Economic downfall affects students' futures
Edward Humphrys
Issue date: 10/24/08 Section: News
As financial conditions continue to worsen, Americans on all economic levels are beginning to feel the constraining presence of hard times.
University students, who are potentially some of the most economically vulnerable citizens in the marketplace, may in the near future become some of the hardest hit from the economic downfall as the solution to paying tuition becomes more elusive.
Though scholarship opportunities should remain unaffected by economic conditions, the uncertain future of bank lending to private citizens may make student loans difficult to obtain for some in the future, perhaps causing increased competition for some academic awards such as grants and scholarships.
Students approaching the completion of their studies will face a unique set of challenges. A slowly rising unemployment rate may concern some as they prepare to enter the job market to pay back student loans in a time of increased competitiveness, causing some to scale back plans for the future.
The sum of these factors produce a mixed reaction from UA students, with attitudes ranging from mild concern to unaffected confidence.
"I actually have considered changing majors because of the economy," said David Franz, a sophomore vocal performance major. "It makes me think about the career I want to follow because I want to be able to make some money in the future, if anything. I'm a vocal performance major, so I have to consider who is going to attend the opera in ten years when no one has any money.
"Right now, I'm looking for a job because I'm starting to spend out of my means with prices going up," he said. "I want to do more to change my lifestyle to save money, though I do eat out less now."
Franz represents a group of university students unsure of the applicability of their chosen academic majors in an unforgiving economic climate. The situation is quite different for students of some majors who feel more confident about their prospects in the coming years.
University students, who are potentially some of the most economically vulnerable citizens in the marketplace, may in the near future become some of the hardest hit from the economic downfall as the solution to paying tuition becomes more elusive.
Though scholarship opportunities should remain unaffected by economic conditions, the uncertain future of bank lending to private citizens may make student loans difficult to obtain for some in the future, perhaps causing increased competition for some academic awards such as grants and scholarships.
Students approaching the completion of their studies will face a unique set of challenges. A slowly rising unemployment rate may concern some as they prepare to enter the job market to pay back student loans in a time of increased competitiveness, causing some to scale back plans for the future.
The sum of these factors produce a mixed reaction from UA students, with attitudes ranging from mild concern to unaffected confidence.
"I actually have considered changing majors because of the economy," said David Franz, a sophomore vocal performance major. "It makes me think about the career I want to follow because I want to be able to make some money in the future, if anything. I'm a vocal performance major, so I have to consider who is going to attend the opera in ten years when no one has any money.
"Right now, I'm looking for a job because I'm starting to spend out of my means with prices going up," he said. "I want to do more to change my lifestyle to save money, though I do eat out less now."
Franz represents a group of university students unsure of the applicability of their chosen academic majors in an unforgiving economic climate. The situation is quite different for students of some majors who feel more confident about their prospects in the coming years.
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