College Finances Hit Young Women Harder Than Men – And Has Lifelong Consequences
Did you know? More young women than young men drop out of college for financial reasons. Young women also feel less prepared to manage their overall finances than do young men. This financial uncertainty has lifelong consequences.
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Financial challenges face every college student, even those fortunate enough to receive an academic or sports scholarship. College costs extend far beyond tuition, room and board. Books, living expenses, tests, seminars, unpaid internships – the list of fundable items is long, and for many students, the funds are short.
These monetary challenges hit young women especially hard. The “Hidden Costs of College” report, underwritten by Charles Schwab, found that over half of young women feel financially unprepared for college, compared to less than 40% of young men. Well over half of young women state that financial concerns impact the type of college to which they apply.
Finances don’t just impact college entrance – they are also the main cause of college exits. Half of the young women who don’t graduate cite a lack of funds as the primary reason. And while both sexes drop out of college due to finances, women are more likely to list it as a primary factor than men.
The 1,000 Dreams Fund helps young women fund these hidden college costs that can derail their dreams of education. We fund micro grants to help young women stretch their dollars when facing college expenses. These grants range from a few hundred dollars to help with test fees and books to a couple of thousand dollars to pay for college visits and assist with housing costs.
Kate is one of our success stories. Kate has a love for the written word, and she wants to share that with the next generation. Her dream is to become a public school librarian, but the cost of the GRE for graduate school was a financial barrier. Her grant from 1,000 Dreams Fund helped pay for a portion of the fee to take the GRE, so that she could concentrate more on diligently studying for the exam.
Kate is one of hundreds, thousands of young women who are working hard to get to college, do well and graduate. They want to give back to their communities, and often a very small amount of money is all that stands in their way.
If you’d like to support our efforts to help these ambitious, talented young women, please click here. Our goal is to help just as many young women as we can to realize their dreams – both in college and for the rest of their lives.
Christie Garton, Founder & CEO of the 1,000 Dreams Fund