college debt crisis
27 October 2013
College Debt Crisis
Everyone who desires to go to college one day will eventually be facing the number one question that may or may not make the decision for them; do I have enough money to go? It seems to be the reason a lot of people finish high school and decide to just start working. “A job after high school helps set realistic expectations and firm up goals” (Johnson). Some kids, fill out the necessary paperwork, only to find out their parents make too much money and end up not going as well. Then there are the kids who decide to take out loans. “In many schools, 70 percent of the student body must borrow” (PRESS). Sure it seems easy at first, so they get another loan, they get another degree, only to find out that after college, the work force is smaller than they thought and now the debt is hanging over their heads. “Significantly, about 13 percent said their loans forced them to drop out of college -- leaving them perhaps worse off than if they never had gone” (PRESS). For some college students working to pay off their debts seems more important than getting the actual college degree. It is important to society that we try to fix this problem. The students applying for college need to be better educated on loans and have a better idea on the job market today, and what degree it will take to get them where they need to be so that they are employable.
The Obama administration has taken an interest in this middle class problem. “The President signed a new law that makes it easier for students to pay back their federal college loans. Starting in 2014, new borrowers will pay no more than 10 percent of their disposable income, and the President recently proposed accelerating this benefit for current students. The law also allows any remaining debt to be forgiven after 20 years. Those engaged in public-service professions—such as teachers, nurses, or members of the armed forces—will have any remaining debt forgiven after 10 years if they
College Debt Crisis
Everyone who desires to go to college one day will eventually be facing the number one question that may or may not make the decision for them; do I have enough money to go? It seems to be the reason a lot of people finish high school and decide to just start working. “A job after high school helps set realistic expectations and firm up goals” (Johnson). Some kids, fill out the necessary paperwork, only to find out their parents make too much money and end up not going as well. Then there are the kids who decide to take out loans. “In many schools, 70 percent of the student body must borrow” (PRESS). Sure it seems easy at first, so they get another loan, they get another degree, only to find out that after college, the work force is smaller than they thought and now the debt is hanging over their heads. “Significantly, about 13 percent said their loans forced them to drop out of college -- leaving them perhaps worse off than if they never had gone” (PRESS). For some college students working to pay off their debts seems more important than getting the actual college degree. It is important to society that we try to fix this problem. The students applying for college need to be better educated on loans and have a better idea on the job market today, and what degree it will take to get them where they need to be so that they are employable.
The Obama administration has taken an interest in this middle class problem. “The President signed a new law that makes it easier for students to pay back their federal college loans. Starting in 2014, new borrowers will pay no more than 10 percent of their disposable income, and the President recently proposed accelerating this benefit for current students. The law also allows any remaining debt to be forgiven after 20 years. Those engaged in public-service professions—such as teachers, nurses, or members of the armed forces—will have any remaining debt forgiven after 10 years if they
Cited: Action, Organizing For. http://l.barackobama.com/record/on/student-loan-reform/. 2013. 27 October 2013. Combs, Patrick. Major In Success. Berkeley: Ten Speed Press, 2007. Foroohar, Rana. "But Wait, It 's Still a Wimpy Recovery." Time 12 8 2013: 31. Johnson, Karen S. http://work.chron.com/six-advantages-working-after-high-school-15907.html. 2013. 28 10 2013. McArdle, Megan. ""THE COLLEGE BUBBLE"." Newsweek 21 10 2013: 22-26. PRESS, THE ASSOCIATED. "STUDENT LOANS LIFE AFTER COLLEGE: I OWE, I OWE, SO OFF TO WORK I GO." The Salt Lake Tribune 8 March 1994: 1. Soave, Robbie. The Daliy Caller. 27 8 2013. 30 10 2013. Summer, Nick. Bloomberg Business Week. 22 8 2013. 30 10 2013. Wolverson, Roya. "Now What?" Time 13 6 2011.