College Debt And Its Effects On Society Essay - 949 Words

When starting college every student makes a very important decision. Whether if they want to get financial aid or to pay the money up front. Having college debt will not only ruin their credit, but he or she may also have to pay off their tuition for the rest of their life. Research says, â€Å"According to the College Board, which tracks students’ financing of higher education, undergraduate students in 2013 through 2014 borrowed in the aggregate nearly $63 billion and received $33.7 billion in Pell grants.† By this quote from â€Å"Debt, Merit, and Equity in Higher Education Access† it clearly shows the effects College Debt has on their society but, also on their future. Every paycheck they receive, a small portion goes toward paying their college the same college they finished years ago. It’s not worth paying at least one hundred fifty dollars every check when it could have been paid all together. However, many may not have the same opportunities as oth ers. To continue with the information from â€Å"Debt, Merit and Equity in Higher Education Access† not only does it state that students have received more grants in the years 2013 through 2014 but it also states that ,they don’t use that money for its intended purpose. Many students who have gone to college have said that money they receive from grants, that they don’t use it for school purposes, they use it for their personal purposes. Furthermore, from the text â€Å"The Debt That Won’t Go Away† it states that student’s in the 2000’s hadShow MoreRelatedCollege Debt : Is It Beyond Education Toward Future Financial Security?950 Words   |  4 PagesToday in society the determination for a college degree lies beyond education towards future financial security. While college debt seems to be ever increasing, students from low-income families are less likely to attend college due to the financial hardship. The social class that a stude nt’s family falls into shows correlation on whether that student will or not attend college (Peske Haycock, 2006). However, looking at this issue from my own prospective it seems as though no matter the socialRead MoreThe Cost Of Attending College Essay1356 Words   |  6 PagesThe cost of attending college has risen drastically over the years. Statistics show that there has been a 260% increase in tuition costs since 1980. The increase in tuition cost equates to an increase in money borrowed to fund higher education. An increase in money borrowed results in an increase in debt accumulated over time. As a result of the rising figures, the economy as a whole has also suffered because of the restricted financial space many graduates find themselves in upon completion of theirRead MoreHow The Rising Student Loan Debt1318 Words   |  6 PagesHow to Control The Rising Student Loan Debt The American Dream teaches us that if we work hard, earn a good living, and do our best that we will be able to live comfortably and happily with the fruits of our labors. In today’s society to achieve the American dream, one must first obtain a higher education. In order to do that though many students are taking out student loans and putting themselves further in debt. Having an education has now become highly sought after, yet increasingly harderRead MoreFree College Is Not An Issue That Has Transcended American History1048 Words   |  5 PagesFree education is not an issue that just affects today’s society, it is a problem that has transcended American history. Founding Father, John Adams stated, â€Å"The whole people must take upon themselves the education of the whole people, and must be willing to bear the expense of it.† Every year many high school graduates find themselves asking themselves, â€Å"What next?† For most, the logical answer is to continue their education. That is, if they can afford it. For those more financially-needy studentsRead MoreEducation Is The Way Out Of Their Poverty1496 Words   |  6 Pagescultural issues that plague our society and the equality of the classes in that society. Many can be eased by discussions and getting an action plan to solve the issues. One issue that is relevant to every social class in our society is the â€Å"Worth of a College Degree versus the Cost of a College Degree†. This issue crosses the classes, whether you are in upper middle class, middle class or even in the lower middle class. Education is important for the betterment of society. The better educated a personRead MoreThe Debate On College Tuition Essay951 Words   |  4 PagesThe Debate on College Tuition In our country, several young students in pursuit of a higher education, must work overtime at the local McDonalds, flipping burgers, to pay for their college tuition; while trying to juggle school work and study time during their limited free time. Meanwhile these students live in a country who has buried itself trillions in debt with no end in sight. Sadly, this is the environment that sets up the impassioned debate on whether college tuition should be free in ourRead MoreAs Of 2015, The Average Amount Of Student Loan Debt In1213 Words   |  5 Pages As of 2015, the average amount of student loan debt in America alone was 1.2 trillion dollars and the average balance for each of the roughly 40 million borrowers still paying back loans was $29,000 (Holland 2015). John Oliver of â€Å"Last Week Tonight† makes a point that student loan debt exceeds that of both credit card and auto loans. However, despite the negative financial effects, achieving a college degree is vital to t he National Economy and the job market. According to studies by the HamiltonRead MoreStudent Debt Is A Significant Social Problem Essay1297 Words   |  6 PagesExamining Student Debt When we think about college and a college education, it seems as though our first initial thought is the student loans and debt that can result in achieving a college degree. Looking back, student debt has risen drastically and has made it extremely stressful for students and families. Many people go through their entire life in debt, especially from being a student. Student debt has always existed; however, now, it is so extreme, almost all students who attend college find themselvesRead MoreAnalysis Of The College Board s Trends On Higher Education Series1708 Words   |  7 Pages, Ma, J., Payea, K. (2013). Education pays 2013. The College Board. This report is part of The College Board’s â€Å"Trends in Higher Education Series† that are published annually to provide evidence to policy makers to help aid in decision making. It includes comprehensive data and charts that show that higher education does pay off for graduates. The authors discuss the benefits of higher education both for the individual and for society as a whole. The benefits that are discussed in this reportRead MoreHow The Student Loan Debt Crisis Is Undermining Economic And Social Progress Of American Graduates1635 Words   |  7 PagesHow the Student Loan Debt Crisis Is Undermining the Economic and Social progress of American Graduates Currently, higher education is highly valued as a step in achieving success and earnings potential, but attaining a degree comes at a high cost. Although a very valued asset, the cost to attain a college degree for most students includes getting loans, grants from the government, and sometimes even private loans. Most of these loans come at a high price for students as the interest structure for