Lori Meadows
The cost of college is a significant burden for many students, with the majority of college students paying for their education themselves. According to various surveys, between 61% and 67% of college students are fully responsible for their education costs, with two-year students bearing a more significant burden than four-year students. These students often struggle to keep up with tuition and other expenses, and many have little financial buffer, with almost half having $250 or less left each month after paying for education. While some students receive financial support from their parents or rely on scholarships and grants, the high cost of college makes it challenging for many to pursue their educational goals without taking on substantial debt.
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What You'll Learn
- Students want lower tuition fees and better learning support
- Students are struggling with education costs, with little financial buffer
- Students are using their own money to pay for college, rather than relying on parents
- Students are working part-time to fund their education
- Students are prioritising investments in course materials over campus amenities
Students want lower tuition fees and better learning support
The majority of college students are paying for their education themselves, with a higher percentage of two-year students paying their own way. Sixty-one percent of four-year students are solely paying their education costs, and 29 percent are splitting costs with parents or family. Meanwhile, 71 percent of two-year students are paying all costs while only 19 percent are sharing the costs with parents or family.
Students have identified tuition as their biggest pain point, and 36% say that lowering tuition fees is the most impactful thing their college or university can do to lower the cost of education. This is followed by providing more affordable options for course materials (21%). Almost all students (81%) said schools should spend more money on providing course materials and less on amenities like dorms, facilities, and athletics.
Colleges and universities can make education more accessible by exploring institutional partnerships to expand affordable access to course materials. They can also maintain stable grant funds throughout a student's academic program, provided the student maintains minimum academic standards. Schools can also project potential increases in tuition to help students make informed decisions and prepare for the future.
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Students are struggling with education costs, with little financial buffer
The cost of college is a significant burden for many students, with a large percentage bearing the expenses themselves. According to various sources, between 61% and 67% of college students are fully responsible for their education costs. This shift towards self-funding is a notable change, with more students using their own money than relying on parental funds. For two-year students, the burden is even higher, with over 70% paying all costs themselves.
Students are advocating for change, with 36% stating that lowering tuition fees would be the most impactful way to improve affordability. They would rather see money spent on flexible, affordable course materials than on campus amenities. The high costs of tuition are impacting students' beliefs about the value of their education. While many still believe in the power of a college degree, they want assurances that they will have money to spend when they graduate.
The financial strain is evident, with nearly half of students having $250 or less left each month after paying for education costs. This lack of financial buffer is concerning, especially considering the additional costs of technology, laptops, books, and living expenses. Students are seeking solutions, with some working part-time or participating in work-study programs to earn an income while studying. However, this can be demanding, with many students working over 20 hours a week on top of their studies.
The struggle to afford college is not limited to those self-funding. Even among students receiving parental support, the cost of college is a significant issue. Parental income and savings cover a large portion of education costs, and many parents feel the pressure of funding their child's education. This has led to a significant reliance on student loans and borrowing, with parents and students taking on debt to finance education.
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Students are using their own money to pay for college, rather than relying on parents
The cost of college is a significant concern for many students and their families. While it was once common for parents to cover the majority of college expenses, there has been a notable shift towards students using their own money to pay for their education. This trend is supported by various surveys and reports, indicating a growing number of students who are financially independent when it comes to their college costs.
According to the College Ave Student Loans survey, an increasing number of students are using their own funds to pay for college rather than relying on their parents' financial support. This shift suggests a growing financial independence among college students, who are taking on more responsibility for their educational expenses. The survey highlights a changing dynamic in how college education is funded, with students taking a more proactive role in their academic investments.
Several factors contribute to this trend. One significant aspect is the rising cost of college tuition and the increasing financial burden on families. With college costs escalating, parents may struggle to cover the entire expense, prompting students to step in and contribute a larger share. Additionally, the availability of financial aid, scholarships, and grants has provided students with alternative funding sources, empowering them to pursue their educational goals independently.
The Cengage Student Affordability Survey supports this trend, revealing that nearly two-thirds of college students (approximately 65%) are shouldering their education expenses entirely on their own. This survey underscores the challenges of affordability, with students grappling with tuition and other costs. Despite these struggles, a strong belief in the value of a college education persists, motivating students to make sacrifices and seek alternative funding sources.
