The common concern for the mid-twenty aged population is how they will be able to afford their college loan repayments. Throughout the world young adults who’ve just graduated high school are forced to consider the instant enrolment into a college or university, even though they might not be ready to choose a field of study.
In some countries, higher education costs are almost entirely covered by the government. These countries include France, Ireland, Germany, and many more. In Ireland the other costs students endure is a typical administration fee of approximately 900 Euros. With the current currency exchange rates, that equals about $1300 USD.
If you graduate with your typical four-year degree from a public state school, you might be fortunate to only owe $10,000-20,000. If you attended a private school for your 4-year degree, your tuition cost can go up as high as $150,000 or even more! The Ivy League schools in America are: Harvard, Yale, Princeton, Brown, Dartmouth, Columbia, University of Pennsylvania, and Cornell, and are among the most expensive education institutions in the world. Yearly tuition plus room & board at these prestigious universities is around $45,000. Non European Union residents can attend Cambridge in England for about 50,000 pounds for their entire course. That equals about $81,400 USD.
Even non-Ivy League universities’ tuition can be outrageous. The very well known Syracuse University in Upstate New York offers their highly touted education at the steep rate of over $40,000 a year. Multiply that by the four years typically required for a Bachelors Degree and you’ve got $160,000+ to pay off.
Most students require financial assistance from either the universities or financial institutions and banks. If students are lucky enough to obtain Federal loans that do not incur interest, they will be offered small interest rates that will not rise. Most students do not receive Federal loans to cover all of their tuition and expenses. They either get loans that do incur interest during their education period, or they have to take out personal loans. Personal loans come at a much steeper interest rate, and are only given to students who are able to have well-credited co-signers.
The question remains: is the outrageous cost of an American education worth it? Is it worth being indebted until you’re middle aged? Does it really ensure you a better job upon graduation? Are you seriously a better candidate than someone less educated with a lesser degree? Isn’t it true that most employees learn what is required of them on the job during initiation or training? Yes. It is a ridiculous fact that American youth are forced to attend school to get a degree, no matter what kind of degree it is, because they won’t even get considered for employment without one. Unfortunately, I think going to college or university is so much the norm that people fail to consider alternative options.
If I had the chance to do it again, I might be more inclined to attend a reputable 2-year school, also known as Community Colleges. This way I would have had more time to consider my options for selecting a field of study, before paying the outrageous prices to do so.
