Are you feeling anxious about tuition costs? Have you ever panicked when going to buy groceries?

If you answered “Yes”, then you are not alone!

Students today face significant amounts of financial stress due to the increasing price of education, the increasing price of living, and the very competitive job market. As a result, students must do more than just worry about when their assignments are due and what textbooks to buy – they must also worry about what they will do to financially support themselves.

The financial challenges that students experience do not only affect their financial status but they also impact confidence, ability to concentrate on their work, mental health, sleep patterns and quality of life as a student.

In the following article, we will tell you the various ways that financial stress manifests and how it affects the mental well-being of students. We will also discuss ways that students can manage their financial stress.

Exploring Student Financial Stress

Student financial stress has been misconceived by many. While it is often thought that students do not handle their finances well, the reality presents a much deeper and multifaceted issue.

Tuition and Academic Costs

Tuition has reached all-time high prices. Students are not paying only to take courses; they must also purchase additional course materials, such as books, required software, equipment, lab fees, and whatever technology or online resources may be needed to complete their studies. Some students even have difficulty paying these “small” expenses as a result of the accumulation of costs over several semesters.

Envision being required to purchase a textbook (that costs $120) for a single semester, along with three other required textbooks, class prints, and other required product materials. The higher the amount of these comparatively minor financial obstacles keeps building up a level of emotional stress that develops over time.

As a student now, there are so many more factors (financial) that make this stage of adulthood extremely expensive. Students experience rising rents, especially if you are renting a shared apartment, and; grocery prices, travel costs, cellular plan bills, internet costs, and utilities (an emergency, such as medical or auto repair), even though some students may pay partial amounts of rent if living with parents; yet, many still feel guilty for not being able to aid their family financially.

Understand the Concept of Loans:  A Double-Edged Sword 

Student Loans provide students with temporary financial relief, but they also can cause student long-term, mental pressure. The thought of graduating with a huge amount of debt often feels like the weight of the world on a student’s shoulders, the burden does not disappear when a semester concludes.

A Student’s 3 Main Questions

“Will I find a job soon?”

“What happens if I can’t pay my loan back?”

“Will my decisions always be controlled by my loans?”

All of these concerns are real and create stress in a student’s life.

Start Working While Studying the College

In the past students worked part-time while attending college, but due to the rigorous demands of college, students today work (nearly) all the time. While working full-time, many students max out the hours that they are able to work in addition to the numerous hours spent studying.

Over time, this type of lifestyle creates physical exhaustion and emotional burnout for students.

Financial stress in students is more than just a problem, financial stress becomes every day and impacts every part of a student’s life.

Financial Stress Can Show Itself in Different Ways In Mind And Body

Financial stress in students is not just something that exists in your mind, it is a tangible (physically and emotionally) feeling or experience.

Anxiety And Overthink Including Anxiety

Many students have shared that money stress is just an ongoing voice that they hear in their heads. They often will replay the questions over and over again: how am I going to pay my rent for the next month, what will happen if my income is not enough for this week, what will happen if I don’t have the funds necessary for my textbooks or tuition?

Sometimes that constant replay of this type of worry causes a great deal of anxiety and can impact how a student goes about his or her day to day lives.

Emotional Breakdown

Student financial distress can lead to emotional depletion and possibly depression for a student experiencing sadness, frustration and hopelessness when unable to resolve their financial obligations to others. This creates a sense of failure despite every effort made by the student to fulfil their obligations, leading to low levels of motivation to study, be social or even care for themselves.

Problem in Sleeping & Physical Stress

In addition to emotional exhaustion, students may experience physical fatigue or the inability to sleep. Financial stress in students causes the brain to continue to process all issues related to the financial problems. When students are under financial stress, they often have trouble falling asleep or get up numerous times during the night or sleep long periods during the day due to being physically worn out. As a result of poor sleep quality, students may experience the following effects: 

• memory
  
• focus
  
• energy levels
  
• mood
  
• decision-making
  

The rapid ramifications of student financial stress will affect different bodily systems, with those individual cases potentially leading ultimately to every other part of the body either physically, emotionally, etc.

