|
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.
| 
Delicious
Google Bookmarks
Stumbleupon
Digg
BlinkList
Blogmarks
Facebook
Ma.gnolia
Reddit
Twitter
Yahoo My Web
Livejournal