...Benefits of a College Degree “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” Thomas Edison said this once, he did not just say this, but he lived through it. This quote elucidates people to get further in life, especially when the door is closed from opportunities. A way that we can open those doors and stop dreaming, is college. College opens doors to promote opportunities for many. The opportunities of going to college have the benefit of building a closer family bond and financial stability. However, a high school diploma won’t give you numerous opportunities congeneric to going to college. College can change our everyday lives physically, mentally and emotionally. College has many benefits for many people globally. In fact, an powerpoint called “5 Ways Ed Pays”, says going to college builds a close family relationship. In that powerpoint a...
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...Debt-free college degree For all Sources: 1. The article was posted in April 2011. The information is relevant to the questionnaire. 2. The intended audience is to college students, students entering college, and parents who pay for college. It is targeted towards mainstream audience. 3. The author is Fabian Ramirez. Not much authority on the subject matter 4. The author goes into detail about how to avoid college loan debt. 5. The information is unbiased. The article is based off of facts For a Website: 1. The website is Bankrate.com- not really reputable other than the fact big banks are sponsored. 2. Bank rate discusses all aspects of financial planning and calculating. Its mission statement is to empower consumers to make effective personal financial decisions. 3. The article is old but the website itself is current. 4. The website is reputable because Vanguard and Ally Bank are sponsored 5. The website is well designed but has a lot of information on the home screen. Is college worth the cost? For all sources 1. The article is about 2 years old. The information is relevant to my topic. 2. The intended audience is to students thinking about college. 3. The author is Christina Couch- she has other articles about student debt 4. The author provides a lot of details of the struggles of graduated college student’s difficulty with finding a job and having so much debt. 5. The article is unbiased and has lots of facts and statistics...
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...Inequality caused by student debts: The crushing American Dream Xin (Taylor) Kang Johns Hopkins Carey Business School Author Note Xin (Taylor) Kang, Gold Group, MS in Finance program. This paper was prepared for Business and Academic Research and Writing course of Summer Intensive Program, taught by Professor Kevin Lanagan. Inequality caused by student debts: The crushing American Dream Proud of their nation, Americans always consider the United States a land of opportunity, where the American dream that everyone can achieve prosperity and success through hard work in a society with few barriers is world-famous. Though higher education is a sign of success in the U.S., the American dream is crushing. Student debts are getting more burdensome because the university tuition is expensive and bankers always lend high interest loans to students. During the last seven years, student debts for graduation have increased about 40 percent. Over 15 percent of the students cannot repay their debts, which may eventually cause a worse consequence. Definitely, it will lead to inequality among those who can afford to attend universities and those who cannot. In recent years, student debts have become serious problems. Stiglize (2012) pointed out that “in 2012, according to the Federal Reserve and the Department of Education, nearly 13 percent of student-loan borrowers owe over $50,000, and about 4 percent owe more than $100,000” (“Student Debt,” para. 6). Increasing...
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...I. Credit card companies should not be on campus marketing to college students College kids and credit cards have been news lately, following a June 1999 report by the Consumer Federation of America (CFA) that blasted card issuers for luring unsuspecting students into debts. Sociologist Robert Manning, the author of the CFA study, was quoted in a Reuter’s story as saying: “The unrestricted marketing of credit cards on college campuses is so aggressive that it now poses a greater threat than alcohol or sexually transmitted diseases.” Most news stories took cues from Manning and touted the risks of credit cards on cash for students. By National On-Campus Reports, 6/15/2005, Vol. 33 Issue 12, p 34-35. II. Credit card companies target college students into applying. The now commons practice of card companies’ offering students credit cards is being portrayed as a way to lure students into an addiction to pilling on debt they can’t handle. Banks have become more aggressive and creative on luring college students to apply for credit credit cards. College students have been targets to banks for years because he or she does not have any financial obligations. Most of the nation's major credit card issuers are aggressively marketing unsecured credit to students (in their own name) through advertising, direct mail promotions and on-cam-pus recruitment, with giveaways like compact disks, mugs, candy bars, calculators, sunglasses, credit card-sponsored concerts, discounts on airfares...
