LAS VEGAS, March 9, 2016 — There’s an urban myth about the college student who runs out of money before the end of the semester and ends up sleeping in the van that’s parked in the dormitory parking lot and showering at the gym. But this may be more fact than fiction. According to the Edvisors 2016 Running on Empty — Mid-Term Finance Survey, 64% of college students reported they had run out of money before the end of the semester at some point in their college career.
A publisher of free websites that help students and families plan and pay for college, Edvisors commissioned the survey to better understand the very real-world financial problems faced by students after they get to college. More than 350 self-selected respondents from Edvisors’ ScholarshipPoints.com site pointed to a couple of significant culprits: Unanticipated expenses (51%), not enough financial aid (49%), high college costs (high textbook costs, 49%; college costs too much, 48%), and changes in financial circumstances (self, 42%; parents, 31%).
According to David Levy, editor at Edvisors, there are several steps students can take to prevent running out of funds mid-semester.
“Unanticipated expenses and changes in financial circumstances can happen for a variety of reasons,” Levy said, “so students should adjust their budget to include the unanticipated to minimize impact when problems arise.” Levy advised students to consider:
High college costs along with not quite enough financial aid can be challenging, Levy said. Students should consider:
“Edvisors advocates for pro-active planning and creative solutions to help alleviate financial stress,” Levy added.
Edvisors publishes free websites to help students and families plan and pay for college. Every year, millions of students and their families turn to the company’s flagship site, Edvisors.com, for timely, accurate information, advice, and tools that help them confidently make the best decisions about paying for college. At ScholarshipPoints.com, students earn points and enter scholarship drawings (the site has awarded more than $750,000 to date). StudentScholarshipSearch.com is a large, free online database of scholarships with an easy-to-use scholarship matching tool. Founded in 1998, Edvisors is based in Las Vegas, Nevada. More information can be found at www.edvisors.com.
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