Surprising Side Effects of Rising College Costs

The rising cost of college tuition impacts students in more ways than just loans. The larger price tag also translates into a number of students reevaluating higher education, their future professional careers as well as major life decisions. Find out more: Surprising Side Effects of RISING REEVALUATING HIGHER EDUCATION COLLEGE COSTS As tuition costs rise, many students are taking a second look at their options. Many have opted for enrolling at less expensive community colleges, others have decided to drop out, and some decide college is no longer an option for them. COMMUNITY COLLEGE Enrollment Stats In 2010, Obama announced a $12 billion initiative that allowed community colleges to retain more unemployed workers, build facilities and offer more scholarships. 56% AVERAGE TUITION A =$1,000 Students who enroll and graduate with a bachelor's degree. Public university: 53% Community college: Enrollment in four-year colleges for moderate-income students. 40% Enrollment in four-year colleges for low-income students. From 2007-2009, enrollment for community colleges increased 24%. DROPOUT STATS Those students who started college in 2002 seeking a bachelor's degree and failed to graduate six years later contributed to this cost to the nation: INCOME IMPACTS DECISIONS D$3,8 billion lost income D$566 million lost federal income taxes 90% of students with parents not concerned about finances applied to college. D$164 million lost state income taxes 66% of students with parents very concerned about finances applied to college. MAJOR LIFE DECISIONS Many students combat rising tuition by taking out more loans; however, that additional debt can set them back in several ways. 42% of college grads with debt live paycheck to paycheck. 85% of 2011 graduates will be forced to move back home. BUYING A NEW HOME MARRIAGE HAVING CHILDREN MEDICAL/DENTAL CARE 40% 14% 20% 27% College grads delay getting a procedure done due to debt. Young adults delay buying Young adults delay marriage because of debt. Young adults delay having children because of debt. a home because of debt. 2011 1980 61% 25-44 year olds owned homes in 1980. However, only 57% owned homes in 2011. The average age for female college grads to have their first kid is 30 48% of grads paying off Marriage has declined by 15% among the 25-44 year olds between 1980 and 2000. school debt admit that it's contributed to their anxiety or sleeplessness. PROFESSIONAL LIFE Lastly, some students simply don't see college or their choice of major as a wise financial investment. Consequently, they're looking for other career options: STUDENTS ARE GRADS WORK OUTSIDE OF HIGH DEMAND CAREERS STARTING BUSINESSES THEIR MAJOR DON'T HAVE GOOD ROI 36% of college students started their own business besides going to college. 21% start a business due to unemployment. Graduates are choosing to work in other fields where the demand is higher than the field they hold a degree in. Student debt is outweighs the starting salaries of jobs which makes it difficult for graduates to pursue careers in their fields. SOURCES: Fox Chicago | ABC News | Think Progress | The Wall Street Journal| Mary D'ambrosio | Huffington Post | Alliance Bernstein | American Progress | Banking My Way | LA Times | Business Insider| INFORMATION PROVIDED BY: http://www.onlinecollege.org/ Online College.org •C