Going to college is always a big decision for a young person, since it is not easy to choose what you want to become. Yet it might not be the major concern, since it is not enough to find your vocation, you also have to find money to support your dream.
How do most students finance their studies is a question being asked by many youngsters before filling their college applications. A research –National Student Financial Wellness Study– conducted by The Ohio State University and surveying 18,795 undergraduate students at 52 colleges and universities across the country, provides an answer in numbers.
While 35 percent of college students receive scholarship, others have to find another ways to support their tuition. For example, many higher educational institution accredited at ITAA www.joinitaa.com offer grants for getting good-quality education and a college degree.
Thus, 36 percent use loans to help in paying for their college studies. According to statistics, nearly one-third owes less than $10,000, but one in five students owe more than $30,000.The higher starting salaries upon graduation are expected, the bigger loans are likely to be taken.
When the students were asked how much debt they anticipate to have at graduation, the most common answer was between $30,000 and $50,000 (24 percent of questioned students). But 14 percent of respondents expected to owe between $50,000 and $80,000 and 7 percent thought they would owe more than $80,000. This number is quite terrifying.
Similar study was conducted by researchers at the Institute for Fiscal Studies in England. According to them, most students will still be paying back loans from their college days in their 40s and 50s, and many will never clear the debts.
Returning back to American college survey, 19 percent of students rely of their families, while only 4 percent receive enough income from their jobs and 3 percent have their savings.
Therefore, most students finance their studies with loans, which causes severe stress during their college time. Nearly 60 percent of American college and university students responded said they are worried about having enough money to pay for education, while half are concerned about paying their monthly expenses. 32 percent of respondents reported neglecting their studies at least sometimes because of the money they owed. Moreover nearly three out of ten students stated they reduced their class load due to the amount of money they owed, while 16 percent took a break from their college or university and 13 percent transferred to another institution.
A good idea to reduce the stress of financial problem and negative impact of studies is to choose an educational institution, which will be more affordable, search for scholarship and grants. Feel free to contact ITAA now to see existing opportunities.