Students Living a Champagne and Caviar Lifestyle or How to Run into a Debt

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Rich-Student 

Let’s take a brief look at college student housing. Spacious rooms in a modern block, equipped with flat screen HDTV, fitted kitchens, breakfast bars and en-suite bathrooms. There are also the designer interior items. The residents can access spa offering manicures, pedicures, facials and massages, workout rooms with virtual trainers, or rooftop pools with bars and cabanas.

No, I’m not confusing anything. These are student accommodation where luxury overshadows studying. Off-campus apartments are offered only to students for about $1,000 a month. This latest trend changes our picture of the way today’s learners live.

 

These posh spaces make one feel like being on a vacation rather than studying. Approximately 80 percent of these living complexes have swimming pools while only about 40 percent offer study rooms. If I were a student now, I wouldn’t be so sure to choose writing my essay instead of visiting a spa. No wonder that so essay writing services like EssayHub are so popular. So, is it the learners’ academic success that is a key priority of luxury housing developers?

 

With young people choosing lavish off-campus housing over dorms, higher-education institutions have to compete with such exclusive facilities in order to entice them to live on their own. Check out The 30 Most Luxurious Student Housing Buildings. You’ll be amazed!

 

Colleges and universities spend millions to build recreation centers with lazy rivers and cabana areas, food courts, fitness centers, and other attractive features. Needless to say, when schools invest in new expensive amenities, it’s students’ tuition bills that go up.

 

The desire to lead a luxury life isn’t limited to settling in a deluxe house with various amenities. Kevin Sharpe, a professor at Queen Mary University of London says too many students live an “upper-middle-class lifestyle” that they cannot afford.

 

In Times Higher Education magazine, he tells about his observations. The academic sees students buying snacks from Marks & Spencer, standing in queues for a few cappuccinos and smoked salmon sandwiches, and chatting on their iPhones.

 

There’s no shortage of rich students on most college campuses. And they (or rather their parents) are willing to pay for exclusive living situations, food, and entertainment leaving the conventional college time experience behind.

While paying for such a living is not a big deal for well-off families, the others just want to keep up with the Joneses. Sharpe thinks that students are graduating owing over £20,000 in debt because of their “luxurious lifestyles”.

When I and my peers were students, our parents were paying the rent, and they didn’t care whether we had a swimming pool. A frugality was understood as part of college life, just as it had been when they were in college.

 

What changed?

 

I think that the rise of tuition and the increasing reliance on the loans has shouldered more financial responsibility on students. 18-year-old boys and girls get tens of thousands of dollars and shop for college basing on … well, what you’d expect from a teenager?

 

A survey filled out by more than 1,500 UK university students has shown that many spend a big part of their loans on nonessential items. Those include shopping sprees, booze sessions and nightclubs, expensive trips abroad, strip clubs, plastic surgery, gambling, and tattoo.

 

The research also found out that many students are unfamiliar of the financial implications of overspending. 16 percent of respondents noted that they have spent their entire loan sums within a month. Moreover, 54% also admitted that they didn’t know the amount of debt they will be burdened with upon graduating.

 

While a wish to learn budgeting and staying out of overdrafts was common for more than half of surveyed students, 29% claimed they had not been given advice, either by parents or teachers, on personal money management.

It seems like we’ve found the root of the problem. Students are simply unprepared for the financial independence of the college years. They pay mountainous sums for tuition, books, food, and other things they need to succeed in studying. Adding in an overpriced food, devices, and apartment only further increases their stress and debt.

There’s a wide choice of products in most college and university towns. It’s not as if students are forced to live in an expensive place because there’s no other option available. While we cannot and should not ask learners to lead the most frugal life possible, we should make them understand that a bit less luxury might mean a lot less debt.

 

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