Student Loan Debt: Is it worth it?
Student Loan Debt: Is it worth it? Many high school students are beginning their senior year and have already started to stress about how they will pay for their higher education. Although many students will have scholarships and financial aid, a lot more will struggle to pay for schooling and will have to take out multiple student loans. Many people wonder if higher education is worth the debt the country and the students are in and it is, however, there are alternatives. Thinking about the cost of colleges in The United States stresses out many of students every single day. A college cost continues to rise every single year and with that comes great struggles and stress. The average cost of college tuition has raised a whole eighty-two percent since the year 1980 (Shabazz 36). College prices are rising eight percent each year (Tuition Inflation).With college prices constantly raising more students will have to find ways to pay for their higher education. The cost of resident college tuition for a thirty hour college semester at Oklahoma University is approximately $9,000.00 (Oklahoma Estimated Cost for Resident Thirty Hours). This price, although very high, still does not include room and board or books. The estimated cost for tuition, room and board and books is approximately $18,500.00 (Oklahoma Estimated Cost for Resident Thirty Hours). For most students these prices are outrageously high and they cannot even fathom ever paying that much. Luckily, colleges all over the U.S, including Oklahoma University, give out scholarships and financial aid. However, not all students will qualify and those students will have to take out student loans. Today, there are about 37 million student loan borrowers with outstanding student loan debt. (Student Loan Debt Statistics) The average undergraduate can take out anywhere between $1,000.00 to $5,500.00 in loans per year (Borrowing Limits at a Glance). This is amount of money has