Many many young adults are starting college this month. For most of them, this also means, starting their first jobs. One common struggle for new college students is managing school, work, and their new found income. This tends to be a great lesson in prioritization and time management. It can be tempting for young college students to focus on making money in their part-time jobs, but their priority should be on studying and finishing that college degree.
For those that have scholarships, they may lose thousands of dollars in scholarship money if grades don’t meet a high average. No part-time minimum wage job in the world could make up for this type of loss. For others, college tends to get paid primarily through student loans and school-based grants. In this case, these loans and grants also depend on the student’s ability to stay in school and maintain a passing GPA.
Income from a part-time job can quickly become a distraction for college students. This supplemental income can start to provide students with spending power that they’ve never had before. However, it’s important to remember that the bulk of college and living expenses are coming from scholarships, loans, and grants, and all these can depend on the student maintaining high grades and or graduating.
In the case of student loans, if the student doesn’t maintain good grades and remain in school full-time, they can be required to start paying back their loans immediately. These loan payments would more than likely put the student in a position where their part-time job would no longer provide the income they need to live.
The point here is if you or your child is starting college it’s important that they keep those part-time college jobs in perspective. Remember that good grades and staying in school are a much higher priority than a part-time job income. Especially if you are using scholarships, student loans or grants to pay for college and living expenses.