According to research, a college education is crucial because it has so many advantages, including better earnings and a high employment rate. The advantages of attending college have encouraged more students to sign up for post-secondary education, which has led to a rise in student debt as more students are looking to borrow money to pay for their higher education due to the high cost of attending college. Students are working hard to get into college because they want to be liberated and have a prosperous future. Since primary and secondary education are considered to be fundamental education, it is necessary for students to pursue higher education in order to improve their chances of moving up the career ladder. In summary college education enhances personal and professional development of graduates. Majority of the students regard the college education as a vital bridge in their life while giving their experience. Some regard college education as an opener to job opportunities and provision of useful job-related skills and knowledge.
Despite the numerous advantages attributed to higher education, still, some challenges hinder students achieving their dream through higher learning. Higher student enrollment meant more students taking from the same pool of state funding, leading to a greater cost per student (Greenfield, Pg. 316). College fees have hiked tremendously in the current decade making it difficult for students from low-income families to complete their courses. The hike is attributed to various factors such as reduction in government subsidies to higher institutions of learning. Student loans are options that have been availed to boost financial stability of students towards accessing and completing their college education. Majority of graduates are of the view that a four-year course is the best as it thoroughly prepares graduates towards acquiring a well-paying job.
The rising cost of college costs has forced students in taking loans thereby draining away their freedom. Research indicates that majority of the graduates are highly indebted as compared to students of the past decades. Students' loans are no longer set out to assist students in accessing higher education but have rather became exploitative by requiring graduates to repay the loan with interest. The value of college education is deprived off by the rising costs whereby students are opting to undertake cheaper courses that do not guarantee a well-paying job in the economy. College costs are no longer a manageable expense by majority of students which has led to opting for student loans to facilitate their completion of the courses. In the past, student loans are viewed as a necessary investment for each student in higher learning. For one to reap benefits of the investment in education he/she must strive to graduate; therefore student loans are facilitators towards completion of higher education (Oreopoulos, and Uros, Pg 46). Most employers do not only focus on education credentials or completion of a bachelor's degree but rather the accompaniment of excellent performance. Inflated college costs college fees have hindered the achievement of quality education thereby eroding off the value of college education. Students have opted to undertake party mode of learning and full-time jobs to accumulate fees which have compromised the importance of education thereby resulting in poor performance. The students thus struggle to obtain well-paying jobs while others end up spending more time and more funds retaking the units.
College cost is very costly in America because of the high demand for higher education attributed government subsidies as well as the availability of student loans. The wages for lecturers are quite high due to the many research conducted in top USA universities, and all the bill is all tied to the students. The inflated college tuition fee is further contributed to the high cost of textbooks which goes for a minimum price of $150. High overheads, low government spending, and management of the universities in a professional manner are all attributed to high college tuition fees. Graduates are struggling to succeed in the job market to earn a considerable income to repay their loans. Research indicates that 28 percent of graduates who started repaying their loans in 2008, 28 percent have defaulted from repaying their loan.
First, institutions of higher learning are failing the students as they have turned into profit-making organizations. Majority of loan defaulters undertook their courses in the for-profit institutions. Also, 57 percent of graduates have started their loan repayment in 2012, have accumulated more debts due to the increasing rate of interest and low repayment rates (Stephan, and James, Pg. 6). Hence, it is taking too much time for graduates to earn a return on their investment in education. The quality of education being offered is deficient and does not respond to the skills needed in the job market. The high tuition fees have contributed to high rate of drop out from colleges; therefore making it difficult for students to realize a return on their investment. Research further shows that half of the students who took federal loans to facilitate their college loans have not yet started repaying it for the last three years. It is a challenging situation that has deprived students of their freedom; also delayed marriages, purchase of cars, houses, and investments. The current crisis of accumulation of high debts by graduates is attributed to the failure of the education system to prepare the graduates for employment and life after graduation adequately.
American education system is losing value because of concentrating on impacting knowledge instead of skills and innovation minds. It is surprising that most of graduates from high institutions of learning are earning the same with typical high school graduates five years after graduation. There is a high rate of disappointment among graduates due to the low value of current education system as it has failed to meet their expectation. Some took student loans with a hope of getting good jobs and repaying off the loans immediately with minimal struggles. The federal policymakers have failed in implementing and ensuring the provision of quality education. There are very many substandard programs being supported by the national policy, which are quite costly and do not add the necessary value, knowledge, and skills to the students (Ross, Pg. 200). Students are getting to the extent of borrowing to attend any accredited institution regardless of the cost without considering the quality of the course. In this perspective, students end up making bad choices and end up enrolling in courses which they end up dropping off or not realizing the return on their investment. Therefore the results are unemployment and loan defaulting.
There is a call to resolve the value problem by formulating policies that ensure the provision of quality education thereby fostering acquisition of better jobs to increase loan repayment rates among the graduates. Implementation of the reform policy will enhance college accountability towards the success of the students thereby delivering them from financial hardship. New technology should be adopted to facilitate learning in colleges with the aim of reducing college fees. Also, the college education should have more focus on the specific work-related skills and knowledge as opposed to personal development and growth.
College loans stand as the second largest category of consumer debts as it currently stands at 1.3trillion. The government has made tremendous efforts to reduce the college fees and make it manageable for students from all social classes. Studies indicate that there is high return derived from higher education which will only be achieved by all learners if the challenges affecting the sector are addressed. Students in America will just gain economic benefits of higher education when the government addresses the issue of student debt, improvement of the quality of training and facilitation of acquisition of well-paying jobs (Houle, Pg. 53).
Higher institutions of learning need to establish partnership with employers to absorb students immediately after graduation. Nurturing of talents and interest should begin in primary and secondary school so that students will learn knowing what they want to pursue in college. It will prevent students from making bad decisions and going for the wrong programs. Students' loans need to be increased to cater for low income students attending higher institutions of learning. In the real sense, benefits and earnings after graduation exceed the amount of student debt acquired for financing the course, thereby the appropriate remedy for colleges to foster quality and relevant education, knowledge, and skills to facilitate prompt high earning for smooth and continuous repayment of student loans. Implementation of the above reforms will promote a sustainable future for America Education system.
Works Cited
Greenfield, Jeremy S. “Challenges and Opportunities in the Pursuit of College Finance
Literacy.” The High School Journal, vol. 98, no. 4, 2015, pp. 316–336.
Houle, Jason N. “Disparities in Debt: Parents' Socioeconomic Resources and Young Adult
Student Loan Debt.” Sociology of Education, vol. 87, no. 1, 2014, pp. 53–69.
Oreopoulos, Philip, and Uros Petronijevic. “Making College Worth It: A Review of the Returns
to Higher Education.” The Future of Children, vol. 23, no. 1, 2013, pp. 41–65.
Ross, Andrew. “Mortgaging the Future: Student Debt in the Age of Austerity.” New Labor
Forum, vol. 22, no. 1, 2013, pp. 22–28. 2013, pp. 200–219.
Stephan, Jennifer L., and James E. Rosenbaum. “Can High Schools Reduce College Enrollment
Gaps With a New Counseling Model?” Educational Evaluation and Policy Analysis, vol. 35, no. 2.