More Students Are Experiencing Social Withdrawal or Isolation

Financial limitations prevent some college students from attending activities such as collegiate events, because these students lack enough disposable income for food/drinks/activities fees, transportation, etc. Many of these students have decided to separate themselves from friends/family rather than be open/honest regarding their financial situations. 

It is for this reason that students do not create or maintain a social support system and thus experience negative impacts on their psychological well-being from being socially isolated.

How It Impacts the Student’s Academics and How They Live Each Day

Lack Of Concentration

Students worry about their finances, which consumes the student’s available mental capacity for learning. When their mind is running through all the bills & debts, etc., it becomes hard to concentrate on the class material & to retain important information from class.

Descriptions of Burnout Caused by Schoolwork and Working

Keeping up with school and working long hours to make a living does take its toll. Some signs of burnout in patients include:

* Irritability

* Feeling numb emotionally

* Body exhaustion

* No longer participating in activities

* Physical exhaustion

* Frequent onset of illness

Burnout resulting from working and going to school can lead to breaking points in students’ health and also in their personal lives, thus leading to a lot of long-term health consequences. Financial/Financial Stress has long-term effects on an individual that do not go away after they graduate from their school, nor do they magically go away once they enter the workforce.

Long-Lasting Anxiety and Stress Disorders

Some students experience a lot of anxiety during their time in college and when they get out, it becomes a way of life. Eventually, some students develop generalized anxiety disorder, panic disorder, or chronic stress throughout their adult lives.

College Graduate Burnout

Many graduates will go into the workforce feeling tired, not ready to take on the world like they had envisioned. Many graduates settle for high-paying roles because of the need to repay student loans in a short period of time, versus following their passion.

Unhealthy Money Relationships

Some students will develop a fear of spending, even if the expense is necessary. Other students will completely avoid confronting their finances altogether. Both Behaviours are Rooted in Unresolved Past Financial Stress/Anxiety

Who is Most Stressed?

Certain student populations have higher levels of financial stress than others.

• First generation students may lack access to the appropriate advice regarding how to obtain financial aid.
• Low income students usually do not have access to any type of safety net or other available financial resources.
• International students usually incur additional charges and travel expenses, causing financial pressure in students. They are typically unable to obtain sufficient work experience to cover these costs.
• Students with children or other dependents face an increased level of responsibility.
• Students without sufficient financial knowledge may be at a greater disadvantage when it comes to budgeting and planning.

Each of these student populations will experience an academic environment shaped by the unique stresses that each group has experienced or will experience as a result of their unique situation.

Dive into Your Financial Reality 

Your financial reality may induce the same level of anxiety as your current work or academic situation. Financial stress and mental wellness can never go hand in hand. Your money has become a primary factor in how you perceive yourself, successful or otherwise. You are likely to replay the things associated with money in your mind while you are awake and unable to go to bed, causing additional anxiety. You may also find that the anxiety about money is not only mental, but is also affecting your emotional state, and is causing your sleep patterns to become disturbed, your ability to concentrate on your studies to diminish, and your need to be present at social events to diminish.

 All of these things may actually reduce or eliminate your ability to have true feelings of self worth and self confidence as you relate to others through social events, work, or school. It is also likely that you work long hours, do not rest properly, or take care of your personal needs to pay your bills, to pay for your school tuition, to pay for your necessities. All of these situations may mean that while you may not think of these things as affecting your mental health and well being, they likely do. Recognizing that these are truly related is that first step in finding ways to balance, and find support for yourself in creating a more positive financial future.

Helping Students Regain Control of Their Lives

Additional strategies for supporting students in achieving financial productivity and financial stability can be accomplished through the implementation of a small number of equally powerful methods that establish the foundation for the stabilization of their physical and emotional state. One of those methods involves creating an accurate financial plan or budget that creates an overview of where money is coming from and where to spend based on an accurate assessment of where the money is coming from and where to spend it. 

By providing students with a clear path to follow through their financial situation, the financial stress that accompanies a lack of control over their financial situation is significantly minimized. Second, students can pursue financial assistance or scholarships for which they have been determined to be qualified to participate, but most students do not apply for this type of support; this type of support is an excellent and valuable means of relieving students of some of the financial burden they are facing. 

