Financial Tips for College Students

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. In this chat we discussed smart ways to save money for college students.

Easy ways to chat with us on Twitter: Tchat

The panel included: Dr. Sean Stein Smith: CPA, CGMA, Assistant Professor at Lehman College (CUNY), columnist, and member of the AICPA Financial Literacy Commission; Shannon McNay: Writer for Student Loan Hero; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Questions We Discussed:

Q1: What are key considerations for students who are managing their own finances for the first time in their lives?
Q2: What simple ways for college students to create a budget?
Q3: How can students be smart when taking out student loans?
Q4: What can students to do minimize the amount of debt they take on during their college years?
Q5: What should students know about credit?
Q6: What should students know about opening their own bank account and savings account?
Q7: How can students prioritize saving in college?
Q8: How can students prepare financially for off-campus living?
Q9: What are some inexpensive ways to secure school supplies i.e. computers, books, etc.?
Q10: What is your top financial tip for college students?

Tips for this week’s chat:

Federal Loans offer many benefits like fixed interest rates and income driven repayment plans. Interest may be tax deductible and you don’t have to pay until you graduate, leave or change enrollment status.

Private Loans are non-federal loans, may require payment while you are in school and can have variable interest rates. They may require an established credit record to get them and they may not offer repayment options.
When it comes to student loans, know that you must pay back everything you borrow.
Consider housing, food, school supplies, laundry, cell phone and transportation.
Some student loans offer a grace period. Know how long that might be and when you have to start paying them back.
Paying your bills on time is the biggest factor in having a good credit score.