Public colleges and universities play a crucial role that can give a person the opportunity to unlock many doors which could eventually lead to higher education. Whether a college degree is kept or not, can be an important factor in determining a career path. Many high-paying vocations such as lawyers, doctors, and engineers require a degree. Without them, students might fall into low-paying jobs. Nevertheless, college is not without disadvantages. Unexpected bumps in the rod are often present in college life which can lead to students dropping out. A college dropout can be defined as “someone who doesn't finish a project or program, especially school.” Whenever we quit or don’t follow through on a commitment (“dropout”). Regardless of the school, difficult times in college are unavoidable. From losing financial aid, lack of support from family, stress, lack of motivation, and poor school preparation to not having a close friend are the reasons that can influence a dropout and if those issues don’t get addressed correctly student retention can importantly drop.
According to Year on, “Reports estimate that only 54% of Americans who started college last fall will actually make it to graduation. Other studies have revealed some degrees don’t lead to jobs, leaving students under-employed and in debt.” A lower income can make it harder to achieve financial goals, like saving money for the future, buying a house, or a car, retiring, or even saving to have a family. Moreover, it can present an enormous challenge if a dropout still has college debt. College this day is expensive and one of the biggest causes of dropout rates include financial problems. Financial problems can be due to the student, a caregiver, or a guardian losing their job, which can add to psychological stress to financial citations.
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Tuition becoming too expensive and unmanageable can have a direct impact on the dropout rate. According to College Atlas, “70% of Americans will study at a four-year college, but less than two-thirds will graduate with a degree, and 30% of first-year students drop out after their first year of school due to finances'. Not all students have a privileged background and for some of them being able to find funding and pay for overall college can be a constant struggle. According to a LendEDU survey, it showed that “55% of students struggled to find the money to pay for college and 51% dropped out of college because of financial issues.'
Financial problems have become more complicated in the United States due to student loans, “over 40% of student borrowers are not making payments on their loans, which adds to a vicious student debt cycle that pushes them out of school” (I grad for Schools). Students might tend to underestimate the cost of higher education, leading them to realize that they are not able to cover all the costs, so they would rather prefer making money by working full-time than pay for an expensive degree. In order to try to solve financial stress, we must school prepare and equip their students with financial education. Financial aid, loans, the management of money, and budgets are some important topics that should be tackled since having knowledge in these specific areas can be the key to helping students know how to correctly manage their expenses such as rent, tuition, and books among other expenses. Integrating fanatical literacy could lead to financial aid orientations.
Posing complementary literacy workshops around campus could be an alternative. According to college, I grab, a college survey about financial literacy found out that “Students who attend schools with financial literacy programs are less likely to over-borrow compared to students who attend schools without a financial program. In fact, 17.3% of institutions with financial programs in place reported that their students borrowed less than the maximum amount awarded to them at least half of the time, versus 12.6% of institutions without a program in place.”
Another alternative would be implementing an income-shared agreement that “allows students to trade a small share of their future earnings for cash to cover upfront enrollment costs. Students have the opportunity to invest in their future career using funds provided by the income shared agreement to pay for the cost of enrollment in college” (Akers). Income shred, an agreement could either be short-termed or long-termed with a small low percentage of income owed monthly contracts.
No one makes perfect financial decisions. Therefore, when going off to college, students should be tested if their financial training really pays off, with a solid foundation on financial stress relief students should be able to go through the years without making multiple financial mistakes and be able to peruse a career long term to have a thriving future.
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