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Money Management

Managing your money while in college is not easy, especially during your first year on campus. However, money management is extremely important because your finances are no longer your parents’ responsibility. Browse through our tips on managing your money so you don’t end up in financial trouble. With these tips, you will learn how to cover education costs with minimal debt, and use the money you save to have fun in college.

Be Budget-Conscious

Knowing how to budget is crucial to avoid debt. Know the cost of all of your expenses, including an emergency fund for things like food and car repairs. Calculate how much money is left over after your basic expenses. Use that for fun money, and keep track of how much of that money you spend. If you need more than what is in your financial aid package consider picking up a part-time job. Never spend beyond your means. Maintain a tight budget to avoid financial stress, and keep couple bucks in your pocket at the end of the month.

Decisions Now Matter Later

Although credit cards with low student interest rates are appealing, be cautious about opening a line of credit. If you have your own credit card, do not apply for another and only use your card for emergency purposes. Sign up for a meal plan to avoid unnecessary food purchases and do not buy those extra pairs of shoes. If you carelessly swipe your credit card, you will be unable to make payments which will rack up interest fees and ruin your credit score.

Overnight debt occurs when students abuse their credit card. In 2009, Sallie Mae reported the average credit card debt of graduating college seniors was $4,100, a 41% increase from 2004. High debt equals low credit score. A low credit score will prevent you from making important purchases post-graduation, such as a car or leasing an apartment. A high credit score will enable you to sign a lease, and get better rates on cars, insurance and a home. Check out our tips on managing your money to avoid the urge to splurge in college, and keep a high credit score.

Latest College & Financial Aid News

Harvard Revokes Parkland Shooting Suvivor's Admissions Offer

June 18, 2019

by Susan Dutca-Lovell

Harvard revoked more admissions offers - this time involving 10 students who participated in a Facebook group called "Harvard memes for horny bourgeois teens." Jokes about abusing children and the Holocaust and insulting comments about different racial and ethnic groups were found in the group, according to Inside Higher Ed.

Earlier this month, Harvard also rescinded an admission offer to Kyle Kashuv who, when he was 16 years old, used inflammatory and racist language, including the N-word, right before the Parkland shooting at his school, Stoneman Douglas High School. The shootings have since "changed him and made him more mature," he claims. Kashuv became famous for his conservatism, pro-gun and pro-Trump activism which he believes, represent a different view on how to prevent future, like tragedies.

In a recent Twitter post, he apologized for his past comments and stated that, "We were 16-year-olds making idiotic comments, using callous and inflammatory language in an effort to be as extreme and shocking as possible...I'm embarrassed by it, but I want to be clear that the comments I made are not indicative of who I am or who I've become in the years since." Shortly thereafter, Harvard looked into his case and eventually revoked his admissions offer. Though university personnel appreciate his "candor and expressions of regret," Harvard "takes seriously" the "qualities of maturity" and of "character" of the students it admits. Despite appealing the revocation, Kashuv was turned down. In his defense, Kashuv argues that, "throughout its history, Harvard's faculty has included slave owners, segregationists, bigots and anti-Semites. If Harvard is suggesting that growth isn't possible and that our past defines our future, then Harvard is an inherently racist institution. But I don't believe that. I believe that institutions and people can grow. I've said that repeatedly." In your opinion, should Kashuv have had his admissions offer revoked based on something he did when he was 16? Why or why not? [...]

Wiccan Prof Sues Catholic University Over Alleged Discrimination

June 11, 2019

by Susan Dutca-Lovell

A Wiccan Professor at St. Bonaventure sued the university and her alma mater for discrimination, alleging that she was not allowed to advance in her career because she is a woman and a witch. The reported discrimination began around Halloween in 2011, after she was asked to conduct an interview about her Wiccan beliefs with the university's student TV station, SBU-TV. [...]

LGBTQ Scholarships for Pride Month

June 6, 2019

by Susan Dutca-Lovell

In honor of LGBTQ Pride Month this June, Scholarships.com is recognizing the success of, and providing financial aid resources to the lesbian, gay, bi-sexual, transgender, and queer community and its allies through featured LGBTQ scholarships. These colorful LGBTQ scholarships are not only intended for those who identify as LBTQ or are questioning, but are available to LGBTQ parents and allies, as well. Below is a preview of LGBTQ scholarships that were created to provide economic mobility and equality for LGBTQ students and allies who may face unique challenges on their educational journeys. For even more LGBTQ scholarships, Parent LGBTQ scholarships or LGBTQ Ally scholarships, visit here. [...]

Last Reviewed: June 2019