Financial Wellness for College Students

Finances can be a serious point of stress for college students, even causing students to drop out. Make sure you prioritize your financial wellness.

September 30, 2021

Financial Wellness for College Students

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Financial Wellness

The definition of financial wellness varies depending on the individual's comfort levels and goals. At its core, financial wellness indicates the ability to progress towards long-term financial goals while meeting current needs. Each person's college experience differs, but most learners must secure funds for living expenses, tuition, supplies, and emergencies. Most students can achieve financial wellness with hard work and a solid strategy.

This guide explores short-term needs, long-term goals, and methods to ease financial stress. The following sections also examine ways to minimize and repay student loans.

Finding Balance Between Money and Health

true Q. What is financial wellness?

Financial wellness is the ability to pay for current needs while saving for long-term goals, such as retirement, a house, and college.

true Q. How much does college cost?

According to the National Center for Education Statistics, room, board, and tuition for the 2017-18 academic year cost an average of $17,797 at public institutions. Private nonprofit and for-profit schools cost an average of $46,014 and $26,261, respectively. Learn more about the cost of college using this calculator.

true Q. How does financial wellness affect health?

A 2019 study by Fidelity Investments found that financially stressed employees were less likely to get enough sleep, receive flu shots, exercise, and maintain a healthy weight.

true Q. Is tuition cheaper for online programs?

Many colleges offer discounted online tuition rates. Additionally, schools often waive student activity and campus maintenance fees for online learners.

Short-Term Concerns and Solutions

One of the essential pillars of financial wellness involves meeting short-term needs. Creating and following a budget can help students live within their means. Typical line items for a college budget include basic needs, school costs, and family needs. This section explores budgeting strategies, along with scholarships, loans, and public assistance options that can help learners achieve financial wellness.

Long-Term Concerns and Solutions

The ability to save for long-term goals marks another pillar of financial wellness. This section examines methods for paying off student loans, building credit, and saving for primary financial goals.

College Students and Financial Stress

Financial stress often affects young adults during their studies. According to a survey by FundingU, 54.65% of college students in 2017-2018 reported they did not have enough money to pay for college. Of these respondents, 52.86% indicated that money issues delayed their graduation date.

Additionally, stress surrounding student finances can affect mental health. Students who must consider quitting academic programs before graduating due to financial concerns report a decline in psychological health, according to a 2013 study.

Learners struggling with mental health should contact their school. Many colleges and universities provide free counseling services. A college education is an investment and often leads to higher-paying positions. By prioritizing financial wellness early in life, individuals can begin working toward their future goals.

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AffordableCollegesOnline.org is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

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