Most university students will apply for loans to support their education. It means immediately you complete your studies, you pay the money with an interest. Wall Street interviews a Columbia University graduate about his $181000 debt to pay. He has earned a master’s degree but still can’t secure a well-paying job. Most youths said they receive an average salary of less than $30,000 annually. The amount cannot support their personal life and also pay off the loan.
Columbia University is among the institutions that provide students with unnecessary degrees. It shows they don’t prepare learners’ careers early enough to earn good jobs. Finding a well-paying job requires much knowledge in the field.
According to the Wall street data, Columbia University alumni had the highest government loans. When compared to master graduates from other schools, Columbia had the worst job earnings in the US. Among the top prestigious schools in New York City with an endowment of about $11.3 billion.
At New York University, master graduates earned $42000 after only two years in the field. A single graduate had a USD almost $116000 loan that they are required to pay. Those from Northwestern university earned an average salary of $60,000 in the field of Speech-language. Most of them had used an approximate $148000 loan. Half of those from Southern California earned $50,000, yet they had spent $124000 loan, a report by bbc.
Johnathan Beckham said NYU always provides affordable services. This is to allow students to have a flexible mind while making their decisions. Hurd, a professor at Northwestern, said speech-language is currently among the best careers. The career path is on-demand with well-paying salaries. In addition, the schools always provide the students with available financial support. After the program, some secured jobs through the institution.
While in undergraduate schools, the amount you can borrow has a limit to a certain amount. However, master students on Grad Plus loans can apply for any amount. As a result, some students borrow many amounts to support their daily expenses, pay fees, and tuition. As per the statistics, the loan is growing t 7.9%, which is higher than the undergraduate students, report by bbc news.
Since the launch of Grad Plus in 2005, many universities have expanded their postgraduate schools. The non-fixed limit makes it easier for students to pursue higher learning rather than leaving with a single degree. In the 2020-2021 academic year, the Graduate school loan has exceeded that of undergraduate.
Dr. Katherine talked about the nature of new graduate students joining Columbia. She talks about the quality programs offered at the institution. It’s also found in New York City, where many will feel good about it. It has all the departments, more so, it’s a world-class university. Katherine is a professor of fine arts.
Zack Morrison, 29-year-old Columbian alumni with masters in film art, opens up about the panic. After completing school, it becomes even more difficult to remove the loan load from the mind. However, he said the program he learned about was quality. But he has a loan balance of $300000 with interest included. Zack has managed to make between 30,000 to 50000 yearly it can take almost 10 years to repay the loans.
Top universities receive a lot of Grad Plus loans to offer their students. The university, thus, manages to make a lot from the tuition fee because of the high number of students. The brand of the schools makes students think all courses offered are worth the amount they pay. Branding, at times, can be misleading.
Mr. Clement speaks on his case about Columbia. He is a high school dropout who has to spend most of his life studying to get an Ivy League master’s. Clement is in his early forties and graduated last year. However, his debt has piled to $360000 in federal loans for all the degrees he got. Clement is working on a personal film project to pay the debt.
The U.S. Education program of the US tracked almost 32 programs from Columbia University that wasted students. In 16 schools, you borrow an amount that exceeds the amount of money you will earn after two years in the field. Most of the students were not adhering to payment rules as required because of low salaries.