Rate of Student Dropouts Linked to Financial Stress

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Students are quickly starting to realize that the cost of their college education is much more than they can bear, often being worth more than a yearly salary. Some of the reasons that a college education is now so expensive include the budget crisis, yearly increases and inflation. Even with student grants and financial aid, some students are still feeling the crunch of college debt.

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A Lack of Parental Assistance

Where before students could count on their parents to assist them with the cost of college, things have changed and parents have been laid off because of the recession. While there’s nothing wrong with students wanting to pay for their own education, the government might not always realize their true reasons for doing so, resulting in a decrease in financial aid or students being disqualified for grant funds. Schools with career specific training have sparked interests with students looking for alternative career paths in the booming HVAC and Electrical industry to avoid rising tuition costs and the deflated job market. Even trade schools geared for medical assistants, business professionals, and tech students are becoming more popular as young professionals look for a quicker route to a steady paycheck.

A Private Matter

Even though private colleges offer more in the way of financial aid, they’re also more expensive to attend. The College Board reported that the median price for going to a private institution was an estimated $26,300 for a single school year, which is compared to the estimated $7,000 price of tuition for in-state schools. Bear in mind that neither of these numbers includes room and board.

Dropouts

A recent study revealed that college students who pay their own way to college are more likely to drop out when compared to students who receive financial help from their families. The reason students drop out is because they realize that there’s a chance that they might not graduate when they expect to, the way their courses are scheduled and because they switch majors while they’re in college.

The statistics revealed that nearly three million new students enroll in a higher education institution every year, but only one in five of those three million who opt to earn an associate’s degree actually graduate in three years. Two in five students earning a bachelor’s degree, which normally takes roughly four years, actually graduate after six years. Any student paying their own way might not be able to handle the burden of the tuition for the two additional years.

According to the statistics, those who receive financial assistance from their families have a 63% rate of graduation, which is better than the roughly 40% of graduates who handle their own college costs. While many are under the illusion that college dropouts simply aren’t motivated to try hard enough, the truth of the matter is that a majority of them hold down jobs while they’re in school and simply aren’t getting assistance from the system or their families.

 

For students who do have to handle the cost of college for themselves, they might be better off earning their college education online. Online learning is often less expensive since there is no room and board to pay for, nor do students have to worry about the cost of transportation as they travel to and from class.

Variety is another notable benefit of online schools. With online schools, you can select just about any degree imaginable. If you are interested in learning about it, there is a very high chance that it is available online. Your educational goals are entirely your own. Obtain a certificate in psychology or earn a graduate degree like a Masters in Communication and open the door to several rewarding careers in fields such as marketing, advertising, and government. Online schools provide increased freedom with a reduced price tag.

Alternatives

For students who do have to handle the cost of college for themselves, they might be better off earning their college education online. Online learning is often less expensive since there is no room and board to pay for, nor do students have to worry about the cost of transportation as they travel to and from class.

The school system of the State University of New York developed a special interactive calculator here that lets students input their commuting costs so that they can get an idea of the difference between attending online classes and on-campus classes. It’s also recommended that future college students take their time while looking at the cost of college to see if there are any hidden or extra fees to be aware of.

Presented by Computer Systems Institute

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