Most college students today face a difficult environment while enrolled, balancing work with their class schedule to afford basic necessities. However, graduates—especially those who planned well—find employment and are financially on track to repay their loans.
That’s according to a pair of surveys conducted by Trellis Strategies and Sallie Mae that captured how current college students are faring while enrolled, as well as the reflections of graduates over the past five years.
“These findings clearly illustrate the complex realities modern students face as they balance employment, family obligations, financial stress and mental health concerns with their academics,” said Trellis President and CEO Debra Chromy. “Institutions and policymakers can leverage this data to develop targeted strategies and resources aimed at improving student retention, completion and overall well-being.”
More than two-thirds of students in both studies reported having to work while in college. Findings from Trellis Strategies illustrate how many hours students have to work to cover their financial bases.
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One-quarter of all students surveyed by the research and consulting firm worked more than one job and had to miss at least one day of class due to conflicts with their work schedule. More than half reported it’d be difficult to access $500 in cash or credit within the next month and found it difficult to access food and housing.
It’s no wonder, then, that 36% identified primarily as “a worker who goes to school” rather than the other way around.
The majority also reported feeling lonely sometimes or always, and at least one-third indicated symptoms of depression or generalized anxiety disorder.
Despite these barriers, 84% of students said obtaining a college degree will ultimately lead to a higher quality of life—and the following report confirms their belief.
Here are some key findings from the Sallie Mae study:
- 82% of recent graduates are employed, with 74% working in a field related to their degree.
- 75% who borrowed money say they are confident in their ability to repay their student loans.
- Nearly all are pursuing at least one near-term financial goal, including saving for retirement (47%), saving for a major purchase (44%) or building an emergency fund (37%).
“This report confirms higher education continues to deliver for recent graduates,” said Rick Castellano, vice president of Sallie Mae. “That said, students also need support in building a successful launch plan for life after college. That includes talking about finances early and often, using career resources and seeking out internships, and building smart financial habits along the way.”
Fourteen percent of graduates said they feel unsuccessful after college. Here are three key things students can work on while still enrolled in college to maximize their experience.
- Plan ahead: While the majority of graduates (54%) who didn’t plan how they would end up paying for college still feel successful, rates were higher for those who did (75%).
- Take advantage of career resources: Only 37% of recent graduates used their school’s career resources. Of those who did, 82% secured a first job in their field of study.
- Balance your priorities: Financial health was the top indicator for success. Improving their mental health was a close second.
