Are you preparing to send one of your kids off to college? Will he/she work while attending school? Perhaps you are still trying to finalize college plans. This article from bizjournals.com might help in your decision making…
“According to a new report, 59.4 percent of Colorado college students work at least 27 weeks per year — slightly more than the national rate of 52 percent.
The report, compiled by apartment search site Abodo, notes that most college students who work spend the money on necessities like housing, food, transportation and other monthly bills, as student aid and loans are typically only enough to cover tuition.
The average 2016 graduate will finish school with $37,172 in student loan debt, a jump of 6 percent since last year, according to the Federal Reserve.
The issue is one President Donald Trump targeted in his recent budget proposal, which calls for a massive overhaul of student-loan repayment plans and for allowing students with a balance left after 15 years of repayment to have their debt forgiven.
Colorado students borrow an average of $6,711 annually, Abodo’s report found. They also spent about 44 percent of their earnings on rent.
‘Living in campus housing absorbs some of these costs, lumping housing and food budgets into tuition costs and effectively transferring that payment into however tuition is being paid,’ Abodo’s report says. ‘Others choose to continue living at home, with parents, grandparents, aunts or uncles, to keep costs low. For the majority of working students, however, the cost of freedom manifests itself in a monthly rent check.’
To compile its report, Abodo analyzed U.S. Census Bureau data and defined “working student” as an undergraduate working at least 27 weeks in the previous 12 months.”
College is a time of many decisions. Whether your child will work or not is one that each family must choose based on time and financial needs. We wish you and your child the best of luck in their college years!