Unit 6
Nicolas Guillen
Rise Of Student Debt
Is student debt worth a college degree? This ongoing debate has been going around for many years now. Many people have mixed opinions about this debate as everyone has their own path in life. Student debt is worth it for college education, as the degree one earns provides financial and job security. Some people might disagree but there is a lot of evidence that proves having a college degree is more beneficial than not having one.
Having a college degree provides people with financial security. According to Kelci Lynn Lucier, "People with a bachelor's degree earn about 66 percent more than their peers with only a high school diploma, according to the Bureau of Labor Statistics." Having a college degree for most jobs drastically improves overall income and improves the quality of life. Student debt is worth the degree as you can easily make your money back depending on your major. However, some majors are just not worth the amount of student debt. Many people hope to go to college to get a good job. Yet, some of those people graduate and get job that pays just a little over minimum wage which makes the student debt and college not worth it at all. Therefore, student debt is worth it if you plan on majoring in a strong area that insures you to pay off your student debt within a couple of years. In another statistic, the college board stated, "the percentage of full-time year-round workers aged 35 to 44 earning $100,000 or more ranged from 2% of those without a high school diploma and 5% of high school graduates to 25% of those whose highest attainment was a bachelor’s degree and 38% of advanced degree holders." The college board statistics proves that having a college degree and enduring student debt can be very beneficial and allows great financial security as the percentages of earnings are dramatically higher. Overall, attending college and getting a degree is worth the student debt as it will provide someone with great financial security and allow them to pay off their student debt quickly.
College degrees provide people with great job security. According to the AZ college planning "The unemployment rate for workers 25-and-older with a bachelor's degree or higher was 4.6% in August, for example, compared with 10.3% for those with just a high-school diploma." Attending college provides great long-term security thus making student debt once again worth it. Many people fear or stress about losing their jobs especially when they have a family. Getting a degree can reduce that fear as it is highly unlikely that a college graduate will lose their job. In the book "Determining the economic benefits of attending community college", the author talked about how "A high school diploma will no longer be sufficient" (Sanchez). In today's world more and more people are attending college and are graduating with degrees. Therefore, it's harder for people with no degree to find jobs that people with degrees are getting. A high school diploma will not allow you to get as good of a job as someone with a bachelors or master's degree. Having a college degree also opens up many more job opportunities and offers and gives you a very good chance at landing a great long-term job with a well-known company. Having a higher education is very important and is well worth the student debt as the benefits out weight the negatives. Community college is also a very good option that always students to save a lot of money and sometimes even graduate without any debt.
In conclusion, student debt is worth having in order to achieve a college degree as a college degree provides not only financial security but also ensures long term job security. More people should try and earn a college degree so they can have more benefits and be provided with a decent job that makes good money. Student debt is a lot but at the end it is completely worth it. There are many options such as Community College that can reduce most of the student debt and still provide someone with a great job and financial security. Everyone has their own path in life and college should be a path that everyone should take.
Works Cited
“Does a College Degree Guarantee Job Security -WSJ.” Home, https://azcollegeplanning.com/does-a-college-degree-guarantee-job-security-wsj.
Lucier, Kelci Lynn. “6 Reasons Going to College Is a Great Financial Decision.” ThoughtCo, ThoughtCo, 21 Mar. 2019, https://www.thoughtco.com/financial-benefits-of-a-college-degree-793189.
“Redirect Notice.” Google.com, 2022, www.google.com/url?q=https%3A%2F%2Fnewsroom.collegeboard.org%2Fcollege-education-linked-higher-pay-job-security-healthier-behaviors-and-more-civic-involvement-new&sa=D. Accessed 25 Mar. 2022.