How To Reduce The Cost Of College Education

735 words - 3 pages

One of the biggest problems facing students today is the fact that college expenses such as tuition, books, dorms and other items required to obtain a degree are becoming more and more expensive every year. Many students find that the little amount of income available is not sufficient to provide a stable source of payment for tuition. In addition, people are losing their jobs to a greater extent. According to U.S. Bureau of Labor and Statistics, the unemployment rate in California rises from 6.4 % to 12.1 % over the past seven months. As the economy gets worse, students that come from families with low earnings will have a harder time gaining entrance to and graduating from college or university.
Much of the problem that students are facing today is caused by government spending on Iraq. Because of the government’s interest in oil and its assumption that Iraq possesses weapons of mass destruction, the military sends troops to stabilize the nation. As of 2009, the cost of Iraq war is a staggering $680 billion. Yet, after five years, the President has not succeeded in fulfilling his objectives, putting all that money spent to waste. If the money had been spent on education instead, it could have provided millions of people with plenty of financial aid. In spite of these difficulties, however, college education should be a right available for all citizens of California.
The government has addressed this issue and created a number of financial aid programs to ease the process of obtaining entrance and graduating from college. One of those programs involves student loans. Student loans offer money to students in payment of their college expenditures. Students must repay their loans after graduation, but there is one major downside: loans are difficult to reimburse and generally have high interest rates. For instance, a student’s principal loan amount is $20000 upon graduation. The interest rate is set at 6.8 %. When the repayment period comes, he or she will have to reimburse $21360. This puts a lot of stress to a new graduate. Furthermore, he or she might not be able to save a lot of money until the debt is paid in full. This method allows every one to go to college, but it does not remove the problem that students are facing today....

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