As my senior year progresses and graduation day rapidly approaches, thoughts about what lies beyond high school and beginning “real life” are practically impossible to avoid. At one point in my life, the idea of college was something that filled me with excitement, however that excitement has now changed into genuine fear all thanks to student loan debt. Effecting over 40 million people, educational debt has remained as one of America’s leading domestic issues for years. Despite this, not much at all has been done to correct it. So, I must ask, is the tassel really worth the hassle?
For as long as I can remember, New York University was my dream school. However, my perspective on the school and college in general shifted upon coming across NYU’s infamous financial aid history. NYU’s total annual costs for students amount to $61,977 and are ranked with the highest average student debt among private universities with their total debt at a whopping $659 million in 2010.
And that’s just one institute out of the 5,300 colleges and universities established nationwide.
Americans owe nearly $1.3 trillion in student loan debt throughout 44 million borrowers.
Yup, you read that right. $1.3 trillion throughout 44 million borrowers. Also, the average class of 2016 graduate is $37,172 in debt, which is a six percent increase from the previous year.
Possibly the most alarming part about this entire issue is the fact that some students are unable to stand the pressure of the costs and are forced to drop out of college. Most of the time, these students drop out before they even gain their degree. Imagine drowning in thousands upon thousands of student loan debt and not even having a degree to show for it. Thus, making it much more difficult to find a job since most employers only hire those who have successfully acquired their degree.
All in all, it’s pretty safe to say that attending college has the potential to end up doing more harm than good.
I’m starting college this fall, and all I can think about is how the hell I’m going to avoid being a slave to student loan debt. No, I’m not thinking about the football games or my classes or the experience, but rather I’m thinking about how I can clearly see myself begging the financial aid office for mercy. And as I continue to hear horror stories of those crippled by debt, I’m faced with the harsh reality of college and all that it comes with. So, what’s a reasonable price tag for my education? And what is my future president going to do about it?
