Sudden, painful and the difficult situation is known as a crisis, whether it is the financial and the non-financial crisis. The Financial Crisis puts a severe impact on the economy of a country, consequently the other aspects of the economy badly affect including the students’ academics. The 8-ways through which the Financial Crisis affects the students’ academics are given below:-
1. Curtailment in the Educational Fund: A critical economic situation badly affects all spheres of the economy of a country. Due to the Financial Crisis the education fund is curtailed by the Government on account of which, expansion in the education sector is extremely affected. The unprivileged students are not in a position to get higher education. No fund is available for scholarship – No fund is available for study abroad, consequently skill resources especially in the technical side become short.
2. Ban on Study Tour: Due to the Financial Crisis, students are barred going abroad for study tours, so they are not in a position to take the advantage of the skill of foreign students. Inflow of skills and expertise is barred due to the financial crisis. The Exchange programs for the students are also banned that seriously impacts the students’ academics.
3. Lack of Teaching Staff: Due to the Financial Crisis the new appointment is banned on account of this there is an acute shortage of faculty members and other teaching related resources that affect the students’ academics. The shortage of teaching and faculty members not only hurts students, but also hurts the education sector.
4. Retrenchment policy of the Government: Due to Financial Crisis no further appointment of faculty members is made, besides the existing faculty members are also forced to be retired under retrenchment policy of the government that badly hurts students’ academic.
5. Depression: Due to Financial Crisis students’ activities in respect of sports get limited. Students get bored and involved in unhealthy activities that spoil their money and time. The unhealthy activities suffer them into depression. The depression of the students defectively affects their academics.
6. Enhancement of Fees: Due to Financial Crisis the mandatory tuition fees of all public sector colleges and universities are increased substantially that affects students’ academics in the context of education expense that hurts majority parents of the students.
7. Burden on Students’ Parents: The Financial Crisis affects parents of the Students badly. They face difficulties to meet the both ends as due to the financial crisis the inflation is on the high end decreasing their real income by way of their purchasing powers as it is reduced substantially.
8. Reduction in literacy rate: Due to the Financial Crisis the educational budgets and grants substantially reduced on account of which the literacy rate is reduced as no further colleges and universities are set up. Students face much difficulty in obtaining new admission especially in First Year. A large number of students who get below 45% marks are not in a position to get admission in public sector colleges, consequently they deprive of their studies.