"College is expensive. Very expensive. By doing things like getting "free" money, starting a side hustle, and watching your credit card usage, you can graduate a little less broke," moneyunder30.com reports.
..."To avoid financial mayhem, Dana Kelly, vice president of Professional Development and Institutional Compliance at the National Association of Student Financial Aid Administrators (NASFAA), recommends downloading a budgeting app.
There are many budgeting apps out there, however, Kelly personally recommends Mint, which offers all of the above, plus it’s free."
...Set Up An Emergency Fund
“'It’s important to have something to fall back on because you never know when you’re going to have an emergency in college,' Kelly, from NASFAA, says.
This is why you should make it a point to have a separate account designated for emergencies (you know, to avoid temptation).
Okay, I know that as a college student you’re probably not earning as much as someone who has a full-time job, so naturally, you won’t be able to put away a significant amount each month.
Kelly says that if you have a steady income from a part-time job, 10% of that should go toward your emergency fund."
...Student loans 101
"Run the numbers. 'Just because you have the availability for it, doesn’t mean you should utilize it,' Kelly, from NASFAA, says. In other words, just borrow what you actually need."
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 9/21/2021