College Costs How Much?

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English 49
Professor
April 18, 2013
Midterm Essay Rewrite
College Costs How Much?
            Growing up, students were taught to get a higher education in order to make a comfortable living for them and their families.  Now, those college graduates are crippled with large amounts of debilitating student loans and are unable to start a family of their own.  According to the credit bureau TransUnion, the average student loan debt carried by each borrower has risen 30% to $23,829 in the past five years.  These graduates should be stimulating the economy by buying cars and houses, but instead they are sending their paychecks to the bank to pay back their enormous loans. The aggregated amount of student debt has soared over the past several years due to so many people deciding to go back to college after being laid off from their jobs, a rapid rise in college tuition, and schools that give out worthless degrees. The New York Times states that in the 1970s, the median wage was 40% higher for college graduates than for those with just a high school diploma; today, the wage premium has risen to about 80%.  Although there are options to get a degree quickly, it is not always the best idea.  It is concerning that some schools promise a degree in less time, yet charge the same amount as a four year university.  The Art Institute is one of the biggest offenders. They offer a three year culinary program that costs close to $100,000 while the graduates only average about $12 per hour after graduation. It is impossible to pay back those types of loans with basically a Jordan 2

minimum wage job. Also, possible employers would much rather hire someone who has been studying the subject for four to six years rather than just a few months, so it can be very challenging for those students to find a job. The fact that our country’s student loan debt is currently valued at $1 trillion dollars, while the cost of tuition is rapidly increasing, is the most concerning effect...
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