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Getting In Debt For Higher Education

1323 words - 6 pages

Prashant Rayamajhi
James Duran
Federal Government
1 May, 2014
Help Education
Education helps a person to lead a successful life. Probably the most obvious reason education is important is to acquire the subject matter and basic knowledge needed to get by in everyday life. Whatever developments have been made till now is all with the help of education. So, is it wastage to separate extra budget for the Department of Education and Department of Science?
Higher education in United States is not cheap. It has been found that the college tuition is increasing each year. According to the College Board, the average cost of fees and tuition from 2012 to 2013 school years was $29,056 at private colleges, $8,655 for state residents at public colleges, and $21,706 for out-of-state residents attending public universities. Many students struggle to pay college tuitions. They do part-time works to save money for their colleges. According to a survey, nearly 4 out of 5 college students are working part-time while studying for their degrees, averaging 19 hours a week, but just 18 percent pay their way through school. Work is also one of the main reasons many students get bad GPA; many students cannot focus on both study and job and end up dropping out. In 2000, 38 percent of Americans age 25 to 34 had a degree from a community college or a four-year institution, putting the nation in fourth place among its peers in the O.E.C.D. By 2011, the graduation rate had inched up to 43 percent, but the nation’s ranking had slipped to 11th place (Wise, "What Is College For?").
According to a new study from Harvard University, the high cost of college is one of the reasons that students in America to drop out before receiving their degree at higher rates than in other different developed countries. Only 56 percent of the students who enter America’s colleges and universities graduate within six years, while only 29 percent of students who enter two-year programs complete their degrees within three years, the study found. Among 18 countries tracked by the OECD, the United States finished last (46 percent) for the percentage of students who completed college once they started it. That puts the United States behind Japan (89 percent), and former Soviet-bloc states such as Slovakia (63 percent) and Poland (61 percent) (Waldron, 2012).
One of the easiest ways to pay for college is to take student loan. Student loans play a very important role in U.S. higher education. Close to 20 million Americans attend college or university every year. Of that 20 million, nearly 12 million or 60% borrow annually to help pay their cost. The total amount of student loan debt held by Americans surpassed $1 trillion in 2011(Wikipedia, 2009). But we can see the statistics that the easiest way, Student loan, isn’t effective and student will be in chain of debt which they can’t get out easily. For some students who are studying science subject, medical subject, or any other subject that is paid well...

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