Essay by:
Chelsea Rey Cooper
Fort Lewis College

As a sophomore at Fort Lewis College, I have to wonder how the National Deficit and Debt will affect me not only currently, as a student, but also in the future, as a prospective home buyer. As a student I am concerned about student loans and the interest rate that is placed on these loans as well as the availability of grants and scholarships

With the new stimulus package, applying for financial aid would be easier as well as the amount of money received from grants will be greater. Student loans would also be controlled by the government and de-privatized. Currently the APR interest rate ranges from about 4% to nearly as much as 15%. Considering that tuition cost alone currently is around $5,000 per year for Fort Lewis College alone, to take out a loan to cover these expenses could eventually end up costing from $5,200 to $5,750 to pay back for every year of college attended. Now adding in room and board and the total that needs to be repaid is somewhere around $13,000 a year. With the new stimulus package, the Stafford Loan interest rates would decrease from 6% to 3.4% by 2012. The interest rate would then increase to 6.8% in 2013. Using these rates, the amount to be repaid would decrease from about $12,300 per year of college attended to $12,000 per year of college attended. The cost would then jump back to around $12,400 to be repaid for every year of college attended. Granted that a college education will help me attain a hirer paying job to be able to pay back these expenses; that high paying job is not a sure thing in these economic times.

The ever surmounting national debt has placed the job market in a very questionable area right now. As national debt increases, the ability and willingness of companies to hire a new graduate like me is questionable. Since I not have the specific on the job training needed for that specific job, the companies that are hiring are more likely to hire someone with more experience, that does not need to have time (money) wasted on them to train, and are more willing to take a pay cut.

Currently, I am fortunate enough that the scholarships and grants that I have received have covered my tuition costs. Since I am still living at home, although I still pay rent and buy food, my room and board costs are not as great as they could be. When the scholarship and grant money runs out, however, I will be forces to take out these loans which I will have to pay back eventually.




Re: National Deficit and Debt: How it will affect me

Chelsea,

The effects of our national debt are certainly ongoing. Not only are negative effects occurring now, but they will continue to, as you mentioned. It is worrying to recognize that it will be difficult to find employment and buy a house in the future. Nevertheless, I enjoyed reading your perception of the national debt.

-Amber Vanderhofe


Re: National Deficit and Debt: How it will affect me

Chelsea,

Nice job tying together your thoughts from the national level to how it will affect your personal life. You did a nice analysis of how this will affect not only your college life, but also those people around you in the job market.

Thanks for your input!

-Ryan Wilson (Emporia State University)


Re: National Deficit and Debt: How it will affect me

Chelsea,
Since I have been in college and have been hearing about the ongoing problem with our economy, I have always reassured myself that I'm too young to see the effects of this now huge problem. Now only a year away from graduation, reality of the national debt problem is starting to sink in. Not only as a future home buyer as you mentioned, but also in terms of having to pay back student loans. Although I will not have a large amount of loans to pay back, it's unfortunate that most students will see the negative effects of interest rate.
-Jodi Herman


Re: National Deficit and Debt: How it will affect me

Chelsea-
As a college student myself I can relate to your essay. I too fear the time when I will have to find a job and if I will not be hired based on my lack of experience. You had some great points, and your figures really put things into perspective. In your opinion what needs to be done about this or what would you like to see happen? Great Essay.
-Stacy Beardslee


Re: National Deficit and Debt: How it will affect me

I liked how you related the national debt to you personally. I am a college student to and I am concerned like you about paying for school. You presented many good ideas. Good job....Miranda Meyer


Re: National Deficit and Debt: How it will affect me

I will be a sophomore this coming semester, so we are at just about the same point in life. I definitely enjoyed reading about how to national debt effects US and not just the country as a whole. It makes me think about personal responsibility and motivates me to figure some way I can help. Thanks!

Sarah Anderson


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