When you embrace the student life, or if you decide to encourage your children to go to college, you know that there’s a big lesson to learn about safeguarding your finances. In fact, it’s not uncommon for parents to save throughout the years so that they can afford to send their kids to college. Studies are always part of the household budget when you have children because as a parent, it’s fairly natural to want the best for your kids. Studying has always been perceived as the best possible outcome. But it’s becoming more and more difficult to see the positive when one thinks of the cost of studies. Is going to college the best thing that you can do to secure your future life? Or is it time to forget the elitist approach and ditch your academic plan for something more affordable? Let’s consider the cost and benefits of studies to find out.
Studying is getting more and more expensive
There’s no way around it: Studying doesn’t come cheap. In fact, according to the top.universities.com, the annual cost to study in the US – including tuition fees only – is around $33,215. Combined with the cost of living, you easily reach $60,000 per year. So it’s easy to see how many students and their family can end up struggling with credit repayment to cope with their bills and fees for the year. You won’t be surprised to find out that a lot of students turn to repair.credit to find out a way out of their debts. This helpful website provides tips to correct credit reports and improve your overall credit score, and yes, you’ve guessed right: It’s about debt repayment, an unfortunately too common subject for modern students.
Everyday expenses are tricky for students
Because studies are so expensive, a whopping 80% of all students are taking a part-time job – if not a full-time when things are getting too desperate. Thus, marketwatch.com notes that students are working hard to finance their tuition and living costs, with an average 19 hours a week spent flipping burgers, serving coffees, or assisting in shops. While the experience gives them a taste of the professional side of life, it also means that students have this many hours less that they can spend on mastering the skills they’ve paid to study. However, it’s not always a bad thing. Indeed, some students embrace a frugal life during university so that they can build up some savings and start their own business as an additional form of income.
But you get a better chance at a high-paid job
It’s no surprise that going to university gives you access to better-paid positions. The most profitable studies at the moment are for data analysis, science – engineering – economics, coding, and liberal arts such as philosophy. With Larry Page, Bill Gates and Mark Cuban as role models, it’s easy to see why those studies can pay a lot in your career.
In the end, studies are unfortunately expensive. But as more and more students decide to make the most of their part-time jobs to learn some tricks of the professional world, they are better equipped for the future. Picking the right studies means that you can rapidly find a highly paid position and repay your student debts. In short, learning pays off!