Being a student, for most people, has always meant living on a reduced amount of money. There’s a pride to be had in managing to stick to a budget, or clubbing in with your housemates to make a cheap pasta bake because you can split the cost. Student social nights are also designed with this in mind, offering two-for-one drinks or reduced entrance fees.
However, there’s a difference between a typical student lifestyle and consistently struggling to make ends meet, which is the reality that many students now face. In this post, we explain three areas where students may struggle and where they can seek financial support.
Cost of living
The majority of students will move away from home to study, and so will need to cover the cost of rent, utilities, food, transportation, and essential study materials such as textbooks. On top of this, there are university tuition fees to consider. Research suggests that the average cost of living for students in the U.S. is between $1,504 and $1,850 per month, with university fees on top of that—a hefty amount, especially when you consider that paid employment shouldn’t take up the majority of their time if they want to succeed academically.
Ability to work around university commitments
Even if students have enough hours to fit in a paid part-time role around their studies, it can be hard to do so, as the college system isn’t necessarily set up to support this. Class timetables may change semester-to-semester, and extra group projects and study assignments may come in with little notice. Exam timetables may also only be released within a month or so’s notice, making it hard for students to commit to a regular shift pattern.
This can mean that students are forced to take lower-paid, zero-hour contracts or freelance work without guaranteed income.
Comparison to peers
Not everyone attends college, and even if they do, not everyone has the same financial situation. However, it can be hard to remember that when we’re looking at social media and seeing peers enjoying holidays, new clothes, or big nights out.
Students may find it difficult to feel like they don’t have much cash when their employed peers do, and so can be tempted to turn to credit options to get the lifestyle they’re looking for. This can leave them in debt, especially if they don’t have the regular income needed to make payments.
Where to seek financial support
Despite these challenges, students are not alone. The U.S. government offers advice on financial aid, allowing students to check if they’re eligible for bursaries or grants. Individual colleges may also have student support services, and parents and carers should be sure to check in with their children and see if they’re struggling.
It’s important not to underestimate the strain that financial difficulties can have on students. Overworking to make ends meet not only affects their mental health but also their ability to complete their college work to the best of their ability.
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