In the faces of today’s college students, the daunting fear of paying school loans floats above their heads as they walk from class to class. Since the late 1990s, colleges have been raising the cost of tuition to the amount that it is today. College debt is one of the most hated and most needed things in today’s society. Being able to find a reliable job and being able to afford the cost of living relies on getting a post-secondary education and spending thousands of dollars in the process. The economy today also suffers severely, because of the high cost of college debts people are unable to travel, own homes, or create new businesses.
Travel has always been a privilege for people with more money, but in today’s time travel is becoming more of the norm for the older generations and not for the younger. The struggle of having too much debt causes people to never pursue their dreams of traveling or exploring areas far from where they are living. In college, travel is an option for study, but the cost is still prevalent and only adds to the debt of college tuition. The amount of stress that college can cause students makes travel even more important, to be able to get away from the day to day stress of college. When the fear of debt adding up is around, less students are willing to travel or spend time relaxing. College students today may never be able to travel in the future because of the constant rising of school loans and the stagnant state of wages in different job positions. Life aspirations have dwindled because of the stress that comes with school loans, which makes an endless loop of stress and crushed dreams.
The thought of buying a house, to a college student, is terrifying. Lately renting has become the norm for people just getting out of college because of the cost of living and the amount of school loans have increased. In the 90s students were able to dream of owning their own homes and beginning a family, but today families are a privilege that most people do not get as well as owning a house. Not only have school tuitions raised, but so has the cost of housing and living in general. When careers do not pay what is needed to live comfortably, people suffer and so does the economy.
Owning a business is not a widespread idea as it was in the past. According to Barbara O’Neill, who is a financial resource manager for Rutgers University, “They’re [people]… less likely to start the small businesses that provide jobs and services that drive the economy” (Business Insider). O’Neill makes a point to say that small businesses are very important to the economy which, the United States is lacking. People are less likely to take risks when they are having a difficult time paying off loans for schooling, which is seen as necessary to live in today’s society.
Overall, there are many problems caused by having the prices of tuition raised and there is very little that can be done about it. Sadly, the more people wishing to have an education, the more the tuition prices will rise. The tuition has raised to accommodate the number of students growing over the years, helping with food, classes, professors, parking, and on-campus living options. The only option would to have the government assist more with financial aid options, but that would mean raising taxes on other things to assist in payments. As stated before, debt is just a continuous loop that doesn’t easily end. Unless someone finds the best option for everyone people will still suffer, if not greater in the future.
