College Debt : Is It Beyond Education Toward Future Financial Security?

There are many challenges that my generation will be forced to face upon entering the workforce. However, I feel one of the most important challenges we will have to overcome upon entering the workforce would be educational debt. As time progresses and American society advances, it is becoming more essential to have a college education before entering the workforce. While more of my peers are opting to go to college and earn a degree, they are also opting to acquire a substantial amount of debt in the form of student loans in order to pay for their education. The price of attending a university is increasing every year and students are forced to figure out a way to finance their education. According to Dave Ramsey, financial reasons are the

In “Inequality by Design”, the argument is made that social environment affects where individuals end up, not individual talent or market capitalism (Fischer et al 1996). This social environment includes advantages and disadvantages we get from our parents, the resources our friends share can share with us, quantity and quality of schooling, and the historical era we are born in (Fischer et al 1996). The argument made in “Inequality by Design”, is closely related what shapes one’s trajectory into college. Though college may not be the final destination in “where we end up” as stated in the argument, college is a large contributing factor to where we end up and the social environment affects has a large effect on one’s trajectory into college. When looking back on my trajectory into college, I can see that my social environment had a large part in shaping my path to college, however some factors of the social environment had a larger role than others. In Gregor Aisch and his colleges article “You Draw It: How Family Income Predicts Children’s College Chances” (2015), it is shown that this is true not only for myself but also for children who were born around 1980. The income percentile of children’s parents, which is a factor of the child’s social environment, is closely related to whether or not the children attend college. Within this paper we will discuss the advantages and disadvantages that my social environment gave me on my trajectory to college and how parent’s income

Back in the 1900's, receiving a college degree was not as much as a necessity as it is today. It was very rare to know someone who was attending college or was a college graduate. Today, a numerous amount of college certifications and degrees are now requirements for a large majority of careers. In the 20th century, life was a lot easier for some people to find jobs that would help them raise their family.

In a state with a greater gap in income inequality, youths of low socioeconomic status would have had a 30% lower income in their career compared to that of youths of the same status from states with less inequality. Likewise, individual in the former had a 8% chance of returning to school whereas there was a 10.6% with the latter (Kearney & Levine, 2016, pp. 347). Failing to identify role models in low socioeconomic communities can cause one to fail to identify with college. However, one could also be demotivated by living close to a household of higher socioeconomic status (Kearney & Levine, 2016, pp. 348-349). It makes the prospect on financial success seem comparatively unreachable. With lower obvious income inequality, there is a greater motivation to strive in education because one can feel more competitive with colleagues whose capabilities are not so superior to oneself. Ultimately, striving to achieve success through education was, as the researchers mentioned, “most appropriately considered a cumulative measure of ability, reflecting innate endowments, environmental influences, and the result of formal and informal human capital investment” (Kearney & Levine, 2016). If an individual cannot overcome the obstacles that are cast by

In planning for my education and career I have focused on avoiding debt. Debt has become a major concern for college students, 70% of college students are in debt and the average debt is 30,000 dollars according to The Institute for college access and success. As such the traditional route of full-time student is impractical, because that path leads to massive debts. I have chosen to go to school for Computer Networking (CNET) at Anoka-Ramsey Community College (ARCC) for this reason. This degree is in demand and will provide me with the ability to find a good paying job, that will pay for my continuing education. I have already started this degree at ARCC with the PSEO program. I truly enjoy this program. But, it is not where I see myself

It is beyond doubt that one’s decision to attend college will be influenced by what one knows about college. Everything one learns originates from the social institutions established in his/her community, and hence, one will have to consider various factors embedded within the society before making the decision to attend college. A society in which both parents in the family setup did not attend college is likely to have many first-generation students. Such students have been shown to be at a distinct disadvantage when it comes to enrolling and completing postsecondary education. Despite the significant rates with which college enrolment varies in regard to the parents’ education levels, first generation students usually come from low-income

