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college students

Budgeting

How To Make Wise Financial Decisions in College

smart money tips for studentsMany college students are not well-equipped to make sound financial decisions, and there are a couple of reasons why. For one thing, they haven’t had to manage their own finances to this point. Even those that have held a job or had to maintain an asset like a car have had help from their parents. Very few students reach college with the experience of paying for rent and utilities under their belt. But even worse is the fact that they have received little to no education on the subject of personal finance. They might not even have a bank account, much less the knowledge needed to earn, save, budget, and build credit. Unfortunately, this makes them prime targets for credit card companies, who swoop in to offer young adults what seems to be “free” money, but actually comes with unfavorable terms such as high interest rates, annual fees, and more. So if it happens that you’re not particularly savvy when it comes to financial matters, here are just a few guidelines to help you make wise decisions during your time in college.

The first and perhaps most important lesson is that you must live within your means. This can be a tenuous undertaking when you are forced to take on the debt of student loans, you are living off your parents, or both. But you’re now an adult and it’s high time you learned how to handle your money in a responsible manner. And the easiest way to start is by creating a basic budget. You know what your expenses are, and if you don’t you should sit down with your parents to figure it out. Your list should include tuition, fees, and related expenses, as well as dorms, a meal plan, and other living costs. If you have a car, you’ll need to include loan payments and all associated costs such as registration, insurance, fuel, parking, and maintenance. And you’ll no doubt have other items to add.

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Money Saving Tips

Cheap Ways Students Can Store Their Stuff

cheap student storage ideasMany students are not able to live with their parents while attending college for a variety of reasons.  So, they often are left with the dilemma of how and where they should store their stuff once the school year is over.  Below are just a few ideas that will help make student storage a little easier and more affordable.

Ask around.  If you have a friend or family member living in the same city as you, ask them if they have some room in their basement or a spare bedroom that you can use to store your stuff until the school year begins again.  Many people won’t expect payment for this, but still make sure to offer.

Check the local newspaper.  Some people will put an ad in the paper to let others know they have storage space in their homes or offices that is available for rent.  If you do see an ad, don’t be afraid to negotiate with the seller regarding their price.  Most people are quite flexible and willing to accept a lower amount than they asked for.

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Debt

How To Combat Common Financial Aid Pitfalls

tips for getting funding for collegeA college education is something that anyone who wants it should be able to have access to. Yet, with the cost of tuition continuing to rise and the latest reports stating that most graduates, on average, have a debt of around $27,000 following graduation, it’s no wonder that financial aid is such a hot topic.

If you or someone who you know is preparing to go to school, financial aid is needed and you’d like some information on how to avoid some of the common pitfalls that come with it, we have enclosed five things for you to know below:

Don’t overlook other options. Although many students apply for some form of financial aid each semester, remember that this shouldn’t just include taking out a government loan. There are many scholarships and grants that are available as well. CollegeGrant.net and CollegeScholarships.com are two websites that can provide you with a list of ones to apply for.

Talk to the school about payment plans. Some people feel that they can’t attend the college of their dreams due to how much it costs to go, but there are actually many schools that provide payment plans so that you can pay monthly for your tuition rather than providing the entire amount in one lump sum. Also, most college websites have what is known as a Net Price Calculator which helps you to figure out what the net price of attending their school would be. The reason why this is beneficial is because you may discover that your net price is lower than you initially estimated and so even if you did need some financial assistance, it might not be as much as you thought (which means, you won’t incur as much debt as you assumed).

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General

The Most Common Financial Hurdles For College Students

You might think that getting into the ivory tower of learning is difficult, what with the vast number of students vying for only limited admissions. But just wait until you see the bill. While some students are lucky enough to have parents who can pay their way and others have the mad skills to nab them a scholarship for partial or full tuition (and even additional expenses, in some cases), far more find themselves on the hook for a lion’s share of the costs associated with seeking a higher education and earning a degree (which generally amounts to thousands of dollars each year). This can leave the average collegian facing some major hurdles when it comes to finances. But armed with the knowledge of what to expect you may be better prepared to face and overcome these challenges. So here are some of the most common financial problems that students face.

The main issue for many students stems from a marked inability to earn the money that would help them to cover expenses. In addition to the obvious cost of tuition and books, you may also have to pay for expenses like lodgings, food, and other extras. Of course, if you choose a school that is close to home you may be able to save quite a bit by continuing to live with your parents. Even if they can’t afford to offer you cash contributions they can almost certainly help you to save some money by giving you free room and board. But many students don’t have this option because they end up at a campus that is far from home.

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