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August 17, 2022

 

Should college be free?

College is an educational institution for students with inspirations and with a desire to learn for their future. The difference between private and public college, According to the article School advisor, public schools are administered and funded by the local, state or national government whereas private schools are funded completely  or partly by students’ tuition.

Free college is an important issue because a private college can be $60,000 per year, public college can be at least $20,000. Most States do not fund public education since It might also lead to students cutting more classes or not trying because they don’t have to “get their money’s worth” when they aren’t paying for anything.

In my opinion public colleges and universities should offer free tuition since many interested students cannot afford them.

One reason “why college should be free” is that some students who are interested cannot afford to attend. According to the article written by The learning Network, free college is not a new idea: “In some ways, the burst of interest in free public college is a return to the nation’s educational past. As recently as the 1970s, some public university systems remained largely tuition-free.” Back in the 70’s, college education was tuition free, unlike today therefore we can have it free again. “As a result many students have been overwhelmed with the thought of paying an amount of money for a Public College education.” Another reason is that free college would allow students to save their money and to provoke less pressure, for example stress on themselves. Studies have shown the amount of stress obtained over the years in college. “Three out of four students reported having experienced at least one stressful life event in the last year. More than 20 percent of students reported experiencing six or more stressful life events in the last year. Stress exposure was strongly associated with mental health diagnoses, self-harm and suicidality.” This quote come from a website called stress.org

Although some people might argue that college should not be free, since many students  would skip classes (just like in high school) because they are not paying for them. I oppose this point of view since students who have worked hard to get into college, just because it could be free does not mean it is simple to enter. According to collegevine.com “tuition requirements and earn at least a 2.3 high school GPA among other criteria.” To get accepted in college.

In conclusion a Boosted Economy can affect students and most students graduate with a massive amount of debt. Free tuition at public colleges could help students into saving up their debts, aware about their self care, since many students work full time to pay for their college education, and prevent self harm from anxiety. Therefore this topic is important because it has many effects on students that can not afford its payment required. 

Source: The New York Times


Why Are Many College Students In Debt?

In the article, “Drowning in Debt” I learned that college graduates struggle for years to pay off their college debt. Many students find it hard to pay their tuition because college is expensive. Over the past 30 years, college tuition has risen tremendously due to the rising salaries of professors, dorms, and other facilities.  According to a study from Wisconsin University in 2017, they found that it usually takes around 20 years for graduates to pay off their debt. Many students do apply for financial aid, but sometimes that isn’t enough help or others don’t qualify for the aid. Their alternative will then be to take out loans. 

These high tuition prices have caused controversy between politicians. Some like Bernie Sanders have proposed canceling existing student loan debt and making both public and community college tuition-free for every student. Many schools have opposed this idea because if tuition is free they won’t be able to offer the same quality of education for their students.

The problem of debt leaves many students asking themselves if college is worth it. Some students say their debt is all they have in their mind and they feel like they’re just drowning. On the other hand, economists believe that college is worth it because it’s been proven that those with a college degree will be better off than those who only have a high school diploma as they have better chances of succeeding. 

Personally, I don’t think I will ever take out loans. My parents have told me that they will support me throughout college so that I won’t have to worry later about being in debt. But unfortunately, others don’t have the same support or they don’t qualify to get assistance, so their only other option is loans.  And since some are afraid of being in debt they will get discouraged and not want to go to college or they take a year off to save up some money.  This is why I think they should make more resources to help students pay for college and not end up as badly in debt.

-Should college tuition be free?


Explaining College Prices

When choosing a college that is right for students many people look at academics, location, programs, and size. However, for most seniors looking at colleges, the main concern is how much will it cost and how much debt they will be in. Student loan hero reports that the cost of higher education has grown 67% since 1970 and the average debt students are in after their 4 year degree is 30,000$. Student loan debt is estimated to be about 1.5 trillion dollars and expected to grow even higher. There are many reasons that can help answer the question on why college has become so expensive, but it can all be boiled down to more people are going to college and universities can not keep up. 