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...2014 Student Loans Rising An Overview of Causes, Consequences, and Policy Options William Gale, Director, Retirement Security Project, The Brookings Institution, and Co-Director, Urban-Brookings Tax Policy Center Benjamin Harris, Deputy Director, Retirement Security, The Brookings Institution, and Fellow, Urban-Brookings Tax Policy Center Bryant Renaud, Research Assistant, Economic Studies, The Brookings Institution Katherine Rodihan, Claremont McKenna College The authors thank Elizabeth Akers, Matthew Chingos, Donald Marron, and Russ Whitehurst for helpful comments. The authors also acknowledge generous research support from the Ford Foundation. Introduction As of 2013, outstanding student loan balances in the US exceeded $1.2 trillion, more than any other type of household debt with the exception of mortgages.1 Following several years of rapid growth in outstanding loan volumes, student debt burdens have attracted increased attention in recent years. This policy brief reviews trends, issues, and policy options related to student loans. Federal student loans offer several important benefits. They help students attend institutions of higher education and help families cover or defer the costs of attendance. However, like other loans, student loans need to be repaid, which can strain borrowers’ income and affect other economic choices. From the outset, we note that isolating the impacts of student loan debt is a difficult exercise. Student loan debt represents debt undertaken...
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...People always say go to college, get a degree, become a doctor, be rich and live in a house on the ocean front! But is it really worth wasting 4-10 years of your life? No, it’s not. The cost of college will weigh you down for quite a few years, if you’re able to pay it off at all. And the debts will just keep piling up, interest on the loan increasing. And you, your stuck with debt. And a job that you don’t really like. You can go without college and still do fine in the world. College isn’t worth your time or money. The cost of college will leave you staggering, unless you win the lottery after graduating. The average cost to go to a good college is 60,000, and the average student loan debt is 27,000. After you get out of school, you get...
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...final step for students advancing through our state education system. The skills of a state workforce have grown progressively more important over the last three decades, with increasing educational completion correlated strongly with higher wages. Additionally, a recent study from Georgetown University revealed that approximately 62 percent of jobs will require some form of college education by the year 2018 compared to the mere 28 percent in 1973.1 Nevertheless, regardless of the evidence that college and higher education are essential to our future, Massachusetts has eliminated hundreds of millions of dollars from public higher education funds in recent years. When state support for the university and community college systems is reduced the students in those universities are forced to pay higher tuition and fees. With increasing costs, the amount of money a student must take out in loans also rises. Public higher education funding has suffered numerous dramatic cuts over the past decade. State spending on higher education, including funding for the UMass system, Community Colleges as well as State Universities has declined 31 percent from 2001 to 2013. Although state spending has decreased, the funding needs of these institutions have not. In an effort to make up for this spending gap, these organizations have consistently increased the cost of student tuition and fees. As a result state universities and UMass have doubled student costs, community colleges are also facing...
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...Rising Student Loan Default Rate: The Next Financial Crisis in the United States Rebecca Richards QBT1 - Language and Communication: Research October 1, 2012 Rising Student Loan Default Rate: The Next Financial Crisis in the United States Introduction Higher education is an important resource for career focused people here in the United States. In order to attend college, most students have to take out loans in order to cover the cost of attending. However, the rising rate of student loan defaults has recently become a serious issue that needs to be addressed. Economists agree that the rising amount of student loan default can prove to be a good indicator when seeking to predict future payments on student loans (Ismail, Serguieva, & Singh, 2011). Recent studies have shown that the growing rate of student loan default on higher education loans could cause another financial crisis in the United States because the loans are government backed, the cost of higher education is on the rise, and unemployment rates are on the rise preventing repayment. Taking on student loans can feel like and endless cycle of entrapment to the borrowers and they are often left with the belief that they have no other choice than to default on their loans. It is impossible to say with 100% certainty where the culpability lies for this unfolding crisis. One point of view is that the students may be at fault for not fully understanding the magnitude of the debt they are taking on...
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...Per.2, 9/30 Going to a four year college can give you many amazing future opportunities but will rob you of both time and money. To start, though many ,including President Obama himself disagree, the article, “Why College Isn’t (and Shouldn’t Have to Be) for Everyone” by Robert Reich and interview, “Why Kids Shouldn’t Go to College” stress the effects student loan debt can be on students and how there should be an alternative for post high school education. To begin, the interview, “Why Kids Shouldn’t Go to College” by James Altucher explains how debt is affecting the nation. To start, the country has never been in so much debt, “we passed as a country 1.1 trillion in student debt.” This quote is significant because it displays how debt is not only affecting...
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...Almost every aspect of life can be a gamble, college is no different. There are some people that just do not belong in college. If one failed it could take years to pay back the massive debts. Even if a degree is obtained it does not guarantee a good earning in a professional field. There are plenty of glorified McDonald’s cashiers that have college degrees. College makes sense for those who have researched and prepared to meet the needs of society. There is more risk involved in degrees like Communication or Psychology due to the fact that there is not a high demand in fields for these degrees. The low demand for jobs in fields such as communication, leads to people taking jobs that they are overqualified for or they become unemployed due to...
