Loans Funding Education

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Loans Funding Education
In the United States of America for one to be seen successful, then they must have gone to school and gotten good grades to become financially free and able to provide for the family. The perception has led to most people struggling to get loans to fund their students once gain entry to university. As a result, they have gotten into high debts without a clear view of what they want to do in life. The high-interest rates have facilitated the high deficits levied on the loans they take.
Going to college, earning good grades, and landing a job have often been associated with one becoming successful (Tuttle, para 4). People who have gone through the system have been able to become financially free and have been in a better position to provide for their families. Indeed, the system has proved working for those who have grown in the city.
The pressure to remain within the path of success has forced most students to get into applying for loans to facilitate their learning. Indeed, some of these decisions have made the entire education system become expensive (Stauffer, para 5). It has as well disadvantaged other aspects such as students focusing on sports, friends, and quality grades.
The result to the rush to acquire loans has gotten students into unnecessary debts even with no clear definition of what they would like to do in life. The burden of debt is a reality based on the figures provided by collegedata.com. Averagely, it cost $25,290 and $50,000 for a moderate college and university budget for 2017-2018 academic year respectively (Collegedata.

com, para 4).
Interest rates have been associated with the high right in the debts that students incur. This is true since, for undergraduate, the interest rate for 2018/19 is 5.05. At this rate, the longer the student takes to pay back the loans the higher the amount of money they pay back (Vanezuela-Stookey, para 6). For instance, a student with a debt worth $100,000 will pay $58,500 if pays in 20 years.
The entire perception has however been wrong and ill-motivated. It has happened that graduates have failed to secure good jobs to pay off the debts. This has been facilitated by the failure to focus rightly. Indeed, college degrees should be meant to give the right tools to help one become successful through the career one is pursuing.
Works Cited
Collegedata.com. What’s the price tag for a college education, National Association for College Admission, https://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064
Stauffer, Rainesford: College Vs. Paycheck. New York Times, 2018
Tuttle, Brad; New College Grad Could Be Looking At The Highest Starting Salaries Ever, Money Magazine 2017
Vanezuela-Stookey, Elena: Hello! May I Assist You in Taking on A Lifetime of Debt? New York Times, 2018