The Price of a Degree: Can College Affordability Be Saved?

Being in charge of your own finances can be a scary thought at first, especially as a college student. That doesn’t mean it’s impossible.

Each and every student has different experiences when it comes to money management within college. This can range from parental assistance to university and federal aid, or even being completely on one’s own with finances.

When first entering college, there are many thoughts racing through the minds of students. Isabella Roque, a Class of 2024 alumni who’s now studying for her Master’s at Loyola University Chicago, said, “It is hard being a full-time student and then trying to manage that with a job to pay for college. I am privileged enough to have parents that are helping me with finances for undergrad and grad school so I am not alone which does take the weight off of me.”

Even with parental help, finances are stressful. It is difficult to attend many classes while also having to pay for things such as tuition, books, transportation, food/meal plans and daily essentials, all while still having the time for a social life and personal needs.

Being aware of what resources are available can make for an affordable college experience.

Megahn Webber, the Associate Director and Financial Aid Counselor in Elmhurst University’s Financial Aid Department, talked about what advice she would give to current-day college students.

“My biggest piece of advice is to do the work,” said Webber. “There’s going to be a lot of information out there, mostly new information, and it’s important to have a good understanding of how your financial aid works. This takes time and effort, but if it helps you avoid costly mistakes, it’s worth it. A lot of this information can be researched on your own, but the Office of Student Financial Services is the best resource available to Elmhurst students to gain a better understanding of their situation and options.”

College affordability has changed so drastically over the years that it can be hard to keep track of. There are also many students who don’t have family figures who attended college, and aren’t as aware of the extent that students go to for maintaining a consistent income while also affording school. This is also known as being a first-generation student.

Money is a consistent thought in students’ minds. According to the National Institute of Mental Health, 74% of students worry about their finances and 34% find it to be extremely stressful. According to Education Data Initiative, between the years 2000 and 2022, the average tuition cost spiked by 13%.

“I’m really fortunate that I don’t have to stress over tuition… My tuition and housing is paid for through the University… But I still think about money when it comes to food, books, and personal expenses,” said Chelsea Antwi, a current student at EU. “I see a lot of my friends worrying about debt, and I know I would’ve had to take out loans if I didn’t get my scholarship.”

Even though finances can be very stressful, there are ways of handling it. There are resources that are accessible and supplied by EU to better one’s college years financially.

Careen Hazelgrove, a current student at EU, said, “I rely on Parent PLUS loans, stabilized loans, unsubsidized loans, as well as additional scholarships that the school provided me.”

Students from lower-income backgrounds seemingly have a disadvantage when it comes to attending as well as being able to pay for school.

“While students who are from lower-income backgrounds have less money available to pay for their expenses out-of-pocket, they do, in most cases, have more eligibility for financial aid resources such as the Pell and Illinois MAP Grants,” Webber highlighted.

Every student has a different story and reason for going to school, and they should have a right to an affordable education. Know what is available to students through the University as well as with FAFSA and take advantage of what can benefit your finances as well as future endeavors.