Financial Challenges Facing University Students
FA120-Skills to succeed
Group Creative problem solving assignment
Megan Sweeney (12522637)
Anna Heffernan (12743239)
Ross Swords (12344681)
Word Count: two thousand two hundred and eight.
Section 1: Summary
| Pages 3 and 4
Section II: Details of the students challenge
| Pages 4 and 5
| Section III: Findings
| Pages 5 and 6
Section IV: Possible solutions and recommendations
| Page 6
| Section V: Recommendations
| Page 6
| Page 7
Section I: Summary.
After discussing our assignment as a group we recognised what problems and challenges may be relevant to university students. We felt the topic most relevant to ourselves as a group and the majority of university students, was the financial challenges faced by university students. For most students as they start university it is their first time living away from home which can create problems for both the student and their families financially with both the high costs involved in sending a student to university and the difficulties the student faces themselves in budgeting their weekly allowance. Many students struggle to prioritise their money correctly and often spend more money on socialising weekly than on the essentials such as food, and often there is little or no money left to put towards books and curriculum based activities. For the purpose of this assignment and to help ourselves as students manage our money in a more economical manner we have researched the problems and solutions which occur in the everyday life of an Irish university student.
Statement of the student challenge
The financial difficulties faced by a university scholar are brought about by the high cost of tuition fees which are constantly increasing as a result of poor management by our previous governments, the high cost of student accommodation for those students who have to move away from home to attend university. Students living away from home also have to have a weekly allowance for essentials, heating and electricity bills, and college equipment such as books, calculators, laptops and stationary. Many students that don’t move away from home face high travelling expenses each week with the cost of public transport constantly increasing as the government hike up the prices in order to attempt to get the country out of recession.
The significance of the challenge
We chose this topic as there is currently so much hype being created in regard to the economic crisis and the effect it is having on the cost of attending university which is creating huge financial problems for students and their families attending university. The government has majorly reduced the amount of financial aid available for undergraduates, many students no longer receive the grant payment which has resulted in many young people not being able to finish their degrees. Due to the current economic climate students are rarely able to secure a stable job so that they can support themselves, which forces many students to be dependent on government allowances. Again this causes financial problems for the students as the allowances available to third level students are minimal. We wanted to explore the different supports available to university students to help students overcome their financial problem’s. Section II: Details of the student challenge.
For each student attending university the average cost can vary significantly depending on whether they have to move away from home, travel a long distance to college daily or travel a short distance from their home to college each day. The following table gives an indication of the monthly cost of living in Galway as a student. These costs are an approximation only as monthly costs will depend on each person’s individual needs (NUIG Student-Life 2012). Accommodation
| 340 euro
| 260 euro
| 60 euro
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