4 Tips for Personal Finance in College - TutorNerds

4 Tips for Personal Finance in College - TutorNerds 4 Tips for Personal Finance in College from a Costa Mesa College Tutor Most college students dont know that much about money and probably wont learn about it in the classroom unless theyre studying economics, finance, or business. This is a time in life where students need a lot of money to pay for tuition and expenses but dont yet have a lot of professional skills to command a high salary and pay back loans. It’s harder these days to qualify for student loans, and many students struggle to start making payments when the time comes. Although paying for college has always been an issue, there are several things students can educate themselves about to put themselves in the very best financial situation possible our private Costa Mesa college tutors are here to help. 1. Interest rates When students take out loans to pay for tuition or additional expenses they need to look at interest rates. They should compare different rates from different lending institutions and think about the amount of money they’ll have to pay back and how much time theyll have to do it. Students also need to think about interest rates if they are using a credit card to pay for anything. Its very tempting to pay the minimum on a credit card, but that can add significantly to student debt upon graduation. Students with good credit will be more likely to be able to rent an apartment or lease a car, which will be essential elements of starting out in their career field. 2. Working while you learn Another great way to stay above water when it comes to personal finances in college is to finance education by working partially. Every 4-year college campus has a ton of different student jobs within a short walking distance of dorms and classrooms. All of these employers work around a students schedule and will often provide time off during midterms and finals week without penalty. Students might work in food service or retail, or they might end up applying for positions such as a TA or research assistant if they are in grad school. If students can pay part of their living expenses from their wages, their post-graduation life will be a lot easier. 3. Living expenses and options In addition to tuition and fees, students need to think about their living expenses. Many students will live in the dorm the first year of college, but this option is not as popular as it used to be, especially for students going back to school or starting their education a few years after high school. Larger schools have multiple student living options, some of which are suitable for an older student. The cost of living will also vary significantly based on where a student studies, something they should consider when they choose which college to attend (Tips from a San Diego Economics Tutor: 4 Reasons to Pay Attention in Economics Class). 4. Preparing for what comes after graduation Its also essential for students to be prepared to deal with post-graduation financial issues. Initial student loan payments will come due, students will need to move off campus and arrange for housing, and they will have some upstart costs at their new job. Some students will have a full-time entry-level position open to them before they graduate but most students will need to investigate their options the summer after senior year. Its essential for students to have some work lined up even if its something they dont want to do forever. Students should have a plan A, something they can work towards but is still realistic. But, they should also have a plan B and plan C, options that are temporary and help students get by while theyre focusing their career trajectory. From study tips to help on your next big exam, our in-home Costa Mesa college tutors are here to help you succeed in your college courses. All blog entries, with the exception of guest bloggers, are written by Tutor Nerds. Are you an education professional? If so, email us at pr@tutornerds.com for guest blogging and collaborations. We want to make this the best free education resource in SoCal, so feel free to suggest what you would like to see us write.