Since you are a college senior, I am old enough to be your grandmother, so let's use that as a time frame for talking about how language can change over the course of one's lifetime.
One of the most obvious changes in my mind is in the use of the word "gay." When I was growing up, it was a very good thing to be feeling "gay," because that meant you were feeling very happy and carefree and ready to have fun. A "faggot" was a piece of wood that could be used to start a campfire at that time in my life. Common usage of those terms has completely changed. I miss being able to use "gay" in the old sense, as it was a delightful way to succinctly capture a frame of mind.
And perhaps that makes it a prime illustration of "the effects of language change in our life." As the language has expanded to cope with all the technology that has come into existence, people have become more creative in the development of names and words to describe processes - acronyms have become much more important, although they really stretch to fulfill their purpose at times. As we as a culture have become more sensitive to the variety of human conditions, we have become more aware of the connotations that certain words or phrases might carry - and are hopefully considering our language more thoughtfully as a result. As world cultures become more closely connected through technology, words from other languages are being incorporated into everyone's daily usage regardless of their actual knowledge of those other languages - which I feel enriches our life experience.