Economic instability is one of the most critical issues facing college students. Data on the financial crises young adults face demonstrates a severe need for institutional intervention — which UNC has failed to live up to.
According to Ohio State News, nearly 60 percent of college students say they feel worried about having enough money to pay for their education, and rightfully so. Tuition rates are higher than they have ever been, increasing at a much more dramatic rate than the median household income.
Additionally, college students from low-income families face more responsibility regarding financing their future. Many must find part- or even full-time jobs to support themselves during college. Working while attending school is the new normal for students, with 80 percent having a job while enrolled in college, according to research from Anthony Carnevale, director of the Georgetown University Center on Education and the Workforce.
Most of the time, these jobs help with paying monthly bills rather than covering tuition or loans.
Meanwhile, working part or full time while taking classes can jeopardize the quality of these students' academic performance.
More than half of the 6 million low-income students who work 15 hours or more had an average of a C or lower, according to Carnevale's research. Struggling with finances as a college student isn’t a new concept, but the larger issues associated with economic instability among students go beyond simply needed to work.
The most severe consequence of economic instability among students is homelessness. A startling 17 percent of community college students report experiencing homelessness, according to a 2019 survey of 167,000 students by the Hope Center for College, Community and Justice. Around half of students surveyed reported housing insecurity, only being able to pay part of their rent, not paying bills, sleeping regularly on a friend's couch or sleeping in their car.
While the full extent of the issues students face isn’t always visible, colleges and universities are taking some actions to help. UNC, among many other institutions, offers need-based financial awards, laptop and technology grants and departmental awards.
"The University and the Office of Scholarships and Student Aid is fully committed to providing an affordable undergraduate education to every student who earns admissions," said UNC Vice Provost for Enrollment Rachelle Feldman in an emailed statement.
