Due to our current economic crisis, college students all over the country are making several changes in order to stay afloat financially and continue their education according to loan blog of direct payday lender Pay1Day. Whether just beginning their post-high school educational journey or chasing down a graduates degree, students everywhere find themselves making adjustments and changing existing trends in order to stay afloat amidst these tight economic times.
Some of these changing trends are reflected in a recent annual survey by the Princeton Review entitled “College Hopes & Worries Survey” which surveys both college-bound high school grads and their parents. The study shows that 68% of students reporting high stress levels, and that the largest concern (37%) among parents and students alike is that they (the student) will be accepted to their first choice school but be unable to afford it especially when loans are difficult to obtain.
And for those already enrolled, the student housing situation at many colleges seems to be a changing concern as well. In the past many juniors and seniors move to off-campus housing, whereas this year many are staying on-campus to save money or taking out personal payday loans to make ends meet. This leaves many students scrambling with only weeks to find scarce and more expensive off-campus housing at a time when they need to save money on living expenses to make ends meet.
Understandably, the percentage of students employed while attending school has also increased recently as well. Although this seems like a viable and ultimately “honorable” option during an economic crunch, this may eventually become an issue for students from smaller community colleges. With more and more students entering the workplace while still in school, this could drastically affect the job market especially in these smaller colleges and communities.
Not only students are feeling the crunch. Faculty, administrators and many more are making the necessary changes to stay on top of these changing trends. Many schools are actually starting to get away from offering loans which would start most student careers off in a state of debt. Grants and work-study programs are some of the options replacing loans in financial aid packages.
Although the economy is certainly making it tougher for some students to pursue their higher education, it is comforting to see that most students aren’t giving up on their dreams. We can only hope that these struggles will only help to make our future workforce more resourceful and independent in the future.