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Posted September 12, 2013 by

College Freshmen, Avoid These 15 Financial Errors

College student holding money and books, upset by tuition cost and debt

College student holding money and books, upset by tuition cost and debt. Photo courtesy of Shutterstock.

If you are a college freshman who wants to make the most of your financial situation, be sure to avoid the 15 mistakes mentioned by Kiplinger in the following post.

·         Spending without a budget—students might not have much experience tracking their spending, but their checking account balance could quickly hit $0 if they don’t take the time to find out where their money is going on a day-to-day basis.

·         Paying for a checking account—it’s become harder to find free checking accounts with no strings attached, but many banks offer free student accounts with no minimum balance. (more…)

Posted January 31, 2013 by

Avoid credit card catastrophes – Smart ways a student can avoid incurring debt

Woman smiling and holding a credit card

Woman smiling and holding a credit card. Photo courtesy of Shutterstock.

Nowadays the students arrive in the colleges with shiny new credit cards and spiffy new backpacks, with a determination to enjoy their college life. They leave college with thousands of dollars piled on their high interest credit cards. Students are of the opinion that they should live on their own so that they can lead their own extravagant life and they also feel that once they leave college and grab a job, they can easily repay their debt amount. But are they really aware of the sluggish improvement of the job market? Did they ever anticipate what would have happened to them if they aren’t able to manage a job in this tough labor market? Well, if they had thought, they wouldn’t have taken all the wrong financial moves at the same time. As the students know that there are credit card consolidation firms that can assist them in getting out of debt, they adopt a lackadaisical attitude towards their personal finances. (more…)

Posted November 19, 2011 by

Student Loans About to Top $1 Trillion and Surpass All Credit Card Debt

Mortar Board Graduation Cap on Top of Pile of MoneyWith the average American household bringing in $50,221 a year, many parents face a serious dilemma on how they will pay for their child’s college education. “What happens when their child gets accepted into the college of his or her choice only to discover that it costs over $50,000 a year?” asks Forrest Broman, President of The International Educator, a newspaper that reports on news and trends in the field of international education.

“Even with scholarships and financial aid that still leaves a huge out-of- pocket expense, one for which most families are unprepared for,” said Mr. Broman. “Double or triple that amount if they have more than one kid of college age, or approaching college-age,” he estimated. What does that leave cash-strapped families to do? Borrow. (more…)