Today, an increasing number of students at colleges and universities across the United States are finding themselves in a unique situation—raising children while furthering education. In fact, according to the Institute for Women’s Policy Research (IWPR), 4.8 million college students, 26% of the total undergraduate student population, are raising children while trying to pursue their education. Women are much more likely to be raising a dependent child while also attending school, making up just over 71% of the total student parent population (November 2014). Although recent progress has been made to increase accessibility of higher education from both public and private organizations, including nationwide initiatives through the federal government, some important considerations in the pursuit of a degree, like parenthood status, have been left unexamined.

It’s no secret that parents typically have more bills than their non-parent counterpart; they simply have more mouths to feed and more people to provide for. But another great concern for students who are also raising children is the glaring fact that childcare is not readily available on or near campus, and college campuses are ill-equipped to provide meaningful information to students seeking these beneficial resources. Instead, colleges are focused on serving a younger, post-high school aged group of students, leaving student parents to fend for themselves when it comes to managing the delicate balance between raising a family and pursuing their educational goals. Due to this lack of assistance, there is a heavier financial burden that a quarter of the student population must carry throughout their college careers that ultimately translates to a higher amount of debt upon graduation. Because of this, it is imperative that colleges begin to be more involved and adjust their initiatives to align with what their students need—a greater presence of personal finance education.

Statistics for Female Students

The findings within the recent IWPR report speak strongly to the disparity between men and women students, specifically those who are also balancing the challenges of parenthood while attending school. Of the 4.8 million students who have children, 3.4 million are women, and approximately 2 million of these students are single mothers. The study by IWPR also finds that women of color are the most likely to be attending higher education while raising dependent children. Additionally, female students who have children tend to have much more student debt upon graduation, to the tune of an additional $3,800 compared to female students with no children, and almost $5,000 more that male students who are not parents. This increase in student borrowing may be directly related to the lack of financial education provided on campus specifically catered to students who are raising children.

Statistics for Male Students

Although the number of male students with children makes up a smaller portion of the total student parent population, IWPR’s report states that there are over 1.4 million student fathers, with approximately 533,000 raising a child (or children) alone. Both African American and Native American men are more likely to be raising children while attending a college or university, making up nearly a quarter of the total of students who are also parents. As it relates to student debt burdens, male students who are also parents, on average, take on an additional $2,100 in debt when compared to their male counterparts without children. These statistics should be a concern to campuses nationwide, as increased debt can lead to a myriad of issues for students, including increased dropout rates, over borrowing and oppressive repayment terms after graduation.

Rising Debt for Student Parents

Attending a college or university can present unique challenges to any student, and being successful in a degree program requires diligence, perseverance, and, more often than not, some level of long-term financing. For students who are also parents, however, the obstacles that are inherent to completing a post-secondary degree program are exponentially greater than for students who do not have dependents.

According to the study, only 33% of the student parent population attains a degree or certificate within a six-year time frame; this can be directly linked to the amount of time it takes to care for a young child and the reality that the status of parenthood takes precedent over the status of student. It can be a challenge to find the balance between being a parent and attending school, and campuses are not well-prepared to provide this environment for student parents.

For those who are able to attain their degree, however, extending the time frame can mean the need for additional financing that generally comes in the form of student loans. Borrowing for school not only covers the cost of tuition, books and other education expenses, but may also be used to help take the sting out of living expenses and daily childcare costs while students are attending class. Student parents require more resources, and as most are unable to work full-time while also attending school, debt is the only option.

Making the issue even more pressing, the student parents are much more likely than non-parent students to have low incomes, making them unable to contribute on even a small scale to the cost of their education while they are attending school. Taking on far too much debt through education loans can create a situation in which student parents are unable to manage repayment upon graduation, which could cause rifts in their credit early on and ultimately, can stunt their opportunities for potential employment. As the student parent population continues to climb to more than 25% of all students attending college, it is necessary that steps are taken not only to accommodate the unique needs these students have but also to provide financial education to help them succeed.

With each of these critical factors having a direct impact on the time it takes for student parents to finish their degree program and the amount of financing it takes to do so, colleges need to be able and willing to provide the financial literacy resources to these students to help steer them clear of making detrimental financial decisions. Educators and administrators can share information on how student borrowing works while students are in school and make them aware of repayment options upon graduation; discussions about budgeting and credit management should be a common occurrence inside and outside of the classroom. In order to help this growing population of students, colleges must be committed to allocating their resources and ultimately aligning their missions in an effort to increase student success in both the realms of education and personal finance.

Source: http://www.iwpr.org/publications/pubs/4.8-million-college-students-are-raising-children?utm_content=buffer43c78&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer