The economic downturn has affected college students for the worse. It impacts their families, the amount they have to pay toward their education, their use of money—their financial state of being and mind.
Generally, these economic hard times are affecting mostly woman students, students from low-income families, and minority students. Also today students are not saving as much because they have less to save, but only some students are incorporating budgeting. Students feel less confident about finances which will affect the way they make money decisions well into their futures.
Today students’ credit card balances and educational debt are on the rise. The response is they are cutting back on food and entertainment, they are worrying more about state budgets affecting public colleges/universities, and they are fearful of seeing more courses and program majors cut.
Here are some more tips to reduce debt and anxiety:
- Reduce spending on your communication (cell phones, internet, computers, MP3s). Think about the many ways you can reduce costs here, bundle costs, and eliminate overlaps. Also look for deals for buying communication or electronic equipment.
- Don’t drop classes. When you drop, you are likely to lose part of your monies and fees. If you register again for this course or another to make up credits later, those fees and costs per credit hour may have risen.
- Don’t postpone any health care issues. It’s best to visit the campus infirmary where you costs will be lower and to prevent developing a more serious issue that might have to treated at a hospital or in an emerge room for much more.
- Don’t pay off one credit card with another. ‘Nough said.
- Balance your educational debt against dropping out of school all together. This is a tough balance. Too much debt can reduce your earning significantly just as you are starting out, but having no degree reduces your earning power.
The best strategy is to begin now to search for scholarships. Yes, scholarships are available to sophomore, juniors, and seniors, even graduate students in college. Check out sites like Fastweb, ScholarshipExperts, or ScholarshipsZone. Two more specific to non-traditional students include Scholarships 4 Dads and Scholarships 4 Moms. Both of these sites draw for a $10,000 Scholarship each and every month.