Money problems are why most college students consider dropping out of school, according to an Associated Press-Viacom poll.
A majority of students at four-year colleges say they often feel a little worried about having enough money to make it through the week. In addition, almost six out of 10 students rely on loans to help with college costs, and half of those who do rely on loans say they’re uneasy with the debt they owe, according the poll.
As states struggle with budget deficits, tuition keeps rising at universities and colleges. Average tuition rose to around $16,000 at in-state public schools this year and $37,000 at private schools.
“The main reason I chose to come to the University of Maryland even though my first choice for a long time was to go to University of Wisconsin was because they gave me a really nice scholarship, ” said freshman geography and economics major Rachel Waldman.
Two-thirds of people polled, ages 18 to 24, say they work part-time or more to help pay for college. Eighty-four percent of college students need more than one source of cash, and six in 10 get that help from their parents.
“I didn’t work this year, but I’m definitely going to look for a job to help pay for living expenses next year,” said Waldman.
According to the U.S. Education Department, seven percent of borrowers default within two years of beginning to repay loans. Average student loan debt tops $23,000.
Despite mounting costs, 85 percent of students and recent graduates say college is worth the time and money.
“Yeah I get worried about the loans my family and I have taken out. It’s like I’m starting out at a disadvantage because I already am in debt…but at the same time graduating from a school like the Smith School is going to put me at an advantage in the future and I definitely think it’s been worth the time and money coming here from out of state,” said junior marketing and supply chain management major Jenna Levine.
The AP and Viacom survey was of 1,104 adults ages 18-24 and was conducted Feb. 18, 2011- March 6, 2011.