College tuition is increasing, food and gas prices are growing, and students are left searching for quarters and dimes in the deep, dark corners of their closets.

This grim reality leaves students taking jobs and eliminating spendy social activities in an attempt to minimize financial burden and escape college with small loans.

Today, nearly half of all college students now balance a job with schoolwork, according to a Chicago Tribune report.

However, while a part-time job can help pay for the many aspects of college, the long-term effects of working while in school have been debated.

Larry Meiller, a professor and director of undergraduate studies at the University of Wisconsin-Madison, has a positive opinion on the topic.

"I think it's very important for students to have jobs during school," Meiller said. "They are paying some bills and they are also gaining experience they can use on their resumes."

Jobs also give students firsthand experience in managing their finances while putting extra dough in their pocket for buying books, snacks for a weekend study session, or a Friday night movie.

Darci Wiech, a senior at the University of Montana-Bozeman who works as a pharmacy technician, believes having a job can teach this critical skill along with prioritization and time management.

"I have found that working during college has made me a lot more focused and better at time management," Wiech said. "I feel like I am always busy because I work and go to school, but it is manageable. ... I like having the income coming in to pay for rent, car insurance, food and gas."

Although the increased cash flow is a welcomed relief for families struggling to pay thousands of dollars for tuition, room and board, or a semester abroad, it can have negative effects as well.

Jana Stadtmueller, a senior studying business at the University of Wisconsin-Madison, believes working during school would affect her class performance and overall stress level.

"I feel I perform better in school when I do not have a job because I'm under a little less stress and have more time for other new experiences," she said. "My way of allowing for this lifestyle is by working every summer and Christmas break, budgeting my money wisely and utilizing scholarships."

According to the College Board, experts agree that students who work more than 15 to 20 hours per week often experience decreased school success, which can lead to dropping out entirely.

The College Board recommends that if working interferes with completing schoolwork, participating in extracurricular activities, spending time with family and friends, or getting enough rest, having a job may not be a wise decision.

Rachel Gundacker, also a senior at the University of Wisconsin-Madison, agrees that too many hours could be detrimental.

"I think as long as you don't wear yourself out working too many hours, a job shouldn't influence school work," she said. "It forces you to balance your real life with your school life and gives much-needed structure."

Although there is money to be made in college, your earning potential is only greatly increased with a college degree.

In a 2004 study conducted by the National Center for the Educational Sciences, graduates with a bachelor's degree earned 67 percent more than those who only finished high school.

Therefore, if there is no option but to work and your job-school-sanity balancing act is starting to falter, a new job or fewer hours are better solutions than dropping out.

So, too work or not to work? Ultimately that decision is different for each person and their situation. Communicate with your college, discuss your options with your family and pick the best route to fit your needs and lifestyle.

Charl Coetzee contributed to this report.