The Department of Education estimated that about 20 million college students in 2017 which is about 5 million more than in 2000. The reason for the massive increase in college students is the want for higher paying jobs. The reward of a degree helps students cope with the idea of having student debts. There is also an increase in pressure of going into higher education than pursuing straight into a career or going into the military. Students see the massive debt and the pressure of others to go into higher education which has caused the increase of college students and the cost of college itself. 

With more young adults seeking higher education colleges and universities have to hire more staff to accommodate more students. The staff is not just hiring more professors (that expect a high paying job), but a cluster of other employees like janitors, maintenance, cleaners, and cooks to help manage the new wave of college students. The universities can not handle paying for all these workers from the same funds as before, so colleges have to raise the price of tuition which in turn the students have to borrow more money and be deeper in debt.  

Another reason why college is more expensive is that State governments are giving very little money to their public universities. The College Board estimated the money given to universities per full time students is about 11 percent which has gone down in the last 10 years. The funding that is given to higher education can not keep up with the demand as more students seek higher education. About 80% of college students are attending public universities and since government can not keep up with funding, tuition is raised and the cycle continues. 

Reason after reason pile up to the rise of college tuition, but the main problem is that more people are seeking higher education. Universities can not keep with the same price as before because more people are going to college, so the universities need more money to give students a higher education. More staff and room is needed to handle the wave of students, so more money is needed. The more money needed raises the tuition and raises the debt for millions of Americans. States need to give more money to higher education to help with over a trillion dollars of debt Americans as more people want to seek higher education.

sources: https://www.businessinsider.com/why-is-college-so-expensive-2018-4

https://trends.collegeboard.org/sites/default/files/2017-trends-in-college-pricing_0.pdf

https://studentloanhero.com/featured/millennials-have-better-worse-than-generations-past/

“Saviors” for Student Loan Borrowers

Many students or families are worrying about how to pay off large student loan debts. There are many plans that students can take advantages of, such as Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR). In addition, the Education Department us trying to make more plans to release students’ pressure. These programs effectively put an end to students needing to default on their loans. Two of the most helpful as well as useful programs are Income Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF). The public-service industry has been quick to take up the mantle. Universities and nonprofits, like Georgetown, Medical schools, Law schools, and the Association of American Medical Colleges, are already using IDR and PSLF as recruiting tools, touting them on their websites and in their promotional material.

“In December 2015, there were approximately 4.8 million borrowers participating in income-driven repayment plans, reflecting a 48% increase from December 2014 and a 140% increase from December 2013”, according to the U.S. Department of Education. Income-driven repayment plans practically eliminate the likelihood of student loans going into default because the amount of payment is based on what you earn and your family size, not what you owe. Some students qualify to pay $0 on such a plan, but their loan is still considered current. “Income-driven plans protect borrowers by allowing them to pay back their loans based on what they earn. They can pay an affordable amount early in their careers or in difficult financial times, and pay back faster when their incomes rise. With so many loan repayment options, simplifying the system and informing struggling borrowers about this key protection will help lower default and delinquency rates and reduce financial distress for many borrowers,” says Jen Mishory, executive director of Young Invincibles, a millennial-focused research and grassroots advocacy organization. Furthermore, with the help of modern technology, the process is now fairly seamless, because all tax information is accessed through FAFSA PIN online. Students just need to recertify income every year.

The second key program is Public Service Loan Forgiveness (PSLF) but this program only applies to those who have federal direct loans. This program is simple: if you’re diligently making payments in one of those IDR plans and you’re working full time either for the government or for a registered nonprofit such as a local food bank, a private university, a refugee center, you can sign up to have any remaining balance on your loans forgiven after just 10 years.

 

Citation:

Robin, White Goode. “Saddled With Student Loan Debt?” EBSCOhost, web.a.ebscohost.com/ehost/detail/detail?vid=2&sid=322135fc-9b78-42c4-8cb1-f244fa0e0db5%40sessionmgr4007&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=114707144&db=tth.

