As a low-income, first-generation student, my financial journey has been difficult. While I can say I am secure with my background, as it shapes who I am today, that may not be the case for students who share a similar story to mine.
Coming into a diverse campus like UT, incoming students will meet peers with varying upbringings, especially financially. The problem lies in the fact that students from low-income households may face financial insecurity at some point within their college experience.
Although most low-income students receive Pell Grants and other financial resources, the rising costs of living are making it harder for students to fill the gap between education and living.
“I was applying for the FAFSA (again), and seeing just how (many) loans I actually had was an eye opener,” said journalism junior Derrick Licon. “With everything else, like studying (for school or) keeping your social network up, (everything) just feels super daunting, especially if you’re having to work alongside school. You feel like you’re working to just pay bills.”
When specifically talking about first-generation students, a 2023 study recorded that around 80% of students struggled financially in college. Out of those who were first-generation, 68% had basic needs insecurity, such as housing and food.
Isaiah Santoya, a public health and exercise science senior, comes from a low-income household and is the first in his family to attend college.
Santoya defines financial insecurity as “finding it hard to make ends meet,” something he has experienced before. This occurrence has often held him back from enjoying his life as a college student.
“Sometimes I don’t go out with my friends because I don’t have the funds (or) just don’t want to (pay/spend more money/etc),” Santoya said. “I need the funds for something else, like rent (and) other bills.”
Financial insecurity can lead to mental health problems such as major depressive disorder or generalized anxiety disorder, due to high levels of stress and indifference between peers. If one prioritizes money over school, it can lead to problems regarding their education. Santoya offers his perspective to students who face these problems.
“Always think about the positive in the future and realize that this is just a stage in your life,” Santoya said. “This is going to pass, and don’t let what other people do make you feel bad.”
Licon provides his own advice.
“Be very discerning with what you actually do need (and) don’t need,” Licon said. “A lot of times it’s easy for us to convince ourselves we need something when we really don’t.”
At UT, there are many resources available to help students who face the difficulties of financial insecurity. UT Outpost is an on-campus food pantry and closet that provides free food and a variety of clothes for job fairs, interviews and internships. The Financial Wellness Resource Center offers different tools to help students get counseling for financial stability.
From struggling to having security, I have persevered through adversity that many students experience. I have skipped meals and worked strenuous hours to make ends meet, but I’ve learned a valuable lesson of detaching money from happiness that has carried me through the hardship.
Whether you are an incoming freshman or a seasoned student, financial insecurity is hard, but it can be overcome. Use this phase of your life as motivation to become the best version of yourself that you can be.
Estrella is an English junior from Corpus Christi, Texas.
