Relationship between Financial Issues and College Dropouts

 Many students having a great time with college life and believe it works out for them.  However, among the multitudes of such students, others think differently.  Along the path, some decided to drop out of college.  In fact, college dropouts are not new in our society, with reported cases exacerbating in the recent years, a scenario which sadly continues to rise in number over the years.  Studies have tried to identify factors and causes leading to college dropouts increasing which is believed to be the basic in the society.  In fact, the most two common causes of college dropouts are financial constraints and the conflict between school and work.  By dropping out of college, it effects heavily not only those students but also the entire society.

 It is evident that steady financial is essential in achievement of one’s individual goals and objectives.  Therefore, financial constraints or lack of money is the most common reason to drop out of college by students.  According to a study conducted by the Bill and Melinda Gates Foundation, 31% of students citing money as their reason for dropping out because of high tuition rates.  Granted that, the achievement of such facilities and necessities enrich a person’s life and good interaction is evident.  Students specifically need money for college expenses—tuition fees, textbooks, and transportation.  Besides that, they also need money for their basis living—housing, food, clothes, and medical checkups­.  It is a well-known fact that the cost of a college education can be inhibitive for many students.  It seems that with every new school year, the price of tuition and books are increased as well as not all students can qualify for scholarships, grants, and financial aid packages—it is very destructive leading to college dropouts.  Undoubtedly, financial problem is conceived to lead to the majority of the cause.

 The conflict between school and work also play a big role in students giving up their education.  On the one hand, nearly three-quarters (71%) of students who dropped out of college said that work contributed to the decision, with more than half (54%) identifying it as a major factor.  As an illustration, students who get decent jobs while studying may prefer to quit college and concentrate on the job, which they prefer more than education.  After they start working, they may not be able to leave their job since they need the money typically for covering daily expenses or support their family.  Realistically speaking, students would most likely end up occupying unskilled positions like waitressing, dishwashing, product promoting, and so on.  Students are working an average of 30 hours a week and would earn $15,080 annually before taxes according to Georgetown researchers.  Sadly, some students think that the job gives them more benefits than education, which lead to high chances of college dropout.  On the other hand, about a third (35%) said that balancing work and school was too stressful.  In this case, time management is a key so that the students can do all the things they are supposed to do.  The time management helps students to use their time effectively.  However, some students struggle to maintain a balance between classroom duties and responsibilities at work.  They soon find themselves struggle to settle into an effective routine; their times basically are taken up with an exhausting routine of work; therefore, it might lead them to discontent with schoolwork and it affects directly to their performances in college—bad grades, no engagement in classes, and non-completion.  As a result, students who fail to achieve the college requirements or cannot meet the required standards pull themselves out of school.

 The possible effects of this problem would be highly regarded in one’s social life, one’s career as well as one’s society.  As Bill Gates says, “Although I dropped out of college, getting a degree is a much surer path to success.  College dropouts is tragic not just for the students and their families, but for our nation.  Without more graduate, our country will face a shortage of skilled workers and fewer low-income families will get the opportunity to fit themselves out of poverty.”  Indeed, there are grave consequences if dropouts continue to grow.  As summarized by the General Accounting Office (GAO), the social costs of the dropout problem include an under-skilled labor force, lower productivity, lost taxes, increased public assistance, and crime. From there, I strongly believe that college may be expensive, but the only thing more expensive than receiving a college education, is not getting one.  Albeit economically poor and economically challenged, students should realize that they will have better lives if they are educated.  Furthermore, education will lead to economic well-being.  I believe that no matter where you came from or grew up, you should still take the opportunity, if it comes to you, to become fully educated.  Nowadays, knowledge is an essential in the American society.  It is almost impossible to survive through today’s job market without a college education of some sort.  It is very competitive to find a job because money is so demanding in today’s society.  Most employers, when choosing between a degree-holder and a high-school graduate, will usually choose the college graduate without hesitation.  People who pursue a college degree tend to be more reliable than the ones that do not, because of their work ethic.  By taking your college experience seriously, you will gain success, which will lead you to a more esteemed employment and job satisfaction.  Having a college degree helps people feel like they have an advantage over others in many fields.  Undoubtedly, college is a turning point in life and if you take it very seriously, you will gain self-confidence, independence, prosperity, and success.

 The importance of a college education is incalculable.  My points listed above are the most concrete reasons and effects why college dropouts are common and how it leads to severe consequences.  All in all, college education is the surest way to get a sense of personal satisfaction, acquire good job opportunities, maintain financially stability, and greater economic security.  If students truly aware of college dropouts’ aspect and value their own education, they can thrive in anything they want to become.

Work Cited:

• AbigailJHess. “Bill Gates: US College Dropout Rates Are ‘Tragic.’” CNBC, CNBC, 10 Oct. 2017, www.cnbc.com/2017/10/10/bill-gates-us-college-dropout-rates-are-tragic.html.
• Kantrowitz, Mark. “Why Do Students Drop Out of College?” Fastweb, 2009, www.fastweb.com/financial-aid/articles/why-do-students-drop-out-of-college.