While most students said they would have trouble getting $500 in case of an emergency, first-generation students, students who borrowed to pay for college, and students who were either Black or Hispanic were far more likely to have trouble accessing $500. (Q51)

• Over half of students responding to the survey said they would have trouble getting $500 in cash or credit to meet an unexpected need within the next month—56 percent of students at four-year institutions and 59 percent at two-year institutions.
• First-generation students are far more likely to have trouble getting $500 in an emergency (68 percent) than their classmates (53 percent).
• Similarly, students who borrow to pay for college are more likely to have trouble getting $500 in an emergency (69 percent) than students who did not borrow (53 percent).
• The ability to get $500 in cash or credit to meet an unexpected need varies widely by the racial or ethnic identity of the student. Black students were the most likely to have trouble getting $500 (70 percent). Hispanic students were a little less likely than Black students to have trouble getting $500 (64 percent). White students had the least trouble getting $500 in an emergency (52 percent).

While over two-thirds of students ran out of money at least once during the past 12 months, running out of money multiple times was far more common for Black and Hispanic students, those who borrowed to pay for college, and first-generation students. (Q52)

• Most students ran out of money at least once in the past 12 months—67 percent of students at four-year institutions and 71 percent at two-year institutions.
• Few students ran out of money only once in the past 12 months—10 percent of students at four-year institutions and nine percent at two-year institutions.
• Over half of students ran out of money multiple times (58 percent of students at four-year institutions and 62 percent at two-year institutions).
• Roughly a quarter of students ran out of money five or more times in the last 12 months, with students at two-year institutions more likely (29 percent) than students at four-year institutions (23 percent).
• White students were the least likely racial/ethnic group to have run out of money at least once in the past 12 months (50 percent at four-year institutions and 64 percent at two-year institutions), to have run out of money multiple times (41 percent at four-year institutions and 55 percent at two-year institutions), and to have run out of money five or more times (15 percent at four-year institutions and 26 percent at two-year institutions).
• Black students were the most likely to have run out of money at least once (85 percent at four-year institutions and 88 percent at two-year institutions), to have run out of money multiple times (78 percent at four-year institutions and 81 percent at two-year institutions), and to have run out of money five or more times (41 percent at four-year institutions and 43 percent at two-year institutions).
• Seventy-six percent of Hispanic students at four-year institutions ran out of money at least once, 65 percent ran out of money multiple times, and 23 percent ran of money five or more times. Hispanic students at two-year institutions struggled more with this aspect of financial security than their peers at four-year institutions: 78 percent of students ran out of money at least once, 67 percent ran out of money multiple times, and 29 percent ran out of money five or more times.
• First-generation students ran out of money more frequently than their classmates (80 percent vs. 64 percent), were more likely to have run out of money multiple times (71 percent vs. 55 percent) and ran out of money five or more times at a higher rate (34 percent vs. 24 percent).
• Students who borrowed to pay for college experienced more troubles with running out of money than their peers who didn’t borrow. Eighty percent of borrowers ran out of money at least once, 62 percent ran out of money multiple times, and 35 percent ran out of money five or more times. Sixty-four percent of students who did not borrow ran out of money at least once, 54 percent ran out of money multiple times, and 23 percent ran out of money five or more times.

Many students are vulnerable to relatively minor disruptions in their cash flow or unexpected expenses. Too often students reported running out of money multiple times over the year, many as often as five or more times. When this lack of financial security becomes acute, students often lose their basic needs security, as is explored in the next section.