College life is an exciting time of life, but it can also be stressful, especially when it comes to managing your finances. According to a recent national survey, 59% of students considered dropping out of college because of financial stress. With the current student debt at an all-time high and federal ruling still debating the legal standing of forgiveness programs, it is important to know what resources are available to help save money, avoid debt and achieve financial stability on campus.
Budgeting is essential to staying financially stable in college. Unfortunately, many students enter college without a solid understanding of how to manage personal finances. Based on these factors, the University of Toledo provides several resources and services to bridge this gap. The Rocket Financial Wellness Center offers assistance with budgeting, managing debt, apartment hunting and financial literacy courses for students to get on track. Along with these financial resources, the Center provides money management tips, including recipes and a budgeting app to assist with managing food costs and affordable alternatives for meals. Through these resources, students can also save big just by preparing meals at home, using alternative transportation like biking to campus and trying free or low-cost entertainment options like going to the recreation center or joining a student organization on campus — quality of life doesn’t have to be sacrificed to save dollars.
However, for some, these strategies alone will not cover the bills, so finding part-time work is needed. Rocket Career Services is the one-stop shop for campus jobs, with new updates daily for students looking for extra financial support and professional work experience. Their office provides resources to help students look for internships and prepare for the job market, with staff trained specifically for resume help, assistance with interview preparation and a wardrobe at the career closet.
Achieving financial stability and understanding in college doesn’t have to be an override of an academic pursuit — seek financial advice and support within a few steps on campus!