Picture by Ava Traill
With inflation hitting a 40-year high in 2022, the cost of essentials like housing, food, and gas has surged, making them increasingly difficult to afford. While many Americans are feeling the impact, college students are particularly struggling with the repercussions of the deteriorating economy.
According to a study conducted by Ohio State University in 2020, one out of three respondents said they had considered dropping out of college due to financial concerns and 74% agreed or strongly agreed that they were stressed out about their personal finances in general. These alarming statistics show the implications this surge in cost of living has had on students’ physical and mental well-being.
Dr. Pat Herndon, an accounting professor at Daytona State College, said that “College students are especially vulnerable to these rising costs of living, with many being forced to take out larger loans which increases debt and can negatively affect their credit score.” Some students are forced to work multiple jobs to afford rent and tuition, and with limited time and energy for their studies, many face significant challenges that can lead to burnout and may even force some to delay their educational and career aspirations.
While it may seem that college students are up against overwhelming challenges, more professors and colleges are stepping up to help ease some of the burdens they face.
Dr. Nathan Kotas, a former civil litigation attorney with 20 years of experience and now a law and business professor at Daytona State College, shared how his work as an advocate exposed him to the financial challenges many individuals face daily. Motivated by these insights, Dr. Kotas actively works to support financially struggling students by ensuring they have the resources to pursue their education. Among his efforts is increasing accessibility to the use of free online resources, eliminating the need for expensive textbooks. Recognizing that many students juggle multiple jobs while attending school, he livestreams and records his lectures, allowing them the flexibility to study around their work schedules.
Professors like Dr. Kotas are not the only ones trying to alleviate these financial pressures on students. When discussing what colleges are doing to help, he said, “Daytona State College has not raised tuition in 14 consecutive years […] and they make many valuable resources available to students through the Hope Center, financial aid and scholarships.”
In an interview with Professor Juan Román, an accounting professor at Daytona State College, he emphasized the importance of budgeting as a key strategy for managing living expenses. “Budgeting should absolutely be part of the college curriculum,” he explained. “It removes the uncertainty of managing costs, and when you remove uncertainty, you also remove anxiety.”
A strong advocate for planning ahead, Professor Román emphasized that goal setting is essential for success in both finances and future aspirations. He encouraged students to engage with their professors about their goals, adding, “We’re not just here to teach, we’re here to guide.”
Although many students may still feel overwhelmed by financial pressures, Dr. Herndon stressed the importance of focusing on solutions rather than becoming consumed by the challenges and highlighted several other strategies to help. “Applying for all available scholarships, diligently tracking monthly expenses, reselling textbooks, considering the cancellation of unnecessary subscriptions, applying for affordable student housing through the residence hall, and utilizing walking, biking, or carpooling for transportation are some helpful strategies,” she said.
Even amid economic uncertainty, it is evident that college students can take proactive steps to address financial challenges and prepare for a more secure future.