The global economy is unpredictable and taking a hard toll on most individuals trying to earn a living. Many economic experts predict a global recession in the next few years, given the economy’s decline post-Covid pandemic.
Entrepreneurs, parents, employees, and businesses feel the pinch of these hard economic times. One sector often forgotten that experiences economic turmoil without much power to overcome is students.
Few people often consider the trying times of college students juggling schoolwork and keeping up with their finances. Moreover, college life is integral to learning about real-world scenarios such as the economy and finances.
Some students depend on their parents’ financial provision to get through the years. Others attempt to attain independence by starting small entrepreneurial pursuits to generate income for sustenance. Here is an in-depth look at how students can survive these harsh economic times.
What Challenges Do Students Face in College?
From an outside perspective, the only challenge for college students is keeping up with the academic workload. Moreover, there are many ways of staying on top of your academics, such as attending all classes, tutoring, extended studying, hiring an essay writing service, or actively participating in classrooms.
All these options make it seem like students have it easy in college. This is far from the truth, given the range of challenges these students must navigate while maintaining good academic performances. Here are some hidden challenges to anticipate:
Increased Tuition and Fees
Most academic institutions are feeling the pinch of the tough economic times that have increased the cost of tutoring and fees for students. Given the looming recession, we anticipate increased fees as a cushion for these institutions against the tough economic times. The burden is passed to the student, who also struggles with tough financial conditions.
Low Financial Aid
Most students rely on scholarships and financial aid to fund their education. This financial aid may come from governments, sponsors, or charity organizations. However, most entities need help to contend with the high application rates. It ends up cutting down on the main financial aid.
Job Scarcity
Students might diversify their income portfolio while in school by looking for side hustles. Some common job options for such students include library assistants, cashiers, wait staff, internships, research assistants, or tutoring. Unfortunately, these job options are highly limited and seasonable. It makes it hard for students to have a stable flow of income to achieve their financial freedom.
Cost of Education
Students spend much more on their education apart from the normal tuition fees. Some scholars contend with purchasing expensive textbooks and supplementary reading materials for their courses. Moreover, depending on your course, you need to dig into your pocket and purchase a reliable laptop, software, and other related technology. For students living off-campus, there are rent and utility bills to keep up with.
Ways to Stay Afloat
It is evident that scholars get the hard end of the stick when it comes to any economic downturns. Fortunately, there are various tactics to employ to ensure you survive during these tough times. Here’s some review from our experts on what to adopt:
Seek More Financial Aid
Sometimes, relying on a single financial aid can only bring disappointment in the long haul. Moreover, thousands of other applicants rely on a single application with the same faith. Therefore, it is realistic to spread your options to other financial aid programs for your college tuition and fees.
Some options include applying for merit-based scholarships awarded to scholars with academic achievements. Furthermore, you can also look into institutional and organizational grants for education fees and tuition.
Turn Your Skills Into Money
Instead of looking elsewhere for an income stream, start looking at what valuable skills you have that can turn into cash. Are you an ardent writer with refined writing skills? There are multiple income streams to pursue, such as freelance writing or copywriting.
Students pursuing graphic design can employ their soft skills in freelance graphic design gigs such as printing logos or creating custom designs for school apparel. Moreover, other students can explore their photography hobby by attending events and capturing photos and portraits for sale.
The options are endless, depending on your skill set. Read the market and identify a gap that suits your profile. Afterward, harness your skills and ensure you provide top-notch services. Visit online sites, community programs, and platforms to find these opportunities.
Online Sources and Resources
Spending more on your textbooks and study materials can limit your financial freedom in financing other study activities. The education world is rapidly changing, with new learning techniques for learners.
Online courses are gaining much popularity due to their less capital-intensive nature. Moreover, most international academic institutions are rolling out accredited online courses for scholars. Instead of choosing traditional classes, you can opt for an online course with fewer tuition fees. Moreover, it cuts down on-campus living costs, budgeting, transport, and food.
In addition, online courses provide an opportunity to individualize your learning pace. Getting one-on-one learning with your instructor in a traditional classroom is hard. An online course can tailor your learning experience to your strengths and weaknesses.
Internships
An internship is a cost-effective way of earning job-related experience. It is the perfect way to view knowledge acquired in the classroom and apply it in a real-world scenario. The learning experience from an internship instills lifelong skills that help a learner explore their career options.
Furthermore, it allows scholars to gain field experience in their preferred career paths. This opportunity gives intern an added advantage over their peers during a job application. Most employers need experience in these starting roles for easier integration into the workplace.
Apart from adding experience, these opportunities expand your network. You get a chance to connect with other professionals in your related field. It becomes easier to depend on these connections for future job openings.
Final Thoughts
The economic downturn is a major worrying sign over the future of one’s academic pursuits. Hopefully, there are a few strategies to employ and cushion yourself against the harsh realities of seeking education in today’s world.