By Cynthia Han
It is widely known fact that college tuition is rising, driving students to take on loans just to pay for it. However, considering all of the debt that college students are practically drowning in, is a college education really worth it?
We all know that education is important… it gives us a degree which, in turn, gives us the potential to get a better job. In America, every citizen has the right to education; so, why put a price tag on it in college? Why not make a college education available to everyone? Not only does it prevent students who come from poorer or unfortunate families the same opportunities as students who came from the middle or first class, but will continue the cycle of the more hapless.
One in five adults in the United States in 2019 carries student debt and as many as 44.7 million Americans have student loan debts in the year 2018. Even adults over 60 years old that struggle to pay off their own debt or have taken up on their children or grandchildren, are the fastest growing group amongst student loan borrowers. In fact, Americans that are over 60 with debt has more than doubled in the last decade. What if students who have low-paying jobs? Those who have a small paycheck can not pay the absurd amount of debt that they borrowed when paying for college. As of January 2020, the average student loan debt is $33,654 with the total student loan debt as $1.45 trillion. Ultimately, this creates a vicious cycle as those who want an education to help them obtain a better job, get trapped in paying back their debt for the rest of their lives.
How do you think that college students could pay off their debt? It can be done, but it’ll be hard. It is estimated that it would take ten years for college students to pay off student loans; yet, it takes much longer than ten years. The average graduate with a bachelor’s degree takes just over 21 years to pay off their debt. Graduates are grossly underestimating how long it would take to pay off their debt. Some even expect to have jobs in less than a month. Others expect to have one in just a few weeks. This must be changed.
A college education is truly not worth the debt. With millions of Americans in student loans and over $1.45 trillion is owed as of 2019, college education debt is causing more problems than it is worth.