Alisha P. California

college debt and its impact on American graduates

College debt has increased immensely over the past few years and nothing has been done to stop it.

To whom it may concern:

According to Forbes magazine, the average national cost of attending a four-year public college is over $28,000 per year, and the cost of attending a four- year private college is over $59,000 per year. The cost of college has risen 260% from 1980- 2014 and it’s not slowing down. In fact, it is projected that the cost of attending an elite school in 2018- 2021 will reach almost $334,000 for four years, rising 6% above the rate of inflation. College tuitions has come to a point where it is unfeasible to pay so much and almost every student ends up in college debt.

The United States is home to some of the highest college tuitions in the world. Why is it so high? According to the New York Times and Wall Street Journal, one of the major reasons for these tuitions are lack of government funding for college. When the government cut funding for higher education after the Recession in 2008, colleges were forced to raise their tuitions by almost 33% in order to compensate for the missing funds. Additionally, colleges are still trying to attract students by building high class facilities, obtaining amenities, and hiring top notch faculty. College sports also contribute to high tuition because coaches are being paid generous salaries.

After college, graduates look for a job and become part of the American workforce with a sizable college debt. The average four-year college graduate makes $56,550 a year, and the average student debt is $37,172. According to US News, this debt can take about 21 years to pay off.

Is college really worth the cost? According to the College Board, people who graduate from college earn more money and are more likely to keep a job than those who haven’t. Higher education is still extremely helpful for all students. It allows more opportunities to choose courses one is actually interested in. It opens doors and establishes connections that are beneficial in the real world. College students are able to find internships and research projects to further excel their education. Studies show college graduates tend to have better health and family life. All in all, college is a valuable investment because it helps one financially and personally.

Higher education should be more accessible to everyone. Students are the future generation of America and it is only detrimental that they are beginning their adult lives in debt. The president needs to come up with a plan to decrease student debt and make college more affordable. 

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