Problems Students Face: Financial Problems College Students Essay

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Financial Problems College Students Essay

Getting into college is one of the happiest days for most college students. College means moving out from your parents’ place and having your own independence. Some students even get to move to a different city or town. All students always look forward to the fun life in college, making new friends and new memories. However, the joy is only short-lived for some students. College may turn out to be totally different from what they expected. A few weeks into college and some problems may begin to arise which may make your life in college a little difficult and uncomfortable.

One of the most common problems that college students face is financial problems. Financial problems for college students may arise from the use of debit and credit cards which may lead one to spend more than they can afford, lack of a spending plan or budget, and debts from the expensive and unaffordable tuition fees.  With a rise in tuition costs, housing, meals, supplies, and transportation, most college students find themselves having financial problems as a result of debts since they end up borrowing money to sustain the rising cost of surviving in college (Mohamad Fazli Sabri).

Financial problems can be overcome by several solutions. Firstly, you can apply for scholarships to help ease your burden on tuition fees. Being a full-time college student may see you spending money for campus parking, books, and credit hours. You can look out for information on grants that you can apply for to cover most of your expenses. Find out from your college website or counseling office the different options that you can consider. Applying for grants and scholarships can reduce your tuition fees burden and you can consider getting professional help to apply for a scholarship that will best suit your financial needs (Archuleta).

Secondly, you should come up with a spending budget to prevent falling into financial problems. Creating a monthly budget is normally overlooked by most college students, yet it is a brilliant way to avoid having financial problems. Having a guide on how to spend money makes life much easier and stops you from spending money on unnecessary stuff. If you plan on cutting off any expenses in your budget, you can start off by reducing them in half. This will enable you to decide whether you can stick to the plan in the long run. Your budget should capitalize on the most important needs first before setting aside money for luxuries and some less important things.

Thirdly, you can come up with a plan to pay off your debt to ease your financial problems. If you happen to have an accumulating debt, you should come up with payment solutions that go hand in hand with your lifestyle. You can get a part-time job to help you manage your finances. However, you should ensure that the job does not interfere with your studies. Your studies should always be your first priority hence you should focus on finding a job that is flexible enough to juggle with your studies. Having your job will help you pay your debts if you have any or prevent you from having any debts since you will be able to afford your expenses from the money that you make (Forbes).

 In conclusion, financial problems are easy to come by during your life as a college student. However you should come up with ways to avoid or solve them to prevent you from getting into depression, interfering with your studies, or dropping out of school. Proper management of your finances is essential to enable a smooth survival through college.

 

 

Works Cited

Archuleta, Kristy L, Dale Anita. "College Students and Financial Distress: Exploring Debt, Finanacial Satisfaction and Financial Anxiety." ERIC (2017): 50-62.

Forbes, William. Behavioral Finance. 2019.

Mohamad Fazli Sabri, Maurice MacDonald. "Savings Behavior and Financial Problems among College Students." Cross-Cultural Communication (2018).