In 1975, Caroline Bird’s “College Is a Waste of Time and Money” describes why college degrees cannot buy you five years in the work force. Bird’s essay heavily describes the emotional struts these students encounter while attending college, and the anguish of dreadful classes which seem irrelevant to your actual desired occupation. High school students are inevitably being pushed to believe that college is a fundamental difference between working a desk job making $80,000 a year, and working a minimum wage job the rest of your life. Many college students are finding out that your twenty-thousand dollar degree won’t land you your dream job. Although some may advocate that college is the proven method to a successful career path, the majority of people that attend college are setting themselves up for failure with barricades like loans, low graduation rate, lack of experiences, and career success rate after receiving a degree.
The first issue that comes to hand is the financial aspect of it. Although people think college is the smartest investment you can make, it comes with a price. Today’s average cost to complete a bachelor degree runs right around $22,000, not including alcohol and fast food. Before beginning college, the majority of students will take out loans to finance college expenses. Roughly, twenty million loans each year, and additionally 60% of the previous year (nces.ed.gov). When repetitively borrowing of money from our government occurs, there will always be a percentage of students who will not be able to pay them back immediately or at all.
At first glance, these loans don’t look horrible because of the comforting idea of not having to begin making payments till six months after graduation or you drop out. Once past the interest-free segmentation of your loans begin to accumulate monthly interest of about 6%. These students then begin a vicious cycle of living paycheck to paycheck trying to pay off their college loan and still working an entry level job with bad credit putting their life on halt.
Income college freshmen will experience this far more greatly with the new law that has increased the cost of borrowing loans from the government. The new law would generate an additional 700 million dollars in revenue. The huffingtonpost.com news article stated figures compiled by the White House, Congressional Budget Office, College Board, and other sources that the legislation may end up doing more damage to household budgets then they anticipated.
With the new law to increase the cost of loans, the money that is generated will be a small fraction compared to the 3.8 billion dollars of lost income with an additional $566 million in lost federal income taxes and $164 million in lost state income taxes (Mark Schneider and Lu Yin, air.org). This lost income is growing annually and is costing tax payers (including college students) long term debt in the future. The overall impact will be detrimental to everyone who cannot afford to...