The National Student Clearinghouse Research Center has reported that the number of students who started college but then withdrew has been increasing, with over 40 million students currently unenrolled. First-generation college students, minorities, and low-income students are more likely to consider leaving college due to various factors such as financial concerns, loss of motivation, or mental health challenges. According to Sallie Mae, roughly 26% of current undergraduates have seriously considered leaving college or are at risk of dismissal.
Financial concerns remain a major reason for students considering putting their education on hold. Rising college costs, student loan debt, and difficulties meeting the cost of tuition, textbooks, housing, and food are some of the challenges faced by students. With the average cost of tuition and fees plus room and board at private colleges reaching $56,190 in the 2023-24 school year, and $24,030 at four-year in-state public colleges, many students find it hard to afford higher education.
Impacts of College Dropout
Students who start college but never finish face a higher default rate on loans compared to borrowers who have completed their degrees. This not only leaves them with debt but also without the advantage of a degree. According to The Pew Charitable Trusts, default rates are nearly three times higher among borrowers who drop out of college. It is crucial for students to find ways to navigate through their college journey while borrowing less money to avoid falling into debt traps.
To address the issue of college dropout rates, it is essential to provide more support for early college planning, especially for first-generation students and those from underserved communities. Encouraging students to stay the course and explore alternative funding options such as scholarships can help in improving college completion rates. Taking proactive steps like working part-time, graduating early by taking extra classes, or finding ways to save on living costs can also help students stay on track towards earning their degrees.
Understanding the factors leading to college dropout rates and implementing solutions to support students in completing their education is crucial in ensuring that more students graduate with a degree. By addressing financial concerns, providing early planning support, and encouraging students to persevere through challenges, we can work towards reducing college dropout rates and improving overall graduation outcomes. It is important for students to make informed decisions about paying for college and seek assistance when facing difficulties to successfully complete their education and pursue their career goals.