Schools face considerable pressure to be held accountable for student success by legislators, parents and other stakeholders (Toutkoushian 2005, p. 259). Policymakers want results; they do not consider that there exist factors with respect to student performance that are outside the schools' control. Research supports the assertion that educational outcomes are largely determined by social class. Parent education and income are related strongly to student outcomes at all levels. Toutkoushian cites numerous studies of student populations across the United States where achievement on standardized tests correlates strongly with the socio-economic status of families as well as communities. The purpose of this paper is to correlate statistics on university admissions with social class. College attendance is a predictor of life success; higher education level correlates with significantly higher income for all ethnic and racial groups and for both genders. Individuals with a bachelor's degree earn an average of one million dollars more over a lifetime than those who graduate from high school only. Higher education correlates with lower unemployment, lower poverty rates, higher contributions to the nation's tax base, and less dependence on social safety-net programs. (Ballinger 2007, p. 4). Higher education directly affects the quality of life of individuals and their families; lack of a college education can keep individuals and families in the underclass for generations.

Today in society the determination for a college degree lies beyond education towards future financial security. While college debt seems to be ever increasing, students from low-income families are less likely to attend college due to the financial hardship. The social class that a student’s family falls into shows correlation in whether that student will or will not attend college (Peske & Haycock, 2006).

It is said that people earning a middle-class income end up paying 76 percent of their income to cover their student 's tuition. Student loan debt, detrimental expenses, no financial aid, and trying to attend the college of your choice do not mix well in the same stew pot together. I learned this while I was planning to attend the university of my choice a month before my high school graduation. What I didn’t know was in this society our ascribed statuses are what make us or break us when it comes to

A College education ranks right along with owning your own home as the foundation of the American dream. (Archer) College students, many of them face debt trying to better them selves. Most will attend college only to be paying for their education years after they have graduated. A Percentage will fall behind or simply not pay because of other life obligations. Student debt, accounts for well over one trillion dollars of debt in our country presently and it is continuing to rise year over year. New and returning students both may end up not finishing due to cost and the financial hardship they face associated with the cost of school.

Social class can have an effect on a student’s success. Due to a household’s socioeconomic status (SES), this can determine what resources are available to a student. Some households are classified as high SES and some as low SES. While students from each type of household can attend the same school, these students may not have the same equality once in the classroom. Students from high SES households are able to have tutors. Whereas, students from low SES households may not have the same luxury. “The SES of students is determined by parental education level, parental occupation, family income, and household items” (Spring, 2013, p. 82).

College debt is probably one of the biggest worries of college students at graduation. The college student ends up paying the loan debt, instead of making contributions back to the economy. The government has failed to keep up with the growing cost of college tuition. Students when starting school do not know what their salary will be when graduation day comes. College debt is raising in the world, while something doesn’t change.

Today nearly 40 million Americans have accrued student debt. Student debt is something heavily over looked while many people struggle to pay for their education. Some people argue that student debt should be reduced or forgiven because of its affect on the economy and borrowers, while others argue that its unfair to forgive this type of debt and that students should work while in college. Meanwhile, universities continue to raise tuition, which some argue that is due to because of student loans while others take the position that it is due to decreased state support.

It has been established throughout previously mentioned economic-based examples that there is a significant relationship between economic status and academic success. However, studies show that educational achievement also has a substantial correlation with the other aspect of socioeconomic status; social class. This is because social patterns that are inherently designed to correlate an individual’s academic success with their social status, are often rooted in school systems’ structures. Although it’s evident that social class plays a substantial role in the success that a student will achieve throughout their academic career, pinpointing its extent is difficult since social class-based educational inequality is a complex issue.

A substantial amount of data exists today about the higher education system in America. One of the most staggering facts is simply, why, that in such a highly prosperous and populated country that only 36% of young adults ages 18-25 attend a college or university (Butler-Sweet, C., 2017)? The majority might attribute this number to believing that young adults are lazy, or unmotivated— the truth, however lies somewhere else. An individual’s social context plays a large role in determining one’s life. As a middle-class, white woman in America today, the chances that someone under these same circumstances would graduate high school and find herself in college had little to do with her personal work ethic or talent. The social context that I was raised in, fully shaped my future with little intrusion by my own individual characteristics.