April 23, 2013
The Shackles of Student Debt?
In this article, “A Lifetime of Student Debt,” Robin Wilson interprets the different views on taking out loans for college students. The recent worry has been that taking out student loans are “threatening the financial future of today’s college students” (Wilson 256). However, recent studies has shown that one-third of college students will have no debt after their academic experience. College student nowadays are willing to take any means necessary to attend their “dream college, no matter the cost”(257). Mark Kantrowitz touches up on this idea remarking that these students will do whatever they need to go to their dream college. Comparatively, a CNN report called student loans to be a “life sentence” and stated that their entire life would revolve around paying for their student loans in their future (258).
Data from the U.S. Education Department showed that around two-thirds of students graduated from a four-year college with roughly $19,202 in debt, and students to attended public colleges had an average debt of $17,277. Likewise, the cost of going to a private college was at a higher $21,957(258). Robin gives the averages loan rates of medical and law school graduates, which far exceed others’ at over $100,000. In contrast, Anthony P. Carnevale says that, “debt is the very best way to pay for education because you’re shifting the cost forward until you’ll be earning more money”(260). In essence, Patrick M. Callan believes that its better to take money out for loans than not at all, because you will make more money with that college degree.
On the other hand, Alan M. Collinge found himself in a different situation. He took out $38,000 in student loans. Later in his career he spent $6,000 on an invention that didn’t work out and he had gotten into a car accident that cost him $1,500. He lost his job for asking for a pay raise and at the end his student loan...