Gen Z plans college payments

Gen-Z and their financial problems for college emerge.

Daniel Robins, Staff Reporter

Generation Z, those aged four to twenty-four, is a generation in a very financially challenging world. Many of us seniors, members of Gen Z, are starting to realize that we will have many problems with paying for college.  

It is true, of course, as stated by Forbes in an article called “5 Reasons Why Generation Z Will Be ‘Generation Smart’ About College” that Gen Z is trying to be smart about savings though. So many are hopeful with savings and working. Forbes stated, “Nearly a quarter of Generation Zers report they’ll pay for their education with personal savings, according to the CGK survey. Close to 40% say they plan to work and earn money during college.”

However,  the article by CNBC called “57% of Gen Z does not know how much money they have in savings” shares an important point. “57% of Gen Z has no idea how much they have in personal savings, compared to 46% of the general population. That’s according to recent data from Northwestern Mutual’s 2019 Planning & Progress Study, which polled more than 2,000 U.S. adults.”

As the cost of college grows, many students are faced with a rising probability of dealing with a large amount of debt. And as seniors, it is time for us to be aware of this and to start planning! And though there are savings, many students don’t have enough to cover any remaining costs without loans. Overall, the cost of college is rising, and because of this, the debt that students and families are facing is rising as well.

Now, as a senior in high school going into college, many of us may have to take out a loan in our name and our parents’ names.  But you can be smart about money-saving tricks. For example, you could participate in a program in which part of your tuition is paid by working on campus. Furthermore, there are many scholarships offered online, so go check those out during your time at home. Perhaps you could even reach out to the GCHS College and Career Center for Scholarship ideas or check out their website! 

Hopefully, in years to come, the school will become more affordable and loans less required to gain a college education, but for now, get ahead and start planning!