The shift towards students paying for college independently is more pronounced in certain demographics. For example, Midwestern students are the least likely to receive outside financial help, with 35% being solely responsible for their education costs. Similarly, students enrolled in two-year programs bear a more substantial financial burden, with 70% to 71% of them covering all expenses themselves. These statistics highlight the varying levels of financial independence among college students across different regions and program durations.
While students are increasingly using their own money to pay for college, it is important to note that parental contributions remain significant for many. According to the Sallie Mae study, during the 2021/2022 school year, the average parent contributed about 43% of their child's college costs using income and savings, with an additional 8% covered by loans. Parental income and savings cover a large portion of college expenses, and many students still rely on their parents' financial support, even if it is not the primary source of funding.
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Students are working part-time to fund their education
The majority of college students are paying for their education themselves, with 61% of four-year students solely paying their fees and 71% of two-year students doing the same. This has led to an increase in students taking on part-time work to fund their studies. The Federal Work-Study Program in the US is one such initiative that allows students to work part-time and gain valuable work experience while attending college. The program is a form of need-based financial aid, and students can earn money through part-time employment without accruing debt.
The program does not guarantee jobs, and students must often find, apply, and interview for positions themselves. These positions can be on or off campus, and the earnings can be used for day-to-day expenses or even tuition fees, depending on the institution. Students are paid at least once a month, and the funds are received through regular paychecks. The work-study earnings do not impact future financial aid offers, and the money earned does not need to be paid back.
While part-time work can help students fund their education, it also adds pressure and stress to their lives. Juggling a job and academic responsibilities can leave students feeling exhausted, impacting their social lives and mental health. Additionally, the earnings from part-time work may not always be sufficient to cover all expenses, and students may still struggle with the overall cost of living.
Some students prefer to rely on scholarships, education loans, or parental support until a certain age before considering part-time employment. Others may opt for a combination of these options to fund their education. Despite the challenges, part-time work can provide students with valuable work experience and a better understanding of financial management. It can also help them gain independence and support their families.
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Students are prioritising investments in course materials over campus amenities
As college students head back to campus, a significant number will be struggling as they shoulder education expenses completely on their own. According to surveys by Cengage, 65% to 67% of college students are paying for their education themselves. This is a shift from previous years, with more students using their own money to pay for college rather than relying on their parents' funds.
The majority of college students still feel that their education is worth what they are paying. However, affordability remains a significant barrier, and many students are making trade-offs. Tuition is the biggest burden, with 46% of students citing it as their primary expense. This is followed by technology/laptops (21%) and books/course materials (17%).
Students have expressed a desire for lower tuition fees and are willing to trade amenities for better learning support. They want colleges to prioritize investing in course materials over campus amenities. In the Cengage survey, 36% of students said that lowering tuition would be the most impactful way for colleges to reduce education costs, while 21% cited providing more affordable options for course materials.
Nearly all students (92%) wished that course materials were included with their tuition, and 74% found the unknown cost of course materials from semester to semester worrisome. Additionally, 81% of students said that schools should spend more on providing course materials and less on amenities like dorms, facilities, and athletics.
The discussion around higher education policy and broadening access has brought attention to spending on amenities at college campuses. While bundling amenities and instructional services is not inherently wrong, the focus on consumption amenities in higher education has raised concerns. Students and families primarily view college as an investment in future productivity and earnings rather than present consumption. As such, students are prioritizing course materials that enhance their future earnings over campus amenities that contribute to their well-being during enrollment.
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Frequently asked questions
According to a survey by Cengage, 65% to 67% of college students pay for their education themselves.
Tuition is the biggest burden for students, with 46% saying it is a struggle to pay for it. Technology/laptops (21%) and books/course materials (17%) are also significant costs.
Around half of students have $250 or less left each month after covering education costs. 14% of students have only $100 or less.
36% of students believe that lowering tuition fees would be the most impactful way to make education more affordable. 21% want more affordable access to course materials.
Yes, many parents contribute to college costs. In 2021/2022, the average parent contribution was $13,000 per year. However, the percentage of parents paying is decreasing, and the majority of students now pay for their education themselves.
