It’s no news that tuition is high and that graduating students soon become debtors. But now, because fewer families have a prepared financial plan before their offspring enter college, making it difficult for families to pitch in when money runs out, students have to find creative ways to save money. The solution? Staying at home.
In the past academic year, there has been a growing trend of students choosing home life over dorm life: about half in comparison to the quarter from last year to be exact. This increase has surprisingly been associated with high-income families: about 47% of students from families who earn over $100,000 have decided to live at home–a testament to just how much the shortcomings of our economy have leveled the financial playing field.
So how much money are students saving by living at home? According to an estimate by the U.S. Department of Education, about 6 grand a year.
While that amount certainly merits pinching up coin purses and shacking it up at home, another concern arises: what about those students who are missing out on the quintessential college experience? Is $6,000 worth losing collegiette independence?
“One of the major difficulties for students who live at home during college is how to differentiate this experience from high school. Students, and their parents, need to realize that this is not simply more of the same – thirteenth grade. This is not a continuation of the high school experience, but is a new stage, a new type of education with new experiences and expectations,” one article says.
In other words, it’s up to students and parents to make that important distinction, despite the lack of physical separation.
Let us know YOUR pros and cons of living at home, collegiettes!