How Does College Debt Affect Future Life Choices of Students

How Does College Debt Affect Future Life Choices of Students

College debt affects future life choices of students as it prevents them from buying a home, car, and contributing to retirement savings.

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Are you tasked with a writing assignment on a cause and effect essay, and do not know where to begin? Cause and effect essays are academic papers that examine a situation and explore the causes and effects of a particular subject. For instance, a cause and effect essay on how college debt affects future life choices of students will focus on finding the cause for college debt and the effect of college debt. You should show how college debt affects the rest of your life after college. Your essay needs to follow a certain structure when expressing your ideas. Here is the structure that your essay should follow:

The structure of a cause and effect essay

Your essay will have five paragraphs; an introduction paragraph, three supporting paragraphs, and a conclusion paragraph. The introduction paragraph is where you will be introducing the topic to the reader and stating your thesis. You will proceed to discuss the ideas in the supporting paragraphs. The concluding paragraph is the last one, and you should restate your thesis and give an idea for further research on the subject topic. Your first draft will not necessarily be perfect. It is advisable to proofread your work before submitting. When proofreading, eliminate grammar and logical flow errors for a smooth flowing essay.

Cause and effect essay sample

Assume that your instructor has given you an assignment on the cause and effect essay of student debt. What should you include in your essay? There are many angles that such an essay may take. The bottom line is that the essay should show what causes student debt and the effect of student debt on the students. Here is a sample cause and effect essay on why student loans are bad and how college debt affects future life choices of students:

How college debt affects future life choices of students

Did you know by the time a student is graduating in college, they have accumulated over $30,000 college debt? If you ask any student why they choose to go to college, the answer will be; to pursue higher education, get well-paying jobs, and lead comfortable lives after that. Students get a taste of adult life, and that prepares them for life after school. While those are good reasons to go to college, tables are slowly turning. Few students are making college applications as the years go by. Reason? Rising college education cost.

Most students take out loans to cater for their college education. Besides the high tuition fees, students need a considerable amount of money to cater for their living expenses which include food, accommodation, and entertainment purposes, among other expenses. However, student loan debt is derailing college graduates from leading a comfortable life after college. College debt is affecting the future life choices of students negatively. It is no wonder students are opting not to proceed to college.

What causes students to take student loans?

A study among college students revealed that student loans are a key element of college finance. Students take the student loan for different reasons such as the high tuition cost, school of choice, high living cost, lack of income, and financial education. Often the students are by themselves when applying for the loan, and they have little or no choice. By the time students are applying for a loan, they have no job and thus no funds to fund their college education. For others, the parents cannot fully support their stay in college and thus take the loan for financial aid.

Hope for a better job

There is a perception that employers prefer graduates from ‘big’ colleges to graduates from other colleges. You will notice that both tuition and living expenses in these ‘big’ universities is higher than in other colleges. Students will insist on attending these ‘big’ colleges and take out loans to cater for the costs. Some of the academic decisions that students make in college have a relation to debt. Consider this; if a student has more units than the tuition fees cover, the student should pay for those units. The idea of accruing more debt will have the student settle for less.

Financial illiteracy

Some students do not have financial education by the time they are getting to college. By the time they acquire financial education, they are knee-deep in debt. And by the time they discover that student loan debt is a setback, they are out of life.

Students loan repayment

Think of it; is it the fault of the student that they are taking a student loan to finance their college education and their time in school? Absolutely not. The financial situation on the student is a factor out of their control. At first, students do not take large loan amounts. However, as they progress with college life, money needs increase, and that leads them to take out higher loans. Most of these students hardy read the loan repayment terms when applying for a loan. Like other loans, student loans accrue interest, and the repayment should begin after a certain time. Most lenders require students to start the loan repayment process once they graduate from college.

There is no guarantee that a graduate will secure a job after completing their college education. That means that the interest will begin to accrue and increase the loan amount considerably. Lenders reach out to the loan co-signers who are often the parents or guardians of the student. That will, as a result, strain the co-signer financially. Some students are lucky to get a job after graduating from college. However, most first-jobs are low-paying, and paying back the loan is a big struggle for the graduate.

