Many a number of students are studying on scholarships and a fairly large number of students work part-time to pay off their student loans and debt for college. They go through the toughest times of their lives managing both work and college just for the sake of a better future and the passion of achieving their goals. The debt of education is increasing day by day.
Eligibility criteria for loans- Candidates who have passed their high school with fair grades are eligible to apply for loans. These loans have been planned to provide the opportunity to attend college and are provided by banks, universities, insurance policies, colleges and Federal Aid programs etc.
Why college costs so much? - This reason has never been- till present- explained thoroughly why tuition cost is rising heavily every year. Most surveys and teachers believe that this is so that the college has less number of students who have the best minds and are able to make their way through college.
Facts into focus, this does seem to go along a little with the rising rates. The most intelligent students earn scholarships and those who have passion to study also work so most students in college graduate successfully. But this is no way fair to people who cannot afford it even after double shifts and jobs and loans. Also, countries don’t primarily pay attention to the field of education and the almost non affordable tuition rates.
Drowning in debt- Rising costs and extensive debate about the economic returns of a college degree—the pace of education peaked in 2010 and has been falling since. The growing gap between the cost of higher education and the growth of household income is also putting a hold on the college dreams of millions of families. The 2013 survey in America declared that 62 percent of the population could not afford to pay for college. More than half the population agreed that a college education is important to a successful future.
How much is spent on college? - Private colleges and universities are considerably more expensive than their public counterparts. According to College Board, tuition and fees average over $ 30,000 per year. Tuition is the amount only charged for classes. The other fees related to enrolling and attending a college includes room and board, books and supplies, personal expenses and transportation. It is essential to note that most college students receive some sort of financial aid - money that is given or lent to help pay for the cost of college.
What can be done to minimize this? – A prominent reason for students in debt is because they have no help from their parents. The individuals have just turned legal, and affording college education almost instantly is practically impossible for them. Parents should at least help their children enough to provide them with an average of some kick start money which can motivate them and boost their Morales.
Government should consider this progressing problem which is ruining aspirations of millions f people and improve employment opportunity and economy rate so that this problem can be minimized to some extent.
Problems of Indebted Students- Academic pressures consist of learning how to manage time and meet deadlines, prepare for tests and written assignments, and steer communication with instructors. Many college students also have to cope with pressures from financial debts. The rising costs of college and the risk of losing a scholarship due to academic performance enforces many students to take on part-time jobs to pay room, board and tuition expenses and daily expenses, such as utility costs. Some students struggle with loneliness, anxiety, bullying, depression and homesickness while at college, especially within the first few semesters. These social pressures can lead to mental health issues.