Wednesday 27 February 2013

The Rising Burden of College Debt

Educational Information

Every year in this country, college students go into massive debt in order to obtain their college degrees. In many cases, the debt is so overwhelming that many students find themselves unable to pay back these loans. Many of them go bankrupt or are forced into repayment programs that are inflexible and have monthly payments that are far more expensive than the average college graduate can afford. Add the fact that many graduates cannot find work at all once they graduate, and this only adds to the number of students who find themselves hopelessly mired in debt due to their college loans. Is it any wonder that some people turn to buying a fake certificate or degree online rather than put themselves in this kind of debt? Furthermore, who is responsible for the loan system’s failure? Does the responsibility lie with the student, or do these programs need better mandating? No matter the answer, every student who takes out a loan should be made fully aware of other options, as well as the consequences.

The instances of people in high-paying jobs or positions of power that are found to have a fake certificate or degree are rising every day. In many cases, these people received their degree from an online college and were not even aware that the schools from which they got the degree was fraudulent or not accredited. In most cases, people choose to get degrees from online colleges because it is much cheaper than traditional college and unwittingly choose a school that sells their degrees more than the students earn them. These are usually students who are trying to avoid the massive debt that comes with a college education, already have the life and/or job experience that allows them to do their jobs well or are trying to meet the qualifications of a company that demands all their employees have some kind of formal education. It should come as no surprise that as college tuition rises, so do the number of online schools that are offering fly-by-night degrees.

According to NPR, the average student loan amount an individual amasses by the time he or she graduates from college is around $30,000. Their loan repayment starts shortly after they graduate, which gives them little to no time to find a job. Many students have great difficulty finding a job in their field and are forced to work at minimum-wage jobs, most of which do not even pay enough to allow them to make payments on their loans. This leads to late payments and delinquent accounts. Once this happens, the student’s already low wages will be garnisheed or he or she will be forced to pay rehabilitation payments that can be as high as six or seven hundred dollars a month. Either way, the student will remain hopelessly in debt, especially if they never find a job that pays well. When one considers all of this, it is little wonder that people today are turning to fake certificates and degrees in order to further their careers.

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