Who does student debt affect the most?

The groups that are affected by student debt the most are students of color, lower-income households, and women. Men and women borrowed the same amount of student loan. However, women earn less than men, and that means that they will take longer to repay the loan. A study in 2009 showed the following; about 20 percent of women were making student loan repayments with 15 percent of their salary compared to 15 percent of men. Center for American progress collected data on the student loan and revealed that students of color are affected by student loan debt more. Not only do students of color borrow more money, but also the unemployment rate among people of color after graduation is high. That makes it hard for these students to repay their student loan debt.

How student loan debt has impacted the lives of former students

There was a study that aimed to find out how college debt affects the life choices of students. Some of the key findings are:

Career goals

Some students have not achieved their career goals due to student debt. That is because some employment positions require one to be free of student debt. Other students who want to start and run their businesses have been held back by student loans. That is so because when registering a business, you need to meet certain requirements which include being debt-free.

The high cost of living

Some former students report that student debt is high than their mortgage bill or rent expenses. That increases the cost of living and makes it hard to lead a comfortable life.

Poor credit status

Former students claim to have little money in the bank accounts due to student loan payments. That pushes these individuals to credit with a good number failing to meet the edit status requirements for an apartment and or job interview.

Delayed or non-existent loan payments

There is a good number of students who make their student loan payments later in the month instead of the expected time. To make matters worse, some individuals cannot afford to make a loan repayment and the student debt increases due to penalties.

Effect of student loan debt on the economy

Here is how college debt affects future life choices of students and the implications on the economy:

Low returns on high education

There was a notable wage stagnation since 1970s and research showed the stagnation was a result of using academic attainments for an income boost. That led to the flooding in the job market, and employers required more training and skills from job seekers. Rising tuition fees and the change in labor market make it hard for any person seeking further education to do so without using a student loan.

college debt

Prevents young people from having retirement savings

College graduates who have student debt focus on making student loan repayments instead of saving up money for retirement. Individuals should focus their young earning years in acquiring assets that are a great addition to one’s portfolio.

Low homeownership among citizens

A report by the Federal Reserve showed that student loan debt prevented many graduates from owning a home. Overall, that contributed to the drop in homeownership rates. First, these individuals cannot afford to make the down payment that is a key qualification to owning a home. Second, the high student loan debt lowers their credit score that they cannot meet the minimum requirements for mortgage qualification.

Halts the growth of small businesses

Starting a small business requires a business owner to have capital. Individuals paying student loan debt opt to use the remaining money to cater for living expenses instead of starting a business. Small businesses contribute to about 65 percent of employment activity in the U.S.A. Therefore, the decrease in the number of small businesses affects the overall country.

Leads to late family formation

There is a correlation between student loans and getting married at a later age. Most individuals with student debt prefer staying unmarried years after college. While the high costs of running a family are a factor, most individuals prefer settling the college debt fast. Marriages where both partners have college debt are hard to run financially as the college debt takes out a huge chunk of money from the family income.

college debtIs student loan truly a financial burden for the rest of life?

Student debt has a disastrous effect on millions of former students. An average borrower cannot afford to have retirement savings and life savings. Student debt is also delaying marriage plans and plans to get children among college graduates. Also, it is hard for a borrower to buy a car or home when they have a huge college loan debt to repay for life. In general, a student loan is a big cause for stress among former students.

Critics argue that student debt is a way of inculcating an individual to the tough work-life after school. However, the life after college of paying back the student loan amidst other life problems is proving that student debt will affect an individual after school and the society at large.

Final thoughts

Education is a crucial part of life. College education is particular equips an individual with important knowledge and skill that will prove useful in their work life. However, it is clear that student loan debt is standing in the way of the benefit than an individual should reap from a college education and life. If the low number of college admissions in the country is anything to go by, it is vivid that college education is less-valued. More individuals are opting not to go to college and stay out of debt instead of going to college and better their lives.

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