A college degree has become a necessity today because of the highly-competitive market. Unfortunately, college is becoming less of a reality and more like yesterday's American Dream. According to a study from Harvard University, the rate of American students who tend to drop out before receiving a degree is higher than in other developed countries (Waldron, Study: Nearly Half of America’s College Students Drop out Before Receiving a Degree). The study also found out that only 56 percent of the students who enter America’s colleges and universities graduate within six years, while 29 percent of the students who enter two-year degree programs complete their degrees within three years. According to a recent Harvard University study, the top reasons for dropping out are: the cost of studying, the students’ inability to cope with the competing demands of the study, family and jobs and the unpreparedness of the student for the rigors of academic work (Carlozo, Why College Students Stop Short of a Degree). The number one reason why students drop out from school is the increasing cost of a college education. According to Carlozo’s article, a four-year private college education tripled the price between the years 1980 to 2010. Considering the recession in the United States and its shaky economy, it is harder for students to go to school, even if they are sponsored by parents or are supporting themselves. If one cannot afford to go to school due to lack of money, he/she can opt to work in order to sustain his/her studies or he/she can also borrow money from student loans. Carlozo mentioned in his article that a student loan debt for a bachelor's degree averages more than $23,000 per student borrower. In addition to that, Ben Casselman’s article entitled The Cost of Dropping Out states that 58 percent of the borrowers were not able to get a degree. The harsh reality is that some students who were not able to get a degree needs to work in order to make...
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