Imagine getting out of college with decent credit and minimal debt. Does that sound more like fantasy than a reality? Well it could be a lot closer than you think if you're financially responsible. Now I know you're probably thinking, 'what could she possibly mean? I'm in college I have no money. I'll worry about that when I graduate.' Well being financially responsible is more than just saving and budgeting. You may be on a ramen noodle diet but there are others ways to set your self up for success. This topic covers paying for college, minimizing debt, and building credit, as well as, budgeting and saving. You want to prepare for life after graduation now to make your transition into real life a bit smoother.
It is very important that you look at all of your options when it comes to paying for college. There are loans (private and federal), grants, scholarships, internships, work study, and even some jobs that offer tuition reimbursement depending on your course of study. In this series, I will go in depth about all of these options and provide resources that will help you decide which option(s) fit your situation the best. I will also go into great detail about the pros and cons of students loans and the repayment process. The biggest thing about student loans is to not ignore them. They play a major role in building your credit and there are so many programs available to help you repay them. We'll also talk about wise ways to use that refund check and supplying your wardrobe is not one of them!
It is also just as important to establish and build credit early. Companies are always offering credit cards to college students. Yet, no one is offering to educate students on the importance of credit. People either shy away from credit cards and have a tough time establishing credit or go to the extreme and get multiple credit cards and charge them up frivolously then end up with a ton of debt and bad credit. There are others ways to establish and build credit as well and we will talk about that too.
Working, budgeting, and saving money are building blocks to being financially sound. Balancing your responsibilities outside of school work is tough, especially when you have to work your way through college. But no need to worry, these posts will definitely make it a little easier.
