In recent years, the cost of living has increased significantly. The price of essential items such as food and clothing has risen sharply, while the cost of housing and transportation has also gone up. This has made it difficult for many people, especially students, to make ends meet. In this article, we’re going to focus on students and how the rising cost of living is changing their lives.
Cost of living impacts all areas
Education
The rising cost of living is making education unaffordable for many students. The price of tuition, books and other necessary supplies is doubling and showing no signs of slowing down. Many students are being backed into a corner and being forced to take out loans in order to pay for fees and living expenses. Those who already have loans are using online platforms to search for rates when it comes to refinancing student loans into a single one. They’re doing this in the hope of saving on interest rates and securing better repayment terms.
Housing
If you are a student or a parent of one, you’ll already know that securing safe and decent accommodation is simply not possible in some cases. The average rent is increasing at a rate that we’ve never experienced before and students are being forced to choose a college that is closer to home in the hope of saving on accommodation, travel and living expenses.
Day-to-day expenses
The cost of food, fuel and general items is going up across the board. Making lunch is getting more expensive. Getting coffee with friends is getting more expensive. The cost of going out at night to a bar or club is increasing. The price of clothes is making it impossible to go to the mall for a shopping trip. Every single element that makes student life so great is being taken away slowly and it’s the huge hike in prices is to blame. Many are now swapping nights out with friends for a night shift at the local bar. Others are being forced to live at home with their parents as leaving just isn’t possible financially.
Fuel prices
Most students dream of riding off to college in their own car with a trunk full of hopes and dreams. The recent hike in fuel prices is putting a stop to that dream as many are not able to afford to buy and run a car. Finding things to do without a car is now commonplace and using buses and bikes is replacing cars as the most popular form of transportation for getting to and from college. Lots of students are walking more and those that are lucky enough to have a car are carpooling in the hope of saving money on fuel.
Energy prices
Rising energy prices are affecting students all over the world, especially those that live in areas that experience harsh winters. Governments are starting to take notice of the problem and are working on ways to help their citizens cope, but there’s no sign of any decrease in rates coming. In fact, things are about to get even more difficult.
Energy bills are increasing at an alarming rate and the knock-on effect is staggering, affecting students in more ways than you might think. Many are studying in the cold instead of turning the heat on. It’s uncomfortable and student grades are suffering as a result. Others are spending more time on campus to study, which is having a negative impact socially as students are spending less time together off campus doing all of the things that make college one of life’s best experiences.