Benefits Of Lessen College Debt

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Lessen College Debt

Why is college debt so much? This is a question most teenagers and even adults examine to see what kind of debt they will be getting into. It’s 2018, and one of the biggest financial problems right now is student loan debt. One example of why it is a burden is because the average student loan debt in the U.S. is $39,400 (Kantrowitz). This is a massive amount of money teenagers have to pay toward FAFSA. Even though it is possible to get a degree, it doesn't lead to a guaranteed job. If a person can't find a job, he will struggle with paying off the debt. This is why college expenses should be lessened. Traditionally, money from tuition goes towards paying professors’ salaries, expansion of the school, upkeep of the school, …show more content…
(“5 Places Where Your Tuition Money Goes”). For example, students struggle with schoolwork and a job due to financial needs that FAFSA doesn't cover, like book cost. Right now, students are not worried about college debt because they feel like they are not paying for anything in college. While students are in school, they don't have to worry about paying for their room, food, and books. In actuality, they have to pay for all of that in the future (Marquit). They will not realize that until they have reached the age of 25-30 years old and they are astonished that their bill is over $100,000. Also, at the age of 23-25, women are also planning on having children …show more content…
Parents trying to pay off their children's school and trying to sustain the child's needs and their other family obligation, can be the cause of stressors and financial instability. The family may struggle the rest of their lives because of the financial burden they have acquired due to college expenses. Many families reach a point in which they don't know what to do and become stressed about what they should do. Many families are placed in a position in which filing bankruptcy becomes a viable and unfortunate option or requesting student loan forgiveness or forbearance is requested which gives the family time to work on their financial stability before paying back the loan.
Much of society thinks that students will not have a full grasp on how to handle finances, except, it will be easier for a student to change majors without getting into a deeper financial burden if the college cost were reduced. Students will still have to pay for things like their car payments, food, housing, and books. This can denote the argument of not having any grasp of a budget. A student will still have payments and other cost they will have to consistently pay
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