Depression of Debt

The first time I realized how much debt it would take to better my education was the first time I looked at details of going to college. Many people often struggle to find a degree that fits them well, college is too expensive, and college can have a major impact on people’s lives. While doing research for my podcast I discovered the cost can be expensive and have a major impact on a family’s money. After this project, I used a similar topic in finding my theory of college is really expensive and can have some huge impacts on people’s lives based off where they go to college. This theory was created while doing my OAT project which was a research project about the cost of college effecting where you go to school. Because the cost of college is too high, many students struggle to get their degree at the university of their choice.

(http://www.inreads.com/college-costs-101-a-breakdown-of-university_expenses/)

During college, many students struggle to get their degree in a field that fully interests them. The reason that people struggle with this is that many people don’t know what degree they want. Through research on OneSearch, I found an article that the University of LaVerne posted saying that on average people switch their major 3 times before they graduate. For many students, they think that they know exactly what they want going in, and end up switching. This makes it very difficult for them because they have to switch the classes that they take. Having to switch these classes can make other classes irrelevant and the person who toke them have to go to school longer, putting them farther in debt.

With the cost of college being too expensive, it can take away too much of a family’s income. In some research that was done for my projects, I found a sufficient of examples. One major example I found while in OneSearch which led me to CollegeBoard Trends in Higher Education was that going to a Community college alone can cost on average $23,000 per year; a four year in state university on average is $40,000; and a four year out of state university costs on average $70,000. The average of all these, so the average student debt to graduate, is about $175,000. This on average, with paying $1000 every month, will take at least 14 years to pay back. Doing this for a family of five with three kids going to college puts the family in over $500,000 in debt. That takes the rest of the parent’s life to help pay off, if the graduate can’t afford to start paying college back right away.

The decision to go to college can have the most dramatic impact on one’s life. For many people, college can be the big difference in how much money you make according to Glossary of Mastery Degree Programs, people without college degree make about $24,000 on average per year, where people with college degrees make about $50,000 on average and can easily move up the pay scale. College makes people’s lives after college difficult. First, trying to find a job right after college isn’t always easy and second, you have to start paying back your loans right after college, putting pressure on you to find a job fast. Also, for many graduates right after college, they can’t go back home and they are living on their own. This makes them more stressed to try and pay their normal bills for their expenses. Putting this much stress on a recent graduate plus the stress of finding a job, and paying back college can make many people just fall apart and have break downs. This for some people can make them loss their job, and forced to go home to live with their parents.

Based off of my theory, because the cost of College is too high, many students struggle to get their degree at the university of their choice. This can lead to further research for many people in many different fields. Some of the research that could be done includes loan companies doing research to make loans cheaper or just aiming loans cheaper, colleges doing research to make college cheaper or not, and colleges could do research on how to lead people in a more direct path to their degree if possible. For now, this is all possible research, but it means some universities may see a loss in students because the cost, a higher number of students going to school longer because they have no direct path, and more people being upset with loan companies because they are packing back their loans longer than necessary.