Many colleges and universities across the nation have numerous programs on campus available to students free of charge (Counseling services, Tutoring services, Career services, Food pantry and Student support services) to assist in relieving the burden associated with being a college student and increasing the likelihood of student success. Another equally important piece of relieving stress related to one’s financial situation is the ability to share one’s challenges with family and friends (or even professional mental health services) to provide one with an additional source of support in addition to their own. 

In addition to these factors, students should work towards scheduling their studies around their financial obligations in order to achieve maximum academic success and optimum mental health as a student. Collectively, all of these factors create a stable foundation for students, reducing the financial strain on students and providing an opportunity for students to achieve a higher level of success and to feel empowered.

What Role Do Educational Institutions Play In Supporting Their Students?

Educational Institutions are a Vital Player in Reducing Financial Stress for Students

The investments made in the student’s well-being directly correlate with an increase in academic achievement, increased graduation rates, and ultimately increased happiness level. Examples of ways to invest in student’s well-being include: flexible payment plans for tuition; scholarship programs; emergency financial aid; mental wellness/counselling; stress management workshops; on-campus employment; and financial literacy resources.

AIU’s Ideology: Your Education should Elevate You, Not Burden You

At Atlantic International University (AIU), we are focused on financial flexibility; as we take financial stress and mental health of our students very seriously. Everyone’s money situation is different, so we want to provide a variety of options for when you pay your tuition or enrollment fees; Payment options must be affordable, secure, quick and simple. Therefore, AIU has developed multiple reliable payment channels, which allow you to control when and how you pay tuition or enrollment fees.

Payment options available include: Credit Cards, PayPal or Stripe. Therefore, no matter your preferred payment method or lifestyle choices, you can always find a payment method that meets your preference. So there is no money stress in students at AIU. The new mobile payment option (via Stripe) allows you to use either Apple or Google Pay, thus providing an expedited one-click payment option, for those in need of quickness and simplicity in the payment process. Payment flexibility will provide a more convenient way to handle finances while juggling work, family and school responsibilities and there will be no adverse effects of financial stress on students.

All three platforms (Credit Cards, PayPal and Stripe) are among the safest and quickest means of conducting business on the internet. When a payment is processed through any of the above mentioned trusted platforms, the payment will be processed using various security measures.

You will be protected: All payments are processed over secure, regulated banking channels that are monitored for fraudulent activities.

Your credit card details will be encrypted: Your credit card number and any personal information will be scrambled via state-of-the-art encryption technology, which means that nobody— including AIU—will ever be able to see your complete credit card number.

We accept most major credit/debit cards: We accept cards from almost all major card networks. So no matter if you’re using a Visa, Mastercard or American Express or one of the other major card networks, our payment systems will accommodate you in virtually every location around the world.

You do not have to have an account to pay for your class: You don’t need to register for a PayPal account or Stripe account. You can select the form of payment that is most convenient for you and process the transaction as a “guest”. Thus, we are able to prohibit financial problems among students for years. 

With this combination of flexibility, speed and security, you’ll have the opportunity to concentrate more on your education, as opposed to the stress of making payments. AIU wants every student to feel empowered and supported beginning the moment they begin their educational journey here. We value our student mental wellness.

To pay AIU, please visit: https://www.aiu.edu/tuition/# 

Your future is waiting for you to answer the question

Now is the time to Transform Your Future!

Join AIU now.

Take advantage of the opportunity to have a more balanced, flexible and empowering educational experience and keep student mental health issues at bay. 

Become part of AIU and enjoy an educational experience that is built to help you achieve your goals—rather than your worries.

Your Future is Nonnegotiable: Answer Your Future with AIU!

Author Bio

Ananya Biswas, Senior Content Strategist at Atlantic International University, blends creativity with strategy to craft compelling narratives. With 9+ years of expertise in content strategizing, creation and marketing, she champions in meeting high quality content standards and empowers global audiences through impactful storytelling and brand engagement.