College Student Financial Health

Student’s Name: Tuor: Class: Date: College Student Financial Health Studies have shown that student financial well-being programs can lower learners' loan default, decrease financial stress, enhance academic performance and graduation rates, and educate them on how to manage their finances for a lifetime (Moore et al. 4). College learners have been faced with a significant challenge in their financial health due to recent increase in tuition costs, living expenses, and the increasing student loan debt. These financial challenges have not only affected learner's ability to pay for education but also their general safety, academic performance, and mental health. Understanding such factors is necessary to establishing solutions or programs that can support learners through their academic journey and beyond. This paper offers an extensive overview of the financial challenges experienced by college learners, how such challenges impact their safety, and the approaches that can help enhance their financial health. Financial Challenges Facing College Students The first critical challenge encountered by college students involves the rising cost of tuition. For the past years, there has been an increase in the state tuition and fee prices for college education all over the country. For instance, based on the Alabama Commission on Higher Education (ACHE), the state tuition at Alabama Public colleges and universities increased by 28.2% over the past ten years (Stephenson, para 4). Similarly, out-of-state tuition increased by 30.4%. Such high tuition costs are compounded by the higher costs of textbooks, transportation, and housing, among other living expenses, which create a financial burden for students who end up struggling to manage them. Moreover, student's reliance on loans is a critical challenge that affects their financial health. Reports show that in the U.S., learners lent about $15 billion in private student loans throughout the 2022-2023 academic year. The total student debt has nearly tripled for the past 15 years, from above “$619 billion in quarter one of 2008 to above $1.74 billion” in quarter two of 2024 (Moore et al. 4). With increasing debt and fallen wages, many of these borrowers struggle to repay their student loans. Even though the loans offer access to higher education, they leave learners with long-lasting financial respons...