The Legacy of Today’s College Education System

Students considering the path of a college education need to understand the facts about student loans and the challenges of debt. Learning more details about the actual cost of college, factors that can increase the amount of debt students take out and the ways a major can impact the ability to repay debts is a key part of ensuring the loans do not get out of control. The legacy of debt is a growing problem, but it is possible to manage with the right tools.

Learning from Six-Figure Debts

According to Tyler Kingkade of the Huffington Post, few students graduate from undergraduate programs with six-figure debts. Even graduate students who pursue a higher degree often do not end up with six-figure debts. Potential students who are pursuing higher education, such as becoming a doctor or a lawyer, are more likely to face higher debts. While the sensational news reports communicate the struggle of repaying high debts , it is not impossible to get your payments on track to protect your credit.

Those seeking a college education should select a major carefully to increase their chances of repaying high-cost loans. Learning the details about likely income after obtaining a degree and the nature of work to expect will help determine the best major in which to invest. The information about college majors at The College Board provides details about the study, average income after an undergraduate degree and more.

Thorough research before selecting a major will result in a degree that has produces a reasonable income and provides enough to cover the cost of student loans, making it easier to avoid a default.

Using Caution With Loans

While it’s vital to learn from those who take out too much debt, it’s also important to learn from the experiences of others who have made mistakes. Parents or grandparents who are planning to take out loans for children should consider the possible ramifications of the debt. According to Carole Fleck of, the government is withholding social security benefits to repay college loans. The result is lower than expected income during retirement, which can lead to future financial challenges.

Older men and women who are thinking of taking out loans for college should ensure they fully understand the terms of the loan to avoid a potentially difficult situation. The loans are designed to help students pay for higher education, which should help increase income. Anyone who is not likely to receive a promotion, or who is not going into the workforce due to paying for children or grandchildren, should consider the possible financial strain before taking the loan.

Becoming a Victor with a Loan

Accepting a loan does not necessarily mean it will be impossible to manage payments. Educational reforms are likely to make it easier for students to become victors. According to Ed Crego, George Muñoz and Frank Islam of the Huffington Post, the government has passed a bill temporarily lowering interest rates on student loans, which will help carry the burden of repaying debt.

The bill will temporarily provide relief to students struggling to make payments. During the temporary relief, the Attainment Commission will work on a plan to help students for the long term. The article illustrates the changes designed to combat the debt problems.

Students may face higher debts due to more stringent requirements of higher education costs, but changes are likely to make it easier to manage the debts. Students still selecting a major should take time to research their possible degree before deciding to ensure it provides enough income to pay for the loans.

About the Author: Melissa Maranto Melissa studied English at UCLA. She is now a magazine editor who still loves the beach as much as she did as an undergrad.

1 Comment

  1. Eric Szvoboda

    December 1, 2012 at 6:48 pm

    Loans are a scary thing, however you need the money to get a degree. Getting job is a good idea but to balance that and school is also difficult but possible. I wish there was a way to help students get through college focusing on school work.