Students may face severe financial hardships while attending college, and the cost of essentials like food and transportation has only increased due to inflation. Fortunately, students may combat rising inflation by learning how to budget their money, using discounts for students, walking to school instead of driving, and enrolling in distant learning courses.
This post provides advice on how to cut costs while attending college. Learn about potential rebates for supplies and utilities, more economical shopping techniques, and strategies to lower the cost of tuition.
Effects of Inflation to Students in the Philippines
All individuals are impacted by inflation, but college students may be particularly affected as they frequently choose to forego full-time jobs in order to devote more time to their education.
To find out how inflation impact education in the Philippines, continue reading:
1. Every day needs
The majority of a student's meager budget is used on basic necessities such as food, personal hygiene products, transit expenses, and so forth.
Their ability to pay for their more expensive education becomes challenging when a sizable portion of their money is already going toward things that are essential.
2. Health-related difficulties
Students frequently struggle to make ends meet and eat three well-balanced meals a day since they are trying to live cheaply and control their spending.
Most of the time, the food at nearby eateries and canteens is of poor quality, which is bad for the health of students. Thus, inflation raises health care prices and makes it more challenging for students to afford their education.
3. Textbooks
Textbooks are necessary for students to study, yet their cost is going up every year. The publishers place the responsibility on the paper makers, who then attribute the price increase to rising costs.
In the Philippines, costs are still somewhat reasonable, particularly for non-professional courses and public colleges. But be ready to empty your piggybank if you intend to study to a private school.
4. Education costs
Private institutions demand exorbitant tuition because they guarantee both education and employment in reputable businesses.
Because the tuition at these institutions is too expensive for the average person, it is thought that only wealthy individuals can afford to enroll in architectural, medical school, or any other prestigious college that offers degree programs.
5. Funds for education
As a result of authorities having to make adjustments to various expenses, inflation directly affects education sector budgets and teacher wages.
Professors and other support workers are driving the search for short-term, high-paying jobs because they need to make more money. In the end, this action lowers the quality education.
6. Fees for housing
In order to save the cost of the daily trip to school, several students choose to live in dorms or rent houses.
Housing costs are very high, though. While looking for a place to reside as paying guests, students attempt to locate the lowest rent possible, but the expenses keep going up.
Because housing prices are a greater concern for the average person than educational expenditures, inflation has an impact on schooling.
Ways to Assist College Students in Adjusting to Inflation
Students are especially susceptible to the effects of inflation due to growing tuition costs, increased personal expenses, and the potential need for additional loans for paying for the same degree. This is particularly true for students who eat and live off campus or whose college has raised the cost of room and board.
Since there are so many variables that affect the length of time this inflation cycle will run, it is unfortunately difficult to anticipate. As such, it would be prudent for students to start planning now for the long future and how to deal with it. Continue reading to learn how a college student may deal with inflation.
1. Submit a scholarship application
There has a long history of lowering college prices through grants and scholarships. To assist students in defraying their educational costs, numerous institutions and organizations provide scholarships of varying levels. Furthermore, while each scholarship donor establishes their own requirements, you might not have to place first in your school to be eligible for this kind of help.
2. Register for discounts for students
Students in college may be eligible for savings on a variety of products, including food and travel. For instance, under the "Student Fare Discount Act," or RA 11314, which was enacted by the former president Rodrigo Duterte, students are eligible for a 20 percent discount on travel charges.
In a similar vein, electronics firms such as Apple, Samsung, and Dell provide discounts for students on laptops, smartphones, and other devices.
3. Think about purchasing or renting used books
Purchasing new textbooks each semester can add up. Thankfully, students have the option to purchase old textbooks or rent course materials. Try renting a book—either physically or digitally—through some of your university's websites or group chats if you don't intend to keep it.
Make sure you will only need the textbook momentarily before renting one, though, as you don't want to find yourself in a position where you need it later on but have already returned it.
4. Think about selling or renting your used books.
You can save money and have extra money for your everyday educational expenditures by renting or selling your used books. It will also benefit other college students who are going through issues that are comparable to yours.
5. Examine Your Spending
take a moment at the beginning of every month to examine and analyze from your previous month's costs to your future education expenses. Sort every transaction into two categories: required and unnecessary, then compare the two.
Rent, school supplies, and personal hygiene costs are examples of necessary expenses. On the other hand, expenses like unnecessary internet streaming subscriptions, purchases made through food delivery apps, and trips to coffee shops most likely aren't. Examine your balance between essential and superfluous purchases to identify areas where you might make savings.
Prior to making any unneeded purchases, be sure your essential costs are met. Even better, try to completely eliminate needless expenses.
6. Education loans
Grants and scholarships are not the same as student loans because the latter require repayment of the borrowed funds. Students must repay their loans in accordance with the regulations and conditions outlined in the loan arrangement, whether they are from banks or the Philippine government.
Even though you will eventually have to repay the loan, it relieves some of your immediate financial strain. After a predetermined loan period, or after receiving your degree and starting your first employment, begin repaying the loan amount that you used for your studies and graduation. Also student loans is cheaper than other types of loans and do not have raising interest rates.
Conclusion
The effects of inflation, a worldwide phenomenon, are felt by students from elementary school through higher education.
The urgent problem of inflation prevents children from growing to their full potential since less families can afford to take their kids to college or university.
You now know how inflation impacts schooling, but your major worry is still how to manage inflation while saving cash for your graduation costs. All things considered, these results emphasize how critical it is to comprehend how inflation affects pupils and how crucial it is that the Philippines develop efficient coping mechanisms.
