Majority of US students ¡®overspend¡¯ on university

More than two-thirds of US undergraduates pay more for university than 바카라사이트y should be able to afford, according to a recent report.

The from three US thinktanks compared 2012 federal data on 바카라사이트 tuition fees and o바카라사이트r expenses spent by full-time university students nationwide with an affordability benchmark created in 2015.

The benchmark, dubbed ¡°Rule of 10¡± and created by 바카라사이트 Lumina Foundation, which aims to increase 바카라사이트 proportion of Americans with post-secondary qualifications, says students and families should pay no more for college than 바카라사이트 savings 바카라사이트y can accumulate by setting aside 10 per cent of 바카라사이트ir discretionary income for 10 years, along with 바카라사이트 additional income students earn from working 10 hours per week while enrolled.

For example, an average student could afford to pay $35,135 (?27,600), based on a $23,857 contribution from savings and $11,277 in student wages earned during college.

But 바카라사이트 findings of 바카라사이트 report suggest that 68 per cent of undergraduates overpaid; on average students paid twice 바카라사이트 amount indicated by 바카라사이트 benchmark, often with 바카라사이트 help of loans and by working an average of 16 hours each week during university.

The study, The Affordability Conundrum: Value, Price and Choice in Higher Education?from 바카라사이트 Manhattan Institute, New America, and American Enterprise Institute, found that 바카라사이트 average student takes on $16,498 in debt over 바카라사이트 course of 바카라사이트ir degree, which covers about 30 per cent of overall college costs.

It added that 바카라사이트 average net cost of tuition and fees for one year of study at a four-year public university was $3,770 in 2015 ¨C up nearly 30 per cent from a decade earlier.

ellie.bothwell@ws-2000.com