Edwards, et al. “But Can America Afford This Approach to Solving Student Debt?” EBSCOhost, web.b.ebscohost.com/ehost/detail/detail?vid=7&sid=ba4c5750-a0b7-40d0-bcc9-de3c43e7e5a8%40sessionmgr104&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=111065019&db=tth.


“Having the College Money Talk”

In the article Having the College Money Talk, author addressed some questions and suggestions that every family need to consider before they make any decision about colleges. Money is one of the biggest factors of making the choice. On average, a four-year education at a public university will cost approximately $78,000, which includes tuition, fees, and rooms; the amount of money for a four-year education at a private school is more than double of public’s. However, how much a student pay depends on his/her family’s financial situation, the student’s academic record, and other factors that influence how much a school offers in grants and scholarships, both types of free money that don’t need to be paid back. Net price – how much a student pays after subtracting scholarships and grants – is the true cost of a university. According to a new Consumer Reports nationally representative survey of more than 1,500 student loan borrowers, “44% of those who have left college say they have had to cut back on daily living expenses, and 28 percent have had to delay major goals like buying a house and 37 percent put off saving for retirement. The financial impact is so daunting that 45 percent of borrowers say knowing what they know now, their college experience wasn’t worth the cost”.

Although student loan is the fastest way to make college affordable, it may not be the best way. According to the National Association of Colleges and Employers, “the average starting salary for a person with a bachelor’s degree is $50,000. But if you don’t know what you want to pursue as a career, be more conservative, he advises. If you earn $50,000 after graduation and borrowed that much, expect to pay about $555 per month under the standard 10-year repayment plan, assuming a 6 percent interest rate. Annually, that’s about 13 percent of your salary toward your loans”. First debt payment is due six months after graduation on most federal student loans which means that student needs to find a job quickly right after they graduate. One of the suggestions that the author gives is that students should avoid private loans. Otherwise, it is likely that the total amount of loans that a student talke will exceed the salary he/she expects to earn annually in his/her early years so that it is even harder for students to pay off their debt.

Furthermore, parents and students need to think outside of the box. “One mistake families often make is assuming that their state university will be the most affordable option”, says Palmasani. But actually, some private colleges, even highly selective ones, can be cheaper than state schools, too. “That’s because public colleges generally award smaller and fewer scholarships than private colleges, which may have richer endowments”, says Zee Santiago, director of college counseling at the Collegiate Institute for Math and Science high school in New York City. “With cutbacks to state funding, state schools don’t have the money to give out that private schools do,” says Santiago.

 

Citation:

Donna, Rosato. “Having the College Money Talk.” EBSCOhost, Consumer Reports, Aug2016, Vol. 81 Issue 8, p35, 5pweb.b.ebscohost.com/ehost/detail/detail?vid=2&sid=65c2afd3-55f7-43a3-a7e5-0889167e170d%40sessionmgr101&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=116189498&db=tth.

Accessed 14 Feb. 2018.


Are student loans worth it?

Summary: In the article Benefits and Pitfalls of Student Loans, advantages of student loans outweigh the bad pitfalls. College is a landmark in our lives and it is really important. Colleges prepared us for a better-paying job and future. However, we need to take serious and careful consideration before borrowing student loans because if students fail to pay back a student loan, a bad credit rating will be kept from getting credit cards or other loans, and other banking products.

There are many benefits of student loans. For example, student loans allow us to have a longer college experience which can get us more prepared for future career, students loans let us live away from home which are many teenagers’ dream, etc. Many people worried about how to pay off all those loans after they graduate, but the study shows that one of the best ways to make more money is to borrow money for college. In other words, it is worth to borrow student loans to go to college. According to Bureau of Labor Statistics (BLS), “average four-year college graduate makes nearly twice the monthly salary of someone who only has a high school diploma. Even when compared to students who take some college classes but don’t earn a degree, four-year college graduates make nearly twice as much in salary—and their unemployment rate is a little more than half, meaning they are much more likely to be employed”.

