Tuition is the main source of debt for most college students. Tuition is the cost students must pay to enroll as a student and take classes at a college or university. Although some students have scholarships that help pay for tuition, most students take on student loans to cover the cost of college. The cost of higher education has grown rapidly, forcing students to take on more and more debt. It is common for tuition costs to exceed $30,000 at a private school.
Not only must college students pay exorbitant tuition prices, but they also must pay for a host of other expenses while attending college. Unless a student is able to live at home and commute to school, he will have to pay to rent an apartment or pay for on-campus housing. Students must also pay for meals and books, which can easily cost more than $500 per semester. These living costs are often covered in student loans because they are part of the comprehensive cost of attending college.
If students were able to work at well-paying jobs during the school year and summer, the amount of debt they would have to take on could be reduced significantly. Unfortunately, the very nature of going to college---studying in order to learn vital skills to use later in life---conflicts with working. The more time a student spends working, the less time she has to study and excel in her classes. Because most jobs college students can get do not pay very well, it is a more valuable use of time for most students to study rather than work, taking on more debt with the intent of paying it back with the skills that they learn.
Many college students do not adequately factor financial consecrations into their decision-making process when deciding on a college or university. This leads many students to opt for more prestigious private schools that can cost many times more than a public university that might give equal educational quality. Many students realize partway into college or upon graduation that they could have spent considerably less money at a different school and still have had the same job opportunities afterward. Students often do not realize how much of a burden debt will be after they complete their education.
Even though college students attend school to become more educated, they are often not very well-versed in financial issues. This can get students in trouble with easy-access debt such as credit cards. For some students, a credit card might seem like a green light to spend money, which can begin a spiral of ever-increasing debt. Students often use high-interest rate debt such as credit cards to finance necessities such as food and books. Many students assume they will be able to pay back their debts easily once they graduate and get a high-paying job without considering the job market or how much money people in their field actually make.