The Problem Of College And Higher Education - 1630 Words

Kyle Laffin is seen as a typical mid 20’s American. He attended college to pursue a degree in accounting and financial freedom, but this came at a cost which he didn’t imagine. He took out a loan with his dad as a co-signer of a little over $100,000. Even though he got an accounting job directly out of college, he is now stuck paying back a monthly loan payment of $1,200 when he only makes $40,000 a year. This has forced his father to make payment since he cosigned the loan. His father began working two jobs and was forced to take money out of his retirement account just to be able to make those excruciating monthly payments (Woodruff). College and higher education is often viewed as the fundamental key to the American dream. It is seen as a gate way to the middle and upper class. However this dream comes with a price, which is often overlooked until its to late. According to the National Center for Public Policy and Higher Education, the cost of college has increased 439% in the last 30 years. This has forced a large amount of the American college students to take out enormous student loans that they will struggle or fail to payback. If to many students fail to pay back their loan (also known as defaulting), this could result in an economic rescission, just like during the housing market crash. The beginning of college loans occurred in 1965, when the government created the Grantee Student Loan Program. Which was used to help to get everyone the college education thatShow MoreRelatedWhat are the Problems of Rising Cost in College Tuition?1323 Words   |  6 PagesWhat are the Problems of Rising Cost in College Tuition? College fee is the main factor that depends on which institution of higher learning that a student is likely to join unless awarded a scholarship. It directly depends on one’s financial capability. 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