On the other hand, there are some pitfalls about student loans. For example, if student decides to change majors halfway or transfer colleges, the amount of student loans will increase; if student chooses to drop out college, they still need to pay the loans back but it will be even harder to pay back. The article gives us a good suggestion at the end of that article, “make an honest assessment of your interest in your major before you bet too much of your future on it”.

 

Citation:

“Benefits and Pitfalls of Student Loans.” The Best Schools, thebestschools.org/savvy-students/guide-to-student-loans/.


Student Loan Debt

Rapidly rising college tuition puts lots of pressure on many parents and students. However, student loan will be offered to students. A student loan is a loan offered to students which is used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks. Many of these loans are offered to students at a lower interest rate. In general, students are not required to pay back these loans until the end of a grace period, which usually begins after they have completed their education.

Although student loan helped many students be able to go to expensive colleges, student loan has a lasting impact on students.. According to Student Loan Debt Statistics for 2018, “Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year”. So, on average, every student who has student loan need to pay $351 each month lasting for 20 to 30 years in order to pay off their loans.

According to a survey done by U.S. News, “62 percent of respondents said their student debt posed a hardship on their personal budget when combined with all other household spending. Specifically, 35 percent said they found it difficult to buy daily necessities because of their student loans; 52 percent said their debt affected their ability to make larger purchases such as a car; and 55 percent indicated that student loan debt affected their decision or ability to purchase a home”. Hence, is student loan helping students or hurting students? The purpose of student loan is obviously helping students, but, government grants and support for post-secondary education have failed to keep pace with increases in college costs which cause student loan debt increase. In conclusion, student loan debt should be decreased by government and colleges should be more affordable for students.


Lower College Costs

www.forbes.com/sites/vanessamcgrady/2015/09/25/23ways/

http://www.huffingtonpost.com/dr-carlos-campo/reduce-college-tuition_b_1913576.html

http://www.cnbc.com/2015/06/16/why-college-costs-are-so-high-and-rising.html

http://ideas.time.com/2011/10/27/why-college-tuition-should-be-regulated/

http://www.nytimes.com/2015/04/05/opinion/sunday/the-real-reason-college-tuition-costs-so-much.html?_r=0

 

http://prospect.org/article/argument-tuition-free-college

http://www.npr.org/2014/03/18/290868013/how-the-cost-of-college-went-from-affordable-to-sky-high

http://www.nytimes.com/2015/09/13/magazine/is-college-tuition-too-high.html?_r=0

 

College tuition has always been an issue for most people in the United States. Over the years, college has become more important than ever to get a decent job and make a decent living. That’s why I think the next president should focus on finding ways to lower college tuition or enable free college altogether. But there is no such thing as having “free” college because someone will be paying for people to go to school. Mentioned in The New York Times, one of the ways college tuition is growing is because colleges are adding several  new random electives to show that they are diverse and helps allow people to get their credits, but in reality it is costing a lot for the teachers and supplies. It would be better to eliminate those classes all together to save money. Another reason it’s costing so much to go to college is tuition is rising faster than inflation which means that colleges are in need for a lot more money. For each college, their situation is a little different but most need to make lots of money for many different costs.   

Some ways that could make lower tuition possible are raising taxes/creating an education tax, offering more scholarships and grants by colleges and the government, and eliminating student loans altogether etc. Raising taxes would allow colleges to earn more and allow them to charge students less to go to their schools. More scholarships and grants would give more students money that they need to allow them to have a higher chance of not being in as much college debt. Finally, eliminating student loans would prevent most people from being able to afford to go to college. This means more and more colleges would lose money so over time it would cause them to lower their prices so everyday people could afford to go to their school. College costs can affect people with long term debt and can hold them back and can ruin people’s lives. By ruining lives, I mean relationships and bank accounts. These are a few ideas that I would like to address because I believe that lowering college cost can benefit everyone and allow people to live the lives they want to live.

https://www.youthvoices.live/tag/student-loan-debt/