By Shelby Hayes
Senior, English major, IUPUI
The past months the U.S. has struggled to deal with the COVID-19 pandemic in more ways than on the healthcare scene we hear so much about. As the healthcare system struggles, millions of American are dealing with the stress of sick family and friends at the same time they’re losing their jobs.
When I first heard news about the novel coronavirus, I had no idea how much it would impact my life. I had no idea that a couple of months later, I would be finishing my senior year from home, or that one of my own parents would be diagnosed with COVID-19. Nor did I realize that, on top of those hardships, that I would have to worry about money more than I ever have.
As a 21-year-old college student, I am in one of the demographics hardest hit economically by this pandemic. According to CNBC, the U.S. unemployment rate is now at around 13%, the worst since the Great Depression, when it was around 24%. This means roughly 26 million Americans are out of work and, the majority are between the ages of 18-34.
I work in one of the industries first impacted by COVID-19, entertainment. My job selling merchandise during events at Banker’s Life Fieldhouse was put on hold when a player on the Utah Jazz team tested positive March 11 and the NBA made the decision to suspend the season.
In response to the economic impacts of the pandemic, the federal government quickly put together a stimulus relief package called the CARES Act for American citizens and businesses. The bill gives $1,200 to those who filed a federal tax return for either 2018 or 2019 if their income is less than $75,000, or less than $150,000 if filed jointly. In addition, if filers have claimed children, they receive an additional $500 per child. “Children” under this bill are specified as those under 17 at the time of filing, but a person can still be claimed as a dependent on federal tax returns until they are 24 years old.
This has left me, and many college students, without this additional financial help. My father has claimed me the last two years, so I did not receive the $1,200, nor did my father receive the $500 for having a dependent because I am over 17.
Many college students like me work part time jobs, but a part time job will come nowhere close to the $20,000 a year I pay for tuition, housing fees, and everything else I pay for like, groceries, clothes, toiletries, etc. I make $11.08 an hour. So, working about 15 hours per week, I take home $200 every two weeks, which just covers my apartment-related expenses like utilities, and groceries. The rest of my costs, primarily housing and tuition, are covered by a federal loan and my parents’ help. During this time, federal loans have been suspended with no interest accruing.
College is already a financial burden for many young people, but now with many of us unable to work, that burden is even heavier. It was hard enough trying to stretch my paycheck to cover my expenses, but now I have nothing to support me, leaving me to look to my parents for help as I still have living expenses. While many students live in campus housing, I live in an off-campus apartment. These leases do not just go away because the university is closed, and it is unfair to blame students for not living in on campus housing, which is often pricey and not ideal living situations for everyone.
While many part time jobs in the food and delivery industries remain available, there are many that do not. One of my friends lost her internship right after the university announced classes were switching to online as the company began preparing for the inevitable reality that they would have to lay off some of their workers. Another fellow college student I know worked for Herron School of Art and Design at IUPUI in a work study position but lost that job because it required hands on work. Thankfully, unemployment qualifications in some states, like Indiana, have broadened to include part time workers, but even if we do qualify, it will not be enough for many. I recently applied and will find out soon if I will receive benefits.
The CARES Act has failed too many young people who are trying to afford a higher education and invest in their future. How are we supposed to invest in our future if we are given no help, especially now, when most Americans need help?
There are some opportunities for help. For students at Indiana University and its regional campuses, students may be eligible for emergency funding. Many other universities are offering similar help.
This is my biggest worry for the future as a senior about to enter into an economy that has been hit by a pandemic. The lack of financial support, on top of dealing the stresses of moving classes online and the inability to maintain normal life, has been a tough reality to cope with.