Although a college education is one of the best investments that you can ever make, it’s definitely not the cheapest. In fact, according to many published reports, not only do 60 percent of people who go to college need financial assistance, but over 37 million of them find themselves in debt following graduation. And when you owe the government money, that can significantly affect your credit score which can ultimately hinder you from making major purchases like houses and cars.
That’s why if you’re a college freshman, it’s important that you start your college career off strong by making wise financial decisions. If you’d like some tips that can keep you from having a lot of debt while in school, we’ve enclosed five of our favorite recommendations below:
Consider community college first. As the price of tuition only continues to rise, something that more and more students are doing is enrolling in a community college first. Not only does going this route mean that you will pay a mere fraction of what you would to attend a four-year university but it can also earn you an associate’s degree so that after saving some money, you can go to the school of your choice as a junior instead of an incoming freshman.
Speak directly with your bank. There are a lot of perks that come with being a college student. You can get discounts on movie tickets and at a lot of restaurants. And most banks have checking and savings packages that are specifically designed for people who are in school. Many of them omit extra fees, plus there is no minimum required to open up an account.
Get a part-time job. If you’re fortunate enough to go to school on a full scholarship or you had to apply for financial assistance, it’s always helpful to have a few extra dollars in your pocket. So whether it’s a part-time job off campus or you sign up for a work-study program, consider getting a part-time job. That way, it will be easier to do the following tip.
Use cash. Student loans are one reason why many people are in debt but there is another cause that you should definitely keep in mind: credit card debt. In fact, there are a lot of published articles which indicate that over 39 percent of Americans receive monthly credit card bills and the average debt per card is around $8,000. One way to avoid being among these statistics is to keep the amount of credit cards that you own to no more than one or two, to use them only in the case of an emergency or really large purchase and to try to buy things with cash as much as possible. That way, you won’t have to worry about paying interest on anything that you’ve bought.
Borrow what you need. Even if you do happen to take out a student loan to attend a school like Adelphi University , remember that it’s something you will have to pay back; therefore, only borrow what you absolutely need. If you keep this rule in mind and pay the loan off shortly following graduation, as far as your education, you’ll be debt free. And that’s a great way to start off your professional career. Good luck!