The earlier you ascertain your financial capacity before enrolling in college the better for you because it will enable you to focus on getting the best out of college instead of thinking about dropping out due to money.In this article we will know about, Why Do Students Drop Out Of College Because Of Money?
Why Do Students Drop Out Of College Because Of Money?
Education is a necessity for the development of individuals and the nation at large. The reasons for dropping out of college can differ from one individual to the other.
The fact is that many dropouts find other economic opportunities, however, certain students may feel they dropped out of college because it’s not worth completing. For others, it may be due to health-related challenges.
Nonetheless, some students who claim financial reasons to drop out may be unprepared for academic challenges or may have enrolled in college to match the expectations of others. They use financial reasons to excuse themselves from college when they can’t stand what it entails.
But according to the United States statistics, the overall dropout rate for undergraduate college students is 40%. The majority of college dropouts, 38 percent, stated they quit due to financial pressure. This fact is enough to justify most students drop out of college because of financial reasons.
Reasons Students Drop Out Of College Because Of Money
1. Cost Of Course Material
According to the National Association of College Stores, in the last decade, average student spending on required course materials has decreased by more than 30 percent. Even though technology skyrocketed the use of free and lower-cost digital study materials, however, some of the materials needed in every field cannot be gotten free.
The academic success of students on campus is embedded in the study materials they have been exposed to. However, some schools are the worst in terms of course material purchases.
Most state-owned Universities and polytechnics in Nigeria extort a lot of money from students in the name of course materials. A lecturer will write a book and force the students to buy the book at high prices. It will be to the student’s academic detriment when they don’t buy the materials. And the most painful part of it is that the lecturer will not access the students with the book. In another scenario, a lecturer in the same state university will openly tell the students that they have to see him for them to pass the course. The students have to pay for a material they won’t get at the end of the day because that’s the lecturer’s prerequisite for passing their course.
2. Expensive Tuition Fees
Tuition fees, in most cases, are the reason for a college dropout. If you manage to afford other living expenses, it might be difficult to afford tuition fees. In some private and state Universities in Nigeria, some will enroll in the school but the inability to keep paying for these high tuition fees might not be sustainable. It will come to a point when the student will quit.
Tuition fees vary from school to school and from country to country. The fees might not be too expensive for the rich. But the poor masses, who live from hand to mouth will find it hard to bear the cost of college fees, however, the reason for the high rate of dropout is financial reasons.
3. Parenthood
When you put into consideration what It will take to become a parent in the nearest future, you begin to make some adjustments in your finances. Parenthood is one of the most difficult responsibilities anyone can think of. It’s a journey of a thousand miles that requires courage, determination, and endurance to begin. There are some situations where a student has to quit school to channel the money they would have invested in college into taking care of the family and other responsibilities.
According to USDA studies, roughly estimated that the average cost of feeding a family of four is between $7332 and $14,604 per annum. Imagine some uncivilized societies with multiple wives and many children and the cost of living in such areas.
In this regard, therefore, students will likely consider dropping out of college because they must have thought about the intricacies behind raising a family and investing in college might give little or no breathing space for family responsibilities.
4. Job Prospects Upon Graduation
From the National Bureau of Statistics, the Unemployment rate in Nigeria increased to 33.30% in the fourth quarter of 2020 from 27.10% in the second quarter of 2020. With regards to this level of unemployment, which will continue to increase every year, students in Nigeria will consider dropping out of college instead of spending all the money they have to acquire a degree and end up becoming jobless. Of course, they will think it’s a loss in return on investment (ROI) in the long run.
5. Discouraging Environment
Going to college in a terrorized environment is a reason for a college dropout. For instance, in Northern Nigeria, where there are Religious extremists who are bloodthirsty. They usually inflict people fear. Students hardly study in some of those states in northern Nigeria ravaged by insurgency.
Other Reasons Associated With Students Dropping Out Of College
•Certain students will drop out of college when they have calculated the level of debt to be acquired and how to payback
•There are cases of unforeseen circumstances where the student’s parents became unemployed or dead and the means to continue will be out of reach.
•Health Challenges could pose a serious difficulty to college completion.
•The inability of students to interact with their fellow students on campus for Personal reasons.
•The pressure to meet up with the academic workloads.
•Just not prepared academically; the mental and physical stress in college is not for the faint-hearted.
•Unhappy with the college; there are some whose rules and regulations could be unbearable to students.
•Picking the wrong course
Conclusion:
Going to college requires some level of financial support. The wisest thing a student can do is ascertain how his expenses will be funded before enrolling in college.
