Premium Essay

Going to College

In: Other Topics

Submitted By sweetg
Words 1595
Pages 7
Can You Afford To
Go To College?

It is unfortunate that many students and their parents will pinch pennies and borrow heavily to pay for a good college education. For many families obtaining a college degree is very important to them no matter how much debt they are put in. Applying for federal student loans is becoming the norm to cover the cost of obtaining a college education. Students have to borrow more and more money to cover the cost of higher college tuition rates. Currently, the interest rate for a Federal Stafford Subsidized and Unsubsidized student loans is at 3.4 percent, however, as of July 1, 2013, the interest rates on Federal Stafford student loans will significantly increase from 3.4 percent to 6.8 percent making it even more expensive for students to pay for college this fall. President Obama is working with Congress to keep the student loan interest rates down to 3.4 percent to keep it affordable for students (Lucas, 2012).
So what is the problem? If Congress doubles the federal student loans interest rates, students will not be able to afford to pay for college. And college is sometimes not the only thing that students have to deal with. Student loans can put students with long-term burdens and stresses that in the future may affect their choice in jobs.
Many students have to take care of other monthly bills like electricity, water, phone, rent, and possibly a mortgage. Nearly 10% of federal student loan borrowers failed to make a payment on their loans in 2010. Much of the increase came from for- profit colleges, 15% of borrowers failed to pay up from 11.6% two years earlier (Clemmitt 2011).
There are many alternatives to this problem that we have. One alternative is to create a law to finance a $6 billion bill by raising social security and Medicare payroll taxes. Also put taxes on high- earning stock holders of privately owned...

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