American College Graduates’ Dilemma

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Table of Contents

Introduction
Paying for college education
Conclusion
Works Cited

Introduction

For many high school students, joining the college of choice and graduating with a degree is a dream that comes true. Parents also appear to have an influence on their children that college is the ultimate experience and a ticket to a quality life. In fact, both parents and students are led to believe that better grades in high school are the solution to a good college degree and a dream job.

Paying for college education

College students in the US have easy access to cheap loans from the federal government. This ensures that they do not have a problem paying for their higher education. Students are however required to start repaying the loans advanced to them once they graduate from colleges and find jobs. College graduates are currently facing a dilemma because, by the time they are graduating, they are already over-burdened with student loans. Denhart suggests that these loans should be subjected to income based on payback and fixed interest rates (3). These are the most feasible forms of loans for young college students.

There are several factors that have contributed to the financial burden: the debt which is weighing heavily over these graduates and the high rate of unemployment that American fresh college graduates are facing. According to Vedder, Denhart, and Robe, the number of recent college graduates who end up in relatively low skilled jobs has increased considerably (2). Vedder et al. also state that about 8% of U.S college graduates hold jobs that they are overqualified for, as it does not warrant four years of college education (2). In addition, 37 percent of the U.S. College graduates hold positions that they could have easily landed with their high school diplomas only. Clearly, the pay from these jobs is low and for this reason, many college graduates repay their student loans at a slower rate.

The government needs to respond quickly to this situation by reducing the debt for fresh college graduates, as well as those who are still struggling to repay their loans. Williams suggests that one of the reasons why jobs are so hard to come by is that the major corporations are still outsourcing workers from third world countries, thereby denying American graduates an opportunity to earn income that would allow them to sustain their personal needs and repay their college loans (1). Williams also adds that the average student loan debt for graduates stands at $26,000, while the interest rate on student loans was doubled to 6.8% in July 2013 (2). This means that in years to come, college graduates will still be repaying their student loans.

Another way in which the loans can be reduced would be by reducing the current interest rates to allow the students to pay within their means. Students also need to be aware of the financing options available to them and should be given the relevant information before they agree to take loans. Students should also be allowed to start repaying their loans only after they get a job. Pyke explains that statistics show that one in eight college graduates who took a student loan has already defaulted (2). Rubin suggests that online education would be a viable solution to the crisis as it is more cost-effective (2). While online education would be a feasible option for reducing college debt, on the other hand, the quality of education has to be improved in order to attract students. However, the experience of classroom education cannot be compared to that of online classes. Live student-teacher interaction results in the sharing of information. In addition, students can easily network and gain new friends.

Another feasible option would be for the government to consider revising the ‘No Child Left Behind Act of 2002’. A change in the method of approach and delivery is crucial as it would encourage innovation and creativity at an early age. In this way, young people would get to exercise their entrepreneurial skills. This would reduce the reliance on college degrees while pursuing white-collar jobs. Inskeep has identified that The No Child Left Behind policy gives little attention to arts, physical education, social studies, and science (1). Instead, its main focus is on reading proficiency, and this limits student’s creativity and advancement in technical skills.

Conclusion

College students are normally faced with very high college loans due to increased tuition and the rising cost of textbooks. They resort to the cheapest means of financing their education, which is through federal loans. However, after completing their education, they do not get high paying jobs. Consequently, most of them struggle to meet their personal expenses and pay their student loans. Some of them default on their student loans. To avert this crisis, colleges and the government should identify possible solutions to reduce fees and college costs, in addition to allowing private banks to finance students at a reasonable price. This means that the cost of higher education has to come down by all means necessary.

Works Cited

Denhart, Chris. 2013. “How the $1.2 Trillion College Debt Crisis Is Crippling Students, Parents and The Economy.” Forbes. Web.

Inskeep, Steve. 2010. “Former ‘No Child Left Behind’ Advocate Turns Critic.” nprBOOKS. Web.

Pyke, Allan. 2013. “Three Ways Congress Could Go Bold On the Student Debt Crisis”. Think Progress. Web.

Rubin, Cathy. 2013. “The Global Search for Education: Student Loan Solution Will Come“. Huffington Post. Web.

Vedder, Richard, Christopher Denhart and Jonathan Robe. 2013. Why are Recent College Graduates Underemployed?. 2013. Web.

Williams, Chris. “The American dream should really be called the American debt“. The Guardian. 2013. Web.

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American College Graduates’ Dilemma

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