The cost of college is making it harder for young adults to experience dorm life and the herd of crazy roommates. Today’s college students are more likely to live with their parents – thus going to a local college or university – as a way to save money.
Student loan lender Sallie Mae recently released their “How America Pays for College Report,” and their findings show that as tuition prices soar, students are left making sacrifices outside the classroom. Out of the 1,600 undergraduate students surveyed, 70% opted to attend a state or local university as a way to cut costs, while the number of two-year college applicants rose from 30% to 34% in just one year. More than 65% chose to forego vacation and entertainment in order to pay for school, and more than 50% said that choosing a local college had everything to do with wanting to live at home.
According to the College Board, this change in college dwelling makes sense. The average cost of room and board for a state school is just shy of $10,000 per year ($9,498 to be exact), with the average being $10,823 per year for private schools. That’s $40,000 just for room and board – education not included.
So are college kids (and their parents who are more than likely picking up at least part of the check) making the right decision to live at home? When it comes to affordability, yes, they are. Are they losing out on some of the best college experiences? That’s subjective. There is still plenty of time to get an apartment with friends, and living at home does not mean students have to give up on parties and sports events and all other college shenanigans.
What it does mean is that students are becoming more cognizant of debt and how they do not want it when they graduate. Those choosing to live at home a little longer are making life a lot easier for themselves, their parents and their wallets.