University Degree Just gave me student Debts

Summary

The article discusses the financial burden of university education without scholarships, leading to significant student debt.

Abstract

The rising cost of university education, with annual fees around $50,000 for average students, results in a substantial$ 200,000 debt over a typical four-year degree. While 55% of Harvard students receive scholarship aid, the remaining 45% face the prospect of taking out large student loans. The challenge is exacerbated by high unemployment rates, which can leave graduates struggling to secure well-paying jobs to repay their debts. The article suggests that obtaining scholarships, excelling in studies, and acquiring in-demand skills can mitigate these financial pressures.

Opinions

The author believes that investing in a university degree without a scholarship is not worthwhile for the average student, given the high costs and potential for student debt.
There is a concern that opportunities for jobs are decreasing while university fees continue to rise, putting financial strain on students and their families.
The author implies that the education system may be flawed, as it forces average students into debt without guaranteeing employment opportunities post-graduation.
The article expresses that students should be proactive in seeking scholarships, focusing on academic excellence, and learning new skills to improve their job prospects and manage student loan debts.
The author advocates for the potential of online learning platforms like Coursera and Udemy to provide students with relevant skills for the job market, particularly in the IT industry.
There is an underlying optimism that with passion and determination, students can overcome the burden of student loans.

Do Investing a huge amount in university degree is worthy

We all knew that without getting a scholarship for studying in university, takes lots of money to invest upon us. University fees are getting higher than ever and opportunities for jobs are getting lesser.

According to Harvard University, 55% of Harvard College students received a scholarship aid. This aid is available for students who are excelled in their respective fields or have a very poor background to study. Student who get scholarship needs to pay around $12,000 annually for education. But, what about 45% of students who are not able to get any scholarship aids in their respective universities.

So, average students who are just average at studies and their families also has an average salary, need to pay around $50,000 annually for education. That amount for 1 year seems a lot, but trust me to obtain any degree we need to continue education for minimum 3 to 4 years.

Hence, if a student takes 4 years to complete his university degree, he will surely need to pay $200,000 for it. As per my knowledge, No parent in our whole country with an average salary supports his kid for wasting $200,000. Therefore, average students are forced to take student loans from various banks to complete his/her degree program.

What after taking $200,000 loan for a degree program

Having no option left, an average student is forced to take huge student loan from his/her respective banks to complete his degree. That average student thinks about paying his loans after graduation, he assumes he will get a decent job in good company and it will take him around 3 years after graduation to pay all his student loans.

As per report of April 2020, Unemployment rate has grown to around 15% in the USA. So, average students are in danger here. If they fail to get a good job after graduation then, paying their loans gets next to impossible. Therefore, Many average students are forced to work with low salaries in fear of unemployment.

Some average students also work at as low as $20 rate per hour, in the fear of unemployment. So, with this pay scale when are the students supposed to pay their student loans. It will take them decades to pay it. Leaving in burden and stress for their future life.

Solution For it

Try getting a scholarship while applying to universities, trust me it will surely solve 80% of your problems. If you are already studying in a university without a scholarship then, try getting good grades in all your subjects. Focus only on your education, getting good marks is always been great for getting a decent job with good salary.

If you have completed your degree and have average grades then, apply to as many good companies as you can. Try learning good skills which are in demand in today’s world. Try changing your field of work. For example, IT Jobs are always open for students with relevant skills irrespective of their college degree. Trust me, small platforms like Coursera and Udemy can help you to get start with learning new skills required for IT industry.

Things can be worse for now, but its always you who can change it. Currently, I have around $10,000 college loan, and I am in working to pay it as soon as possible. Nothing is impossible for students who have passion and determination to do more, just believe yourself.