Student loans - a life sentence
Quite a few of us have student loans and it may be a blessing in disguise. Sure it makes it possible for us to go to school without paying a full $120,000 up front, but it will be quite a bit more down the road. With high interest rates and other expenses involved with starting out in life, paying off the loads becomes a tough task. Students may be paying for student loans well into their careers preventing them from starting a family or buying a house. There are of course, debt consolidators popping up all over the place, but that seems like a small solution for an ever growing problem. What other possible solutions could there be in the future as more students go to college and federal loans are even more common?
7 comments:
Student loans seems to be a growing problem with no clear solution. To decrease student loans, colleges could decrease student tuition - which would in turn increase enrollment rates and then decrease the value of a degree. By remaining at current loan and tuition levels, many students, myself included, who are stuck with recieving less student aid and forced to take out loans. As a result, I am at this point questioning the reality of graduate school after Marietta College. Will the benefits of grad school assist in my payments of students loans to both MC and a graduate school? Something needs to be done to regulate and aid more students recieving loans, however, that solution will take time and analysis. At this point, it does not seem as though there is a "right" solution where everyone will be happy.
It is hard to determine if student loans are "really worth it". I know one of my brothers has graduated from college and still has not found a job yet but finds himself struggling to get together the money for his student loan payments. At the same time however, it has been shown that in general a college eduacated person will make more money than those who have not attended college. So I feel in the end the benefits of a college degree pay off, even if it does mean being in debt for a few years once you first start out. Chances are one will get the debt paid off and be making more money in end. Personally, weighing the pros and cons is a hard decision to do, but it's better to be in debt for a student loan than a house I can't afford.
Being able to weigh out the good and bad points for Student Loans and if they are worth the worry is a tough subject. I have known people who have not found a job immediately after graduation (and that is when the payments begin) and have been stuck between a rock and a hard place. They were working fast-food, minimum wage jobs to attempt to make payments more than the amount of their paychecks. Granted, this is not always the case, but there should be some form of "lapse" time to help out the graduates. If there were some way to implement a system that helped students with job placements in order to insure they could pay off their loans, that would be extremely beneficial. Not only for the students, but the loaners as well. This gets the student on their feet and the loaners their money. What is the liklihood this will happen? Probably slim to none. This is a tough subject to come up with a common ground on. Is going in debt for college worth it in the long run? I would think so, then again I do not know much about how the loan system works.
Even though you graduate from college with a debt, I still feel students loans are the way to go. I from my sister (a college graduate) that a good job that pays will is hard to find. What she doesn’t understand is that no one is going to higher you with out any experience, so she is forced to start that the bottom and then work her way up. To avoid the years of being at the bottom students can do internships with companies that they are wanting to work for in the future, therefore building a relationship with the company and gaining their trust. She spent her summer doing typical jobs instead of jobs that are in her field so she really has not real work experience. Also I’m not sure but I think you can start to pay off the loans before you have, even if it is only $10 a month that all adds up.
I think that the cost of the loans is outweighted by the benefits of getting a college degree. People who have a degree are more likely to find a secure and higher paying job than someone with only a high school education. I think a lot of the reasons that people can't find a job when they graduate is because they don't put themselves out into the world. In the article, it sounded like the graduates stayed in their safety zones instead of venturing out to find a job. Another important thing in finding a job that is suitable for a college graduate is in finding an internship. For those people who have graduated from a university might have a harder time finding a good internship because universities are much bigger than colleges and are more impersonal.
There is a lot of money to be had out in the world in scholarships and grants if you're willing to look for them. These help to lessen student loans. Even the small $500 to $1000 scholarships help. In the end, I think college is worth it and I plan on not letting student loans keep me from doing the important things in life by working hard and finding as many scholarships as I can.
I agree with this article to a point. Yes college tuition is going up so yes, loans are going to take a while to pay off for some. However, if you do well in college and have the determination to get a good job after college then everything should be paid off in the long run. If you get a descent job, loan payoff should not be as big of a deal as if you did not get a good job when you got out. Some people would be better off working rather than going to college, I think it is just up to the person as to decide that.
I think that if you can get through college without any student loans, then that is the way to go. Better yet, take the student loans, but don't use them for school. Instead invest them in a high-yield savings account. When you graduate, pay everything back all at once and you still have some savings left over. This, of course, requires that you are able to afford (or have a family member who can afford) your tuition. Maybe the real quetsion isn't so much is college worth it, but is a private college worth it?
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