Student debt has recently become a rising concern for many students entering college. College costs have risen to new heights making most families unable to afford a college education. Students that graduate are not guaranteed a career but can expect a hefty bill. College in America is typically viewed as a worthy investment, but for the majority of students financial benefits from attending college no longer outweigh the costs and risks involved.
During senior year students apply to colleges to pursue various careers, but they all have a common goal of graduating and landing a well-paying job. College recruiters bombard students with statistics such as students who graduate have an average 15.2% pay increase per year (Clemmitt, Student Debt). Another deceptive statistic states that a person who earns a four year degree will earn on average 1.1 million more than someone with just a high school diploma (Clemmitt, Student Debt). Sounds like a no brainer doesn't it?.
Colleges use the appealing statistics to cover the risks involved in obtaining a degree. A shocking example of a risk not mentioned in college pamphlets is that many students do not get jobs by their degree, but get jobs that require no degree at all. Richard Vedder, an economics professor at Ohio State University, noted that from 1992 to 2008 the number of bachelor degrees increased by almost 50% or 1.1million to 1.6million. The statistic portrays that college seems to be worth it because "everyone is doing it"." Sadly, Vedder continues by mentioning that 60% of the additional 500,000 students ended up in jobs that do not require a college degree such as a waitress or mailman. That means more than 300,000 students did not see a pay increase, but did nonetheless accumulate large amounts of debt. Not having this pay increase results in students not being able to pay their loans. Therefore, 30% to 40% of students default of their loans ( Clemmitt, Student Debt).