The Effects Of Financial Stress Among Domestic College Students

The anxiety and stress will then increase when students compare themselves with peers. They see that their peers are better off financially; thus, affecting self esteem or belief in success.  In this stress one can identify the acute stressor as when the student seeks financial resources on campus. These type of resources can help form a social network to be able to manage financial anxiety. The chronic stressor is if the student keeps comparing themselves to their peers based

Financial support has played an important role for college students, especially for university students, whose family could not support their education after they have graduated from high school. Due to this situation, students have to go through a lot of problems with their tuition fees to be able to continue with their education. They always need a large amount of money besides paying for the tuition but also for living, and students have to go through a lot of problems with their tuition fees in order to be able to finish their career on time and earn a better living in the future. Some students will choose to go to work part time while at school, so they can pay for their fees and their own expense, such as gas, foods, and clothing. On the other hand, most of students will choose to take out loans from somewhere else, such as the bank or federal loans. This way, students who choose to take out a loan could focus on their education without worrying about how to pay for their fees. It is very important for students to acknowledges and be aware of the different types of student loans, and all the requirements before students decide to obtain a loan. Because of the raise in tuition leads to the existence of the student loan debt is a burden that is a financial impact on lifestyle changes, such as postpone couples to get married, to have children, to buy a house and to save for retirement.

As a mother of four, a large number of the social problems described in the text can and does directly relate to myself, as well as, my family especially regarding the matter of education. However, the problem directly affecting my family and I is the emerging social problem of rising student loan debt. Student loan debt is a problem that has begun to seep into the very mainstream of society as more and more individuals attend college, especially those with great financial needs. Personally, I am lucky to say that I do not need to borrow money to attend IRSC which has been a major blessing that has allowed me to better my education. Unfortunately, the same cannot be said about my husband, who graduated from Florida State University with student loan debts around $30,000 dollars. $30,000 dollars is a relatively average amount, according the Institute for College Access and Success(TICAS) 70% of college students graduate with student loan debt, with an average of $28,950. While this amount is overall average in our society, combined with the costs of raising four children, as well as, having only one working family member who makes a relatively low salary as a school teacher, it puts significant financial strain on my family. Rising student loan debt just doesn’t affect my family and I, it affects millions of Americans, especially those who are poor and cannot afford college. Rising student loan debt is a societal problem that is hampering millions of young Americans

oday, society stresses the importance of postsecondary education to students due to the countless ways that an associates, bachelors, masters, or doctorate can enhance an individual future. For an individual to reach financial security in the United States’ economy it is basically mandatory that they have received a college degree. Postsecondary education will provide skills and knowledge that will prepare individuals to be successful within their career as they compete for leading positions. Overall as an individual receives a college degree they will become more likely to experience job security and financial security, and this is important to most as they hope to live a stable life. In college, students are taking as many as one hundred credit hours which contributes to most also accumulating student loan debt as they try to finance their education. Even though the completion of a postsecondary education will contribute to a graduate obtaining a respectable income it may also cause graduates to suffer from high student loan debt which will negatively impact their finances far into their adulthood. R.J. Matson created the image above to emphasize how student loan debt negatively impacts student and changes need to be made to avoid stress caused by the debt.

Here in the United States, there are many forms of consumer debt, which help contribute to the large sums of debt countless Americans find themselves faced with. Directly effecting many college students is student loan debt. Student loan debt is now the second largest form of consumer debt behind housing” declares the Federal Reserve Bank of New York (Grisales). This is due to the fact that student loan debt grew 7.1% in 2014 to $1.2 trillion (Grisales). If this statistic alone is not worrisome this next one is sure to be. The amount of debt in the housing market that helped to spark the last recession was only $1.3 trillion (Grisales). Due to the increased amount of debt required by students to attend college many students are feeling the wrath. According to the U.S. Census Bureau, “In 2014, 11.7 percent of females and 17.7 percent of males between the ages 25 and 34 were living with their parents” (Grisales). The fear of obtaining massive amounts of debt is driving the current generation of student’s to put off many future hopes and dreams. While causing them to move back home to save money. The current student loan crisis is crippling the economy and ruining the lives of American students.

Coming from a 2013 study, published in Anxiety, Coping and Stress stated, “Those with greater financial strain perceived more stress, had more symptoms of depression, anxiety, and ill health.” There are many existing highly stressful situations that cause college students to drop out. Students that depend on themselves, with no help from their families are more likely to drop out due to financial issues. A survey conducted by Public Agenda reported by New York Times reveals that students who are receiving financial help from their families have sixty three percent graduation rate, exceeding the forty two percent of those who graduate and pay for college on their own. This proves

Owning a home, gaining employment, getting married and even having children are all milestones at risk. Accordingly, the debilitating nature of debt also threatens the mental, emotional and physical wellness of Americans. Based on a survey of roughly 1,000 student loan borrowers, Student Loan Hero (2018) reported that effects of debt on the psychological health of the participants negatively affected three main areas: quality of sleep (64.5%), physical health (>67%), and social interactions (>74%). In essence, Siege’s and the millions of others’ stories of financial hardships, psychological stress, and physical problems are the reasons why the U.S. federal government should support the cancellation of all student

