College Debt Application Essay

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The problem



Of late, an alarming hike is being witnessed in college tuition fees. This, coupled with books, housing, supplies, transport and food expenses, leads to unmanageable debt for college students. A majority of financial experts suggest maximum borrowing to amount to one’s anticipated earnings during one’s first year following graduation. But the hike in tuition fees renders this suggestion hard to follow. Nearly 50% of collegegoers today consider quitting college midway owing to debt incurred. Unable to meet these expenses, an increasing number of pupils are actually quitting college. Meanwhile, other pupils have no option but to seek full-time employment, besides attending college full-time. Hardly any student graduates without being burdened by debt. In this paper, the issue of college campus debt, its prevention, and potential solutions if one cannot escape it, will be addressed.



Normally, the highest-risk group isn’t that of pupils having the biggest debt; rather, it is non-Whites, first-generation pupils, and those from low-income backgrounds, particularly if they are enrolled in not-so-prestigious colleges as this decreases their likelihood of landing a job immediately after graduation and effectively repaying their debt. Certain students apply for college loans but don’t end up completing their degree, or acquire a meaningless degrees – these pupils ultimately end up being worse off as compared to their condition if they hadn’t attempted to pursue higher education at all.

Solutions



The start point

Acquiring a loan is simple; repaying it isn’t. A large number of pupils are unaware of the repayment process and the number of years it takes. This unfamiliarity with the debt-repayment concept aggravates stress. A key facet of education is gaining knowledge on loan structure if one intends to fund one’s higher education using a student loan. One must consult with financial consultants and thoroughly understand what one’s getting oneself into.



i.

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Tuition-originating debt

Grants

Generally found through the FAFSA (Free Application for Federal Student Aid), these are generally need-based and needn’t be repaid. Certain grants are also provided for particular professions only. Researchers note that several billion dollars per annum in grant money isn’t claimed by students.

Scholarships and cash awards



Awards and scholarships may be granted for almost all things (volunteering, video games, etc.), with several billion dollars awaiting needy students. Cash prizes sponsored by companies and associations are more widely available for college upperclassmen and needn’t be repaid either. In spite of the widely-believed myths regarding awards and scholarships, one can acquire one despite hailing from a medium- to – high income household or lacking perfect test scores or grade point assessments (GPAs).



ii. Debt originating from personal living expenses

Ensuring one’s rent is within one’s means

Housing expenses contribute greatly to college debt and may be avoided through:

· Opting for a more economically-priced dorm rather than more pricy, fancy ones

· Staying further from the college campus

· Having several roommates

· Reducing utilities by being careful to turn off lights, take short showers and maintain the thermostat at a lower….....

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