While I was scrolling through the New York Times "Room For Debate," I came across an article titled "Student Debt, Fool's Gold." This caught my eye because college expenses have increased over the years and some people are still struggling to pay off their loans from their college days. Numerous people needed to take on a lot of debt for their education. Some discovered they simply could not afford to repay the loans after college with the jobs they found. Others said their life decisions had been dictated by their debts. They also wondered if the experience of college was worth the financial burden they would bear for decades afterward.
Colleges, of course, provide scholarships and financial support but certain students do not get the benefit of such programs. They end up having to take out loans just to pay for their education. Clearly, taking on student loans makes the journey towards having a degree even longer. With your degree, you can receive more money but because of loan payments, you will have less of it. In taking on student loans, you are sacrificing your financial well-being for long-term economic stability even in the short term.
So the question is— are student loans a blessing or a curse? Is it worth taking on student loans for your education? Will you take out student loans for college? How do you intend to pay your tuition fees? Should colleges lower their admission prices? Or do you think college should be free?
Student loans are a curse to most students. Many are unable to pay them off because of high interest rates. Some may argue that student loans are a risk worth taking because of the opportunity they provide to students who cannot pay for college. I would argue that student loans are only worth taking on if the student can pay them off quickly. I will probably take out student loans and enter crippling debt. It would be ideal if college was free. I doubt that it could happen in the United States because it is too big and too densely populated to provide free college for everyone. Lowering the price of college is a more realistic approach to the money obstacle colleges have. However, I doubt ivy league schools and private schools would lower their prices. Community colleges would be a good place to start lowering the price of education.
ReplyDelete