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Financial Challenges Students Faced in 2023: Costs, Basic Needs, and Support

Student financial strain can involve much more than tuition. A Hope Center survey conducted from Spring 2023 to Summer 2024 documents food, housing, and other basic-needs pressures among participants at U.S. institutions.
From TheFinanceBase Team4 min to read
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Student financial challenges in 2023 extended well beyond tuition: food, housing, homelessness, childcare, transportation, mental health, internet and technology access, and course materials could all affect students’ ability to continue their education. A 2025 Hope Center report offers a substantial but non-nationally-representative view of these pressures among students surveyed at participating U.S. institutions during Spring 2023 to Summer 2024.

What financial challenges did students face in 2023?

The challenges were connected. Tuition and fees compete with rent, food, transportation, childcare, and the costs of participating in coursework, including textbooks, internet, and technology. A student who cannot meet basic living costs may also struggle to attend class, complete assignments, or remain enrolled. Financial strain is therefore not just a question of whether tuition is affordable.

The Hope Center for Student Basic Needs’ 2023–2024 Student Basic Needs Survey Report, published in February 2025, surveyed 74,350 participants at 91 institutions across 16 U.S. states. Fieldwork ran from Spring 2023 through Summer 2024. Its findings provide context for student experiences during that period, but the participating sample is not nationally representative and should not be read as an estimate for all U.S. students. Read the report from The Hope Center. The Center’s report preview also cautions against treating its results as national prevalence estimates.

What the 2023–2024 survey found

Among survey participants, the report found substantial food and housing insecurity. Its figures cover different measures, so they should be read separately rather than added together.

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Measure Survey finding
Food and/or housing insecurity 59% of participants
Food insecurity 41% of participants
Housing insecurity 48% of participants
Homelessness 14% of participants
At least one basic-needs insecurity, including additional needs 73% of respondents

These are participant-level results from the Hope Center’s survey, not national rates. The broader 73% measure includes needs beyond food and housing, such as mental health, childcare, transportation, and access to internet or technology. Definitions, populations, and reference periods differ across surveys, so rates from separate studies are not automatically comparable. The report materials describe the survey’s scope and limitations.

How financial strain can affect staying in school

Money pressure can become an enrollment problem when a student has to choose between education and immediate needs. In the Hope Center survey, 79% of respondents who had stopped out and re-enrolled, or were considering stopping out, attributed that experience or consideration to basic-needs insecurity or financial reasons. Those responses show an association reported by participants; they do not establish that financial strain was the sole cause of any individual’s decision.

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The report includes textbook or course-material costs among the financial reasons associated with stopping out. Where allowed by instructors, students can ask about library copies, used or rental materials, or lower-cost alternatives. A campus financial-aid or basic-needs office may also be able to identify institutional assistance. See The Hope Center’s report.

Why support may not reach students who need it

Knowing that help exists is part of being able to use it. In the report, 65% of respondents said they lacked awareness of available supports. Among students experiencing at least one basic-needs insecurity, 48% had not used the campus supports included in the survey. These results point to a gap in awareness and use; they do not establish which services a particular campus currently offers or who qualifies. The Hope Center report provides the survey findings.

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Where students can start looking for help

Available services and eligibility vary by institution and location. A practical first step is to contact the campus financial-aid office or basic-needs coordinator and ask which options are currently available.

  • Emergency grants: Ask whether the institution has short-term aid for urgent education or living expenses, and what documentation is required.
  • Food: Check for a campus food pantry or referrals to local food assistance.
  • Housing and utilities: Ask about campus housing support, emergency referrals, or local assistance programs.
  • Benefits navigation: Ask whether staff can help identify and apply for public benefits for which a student may qualify.
  • Technology: If coursework requires a device or internet access, ask about device lending, technology support, or connectivity options before taking on a new purchase.
  • Course materials: Ask instructors or the library about available copies and approved lower-cost formats, then check whether institutional support can help cover remaining costs.
  • Online students: Contact the school’s student-support office remotely if travel to campus is not practical; ask whether services are available to online learners.

Because services differ by campus and can change, confirm current availability and eligibility directly with the institution. The Hope Center’s findings document unmet need and support non-use, but do not verify specific local programs.

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How to read claims about student hardship in 2023

The phrase “financial challenges of students in 2023” also appears in a Scribd compilation, but its original author, institution, study design, and geographic scope could not be established. Its figures and broad claims should not be treated as verified findings from a primary study. The Scribd document does not establish those details.

When comparing student-finance statistics, check who was surveyed, where and when the survey took place, what counted as insecurity, and whether the sample represents a national population. The Hope Center report is a multi-institution survey with a clearly described participant group, not a nationally representative measure of all students.

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  • User-Friendly Layout - The budget planner features a user-friendly layout designed for easy navigation and organization. Each month, you'll find dedicated budget pages where you can set financial goals, track your income, and plan your expenses. Additional sections include debt trackers, savings goals, bill payment trackers, and more, making it simple to stay on top of your finances.
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