It’s no secret that college tuition is expensive, but the surprising part may be how the uptick in costs have led to a 51% dropout rate, according to a new study.
According to a survey from LendEDU, an online student loan refinancing company, and FundingU, a student loan lender that helps students who don’t have cosigners, more than half of the current college students surveyed said they had to drop out of college after they were unable to find funding. What’s more, nearly 79% of those surveyed added that they may need to delay graduation as a result of financial constraints, and 55% of them said they struggled to find enough money to pay for college overall.
According to the College Board, the average cost of tuition and fees for the 2017-2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities. Nationally, student loan debt is the second-highest debt category in the U.S. after mortgage debt, amounting to $1.48 trillion nationwide spread out about 44 million borrowers.
LendEDU said the average student now owes around $27,975 upon graduation—a sum that many will be paying back well into their 30s. – READ MORE
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