Entry 4: A peek at my paper

Jacqueline Wells

Professor Monique Williams

English 1A

13 September 2013

Degrees in Debt

With living costs on the rise and a fixed minimum wage, it is no secret that the nation’s middle class is shrinking. This rapidly closing economic fissure is magnified by the swelling debt amassed by students forced to accrue student loans in the name of higher education. Paradoxically, the great achievement of formally recognized intellectual conquest is hindering scholars from proceeding to the subsequent financial life stages post-graduation; these stages, all of which necessitate good or decent credit, include purchasing a car or home, getting married, and supporting their families. With national employment still catching up to the pace of graduating young professionals, these newly-grads continue to struggle under the pressure of securing steady employment so that they may begin to repay their astronomical debt. It is unfeasible to demand an immediate change; what must change is the way that future students and their families prepare for college, in the form of devising a realistic, malleable plan, saving, and budgeting.

Every fledgling couple dreams of sending their children off to college to become doctors, or scientists, or astronauts. The sticker prices for the education necessary to these professions are generally out of said couple’s immediate budget. It is common for many parents to start a “college fund” in the early years of their youngster’s life, with the intent to have enough saved by the time the child is old enough to put the account to use. This tactic is good; however there are variables that could lead to this plan to go awry. This may include unforeseen expenditures that require “dipping” into the fund, which is of course done cautiously and with every intention of being replaced. Companies such as The Gerber College Plan and Upromise are reputable resources that assist young families saving for school.

College is the pathway to success, but to find the path, one must know how to look. Middle class families are still at a far greater advantage than the lower class, insofar as they have a general focus of moving forward and up rather than surviving. This allows for a greater perspective and competence of financial status, and a family may determine how and when their young people will attend college, rather than if. This is most applicable to the nuclear family of the 21^st Century, where both partners work as equal heads of the household, while the stereotypical two children attend school. Whereas before, students would apply to four-year universities straight out of high school, a family could save roughly a third of that bill by instead having their children attend junior colleges to receive their general education. Junior colleges also allow for part-time work for students, who typically live at home and enjoy little responsibility. Part-time work benefits the student in two ways: it can help a student save money to transfer to a four-year school, and it gives the student employment credibility when they search for a job after they have obtained their degree.

As it is not uncommon for college students to switch majors throughout their academic careers, attending a junior college would also assist students in developing their own passions, thereby making good use of the time spent at a university. This is where the budget-plan malleability gains its relevance. If a student decides to become of a doctor instead of a dentist, the cost of education will easily double. If a family has not accounted for this change, they or their child may leave themselves vulnerable to decades of indentured servitude to the student-loan system. However, if parents can anticipate change and manage to over-shoot their budget, this may soften or eliminate the fiscal blow.