If we don’t fix the problem of rising college tuition, soon more young Americans will be in debt
Currently in the U.S., college tuition has become too expensive and unaffordable for many middle- and lower-income students, creating unequal access to fair education and leaving many young people in debt.
Not only is this issue a rising concern for many parents who want to send their children to college, but also it is discouraging many students into not wanting to go to college.
One of the concerns is the debt that people have to pay. According to college board, the average college tuition for private four-year college is about $32,000 yearly. Depending on which college students are interested in, the tuition costs vary. Unless you get a scholarship, many students who cannot afford this are out of luck. As a result, thousands of students each year have to take out loans in order to go to school. After attending college you may find yourself paying back thousands of dollars in debt. Millions of Americans end up struggling to pay it off years after graduating or leaving college.
“In a sense, the person is getting punished for getting an education.”
Additionally, fewer young people would have the ability to buy homes when carrying thousands of dollars of debt on their shoulders. According to the data shown in the Fed Report, “Every additional $10,000 in student debt is associated with a 1.5 percentage point decline in the probability of buying a home by the age of 30.” The debt is so drastic that many students would not be able to buy a home because they took out loans for school. In a sense, the person is getting punished for getting an education.
There is a price to education that people must pay in order to get some of the skills and knowledge that they may or may not use after college. A former Penn State graduate, Hollis King, says, “College debt is a trap for poor American people. It precludes people from getting access to a great education.” I agree with this statement, because everyone should have the right to an education, and money shouldn’t be the barrier that excludes poor people. Everyone should have access to affordable and quality education. However, expensive college tuition is a challenge that many face.
Even as this is the situation for many Americans, it can also be shown that unemployment can be on the rise as well. By lacking access to a college education several people may lack the skills or requirements needed in order to fulfill or take positions in many jobs. King goes on to say, “If you are poor, you don’t get access to another world of opportunity.
At some well-known colleges, often times you are pre-selected to sometimes work after college.” If you can’t afford education, you can possibly miss some important opportunities that can be crucial for the future. The expensive college tuition sets this obstacle for many young people.With these circumstances, many are faced with the challenge of figuring out what to do next.
Some potential solutions to this college tuition crisis in America is setting out a plan early on for your child. It is important to save as much money as possible that can be dedicated towards the child’s education. Additionally, it is important to explore your options. Make sure that the college you go to provides courses that are dedicated to something you really want to pursue in the future with a somewhat reasonable tuition price.
According to Beth Kobliner, author of Make Your Kid a Money Genius, “There is such a wide range of schools and by talking about that early, it then doesn’t come to shock as a child who gets into their dream school and can’t afford it.” Selecting which college you want to go to is important, so choose carefully. Also, don’t forget that although Ivy League schools are popular and are considered “dream schools,” they are expensive. You don’t need to go to an expensive college for quality education.
To add on, it is also important to apply and work for scholarships! Scholarships are life-savers when it comes to college tuition, because it takes away some of the stress of paying back all of that money. This gives students the opportunity to focus on their future career, rather than having to worry about paying off thousands of dollars of student loan debt.
Unaffordable education is one of the controversial issues this country is facing today, and if we don’t fix this problem soon, more young Americans will be in debt.
By making college free, more students can have the opportunity to build a future they want for themselves. Everyone should be able to have equal access to education, but with this problem it is preventing some in doing so.
The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect those of BK Reader.