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College Financial Advice

For all students getting sound college financial advice is a priority. This may be the first time a young person really needs money management advice.

Following this advice for college students will help build a lifetime of good financial habits and health.

Credit Cards:

For many years, college students were “fresh blood” to the sharks of the credit card industry. Virtually any student could get a credit card, and often did. One of the worst things you can do, as a college student is to take on debt you can’t afford to pay back.

If you have a credit card, never charge more than you can pay off the same month.
If the credit card company raises your limit, call them and have them lower your available credit limit. Too much available credit is not only a temptation, but can actually keep you from qualifying for more important things such as a mortgage or a car loan.
“Emergency” credit card use does NOT include a bar tab, pizza delivery or a flat screen television.

The college years are a crucial time to learn about personal budgeting and how to set financial goals.

Financial Aid:

There are two basic types of financial aid. The type you have to pay back, and the type you don’t have to pay back.

The best college financial advice is to work with your financial aid office and get as much as possible of the type you don’t need to pay back.
Avoid “student loans”, and look more at “grants” and “scholarships”. They typically don’t need to be paid back, but may have strings attached.
Read the fine print before you sign ANYTHING.
The worst thing you can do is to start your work life owing more money than you’re earning. There will be more than enough years for you to go into debt.

Other College Financial Advice:

College financial advice is often offered free through the college or university. Some colleges and universities may have a mandatory class which teaches incoming freshmen the basics of creating a budget, balancing their bank account, and even such non-financial basics as how to do their own laundry. Take advantage of these services.

There is nothing easier than to record your expenses and income, and make sure you aren’t over drawing your account. Overdraft charges are expensive even with overdraft protection.
Banks don’t offer services because they love you. Banks offer services because they make money on the associated fees.
Learn the difference between a “want” and a “need”. You can save for your “wants”, such as the flat screen television or the latest generation of gaming gear.

Living Arrangements:

Campus housing is not always the cheapest option, but it does offer some overlooked benefits. Typically, on-campus housing is exactly that, on campus. This means that, other than a bicycle, the college student may be able to forego the expense of a car. Not only is operating a car expensive, there are the additional costs of insurance, repairs and parking.

On-campus housing is usually paid in full, either on a semester basis or for the entire year. This ensures you a place to live and typically includes all basic utilities such as electric/gas, water and sewer. It also covers standard repairs. It may not include telephone, cable or internet access.

If you have a roommate, they are responsible to the university, not to you. In off-campus housing, when you sign a lease, you become responsible for the term of the lease. If your roommate decides to leave in the middle of the lease, you may end up owing the entire rent yourself.

Successfully navigating the financial issues of college life will reduce your stress and make your college experience more rewarding. There are many places on campus, and off, to get sound college financial advice. Search the Internet, talk to your financial aid office, and don’t be afraid to discuss your concerns with your parents.

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