Why Financial Planning is Crucial for Young Adults: A Personal Journey. Navigating the financial landscape as a young adult can be daunting, especially for those of us coming from low-income backgrounds or being the first in our families to attend university. As someone who has experienced these challenges firsthand, I understand the importance of financial planning and the profound impact it can have on our educational journey and future success. Transitioning from a community college to a university was a significant milestone in my life, but it also came with its own set of economic hurdles. University tuition is substantially higher than community college fees, and without a robust financial plan, managing these costs can seem overwhelming. …show more content…
However, this can detract from our ability to fully engage in our studies and participate in extracurricular activities that are vital for personal and professional development. Scholarships can significantly reduce the need for part-time work, freeing up valuable time for us to focus on our academic pursuits and fully immerse ourselves in the college experience. This holistic involvement is essential for developing a well-rounded skill set and building a network of peers and mentors, which can be beneficial for future career …show more content…
The constant worry of financial instability can be a significant distraction, affecting both academic performance and overall well-being. Knowing that there is a plan in place to manage expenses and secure funding through scholarships or other means can alleviate this burden, allowing us to focus more on our instructional hobbies and educational goals. Empowering Educational and Personal Development. Financial planning is a vital tool for young adults, especially those facing economic challenges. It provides a structured approach to managing money, sets the foundation for financial stability, and reduces the need for excessive work hours, thereby enabling us to focus on our education. For low-income students transitioning from community college to university, scholarships can be a critical component of this financial plan. They cover tuition and other associated costs, providing the opportunity to fully commit to academic and personal development.
Universities can be expensive, especially if the school is out of state or in current residency. Attending a community college to save money is a smart option for students.
One of the biggest issues that many students and parents have concerning college education is the cost. Due to the state of the economy, affording college has become very difficult. Fortunately, the government is able to provide financial assistance in addition to the University’s own financial aid. Case is a private institution which means that it costs more compared to a public college. The tuition for Case was approximately, $38,000 in 2007 not including living or book expenses. Even though there was a tuition rate increase for every following year. The only way I was able to afford the tuition at Case was because of the scholarship I earned. In addition, I received federal grants and a substantial amount of aid from the University. I did not have a free ride but I received a great deal of financial help to pay for my college education.
I know that through my hard work and dedication I can make my goals a reality. However, it may not be possible without these Scholarships. While my parents will help me in any way they can, I am hoping that my hard work and dedication to my studies pays off. I am a very self-driven individual who will accomplish any goal I set my mind on achieving. I am also aware of how without scholarships I may face a financial setback. I am hoping that through the help of scholarships I will be able to achieve all my goals in a timely
When students are looking for colleges to apply to, one consideration might be how much it will cost them to attend that college. This is a very important matter to consider because the cost of going to college is the highest is has ever been. Even though there is some aid to assist students in paying for college, those services are not available to everyone. Some students are awarded scholarships but some of them are only for a few thousand dollars, which means that they still have a considerable amount of debt to pay off. When you take into account the cost of text books, classes, application fees, and room and board, the final bill ends up being overwhelming. The large total at the end of the bill could scare students who cannot afford all of this. Lankford poses the question “Can anyone attend college?” He ...
With tuition rising every year, students face the challenge paying the debt achieving a college degree comes with. “Student debt surpassed credit-card debt in June 2010 for the first time in history, rising to about $830 billion — or nearly 6 percent of the nation 's annual economic output”(Clemmitt, Marcia). Not everyone has a ton of money just laying around. Being that financial trouble is the biggest problem for students, they begin to question whether college is worth it or not. In recent years, students have taken out loans to help with expenses. Most students choose to attend a community and junior college to help minimize the debt. Even after graduating with a degree, students still face the struggle of finding a job in this economic time. For higher class families this may not be a problem to them. But for the middle class and low income families, they face tougher times being that they don 't have the financial help like higher class families do. For the middle class and low income families, it makes more sense attending a community and junior college rather than a four year university.
When thinking about college the same fear is established in just about every student’s mind. How am I going to pay for college? With an increase in college tuition in the past ten years, that question has become more frequent. Whether it is a private or public institution, the price is still no pocket change and how to pay for it has become harder and harder to accomplish. In today’s society, the average person can not get as far as they’d hope without a college education. With that accomplishment of receiving a college education, comes the dreaded loans that some students have and pass on to their children.
College is one of the largest financial burdens in today’s society for many. Since the recession, people often ponder what the best financial options for students looking to go to college are and what path they should take to get them there. Being able to read other’s opinions on said topic can be rather beneficial for one looking into the possibility of furthering his or her education. Mike Rose, faculty member at the Graduate School of Education and Information Studies at the University of California, Los Angeles, and Karen Lawrence, the president of Sarah Lawrence College, have both shared their opinion for others to read by writing articles about this epidemic and stating what they believe to be the advantages and some of the possible downsides
To start, one considerable solution to help with student debt is working and saving. At this point in life, saving money is an easy strategy due to limited responsibilities and bills. Since many students are not yet independent in terms of living expenses, they are “reall...
Today’s college students are bombarded with ads, commercials and mailings telling us that we need to spend money to be happy. At the same time, many of us come to college very ill-equipped to handle our finances. Financial literacy, defined as "the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security," is important in our money matters as well as academic performance. Based on your understanding of financial literacy and experience (or lack thereof) of personal finance, 1) pick two personal finance topics (including but not limited to: credit cards, student loans, budgeting, saving, banking, and investment, etc.)
For those with limited income, paying for higher education can be a real struggle and trying to understand financial aid programs can be a real challenge” (DiSilverstro 84). While paying for college is a concern for virtually all students, regardless of age, this issue poses unique challenges for
The cost of postsecondary education is always rising and becoming very expensive for youth leaving high school to be able to afford. Most students unfortunately need to reach out to financial institutions for extra help with paying their tuition. This extra time will give students the opportunity to save and be prepared for the cost of schooling. This expensive cost can cause great stress on a student affecting their academic performance. Without any or very little experience in handling their finances prior to attending postsecondary education, students can find themselves in bad financial situations and life long debt.
Community colleges are a big step to being successful in the future as the schools are more affordable and can financially place an individual on the right track (Pauchila). Community colleges typically understand that not all students have enough money to receive an education through an expensive university. Although a student’s academic future can be intimidating, understanding the financial
For most people scholarships can be the only way one gets into a secondary school, but without being somewhat of a genius the task seems impossible. Scholarships are broken down into two categories; need based and merit based. Need based scholarships are just how it is written for those in need, while merit based are for those who succeed academically, artistically, athletically, and the list goes on. Just because students aren’t able to have all of those characteristics doesn’t mean they are not worthy of a scholarship. Every student tries hard in their own way, some may show more than others but some students face greater challenges. It all depends on the individual. Need-based ...
The financial planning process is the way by which strategies are being developed in order to help people take control of their financial affairs in order to accomplish life objectives and according to Siegal and Yacht (2009) the financial planning process is the repetitive process that clarifies goals, measures the present condition, identifies and assess alternatives, select, estimate the resulting circumstance and reassess and revise the plan. (p. 18) The elements of a good financial plan should include Specific, Measurable, Attainable, Realistic and Timely (S.M.A.R.T.) goals, knowing the current financial position by budgeting (assets and debt and income and expenses) and seeking professional help when making investment choices. It is
Foreclosure is an extremely serious topic for so many people. For some, it simply means that there are cheap houses on the marker, for others, it is the end of their lives as they know it. Ultimately, there really isn’t a solution to foreclosure, but there I have formulated a plan to help slow down the process.