College Students Worried About Impact Of Inflation This Upcoming Semester

College students are heading back to class soon and many are worried about paying for college because of high inflation.

One college student tells me that going back to school means cutting back on the hours she can work, which puts her in an even tougher spot financially. Peyton Turcott is a nursing student who is worried about how much this semester will cost.

"Having to pay for groceries and all the necessities, electricity bill and everything, with inflation and everything, is just stressful," said Turcott.

Professors say Peyton isn’t alone.

With widespread inflation and high gas prices, many students are going to have to think hard about their spending this semester.

"Right now, the big story has been high inflation,” said Eric Olson, an Associate Professor of Finance at the University of Tulsa. “The cost of living everywhere has gone up, so that will probably translate to higher costs for students when they go back to college."

Olson recommends students limit eating out and other expenses that are "wants, not needs", and also focus on investing in the future.

"The thing I wish I would have done as a college student was to start contributing to a Roth IRA in college because what you're doing with that is you're setting yourself up for savings all the way down your life," Olson said.

Turcott says in the past, she has calculated how much she needs to save based on her reduced hours, but with the increase in prices, she’s not sure now.

“I know how to balance that money in the Spring of 202, but Inflation just started this summer, so I'm not really sure what to expect going into this new school year with lower hours," said Turcott.

Olson says inflation will probably stick around for the next couple of years, so it’s important to find ways to save now.