The Shackles of Student Debt? In this article, “A Lifetime of Student Debt,” Robin Wilson interprets the different views on taking out loans for college students. The recent worry has been that taking out student loans are “threatening the financial future of today’s college students” (Wilson 256). However, recent studies has shown that one-third of college students will have no debt after their academic experience. College student nowadays are willing to take any means necessary to attend their “dream college, no matter the cost”(257).
Mark Kantrowitz touches up on this idea remarking that these students will do whatever they need to go to their dream college. Comparatively, a CNN report called student loans to be a “life sentence” and stated that their entire life would revolve around paying for their student loans in their future (258). Data from the U. S. Education Department showed that around two-thirds of students graduated from a four-year college with roughly $19,202 in debt, and students to attended public colleges had an average debt of $17,277.
Likewise, the cost of going to a private college was at a higher $21,957(258). Robin gives the averages loan rates of medical and law school graduates, which far exceed others’ at over $100,000. In contrast, Anthony P. Carnevale says that, “debt is the very best way to pay for education because you’re shifting the cost forward until you’ll be earning more money”(260). In essence, Patrick M. Callan believes that its better to take money out for loans than not at all, because you will make more money with that college degree.
On the other hand, Alan M. Collinge found himself in a different situation. He took out $38,000 in student loans. Later in his career he spent $6,000 on an invention that didn’t work out and he had gotten into a car accident that cost him $1,500. He lost his job for asking for a pay raise and at the end his student loan debt reached about $120,000(262). Nevertheless, Mr. Asher states that, “people lose control of their finances, and sometimes they make choices you wish they hadn’t made” (262).
Students learn later on in life that sometimes the expensive degrees that they paid for are not as useful in the job market that they once thought. Every one is affected differently. Consequently Darla Horn believes that “she is not sure anyone should lend college students so much money, even if they are willing to take it”(263). Mr. Saleh, a vice president for enrollment management, states that students have a legal capability to borrow money, and there is no way that they stop that from occurring.
By the same token, Robert Sevier, a senior vice president at Stamats Inc. , affirms that over borrowing for college isn’t much different than over borrowing for a home. “People live outside their means” (Sevier 266). On the contrary, Robert Carter, a schoolteacher from Bryan College, is still able to pay off his $30,000 school debt while living on a schoolteacher’s salary. Nevertheless, Mr. Carter says that he is still able to live an American life, using the normal American necessities in life such as cellphones, TV, and car.
Mr. Carter realizes that he could have paid less to attend a different college, however he learned a lot from student loans and he feels that he couldn’t have gone anywhere in life if he did otherwise (267). Ms. Hall, a graduate from Dension University, believes that taking a loan out for $20,000 was the best decision she could have ever made. Incidentally this decision gave her a lot more opportunities in life and she is still able to live a normal life while stilling giving monthly payments for school each month.