For college freshmen, the move from a home bedroom to a college dormroom is often a move from “That expense is covered by someone else” to “How am I going to pay for that?”
For many, it’s the first time shopping temptations, scholarships, seasonal jobs, and summer trips all factor into their thinking about money.
If that’s you, spending time before move-in day covering the bases of smart money management is critical to your financial success as a college freshman. Plus, establishing good money habits now has a HUGE long-term payoff, as it’s often formative to your lifelong financial journey.
If you’re ready to add personal finance to your college prep list, here are a few keys to make freshman year a great launch point to a secure financial future.
Invest Your Summer in Scholarships and Financial Aid
Securing scholarships and financial aid early helps you establish a clear view of how much additional money you’ll really need from month to month. So, start the process early:
Submit your FAFSA as soon as you can to see how much you qualify for in federal student loans. (If you’re just starting your senior year of high school, October 1 is your first chance to file.) Remember, student loans (federal or private) should only be used to cover necessary expenses, so don’t borrow more than you need.
Once accepted to a school, inquire about work-study opportunities and on-campus jobs.
