I read Student Loan Debt: Can Parental College Savings Help?. This article talks about the rising cost of college and how it affects the students directly. It is said that the rising cost of college and the lower availability of financial aid creates a culture where teens don’t go to college because they cannot afford to attend. The College Board produced a report that says the “…annual cost of college attendance plus room and board at a private four-year college rose by 4.2 percent in 2012-12 to $29,056.” One of the ways in which student loan debt may be diminished is through “… parental college savings…” as stated in the article. Students who have college savings from parents can lower their student debt by about $2,000 compared to those who do not have such savings to put towards their college education.
The rising costs of education are influencing the declining numbers in college enrollment. The price continues to rise while minimum wage doesn’t. Without a long term plan for how to pay for college, it’s hard to pay for college out of pocket. For some it’s impossible without gaining large amounts of student debt that you will be paying off for the rest of your life. The number of students getting lost in this web of student debt is rising in direct correlation to the drop in tuition being covered by public four- year colleges. For example: “Just 10 years ago, the maximum Pell grant amount covered 98 percent of the average tuition and fees at public four-year instututions; in the 2012-12 academic year, this figure dropped to 64 percent (College Board, 2013).”
Student debt is inevitable, more for some than others. But, it is overall inevitable and everyone accumulates some student debt in one way or another. There are some ways to lower the amount ou accumulate, such as savings for college, scholarships that help pay off college, or even work study jobs. All of those are options that may help lower student loan debt amounts.
Image: Student debt ruined me! by quinn.anya on 2017-09-21 08:17:25Tags: Judge Memorial Catholic High School
Is Student Debt Inevitable? by Alicia is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.