The cost of college tuition can affect the student's life in a way that one would not think like in their future. College stresses students in high school because they have to worry about if their grades are up to par and do they meet the college or university requirements. But more of students stress comes in the future. Fact is proving that most of college students go back home and live with their parents because they are not financially stable to afford their own home because they are still paying off loans. A percent of 85 this year’s graduating class of this year will be forced to move back home in order to help cope with student loan debt.Only 57% of people between 25 and 44 own a home today, a 4% decrease since 1980, ("15 Surprising Side Effects of Rising College Costs"). Another way is that college graduates put off having children because of them not being financially stable online universities recently did a survey on how many college students have children the results shows that debt, largely from college, was causing 20% of young adults to delay having children,even if they wanted them. Kids can be a little expensive , and college debt may mean that many young couples that are wanting to start family have to hold off on adding to their family until they can get loan debt under control. ("15 Surprising Side Effects of Rising College Costs"). Also, it

These fraught students display the future, and it’s not looking too bright. With higher education becoming a progressively distant dream for the average American, heftier loads will be landed upon those who can scarcely afford to reach their aspirations. These students are not simple figures on a statistical report, but they are young people at a point in their lives where they must be aided on the basics and essentials of financial lingo and repayment plans (Rajan, 2014). The liability imposed on the current generation can only be noted as atrocious and sleazy, obstructing any economic growth that might’ve been projected before realizing the trap they have fallen into. Worsening as we speak, The New America Foundation has declared that debt

Student debt can socially affect a person’s life for years after graduation. Taking out thousands of dollars in loans causes a negative effect in student’s lives. In reference to Natasha Yurk Quadlin and Daniel Rudel, who has a Ph.D. in sociology and both work at Indiana State University, student loans affect persistence and completion for undergraduates. There is a correlation between how students do in their classes, the amount of time spent on their work, and the amount of time working in a job to pay off debt. Students become so stressed that they do not complete their college courses and enter their path of a new career. (Quadlin, Rudel, 2015). When students do not perform well in their classes, they tend to want to compensate for it. However, they cannot because they have to go to their jobs, to help pay off the thousands of debt that they owe and for their everyday necessities. Due to the amount of stress that they have to handle, it affects their personal health. Katrina Walsemann, in a representative study on student loans and early adult mental health, argues that “We are speculating that part of the reason that these types of loans are so stressful is the fact that you cannot defer them, they follow you for the rest of your life until you pay them off,” (Blake, 2015). It also mentions that the students with higher levels of debt incurred, have had higher levels of depressive symptoms. A college student’s overall health is

For example, one of the many factors that often cause stress about college is the financial portion of it. Due to the now ever falling economic state of the middle class, more and more students find that college, unless paid for in full, is completely out of the question due to their predisposing financial problems. If a student were to take out loans, this

Over the years, the cost of college has hastily increased and the students of this time face a lot of prices to pay; the main two expenses to pay include tuition and living. According to an article by Laitinen, “more than two-thirds of students graduate with debt. And the average amount of debt owed is about $30,000.” (“College Credit? Kill that”) This means that the average person who attends college--whether it be a community, public four-year, or private four-year school—graduates with $30,000 in debt. The amount of debt that these students have when graduating from school is highly important because not only is it debt in general, but it also contributes to future issues the students may have in their financial lives. For example, “…an

For this paper, I will be providing context on how student debt is effecting college students. For most Americans, the best way to better your life is by attending college. Many American college students take out loans to be able to attend college. Unfortunately, with college tuition increasing, so does the amount of loans that is necessary to afford it. Many Americans are in debt, it is affecting the American family, and prevents college students to start their own family.

Today, more than 94% of students take out loans (.......). That is up from 1993 when 63% of students of students had to take out loans. (....) This leaves a great deal of the younger generation trying to come up with ways to pay back their debts for years, sometimes even decades, after college. While this is happening, people are trying to travel, get married, and have kids. The burden of student loan debts could hinder one’s ability to do these things and move on with his or her life. This could create strains in relationships with one’s friends, as expensive social outings can’t happen, one’s family, as it costs money to visit them, and one’s love relationship, as having a kid or a wedding would be a big financial burden when large monthly payments still need to be paid on student loans. In a study conducted by Lange and Byrd (1998), higher debt was linked to lower self-esteem. This creates a more secluded society. Studies show that college kids who are debt-free are more likely to go to parties, engage in extracurricular activities, and create friendships that last far beyond college (.....). This is compared to kids with loans, who spend the majority of their time studying alone and do not take the time to form any relationships or interact with others. “Student debt can also affect students’ mental health; Cooke et al. (2004) find that students in with higher student debt experienced significantly higher rates of stress and anxiety.” (http://www.brookings.edu/~/media/research/files/papers/2014/05/student%20loan%20debt%20rising%20gale%20harris/student_loans_rising_gale_harris_09052014.pdf) Also, more and more students are choosing alternative methods when they find out about the loans they will be tied to. Some kids choose to not go to college, or to work for minimum wage for many years until they have more

Financial support has played an important role for college students, especially for university students, whose family could not support their education after they have graduated from high school. Due to this situation, students have to go through a lot of problems with their tuition fees to be able to continue with their education. They always need a large amount of money besides paying for the tuition but also for living, and students have to go through a lot of problems with their tuition fees in order to be able to finish their career on time and earn a better living in the future. Some students will choose to go to work part time while at school, so they can pay for their fees and their own expense, such as gas, foods, and clothing. On the other hand, most of students will choose to take out loans from somewhere else, such as the bank or federal loans. This way, students who choose to take out a loan could focus on their education without worrying about how to pay for their fees. It is very important for students to acknowledges and be aware of the different types of student loans, and all the requirements before students decide to obtain a loan. Because of the raise in tuition leads to the existence of the student loan debt is a burden that is a financial impact on lifestyle changes, such as postpone couples to get married, to have children, to buy a house and to save for retirement.