Mariallen Moore
News Editor
Student debt is a daunting topic, and it seems to be a major topic among many MUW students.
Why is it such a difficult subject for many students? Is it because most students are forced to take out loans in order to pay for their education?
On top of tuition and fees, most students also have to have money to live on. They have to pay for food, gas and other essentials that are not cheap.
To add to the challenge of the cost of living, it is hard for students to budget. Budgeting as an adult seems a little more feasible because they do not have to balance a class schedule, studying and homework. They go to work, make money and live. It is much different for students.
Anna Clark, an English major at The W, is outspoken about the horrific topic of student finances.
Clark expressed her frustration with the apparent never-ending cycle of debt. She explained that, in her opinion, there is no way to avoid debt in life.
“Everyone has debt,” Clark stated. “Debt is unfortunately a part of life, and you can’t avoid it.”
Like many college students, Clark has a job and has taken out student loans. She does not have much financial assistance outside of herself.
As far as a budget goes, Clark uses her paycheck in terms of the amount of money she has to spend. She also has help from her partner, who primarily purchases groceries for the pair. Clark uses the majority of her money to pay for bills. What she has left goes toward gas and smaller purchases throughout the week.
When the pair does go grocery shopping, they are particular about a few name brand things, such as coffee, drinks and other certain groceries. However, in order to save money, they will purchase generic brand items or whatever is on sale.
Clark has found that there is no balance between work and school. Her major requires extensive reading and writing outside of the classroom. She works as many hours as she thinks she can, but she also has to set time aside for her schoolwork.
“There is no balance,” Clark stated. “If I feel like I’m caught up on my school stuff, I’ll pick up an extra shift at work. I technically have available hours that I’m not working because I need that time to be set aside for school.”
Lillian Ergle, a first-year Biology major, is starting off her college career without student loans. She receives several scholarships from the university. Despite these scholarships, Ergle still worries about potentially having to borrow money.
“My biggest concern will be the possibility of getting student loans in the future,” Ergle stated. “Right now, I’m not too concerned.”
Because Ergle lives on-campus, she does not have as many bills to pay as Clark. She also does not have the option to cook in her living situation. Her shopping list is mostly comprised of junk food.
Ergle and her suitemates go grocery shopping about once a month, and they split the bill. This makes the financial burden a little lighter for everyone. She tends to use her flex dollars in order to save more money for herself.
Because she is yet to have a job, Ergle does not have much of a budget. Most of the money she spends throughout the month goes toward gas, rather than food and other expenses.
“I kind of don’t spend money,” Ergle stated. “That’s my budget.”
There seems to be very few financial resources for students. There is literature on personal finances, but most students do not have the time or initiative to invest time in financial information.
Dr. Andrew Luccasen III, a professor of economics and finance at The W, explained that after graduation, paying off student debts can be unsettling for students because it is typically a foreign process.
When it comes to paying off debt, Luccasen said that it is very important for graduated students to be aware of the terms of their debt.
“If someone does not pay the minimum every month, their debt is probably getting lager over time, not smaller,” Dr. Luccasen stated. “My strongest advice is to contact the creditor to make sure what the minimum payment is and when it is due.”
Student debt is an intimidating issue for many college students. The lack of resources makes student finances even more of a problem for young people.
After graduation, it is important for graduates to reach out to their creditors to make sure that they have all of the information they could possibly need.
Being aware of loans and the process of paying them back can make the process of paying off debt a little more manageable and less daunting.