Many Americans have student loan debt, and it often takes them years to pay it all off once they have graduated. However, staying organized while you are in college can prevent you from getting into more debt than you can handle, and it can set you up for financial success later.
Build Credit Now
Many college students overlook the importance of building credit, and this can be one of the hardest to do as well. The length of your existing credit history can be factored into your credit score, so it pays to begin as soon as possible. That way, once you graduate, you will have a bit of credit established. One way you can start building your credit history is by opening a credit card. This can help you build the history you need to take out a car loan or find a place to rent after you graduate. If you are thinking about getting a credit card, choosing one is a critical decision, and you can review a guide with more information on how to decide.
Reduce Your Costs
You might think that because you are in college, your costs are all fixed and you don’t have any way of reducing them. However, even if your parents are paying for things like your housing or food, you can still make smart decisions that reduce what everyone must pay out of pocket. If you are tempted to bring a car to school, consider leaving it at home. Having a car can be one of the biggest expenses you face in school. Plus, many campuses have public transportation available, so you can get around campus and the local areas without needing your own vehicle. Consider eliminating discretionary spending, like going out to eat, and taking trips with your friends. Instead, look for free entertainment in the area.
Consider a Job on Campus
Having a job while you are living on campus can help you cover some of your expenses, so you don’t have to borrow as much. Some schools offer students work study positions, but not every student is eligible for that, so look at your financial aid package to check. However, there are likely other opportunities on campus as well. Many schools have employment offices where students can go to get more information on the types of jobs that are available. You can also network with other students to see what they have done to earn money.
The cafeteria is likely always hiring because these types of places often have high turnover rates. Depending on your school, the cafeteria might be run by either the school or an outside food service provider. While working here might not be a very glamorous job, you can be more independent when you have your own income stream coming in. No matter where you look, getting a job can help you manage your time better because you will be forced to study and work as efficiently as possible to get everything done on time.
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