Students continue to face huge amounts of debt; and it’s increasing.

Not only in the United States is the cost of education increasing, but all over the world it is going on as well. In the United Kingdom, the amount of money that students have to borrow to go to college is increasing every year. It has increased so much that the average student debt was 3,100 pounds in 1994 and it skyrocketed to 14,700 pounds in 2004.

A study that was conducted in 2007 by Push.co.uk said that a student that finished college in 2008 would have an average debt of 21,500 pounds. Then female graduates are having a harder time paying off their debts there as well; it takes an average of 11 years to pay off for males but 16 years for females.

People everywhere are questioning whether or not it is worth the cost to go to college anymore. In the study in the United Kingdom, as many as 82% of the people who were questioned for the 2007/2008 year think that an education is worth the cost, however the figure was once 86%; showing that people are losing faith in higher education at a very slow rate.

Another issue that many students are facing as they are going into college is the issue that many families aren’t able to afford the higher education. I can speak from experience with this; my parents never saved any money for me to go to college. I had to pay for the whole thing. I worked and took out loans to help pay for school. Sometimes when students are faced with these decisions, they choose one or the other.

The debt that a student faces gets even worse when it comes time to pay back the loans that they took out throughout their time in college and they can’t find a job. This is a particularly current issue because of the high unemployment rate. In the United States the unemployment rate for those between the ages of 18 and 24 is higher than any other age group and it continues to grow with the overall unemployment rate. When someone is not able to find any work, especially work that will pay off the mountain of debt that a student accumulates, then it does become quite a daunting task to be able to pay the student loan bill every month.

If anyone were to ask me if I would or would not go through college all over again, I think I would. I enjoyed some of the time I spent there, and someday I know that going will eventually pay off. Right now, like many graduates, I am just a bit discouraged by the level of unemployment and my lack of job prospects at all. Perhaps something along the lines of graduate school is in my future somewhere. I’m not sure about that right now, especially with the mountain of debt I actually graduated with.

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