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...Adam 15 September 2014 The Price of College is on the Rise On the morning of Wednesday March 6th, 2013 I hurriedly got ready for the ACT after slightly sleeping in. The panic from sleeping in on top of all the stress and worry for my future made me on edge for the most important day thus far in my young adult life. All of my hard work for the past 3 years was rest assured on the next 4 hours, I had to get a high score on the test there is no other way. Rick Perlstein, the author of “What’s the Matter with College” argues the negative changes in college since the 1960s. He disputes that the college experience is not as radical and political as previously. He claims that students are overly concerned with money, which amplifies the fact of students being overscheduled to the point they don’t explore who they are. Indeed, young adults are too connected to their parents through technology and evolving social media to explore anything new. In other words I agree with Perlstein that college is now less of an experience, I believe this is caused by the sky rocketing cost of attendance and the focus on the economy/debt. With the enormous rise of college tuition students have been fighting the inevitable reality of debt. The College Board articulates that the average tuition at a four-year college has increased by 27 percent beyond the rate of inflation over the five years from the 2008-09 academic year to 2013-14. Even after raising cost for inflation the average cost has tripled...
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...Stupidity is Free. A Degree is Not. A brief history Harvard College was one of the first colleges founded in the United States; upon its conception, the college’s main purpose was to train young men for the ministry. Harvard was modeled after Oxford and Cambridge universities (About Harvard College). During the early 19th century, smaller colleges were founded to help young men transition from rural farms to urban occupations. Prestigious colleges at the time became more exclusive by concentrating on the children from wealthy families, ministers and a few others. Those prestigious colleges and universities are still very exclusive today mainly due to their expensive tuition. Students who attend these colleges are generally from wealthy families, have scholarships for high academic achievements or graduate with extremely high loan debts. In the early 20th century, junior colleges or now known as community colleges were created to prepare students for the final two years of college. Later in the 20th century state colleges were created to provide higher education at a lower tuition cost. Due to the rise of community and state colleges, students now have the opportunity for higher education, and college became part of the American dream for both students and their parents. Over the past, half a century students have been working diligently to prepare for college with the hopes of graduating with a degree that will provide them with the career of their...
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...into agreements to offer affinity credit cards to students? In my opinion, I say no! Universities should not enter into agreements to offer affinity credit cards to students. Credit card companies are promoting through a number of channels to reach students. They offer select affinity card arrangements intended to bypass marketing limits. Universities are founded to prepare students to enter the real world. Universities were not founded to make profit, they are an institution for education. Where students go to learn, and the student should not be used as tools for profit. Consequently, educational institutions shouldn’t enter into agreements to offer affinity credit cards to students. KEY FINDINGS Examination of affinity agreements involving some of the nation's largest and most prestigious colleges revealed that schools and alumni associations: • Sell students' personal information. Many are contractually obligated to share students' names, phone numbers and addresses with banks. • Earn royalties: Banks typically pay schools $1 for each student who keeps a credit card open for 90 days. When students carry a balance, some schools can collect up to $3 more per card. • Cash in each time a student uses plastic: Many schools are entitled to receive 0.4 percent of all retail purchases made with student cards. • Benefit from marketing incentives: When a university or alumni association agrees to market cards to students itself, the payoff is greater -- sometimes up to...
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...College Costs and Financial Debt Not planning for college on time can leave you with student’s loans debt in the end. I the past few years, college have skyrocket, and the once affordable college education is now a tower of debt for the new recent graduate students. Most of us in order to complete or to continue college our education, will need some federal financial aid or federal student loans to close a small gap in the end. The average public college is around $20K per year, and a private university is double that amount. The average student get his gift aid (need-based aid plus merit aid), this combined with the self-help aid (work-study plus federal loans), total his financial aid packet. These federal loans are a portion of the self-help aid that most students need to close the small financial gap in the end. A few years back the average student loan was around $17,000 (for a regular four-year education), now that amount have climbed to $27,000, this is due to the rising cost of education. Sen. Elizabeth Warren (D-Mass.), have suggested providing federal financial support to states that fund public colleges. This proposal will eliminate government profits from student loans, and punishing colleges with graduates who aren't able to manage their debt. A good example for this college debt is my story. In the spring of 1994, after three years of college, I was forced to delay my education, this was due to the high cost of college tuition. To help cover the cost of my...
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...education by going to college; however, less than two-thirds will actually graduate (Beckstead). A higher education has not always been what is known as “normal.” In 1940, less than 15% of the population who were 25 years old or older held a Bachelors degree or higher, whereas today, approximately 36% of people hold a bachelors degree (United States Census Bureau). The debate over whether college education is worth it or not started in 1630 when the colonists arrived from Europe and founded “New College,” which was later named Harvard University (Background of College Education). During the early 1900’s colleges for women, blacks, immigrants, and Roman Catholics were created. For the 1907-1908 academic year, Brown...
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