College Student Debt Worth It Or Not - 1789 Words

Name Professor Course Date College Student Debt: Worth It or Not? Introduction Most developed countries regard and guard their education systems since this platform is perceived to have the ability to hold a country together. This is especially so in the USA, where they aim at achieving 60% higher education attainment by 2025 (Cheny and Geoff 10). Such a milestone will not only affect the economy, but also the social aspect in life positively. However, rising costs of education always act as a major barrier for many students whose parents are low-income earners, thus making it unaffordable. This has resulted in a huge credit debt that not only threatens to cripple the financial sector, but also affects the borrowers’ credibility for a long time. As much as education affects the economy in a positive way, college loans may not be the ultimate solution for students to invest in their future. This is because supplementary aspects in the financial sector will be undesirably affected, a move that can render education inoperable since scarcer jobs will be crea ted; consequently, graduates will not have an opening to apply their expertise and knowledge, and contribute to the economy. Reasons Why College Loans Should be Discouraged Credit Rating of the Borrower and Debt Defaults. One of the main reasons that scholars have put forward in discouraging students from taking college loans is based on how their credit rating will be affected should they fail to pay. Default risk has beenShow MoreRelatedIs College Worth The Cost?1296 Words   |  6 PagesIntroduction: The U.S. is home to some of the greatest colleges and universities in the world. 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According to the College Board, in 2010, students graduated from college owing an average of $25,250 in student loans; theRead MoreEducation Is The Way Out Of Their Poverty1496 Words   |  6 Pagesplague our society and the equality of the classes in that society. Many can be eased by discussions and getting an action plan to solve the issues. One issue that is relevant to every social class in our society is the â€Å"Worth of a College Degree versus the Cost of a College Degree†. This issue crosses the classes, whether you are in upper middle class, middle class or even in the lower middle class. Education is important fo r the betterment of society. The better educated a person is, the moreRead MoreThe Suicide Among Student Debtors1333 Words   |  6 Pagesgraduated from the university with a $100,000 student loan debt and he struggled to find a job in his field. 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