014 will qualify to make payments based on 10% of their discretionary income. New borrowers would also be eligible for student loan forgiveness after 20 years instead of 25 on qualifying payments. Money will be used to fund poor and minority students and increase college funding.” (Obama Student Loan Forgiveness Program). More radical changes would come from Bernie Sanders making college tuition free. Truthfully this is not as radical as it seems, “Last year, Germany eliminated tuition because they believed that charging students $1,300 per year was discouraging Germans from going to college. Next year, Chile will do the same. Finland, Norway, Sweden and many other countries around the world also offer free college to all of their citizens. If other countries can take this action, so can the United States of America.” (It’s Time to Make College Tuition Free and Debt Free). A prestigious college in California known as Stanford has offered free tuition to families that make less than $125,000 a year. With this reform, many students from around the state that