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- Paying for College
America's Future: Are Millennials Being Left Behind
Growing Issue in America!
For many college students and recent graduates their financial situation is very unbearable due to the debt they accumulated in the four or more years of schooling. Six months after the completion of your degree, one is expected to begin paying off their student loans as if a bachelor’s degree guarantees employment. The sad truth that very few universities will ever tell incoming freshman is that nearly fifty percent of college graduates face unemployment or underemployment. It of course varies from field to field, but the overall enthusiasm over a college degree is beginning to wither away.
Universities continue to accommodate any and every subject that may bring in students and money, but are they just robbing Americans a successful future? It seems it does not matter how difficult a program may be, when looking for a job the hiring process will eliminate them as a candidate before they can inform the hiring manager of the plethora of skills they received at school. A business or finance degree is one that may pave the way for you to work in corporate America, but many lack the ability to write. Those who have the skills to write, usually earned degrees in a liberal arts field and are mocked for their education. It seems that no degree is truly good enough for all that the job market demands.
As the job market becomes more and more fierce, why is it that more and more individuals feel a college degree is the only way to a successful future? To be fair statistics don’t lie. In 2013, 11% of Americans with less than a high school diploma were unemployed, 7.5% unemployment for those who finished. Unemployment continues to drop for those who hold a Bachelor’s degree, where only 4% suffer unemployment and on average make four hundred dollars a week more than GED holder. Though the added income will benefit Americans down the road, one’s degree usually doesn’t benefit them very much in their mid-twenties. The average student has around twenty five thousand dollars of debt once they complete their degree. This comes out to be about a monthly payment of $280 at a 6.8% interest rate. If one is making around thirty five to forty thousand a year after college this debt can be paid off, but this is usually not the case. As stated before, almost fifty percent of college graduates are unemployed or underemployed and a monthly payment of two hundred dollars or more may set the stage for disaster.
With so many college graduates struggling to find quality paying jobs their future begins to be put on hold. Any money from their paychecks go to pay off their college debt and little is invested into a home, car, or any kind of savings. The issue at hand is not whether one should go to college or not. You either go to school and collect debt or stay undereducated and held back from having a prosperous future. Young Americans are beginning to realize that their futures can only be prosperous if they spend the majority of their twenties saving as much as possible and that usually means living with their mother or father, if at all possible.
Is this new standard of living acceptable for future generations? Will more and more young adults avoid college all together and take a route that will also lead to an unfortunate future? We as Americans deserve better than this ill-fated cycle of debt and failure. Tuition will only continue to rise and wages will stay stagnate. For now the education system will stay intact, but change is needed in the near future as more and more Americans struggle to pay off student loans. The debt collected by each generation will only burden capitalism more and more. The money young workers could spend in their twenties is now going directly to banks. The education system in America is the finest in the world, but has many flaws. Though lower tuition would be a gigantic step towards a less indebted future, it will not change the crisis that many young adults face today. Jobs will need to be created to for all who go to a university and wages need to be increased across the board. America has fallen behind in many categories and education cannot be one that continues to decline.