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High School Seniors, meet Rowdy Cents! (10-Steps about applying to UTSA and getting your money matters in order before you start college!)
home page updated 11/16/09 |
“While climbing the Paseo Dinero, keep your eyes on the prize ahead of you,” urges Rowdy Cents.
Once you’ve made the decision to go to college AND to graduate with a degree, your money journey will seem like a long, uphill climb. Keeping your eyes on the prize (a diploma) helps but there’s another factor to consider – how much time it takes to get the degree.
About 57% of students at four-year institutions graduate within 6 years. NCES reports that, on average, students receiving bachelor’s degrees in 1999-2000 took 55 months (4.58 years). Every institution has its own makeup of students who graduate in 4, 5, 6, and beyond, years and no "one size fits all".
Losing sight of your destination can also lead to lost opportunity when you consider the earning potential of these three undergraduates. They all began college at the same time, did not need any developmental courses, and had the same number of credit hours for their degrees, but each took a different path to graduation.
Did any of them encounter lost opportunity on their pathways? Maybe ---you be the judge!
| 120 hr degree program* |
Ronda |
Chris |
Maria |
Time to degree (graduation) |
4 years |
5 years |
6 years |
Tuition, fees, books/supplies1 |
$37,312 |
$41,090 |
$38,347 |
Hours x semesters (Fall and Spring) |
15 hrs x 8 |
12 hrs x 10 |
9 hrs x 13 |
Hours x semesters (Summer) |
0 |
0 |
3 hrs x 1 |
Summer job wages (no benefits)2 |
$7350 |
$9800 |
0 |
Part-time job year long (no benefits)3 |
0 |
0 |
$9360 |
5th year career salary earned (with benefits)4 |
$33,250 |
0 |
0 |
6th year career salary earned (with benefits) |
$33,250 |
$33,250 |
0 |
7th year career salary earned (with benefits) |
$34,250 |
$33,250 |
$33,250 |
Total salary earned |
$108,100 |
$76,300 |
$42,610 |
Considerations of these scenarios:
- Texas resident UTSA tuition, fees, and estimated books/supplies are only for the 2009-2010 academic year. Increases in tuition and fees are likely to occur at least once, if not twice, over the course of these scenarios.
- The summer job is estimated at 35 hrs/week @ $7 per hr x 10 weeks x # of summers worked. Wages can vary.
- The part-time job is based on 1040 annual work hours @$9 per hr. Wages can vary.
- The career salary with benefits assumes an entry level salary of $25,000 plus an estimated 33% for benefits (insurance and healthcare). Salaries and benefits can vary.
How do you do this in 4 years?
Grants, scholarships, loans, work study funding, and family are the vehicles to completing a degree. (Refer to Educate, topic-Affordability) It does take commitment and sacrifice, too!
NCES fast facts for 2007-2008 indicate that 66% of all undergraduates received some form of financial aid through the federal government and the institution. Graduating from college with the kind of debt from an investment in you isn't always a bad thing. Ronda in the above scenario has started paying back her student loans earlier than Chris and Maria, and she will likely pay them off before the others, too.
Use Rowdy Cents' Opportunity Costs spreadsheet to figure what may be your "lost opportunities".
As a UTSA undergraduate student, you can keep your eye on the destination by checking your own degree progress.
Use this document, How To Run An ASAP Degree Evaluation (a PDF, download Adobe Reader), and go to your ASAP account to check your own major or look at different majors.to follow your own progress!
"Shift happens" in life and all journeys have twists, turns, roadblocks, and potholes that delay progress. The education journey is no exception. For example,
- If a student’s math, reading and/or writing skills are not sufficient for college work then a student will have to take developmental courses early in their programs. Developmental course credits do not apply to the credit hours of the degree programs.
- A student may decide after the first year to pursue a different major and may need to pick up some missed prerequisite courses.
- A student may not be academically prepared or apply him/herself appropriately and perform poorly on courses. Some may have to repeat courses.
- Stopping out of college for awhile will lengthen the journey to a degree.
Listen to Rowdy Cents, "No matter the delay, always keep your eye on the destination and keep moving forward!"
PAGE UPDATED 9/28/09
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