The Pros And Cons Of Debt In College

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College may be the stepping stone to real life but there are too many financial challenges against the students. Most families having to take out student loans and they are so far in debt that even over a lifetime they might not be able to pay because they do not make enough money. There are so many different costs in college that you may think you can afford it but it ends up being too much. Many college students end up in financial trouble due to being unprepared and with the prices of colleges going up who can really afford it without being in debt. There are five main categories of expenses to think about when figuring out how much your college education is really going to cost: tuition and fees, room and board, books and supplies, personal…show more content…
The average total price of attendance was $23,200 at public 4 year institutions and $29,300 at for-profit institutions. Undergraduates at private nonprofit 4 year institutions had the highest average total price of attendance at $43,500. (1) If prices continue to increase less and less students are going to go to a university or college at all.“ Many students opt out of attending college because they cannot afford tuition costs and fees; others do not see a four-year degree as a significant reason to overburden themselves with student loans.” (Student Debt Crisis-2015). The current outstanding student loan debt is over $1 trillion according to a 2013 report by the Consumer Financial Protection Bureau. It is the only form of consumer debt which continued to grow since 2008. The balance of student loans have now surpassed both auto loans and credit cards, making it “the largest form of consumer debt outside of…show more content…
These include laundry, cell phone bills, eating out and anything else you normally spend money on. Nate said, “My lab fees for math was $90,” and Jessica says she spends $150 a week on gas just to get to and from school. I go through a tank of gas every week and a half and pay about $90 and my math book was $116. Most students have to buy more than one book and it adds up. With the prices of college rising some families under estimate how much it will actually cost and fail to save up enough money. Or with colleges promising stuff, like money and financial help, and not pull through on the promises to actually give the promised amount or the amount needed.. For example Shaylene said, “I am $23,000 in debt,” after she was promised money that was never given to her. Students who are the first in their families to brave college come on campus with little academic know-how and are much more likely than their peers to drop out before

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