Student Loans
Student loans help youth nationwide afford college. However, the long-term result may not be as helpful as its purpose. Many graduates have more difficulty being successful than anticipated. After sixteen years of learning and rigorous work in school, college graduates expect to have a stable life, but find themselves stuck in one spot. They are left with a life-long payment to the government known as debt. The result, the government immediately benefits. The government exploits teenagers through student loans. They make a huge profit from student debt. The expense of college has increased outrageously.
Every year students graduate with thousands of dollars to pay back to the government. According to College Board, on average a student borrows $26,500. This can lead to more damage than success. There are payments plans many people decide to use such as: standard, extended, income based, etc. However, there are other expenses a student has to deal with including housing, utilities, food, etc. Graduates end with a strict budget. They are not guaranteed a well-paying job once they get their degree, but may be required to make payment. Many graduates’ lives get turned around in a blink of an eye. Those students end up with debt collectors at their door. Their phones and emails get enormous amounts of messages. Could you imagine the stress? Soon enough your every day individual making their way through this gigantic world experiences a loss of everything they worked for.
Prices vary depending on which college you desire to attend. There is a huge gap between public and private college tuition. College Board gives a chart that explains the cost over time. It states that in the year 1973-1974 a private nonprofit four year tuition cost was $10,783 compared to the year 2013- 2014 which is now $30,094, while the year 1973-1974 a public four year tuition cost was $2,710 compared to the year 2013-2014 which is now $8,893. Kevin Carey, the director of the education policy program at the New America Foundation states, “Every year, [It increases] two or three or four percent above the inflation rate, to the point where college is now four times more expensive than it was, say 20 or 30 years ago.”