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Creating Financial Security For College Students/Graduates

3244 words - 13 pages

Creating Financial Security for College Students/Graduates

         One of the biggest problems facing students today, is the fact that there is no real financial security after earning a degree. Many students find that the little amount of financial aid available, is not satisfactory to provide a stable source of payment for tuition. This is exaggerated by an exorbitant cost of the ever rising education costs. The facts are, it is expensive to get a higher education, and there is little alternative to receiving a degree. Students who manage to finance their college education through government, or private loans, enter a whole new set of problems upon graduation. Student loans are difficult to pay back. Loans generally have high interest rates, and long term effects. Many graduates end up paying for loans decades after their commencement. To these unfortunates, retirement may have to be prolonged, and is still not assured to be stable, as well as payments on cars, houses, and other goods purchased. A call for action is required among students to invest for the future. Many need the money that could be rewarded with a wise investment in the mutual fund market. There are many jobs today which require a college degree for consideration of employment. Some jobs require the skills obtained in earning a degree while others are attempting to "weed" out a number of job seekers. This increase in the number of jobs demanding degrees is causing more people to continue their education to a higher level. The law of demand states "other things remaining the same, the higher the price of a good, the smaller is the quantity demanded"(Parkin, 69). The good in this case is the job, whereas the price is the education or what it is going to take to get a particular job. The law of supply is stated as "other things remaining the same, the higher the price of a good, the greater the quantity supplied"(Parkin, 75). Again the good is the job and the price is education. Employers are giving jobs to the more educated. A shortage in financial aid results from there being so many students attending a higher education. The students end up having to work for the rest of the money that may not be allocated to them. So what does all this supply and demand have to do with students not being able to pay off their loans? The fact is that employers are requesting more out of their employees in terms of their education, but many students do not have the money it takes to pay for college in full. Therefore, many students are taking out student loans in order to pay off college tuition. Most students do not generally have the money it takes to pay off their student loans after college. There are two main causes of this problem. Students do not have enough knowledge to invest in the market wisely in order to gain a lead on their loans. Second, many students lack the capital required to purchase certain types of investments. The two causes are problems in themselves.


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