The Challenge of Rising College Debt
Higher education has been promoted as the natural next step after high school and as a necessity for professional success. Proponents say if you get your degree, then you are more likely to have the job of your dreams or make more money than the person who doesn’t attend college.
While that might be the case for some people, it’s definitely not true for all. High school graduates are finding other options that lead to professional success, and college is starting to seem less favorable for the upcoming generation in large part due to the rising cost of higher education.
College is quickly becoming something that some people might even consider as a scam, and if you are paying for most or all of your college expenses out of pocket, then you might reconsider your investment. Educators want young adults to stay in school but don’t understand what state financially the youth will be in afterward. Unless you’re an athlete going to a large university or you have a lot of scholarships, you will be paying back student loans from college for many years after you graduate.
“Student debt can really set back graduating college students trying to start their life after school,” said one Bluefield University student. “In my shoes, I won’t deal with a lot of debt coming out of school just from football money and family in the military, but I still have to pay some of the money after school.“
Not only that, but with some student loans you have to start paying back your debt 6-9 months after graduation, which in many cases doesn’t give students enough time to get a job and on their feet financially.
In addition, the increase in college debt just gets worse over time because federal loans are so easy to acquire. Without knowing any better, people just apply and apply and apply, putting themselves deeper and deeper into debt. In an article written by the Peter G. Peterson Foundation (pgpf.org), a non-partisan organization dedicated to addressing America’s long-term fiscal challenges, the writers said that “one of the reasons that student debt has been growing is because the number of people taking out such loans has been rising.” For example, the foundation claims that in 2017, 8.6 million Americans took out a federal student loan — more than double the 4.1 million borrowers in 1995.
While athletic scholarships do help decrease the need for student loans, they aren’t enough to eliminate the debt. Take Bluefield for example. Athletes come from all over to attend Bluefield University, and some already have $20,000 in debt after just two years of study.
“Debt is one of the major factors that (prevents) students from graduating college,” another BU student said. “The more I stay here the more debt I’m building up. It’s hard to not wonder if I stayed home how much cheaper school would be.”
In many cases, students aren’t about to keep attending college just to be financially unstable in the future. They may earn a college degree, but is the return on the investment enough? College graduates may not have enough money to enjoy their accomplishments because they are paying off so much debt.
That’s why high school graduates are less likely to attend college. Some may have wanted to go, but understand that they may not have a way to keep paying a debt for years to come. Overall, that’s the biggest challenge faced because of the constant increase in student debt. So if people want students to “stay in school” as they say, then maybe lowering the costs of college should be a consideration.