By Alonzo Roane
According to Studentloanhero.com, “Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt….the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.”
Student loans are taken out in order to pay for college tuition. According to the College Board, the average cost of tuition and fees for the 2016–2017 school year was $33,480 at private colleges, $9,650 for state residents at public colleges, and $24,930 for out-of-state residents attending public universities.
So why is it worth it for students to pay so much to attend college?
“Your lifetime earning potential is way higher than if you aren’t a college graduate,” said guidance counselor Marty Campbell. “Retailers, grocery stores and restaurants don’t pay much money.”
Mr. Campbell feels that taking out a student loan also gives students a motivation to take financial responsibility and to get a job to pay off loans once they graduate.
“You can’t live with mom, eat bon bons, and hang out,” said Mr. Campbell.
Mr.Campbell feels as the cost of college is high. He said that he had college loans he had to pay back. He says that he paid $50.71 every month for 30 years.
“A student can only have a certain amount in loans, which are called the Stafford loans. Parents can borrow more, though,” said Mr. Campbell.
Mr.Campbell’s son graduated from college and is now in law school. He did well in college, so now he has no tuition since he got a scholarship to attend law school.
It’s very possible to pay off student debt, but it may not be easy. It is, therefore, important to major in something you want to spend the rest of your life doing. Overall, going to college enhances earning potential and gives graduates a little bit more responsibility.