Olivia Russo
Editor-in-Chief
College students today have an increased level of financial strain and money anxiety, as the price of education rises, along with the costs of everything else around them increasing. Currently, most students pay for their own tuition, their bills and any other expenses they may need covered to get through the week.
Due to this strain, students have a higher risk of dealing with mental health crises along with school burnout, which can negatively impact their grades. In a national survey conducted by Ellucian, 59% of students considered dropping out and 80% reported a negative impact on their mental health, because of financial stress.
“Paying for basic necessities, rent, gas is becoming increasingly difficult,” Katie Berger, strategy director at Lumina Foundation, said. “Then to layer on top of that, tuition, fees, parking on campus, books…it’s a lot for students to balance. Of course, you’re also having to spend time in the classroom and on homework that often means you have to cut back on working hours.”
According to the Lumina Foundation, 47% of students do not rely on their parents for financial support during college. BCU reported that 78% of college students feel effects on their mental health due to financial issues.
Students are often juggling both work and academics during the semester, which means that they often choose to focus on one over the other, leading to a decrease in either their pay or their grades. If a student were to cut back on their job, they would not have money to afford school, but if they were to cut back on their schoolwork, they may not be able to pass their classes. This strain can lead to negative consequences, which can manifest both physically and mentally.
“This anxiety is like any other anxiety, so that can manifest in multiple ways for different people,” Elleni Koulos, director of counseling and psychological services, said. “Some people get stomach aches when they’re feeling worried or anxious. Some people get headaches.”
Koulos added that students may experience impacts on their eating and sleeping habits. They may lose sleep due to worry or various commitments they have made to different things, or loss of appetite because they do not feel well or do not have money to pay for food.
“That’s one of the top reasons why students are taking a break from college or from classes, so it can impact them academically as well,” Nicole Mullis, senior consultant on the higher education team at the JED Foundation, a nonprofit that protects mental health and prevents suicide, said. The founders, Donna Satow and Phil Satow, started the organization after their son, Jed, died by suicide.
To help combat this issue, a few colleges and universities across the country are developing programs to offer students some additional financial aid that they can use to help them afford the semester. Originally rising during the COVID-19 pandemic, the packets have since slowed, but there are efforts to bring these programs into the forefront of higher education.
There are also general efforts and resources that may be available to students if they feel a strain on their finances during the school semester. The JED Foundation offers an online resource center where users can watch videos of real-life stories, get advice and learn about the topic itself.
“We encourage students to remember that most colleges and universities have some sort of resource on campus that can help with financial literacy or understanding,” Mullis said.
The University of La Verne does offer some resources for students and faculty struggling with financial issues. Rick Hasse, instructor of accounting and finance, offers financial coaching, which can help students make a budget and navigate financial worries.
“I run into these situations all the time with our financial coaching,” Hasse said. “We have a program here where students, faculty and staff can come and talk about financial problems and financial issues.”
Hasse shared that there is a common link between lack of knowledge and financial woes.
“Most of the students who come to school here are never fully explained about their debt situation when they’re borrowing student loans,” Hasse said. “No one ever sits down and explains it to me.”
There are also mental health resources, like CAPS, Tri-City Mental Health Services and TimelyCare are available for all students at ULV to speak about and normalize their fears.
“We can teach them coping skills,” Koulos said. “Everyone has coping skills, some are positive and some are negative. So we can help the student assess what their coping skills already are.”
The biggest thing when it comes to money anxiety is normalizing for others so they may not feel less alone.
“This is a challenge a lot of students face, and we’ve seen some real resilience and strength of students figuring it out,” Berger said.
Olivia Russo can be reached at olivia.russo@laverne.edu.
Olivia Russo is a senior journalism major with a concentration in print/online journalism and a minor in criminology. She is the Editor-in-Chief for the Campus Times for Spring 2026. She has previously served as the News Editor, LV Life Editor, a photographer and a staff writer for the Campus Times, as well as a staff writer and photographer for La Verne Magazine.
