A Rich Man's World

This article is part of our Spring 2022 print issue. See the full, digital version of the issue here.

Let’s be honest with ourselves. Money is everything. Okay—maybe not everything, but it’s definitely more important than people are willing to admit. Finances are a sensitive subject across all economic classes. From elementary school to retirement homes, the topic of money can always be difficult to discuss. Although personal funds may be a commonly unspoken subject, the amount of money an individual has often reveals itself in different ways. 

When we were kids, the type of sneakers worn on the playground mattered. Then, slowly and somewhat silently, brands of shoes turn into what college you attend (if you attend college), what your zip code is and what type of car you drive. These things are materialistic, and while not everyone cares whether you sport a Honda or a Porsche, having money still makes a difference in life.

The question of whether or not money buys happiness is debatable, but it definitely provides individuals with an advantage. This monetary leg-up can purchase all sorts of benefits—and not just materialistic things.

Money is the difference between life and death. The difference between having money and not having money determines where you buy your groceries, whether or not you have healthcare, where you go to school and many other aspects. Almost every choice made in life is determined by how much money an individual has, whether acknowledged by society or not.

As college students, we’re all over the spectrum when it comes to our money—and Elon is no exception. 

On Monday, November 15, 2021, Elon University announced that it would be raising tuition by 9% for the 2022-2023 school year, bringing the total tuition—including room and board—to $56,127 per year. For some students, the tuition increase is a small price to pay considering the quality of education that Elon provides them with each day. But for others, the tuition increase brings stress and apprehension. 

This anxiety does not come without reason, with the Student Loan Debt reaching $1,750,707,560,000 in 2021, according to the Education Data Initiative. As of 2022, 43.4 million people have some amount of federal student loan debt. According to the Education Data Initiative, the average federal student loan debt balance an individual has is $37,113.The pandemic did not help the rise of student debt either, with the nationwide total student loan debt balance increasing by 8.28% in 2020 alone. In summary, students are struggling.

The average day of a college student is hectic. From classes to meetings, to appointments and applications, students are lucky if they make it to bed before midnight. Added financial stress is the last thing most college students want.

For many working students, there is no choice when it comes to having a job. One Elon student, who chose to remain anonymous, shares their experience with juggling a job while enrolled as a full-time student.

“Getting a job in college was not required for me, but highly suggested by my parents. Without a job in college, I would feel financially unprepared for life after college. It was important for me to feel financially stable and independent. I am definitely more stressed and busy. I feel a weight on my shoulders. It is hard for me to prioritize my job or the quality of my academic work. That is definitely a difficult decision I feel I shouldn’t have to make. Having a job just adds more items to my long to-do list. I often have trouble focusing on my academics in class and outside of class, because my job has so many requirements.”

Another student, who also choose anonymity, described the stress that juggling a job with academic responsibilities puts on their mental health.

“I often find myself very overwhelmed when balancing my class and work schedules. I understand that I have agreed to make time for both commitments, but it can be quite challenging to impress employers and still manage to complete the hours of homework and out-of-class projects professors assign. When juggling both, my motivation decreases, which oftentimes does not help with my mental health. I tend to overwork myself and not give myself enough time to rest or hang out with friends. Getting my work done can be a challenge when working shifts and trying to stay actively involved with other organizations on campus. Elon gives students so many amazing opportunities for involvement, but it can be quite difficult to make time for multiple organizations due to your course load.” 

College is notoriously known to be some of the best years in a person's life. With these years comes academic, social and financial stress. The more commitments one adds to their schedule, the less time they have to focus on their well-being and academics.

It is important to remember that money means a lot, and everyone comes from a different place. Conversations need to happen, but even more so, assumptions need to not happen. Respecting different backgrounds is a crucial part of having productive conversations regarding money, and we at The Edge encourage people to be mindful when they choose to engage.