Wall Street woes take toll on students

Some fear they will have to leave USD if crisis persists

Annette Garcilazo / Staff Writer / The USD Vista

The passing of the economic bailout plan by Congress has shown that the United States is experiencing the adverse effects of an economy in recession. For college students, the repercussions of this economic crisis are confusing and uncertain.

The average college student must struggle with the rising cost of tuition as well as the added strain on personal finances. For example, an increasing number of college students are looking to stay on-campus rather than finding off-campus housing. Some students are holding down multiple jobs while maintaining a full course load and many students are cutting back on non-essential spending.

In a series of interviews regarding the current financial crisis, most USD students expressed that they were being challenged by the current state of the economy in one way or another.

Junior, Ashley Graham says that she is being affected both directly and indirectly. She feels it is more difficult to qualify for student loans than in the past: “If the economy was in a better condition, then [the institutions] would be more willing to give out loans,” Graham said.

She also mentioned that her parents have been struggling to pay the bills and that it has become more difficult for them to put extra money aside for college expenses as the economy continues in its downward spiral. When asked whether this would play an important factor in her decision to continue her education at USD next year, she responded, “It’s even affecting me this year. I’m not sure if I’ll have to transfer to another school for next semester.” Her remark was in reference to the financial aid programs which Graham expresses, “are not paying enough to be of help to me.”

Sophomore Nicole Russo reports that she has had to alter her spending habits: “My parents are actually discouraging me from going home because of the gas prices,” Russo said. She added that she is careful not to overspend on luxuries. In regards to her decision to remain at USD, she is determined to return, even if it means cutting back on some non-essentials.

The economic woes of our country are evident through these students, but what are the effects for USD international students?

Freshman Mannat Sra, an international student from India, stated that although she made her decision to attend USD before the economic crisis, the American economy has actually indirectly benefited her: “Because of the drop of the dollar and the exchange rate being what it is, I’m actually paying less to come here,” Sra said. This may not be true for all international students, but it certainly shows that other countries are being influenced by the economic downfall of the United States. Mannat explains that as the stock market in the U.S. plummets, so does the stock market in India which could have some effect on her budget in the near future. For now, Sra said that she has not had to change her spending habits and the economy will not change her decision to stay at USD.

Freshman Erin Nash believes the economy is not causing any immediate changes in her lifestyle. Even after three years abroad in Thailand, she states, “I’ve always been careful with the way I spend my money so there really is no difference from now and then, here or there.” Nash believes that she will be able to remain at USD so long as the government continues with the programs that covered her costs this year.

For most students at USD, the receding economy has definitely shaped how their families will budget expenses so that they can make it financially to graduation. However, one can only imagine what lies ahead for the seniors of USD and what they will have to deal with in the job market after graduation.