Recessionary Gap Causes Education Costs To Rise: Students Taking Out Larger Loans Than Normal

Kyler Norman, Staff Writer

The U.S economy has caused inflated college prices that are creating financial problems for students.
College and Career Counselor Julie Johnson said school loan debt is quickly becoming the largest debt in America.
“Unfortunately college, like every thing else, is getting more and more expensive and kids either have to pay more or take longer to go through college so they are taking less hours,” Johnson said. “Kids then get frustrated because they think they’re never going to get out of college and they quit before their degrees are up.”
Johnson said high paying jobs generally require professional degrees like Doctorates and Masters.
“I don’t have many students come to me to ask about jobs,” Johnson said, “I think they think (jobs) are just going to fall in their laps and they’re just going to get these wonderful jobs.”
Those wonderful jobs aren’t automatic.
“Our economy is in the process of recovering from the 2008-2009 recession but struggling a bit,” Ph.D. Chair and Professor of Economics at Midwestern State University Yoshi Fukasawa said.
According to an article by the Huffington Post, China’s economy is rapidly gaining on the U.S.
“Yes, it is true that the Chinese economy is growing a lot faster than the U.S economy, or for that matter, most other major industrialized countries’ economies,” Fukasawa said. “Today, the Chinese economy in terms of the nominal GDP is the second largest in the world after the U.S. The Chinese economy has grown on average at about 12 percent per year while our economy has grown at less than 4 percent per year for the last 25 years or so. If this trend continues, the Chinese economy could, although not likely, surpass ours in about 25 years.”
The economy has a definite impact on students in the United States.
“It is important for incoming students to think seriously about what they want to study,” Fukasawa said. “The university education is getting expensive and desirable jobs are more difficult to find. But, here is a word of advice: Choose the major that interests you most, not the major that gets you a job. Your education should be to prepare you for your life time experience. You want a broad educational background. The job market changes and you want to have an education that is adaptable to changes.”
Fukasawa said it is important for students to learn how the economy works.
“Like it or not, you (students) are a part of our society and the economy,” Fukasawa said. “You want to discover the best possible opportunities for yourself in our ever changing economy. Remember, our economy is still the best and the strongest in the world.”
Fukasawa said many factors lead to the stability and improvement of the economy.
“In the long run, the well-being of our economy depends on our people,” Fukasawa said. “Economic opportunities often become more available in a free society made up of educated people. So, it is important for us to have a good educational system and to maintain a free society.”
Johnson said you should choose a job because it interests you, not because it makes a lot of money.
“Money is important but money doesn’t buy happiness,” Johnson said. “If you’re stuck in a job you might be making a lot of money, but you might be working a lot hours and your passion might be at home with your family, or in some hobby or sport, but you’re stuck at the office.”