Student Loans in America

Student Loans In America 

Student loans are essential when it comes to obtaining a higher education, especially for college students that come from low income to middle class families. Of course, unless students come from a wealthy family or are able to receive full ride scholarships for educational or athletic achievements, those students are the exception and financial concerns are the least of their problems. Most college students are either living off of a mixture of credit, financial aid (subsidized and unsubsidized - federally), and private loans, as well as some financial help from family. But majority of college students that attend public universities such as California State University, Los Angeles come from low income to working class families - therefore financial assistance from family is slim to none. For four year undergrad college students, the culminating cost of student loan debt can stack up. But for those that wish to continue their higher education and attain a masters and Phd - the student loan debt accumulated is exponential. In America, attaining a higher education is costly but imperative in our job market, not only does attaining a Masters or PhD afford more career opportunities, but also attributes to a significant amount of student loan debt.

According to the article “It’s Time to Broaden the Conversation About the Student Debt Crisis Beyond Rising Tuition Costs,” from the American Journal of Pharmaceutical Education 2017, written by Timothy R. Ulbrich, PharmD, Loren M. Kirk, PharmD,  it states, “Student loan debt has surpassed $1.3 trillion and is rising by the minute...Excessive student loan debt may affect students’ career choice, diminish quality of life, negatively impact their ability to give back to their school or college of pharmacy and society at large, and delay progress on achieving other financial goals, such as saving for retirement”. The article is written from the perspective of Pharmacology students, students that undergo 8-10 years in higher education, depending on external circumstances. Pharmacology graduates have to deal with the stressful and demanding weight of student loans that ultimately as well as negatively affect every aspect of their life, such as, delaying marriage, family (kids), or even saving for retirement. Not only does student loan debt affect external parts of a person’s life, but also internally - mentally and emotionally. Even after finding an ideal career, the burden of student loan debt for Pharmacology graduates, produces a suboptimal quality of life, symptoms of burnout, emotional exhaustion and depression are inevitable.

Personally, this topic is important because of the magnitude of this issue and how many college graduates it affects nationally. My older sister, has a Bachelor’s of Science degree in Business Admin., from the University of Phoenix (San Francisco, CA Campus), and she graduated in 2006. My sister has 3 children and is married, and as of right now, she and her whole family has moved back in with my mother due to her/husband's struggle to keep up with their mortgage and (my sister’s) student loan debt, the kid’s school tuition, and other miscellaneous bills. Her husband is a cable technician for Comcast, so his income is not enough to help make ends meet. Also, to keep in mind, it really depends of geography/ location. My family lives in the San Francisco/ Bay Area, which is one of the top ten most expensive places to live, where the cost of living is exorbitant. I still do not fully comprehend the significant weight of student loans, I had to figure that information out on my own, luckily there are a lot of forums/ blogs about this issue, as well as articles - but it can be daunting for high school graduates to retain on their own.

A possible solution to the problem for this social issue can be replacing Home Economics (which in my opinion, is outdated/ archaic) courses in high school with a course in Student Loans 101; the types (Private and Public), how to fill out a FAFSA, Public vs. Private Universities, Interest rates, how to search for Scholarships, work/study programs, the Pros/Cons of having credit cards as college students, etc. Therefore, in doing so, maybe planting the idea/notion of student loan and achieving higher education will cause new college students to become aware of the political climate because the elected politicians and legislators also impact the financial/ funding aspect of higher educational institutions.

Here is a public domain infographic I found on google. 

Works Cited

• Keller, Rebekah. “The ‘Undue Hardship’ Test: The Dangers of a Subjective Test in Determining the Dischargeability of Student Loan Debt in Bankruptcy.” Missouri Law Review, vol. 82, no. 1, Winter 2017, pp. 211–240. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=123293097&site=ehost-live.
• Ulbrich, Timothy R., and Loren M. Kirk. “It’s Time to Broaden the Conversation About the Student Debt Crisis Beyond Rising Tuition Costs.” American Journal of Pharmaceutical Education, vol. 81, no. 6, July 2017, pp. 1–5. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=125158839&site=ehost-l

Interview with CSULA student Evelyn Tran

What type of Student Loan are you utilizing at CSULA? (examples: private loans, federal loans, Pell grants, other grants, scholarships)

"I have the Pell Grant & Cal Grant B".

Are you a transfer student or have you spent your whole college career at CSULA?

"I have spent my entire college career at CSULA".

Do you plan on attending Grad School? If so, what are your financial plans for grad school?

"I am considering grad school. I plan on taking out loans or find programs w/a stipend or study abroad at a university where tuition is free for all including exchange students".

What is your opinion about Student Loans? What are your thoughts on having to pay off your student loan debt after graduation?

"I don't believe that students should have to pay so much for a higher education. Other countries offer free tuition in order for students and families to be worry free about costs. Allowing for everyone to receive a college education. Tuition free universities also promote higher education, due to it being free".

If you could give advice to your younger self about anything college-related, what you tell your younger self?"Advice I would give would be C's get degrees...haha, totally kidding. But in all seriousness, not to be hard on myself, It's okay to make mistakes, that's how we learn. And it's okay to be lost, college is a journey not a destination".

Interview with CSULA student Erika Dominguez

What type of Student Loan are you utilizing at CSULA? (examples: private loans, federal loans, Pell grants, other grants, scholarships)
"I currently receive a Pell Grant and Cal Grant during my time at CSULA. I did receive a scholarship last semester but only for one semester".

Are you a transfer student or have you spent your whole college career at CSULA?

"I transferred from Santa Monica College. I was there for two years".

Do you plan on attending Grad School? If so, what are your financial plans for grad school?

"I do plan to attend Grad School. Once I graduate from CSULA  I will be taking a year off and hopefully save some money for grad school. I want to get my masters in Counseling or Social work.  I am still looking into which to get. I also plan on looking for scholarships and Grant's to help me out".

What is your opinion about Student Loans? What are your thoughts on having to pay off your student loan debt after graduation?

"I think it is a good way to help out students during their college years. I feel like for some students its stressful to pay it after they are done with school because if they don't have a job they have to find one and then start paying right away. And for many students it is hard to find a good job in their field and one that will help them be financially stable".

If you could give advice to your younger self about anything college-related, what you tell your younger self? "I would say to take my time and enjoy my college years but also to stay on track. As well as stepping out of my comfort zone. And talking to people so I can have connections once I graduate".