You are an average college student and you spend just over two hours a day in a classroom. Also, as an average college student, you spend four hours each day, twice as much, at work. The reason you are a working student and not just a studying student? According to The Value of Education, Price of Success, it’s due to gaps between family resources and college costs.
Students on average spend nearly $100,000 to complete their degrees. Families contribute just over $17,000 leaving a gap of over $82,000. To help cover the difference, more than four of five students work.
This is not due to a lack of effort on the part of families. Though parents may not have saved as much as they wanted for their children’s educations, they are willing to sacrifice.
According to the study:
But, even with the extra effort, the gap persists. Unfortunately this means that students must work. In fact, working takes up more of a student’s day than any other single activity.
How an average student spends an average day:
What can be done about all of this? Unfortunately, the most effective tip won’t help those already in college. Most parents, 59 percent, worried that they don’t have the resources to support their children’s educations. The study suggests parents start planning as early as possible to begin saving, seeking professional financial planning advice to make more informed decisions.
In addition, the study advises instilling good financial habits in their children. Families should take advantage of any budgeting tool and calculators available online. Parents also need to be realistic about the total cost of college, and that tuition, though extremely high, is less than half what a student spends at college.
Though current students see a generation of students that went before them heavily weighed down by student loan debt, in some ways, there’s only so much they can do. If they want to go to college, they are going to have to work while they are in college, and then, unless something changes, spend years working to pay down their student loan debt.
Options are available to help
Most people do not realize that there are programs designed to help those who may be struggling with their student loan payments. Thousands of borrowers have trusted Ameritech Financial to be their advocate. Click here to find out what options are available. Our services could help you get back on track.Get Started Learn More