The rising cost of college education and loan burden continues to be a cause of concern for millions of students across the country, with the majority of students spending 4.2 hours a day on paid employment.
The figures revealed by HSBC Bank in its research “Value of Education” show that students spend 2.3 hours on class lectures, 2.8 hours studying at home and 1.5 hours in the library.
On average, the survey says, the students spend 2.5 hours on social media, 2.3 hours on messaging and emails, and 2.2 on streaming services.
Different Motives
Among the 85 percent of students, 57 percent cite the need for extra money as a reason for working a paid job. At the same time, 37 percent state gaining work experience as a reason to find better jobs after graduation.
Around 30 percent say that meeting new people is their sole motivation for working, while 14 percent cite mandatory internship.
The survey finds that on average, a student spends a total of $99,417 on college, with a major part spent on tuition, accommodation, food, and groceries. But 82 percent of students agree that a university education is worth the money.
Sacrificing and Struggling Parents
The majority of parents are struggling to pay for college, with most of them sacrificing holidays, borrowing money and working extra time to earn more.
Around 62 percent of parents stopped or reduced leisure activities, 47 percent took fewer holidays, 43 percent gave up the hobbies, and 39 percent took the second job to support university education of their children.
“From tuition fees and day-to-day living expenses to laptops and textbooks, parents’ spending on their children’s university education covers a wide variety of costs. In the USA, parents say they contribute on average USD17,314 towards their child’s undergraduate or postgraduate university education,” the research says.
Nearly half of parents – 48 percent – regret not starting saving earlier for the education of their children.
The figures were compiled by Ipsos MORI in March and April after interviewing 519 parents and 105 students across the country.
The latest figures come after the College Board’s report released last month that saw the cost of education at colleges and universities increasing continuously.
At public four-year colleges and universities for full-time out-of-state students, the tuition and fee rose from $25,670 in 2017-18 to $26,290 in 2018-19, while for in-state students, it rose from $9,980 in 2017-18 to $10,230 in 2018-19.
The tuition and fee rose at private nonprofit four-year institutions from $34,700 in 2017-18 to $35,830 in 2018-19, while 53 percent of parents had to borrow money to pay for the college tuition last year.
53 Percent American Families Borrowed to Pay for College in 2017 [Study]