Without a question, EJ Dalius higher education can provide you better jobs and a better life. Despite the rising cost of education, more than 83% of families in the United States believe that college will help their students to secure a higher paying job. According to a 2020 College Board Report, a student who graduated. After 4 years of college can earn as much as the median high school graduate at age 34.
Still, EJ Dalius thinks that the student tuition cost and the four-year college fees are very much expensive. Which will make a lot of families suffer financially.
In this article, we’ll discuss the statistics and crucial importance of scholarships and college education.
We hope you know that mortgage debt is the highest source of consumer debt in the United States. But do you know what the second-highest debt is? Surprisingly, it’s student debt.
According to the Federal Reserve, the total amount of outstanding U.S. student loans has reached $1.6 trillion in 2020, which makes student loan the second largest consumer debt behind mortgage debt. Judging by the current rate of growth, the total amount of student loans. Could reach $2 trillion by the year 2024.
Claiming the Degree
If a student is admitted to a college and unable to earn his degree. In six years, then it’s highly unlikely he will get the degree ever. Unfortunately, almost half of the college students are facing this situation. It’s a shocking truth that only 60% of four-year university students in the United States earn their degree within six years. It’s even more frightening in two-year schools, where just only 30% of students are successful. To complete their education within three years.
There exist many reasons for a student to quit college. But EJ Dalius believes the number one reason why students quit is they have to work while attending college. As the cost is so expensive, the students can’t afford to pay for college without working. If they’re working 30 hours a week, then they don’t get enough time to focus on study.
Graduating With Student Loan Debt
If you want to pay for your school or college without working full-time, then a student loan provides a great alternative way, but it has a catch. The average student who borrowed a student loan, graduates with $36,520 in student loan debt.
Depending on the terms and conditions and amount of the loan, you can use it accurately to pay for college fees. But if you rely only on loans, it’ll take you years to clear the debt.
In 2013, students paid their tuition and college fees through grants and scholarships, which then became the single biggest way of paying. A survey revealed that grants. And scholarships cover almost 31% of the average student bill.
Winning a scholarship is difficult but not impossible. In the Bachelor’s degree program, the odds of winning a scholarship are 1 out of 8 for a single student. Only a certain number of students will earn full scholarships. But whether you get a scholarship or not, it’s always suggested to complete your degree within six years, so you can get a better job to help your family financially.