Rising college costs are creating endless debt for students
During these hard economic times, a college degree is more important than ever before, but significant increases to tuition are trapping students in a never-ending debtor’s nightmare.
In a three year period, the number of colleges that charge over $50,000 for one year of tuition has increased by 2,400 percent. If there was a massive increase in the average American’s wages this would make sense, but in this same period, wages increased by only 2 percent. Is going to college worth the cost?
Not attending some form of higher education can be a mistake for many people since college graduates make almost 100 percent more per hour on average than non-graduates. How is the average person expected to afford higher education?
Most students are forced to bury themselves in loans, which can be financially crippling if a job isn’t found soon after graduation. Half of the students in the United States who have direct loans are delinquent or late to pay. The consequences of not paying back student loans can be dire when compared to other forms of debt.
Bankruptcy, moving, and even death aren’t enough to keep the collectors away from student loans. When you start missing your payments, it’s possible for the Department of Education to garnish your wages and charge your family depending on the circumstances.
Millennials are putting themselves in life altering amounts of debt when they are barely out of high school. Based on the current trend of increasing college costs, tuition will likely continue to rise, causing future generations to question the practicality of higher education.
What are your thoughts on the rising cost of college? Is it something that can’t be stopped? Leave a comment or talk to me on Twitter @Karbowski_Devon.