Individuals between the ages 16 and 35 make up almost 26% of the United States consumer demographics, and nearly 50% of those under this age group are in college. However, like any other age, income, race, or social status bracket, college students are also consumers. But, apart from the basic necessities such as food, clothing and shelter, they have other equally important needs to spend on.
Among these needs are education (comprised of tuition, required and other miscellaneous fees), transportation, and everyday living allowance. And being students, they have no choice but to live within their means. Others even take on part-time jobs in order to suffice their needs.
But one phenomenon that heavily affects the budget of an average college student is economic inflation. When the dollar falls, prices of consumer goods increase. The problem is, higher prices affect everyone, regardless of them being employed or not. This poses a dilemma for college students since despite carrying the burden of tuition expenses, they still have to make adjustments with their ATM (Automated Teller Machine) fund in order to meet their needs.
Gas is one of the commodities most college students consume on an everyday basis. Unfortunately, the price of gas is among those commodities that are immediately affected by inflation. Some students resort to living in dormitories or nearby residences to cut spending on gas, but the cost of living in these areas cancels out whatever benefit they may get from saving on gas. Students thus resort to loans and financial aid; others, meanwhile, decide to stop.
This is why scholarships are a necessity. Scholarships help students meet their necessities and open avenues towards career opportunities, which students need especially in this time of steep global competition for jobs. Most of all, scholarships protect students from the consequences of inflation, since spending on their necessities are more like an investment, as they would be the ones dealing with the country's economy in the near future.
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