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Issues on Graduating with Student Loan - Essay Example

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A college degree is often part of the American Dream; it is expected to be a solid investment with lifetime returns of profit. Martin and Andrew, in “A Generation Hobbled by the Soaring Cost of College,” report that student loans have reached more than $1 trillion in the United States…
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Issues on Graduating with Student Loan
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A college degree is often part of the American Dream; it is expected to be a solid investment with lifetime returns of profit. Martin and Andrew, in “A Generation Hobbled by the Soaring Cost of College,” report that student loans have reached more than $1 trillion in the United States. They observe that “crippling debt” does not affect students from for-profit colleges and graduate schools only, but many other kinds of college students too. They used the study of Federal Reserve Bank of New York to state that for “all borrowers, the average debt in 2011 was $23,300, with 10 percent owing more than $54,000 and 3 percent more than $100,000, the reports.” As a result, one of the many issues on graduating with student loan is the financial and emotional stress of having large debt to pay off, although some sources argue that in the long run, the returns of earnings are greater than the interest paid on these loans. To graduate with debt can be severely disadvantageous to the financial situations of students, because it impinges on their future educational and work goals. Students have lesser motivation to study in graduate school or other professional schools and centers, when they are saddled with undergraduate debts. In the journal article, “How Undergraduate Loan Debt Affects Application and Enrollment in Graduate or First Professional School,” Millet repeats the sentiments of Clairborne Pell, that, because of rising college debt, students have been turned into indentured servants. Millet stresses that students, who are graduating with college loans, restrict their career choices and personal lives. Her findings showed that high undergraduate loan stops many students from enrolling in graduate or professional schools. They can no longer afford to advance their educational and professional skills and knowledge, because they have other debts to pay for. This can be specifically hard when students also have non-educational credit. In “Debt Burdens among MSW Graduates: A National Cross-Sectional Study,” Yoon studied the debt experiences of Master of Social Work (MSW) graduates. She learned that on average, MSW graduates acquire higher educational loan liabilities than graduate students in other disciplines. Moreover, more than 25% of the respondents have at least a $40,000 educational loan that they used to complete their MSW education, and 31% of them are burdened already by non-educational credit card debt. Moreover, instead of being more financially independent, some graduates become reliant on their parents. Martin and Andrew report on graduates, who are forced to take two to three part-time jobs and to live again with their parents, so that they can pay for their college loans. Kelsey Griffith finished her bachelor’s degree from Ohio Northern University (Martin and Andrew). She amassed $120,000 in student debt, and to pay that off, she worked two restaurant jobs and gave up her apartment to live with her parents (Martin and Andrew). Her mother is a co-maker of her loans (Martin and Andrew). She already took a life insurance policy on her daughter and said: “If anything ever happened, God forbid, that is my debt also” (Martin and Andrew). She is afraid that the debt will be passed on to her, as well as the emotional duress that goes with it. Supporters of college loans argue that credit can be paid off, but a college degree pays earnings for life. Rotherham, in “Student Loans: Is There Really a Crisis?” argues that there is no crisis of student loans. For him, the media overemphasizes the drawbacks of these loans, without understanding its long-term payoffs. In “Chapter 9: College Educatio: Is it Worth the Cost?” of Economics and Contemporary Issues, Moomaw, Olson, Applegate, and McLean determined if the benefits of college education offset its costs. Their computations show that the real rate of return on college education is 9.51 percent, which is Read More
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