International Journal of Development in Social Sciences and Humanities

The impact of financial problems on education is a major problem not only in India but in other countries of the world as well; in the present world, many students from India and other countries of the world go abroad such as to the United States to acquire higher education. Research has indicated that in the United States for international students, finances do become a major problem; therefore, they depend upon their parents, attain employment or apply for scholarships or loans in order to finance their studies. In India, too particularly in the case of acquiring higher education and in the case of socio-economically backward sections of the society, financial problems have proved to become a major obstacle, as a result of financial problems, people are even forced to discontinue their education in spite of being achievement oriented. The main purpose of this research paper is to understand the impact of financial problems on education; the main areas that have been taken into account are ways of managing finances and studies by the students, outcomes of financial stress amongst the students, causes of financial problems amongst the students, and the effects of financial education on low income people. The financial problems are in most cases, severe amongst the disadvantaged and the deprived sections of the society; these groups of people always look for employment opportunities and are dependent upon the community people and other organizations for help and assistance. They have the main aim to acquire an enhanced living, good education for their children and employment opportunities, but due to their financial conditions, they are not able to meet their desired goals and objectives. There have been availability of measures, if they are implemented in an effective manner can help in providing solutions to the financial problems, such as applying for scholarships, loans, grants, jobs, proper savings and improved employment opportunities for the parents and students. Besides these measures, it is important that students and their parents should be well aware of how to manage the finances appropriately