Financial Know-How for New College Students
If you are a prospective college student or already in college, you
should know that there is a whole industry out there waiting to take
your money. As a new college student, it is important that you pay
close attention to how your money is being spent. It can be very
easy to lose track of your money, especially with the stress of
being on your own for the first time. Here are some tips for gaining
financial know-how if you are a new college student.
New College Students - Know that You Are a Target
If you are a new college student, you should know that there are a
lot of people out there who think you are an easy target. Credit
card companies, private lenders, cell phone companies, and yes, even
booksellers, all roll out promotions and advertisements in the hopes
of catching the attention of young college students. Walk through
any college or university during the first week of classes and you
are bound to come across dozens of tables set out to get college
students attention. Know that these companies are relying on your
financial inexperience. Watch out for promotions that seem too good
to be true. They probably are.
High Interest Credit Cards - The Bane of the New College Student's
Existence
What is perhaps the most important thing to remember if you are a
new college student when it comes to taking charge of your finances?
Credit cards, or perhaps more specifically, high interest credit
cards. Did you know that credit card companies will specifically
target college populations? Credit card companies are well known for
drawing in college populations with promotions, maybe a college
sweater or gift card, and with their promotional annual percentage
rates. Note the word 'promotional'. That means that what seems like
a very good interest rate may only last you for a few months, and
then the credit card takes on much higher interest rates. Be very
wary of so-called student credit cards with promotional low interest
rates. Read the fine print very carefully, and never sign up for a
credit card just because of the cool promotional gift. It could end
up costing you hundreds of dollars!
Making Sense of Your Financial Aid Package
Financial aid packages can definitely be confusing. There are
subsidized student loans, unsubsidized student loans, work-study
funds, grants, and scholarships. When it comes to understanding your
financial aid package, it can be tough to crack the jargon that
usually accompanies most of these packages. Let's tackle one of the
most confusing aspects: the difference between subsidized and
unsubsidized student loans. On the whole, subsidized federal student
loans are the most desirable. These allow you to lock in low
interest rates, and do not begin to calculate interest until after
you graduate.
Visit Your College's Financial Aid Office
It happens to almost every college student. Inevitably, there will
be a problem with your financial aid package, there will be a
problem with your financial aid funds, you will be asked to turn in
supplemental forms, or you will simply not understand part of your
package and you will want to ask a question. By all means, try to
ask any questions you may have about your financial aid package
before school starts. You don't want to have to stand in the mile
long line that trails out of the financial aid office on the first
few days of school across every college campus in the United States.
If you have to stand in line, try to get there first thing in the
morning, even if it means dragging yourself out of bed. Also, make
sure you bring every piece of information you may need, including
any forms, correspondence, and tax forms that you may be asked for.
By
Frank Tibss To learn more, checkout bible
lessons for teenagers and youth
group lessons resources
