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Apr 22, 2017 11:01 AM EDT

Finance 101: Money Mistakes Often Made By College Students

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Students should learn how to handle their personal finances on their own since they will be living independently when they start college. Financial management is an essential skill that should be taught to young people as early as possible.

While some colleges and universities do not have a class that specifically teaches students about money management. It should not stop them from learning by themselves. There are a lot of resources that can be found online in terms of finance.

The Balance shared several money mistakes that college students make. This involves the common faults that come with handling credit cards and student loan money.

Overspending with credit cards

There have been cases of students who become burdened by insane amounts of debt because they spent a lot using their credit cards. Several of these cards have high interest rates coupled with unfavorable terms. However, these cards can also be helpful when trying to build a good credit score. Students should just make sure to use them well.

Having no budget

It's very important for students to have a budget planned out. This is intended to let them know where their money is going and how much is coming in.

Using student loan money the wrong way

Student loan money is put in place for students to have funds that they can use as they pursue their higher education. It was reported, though, that there are a lot of college students, though, who are squandering their loan money on non-educational expenses. Students should keep in mind that they will be the ones to pay their student loans debts eventually and that it would be wise for them to spend it wisely.

Desperately wanting to go to an expensive college

There is no need to go to an expensive college since there are a lot of higher education institutions that are affordable and offer the same quality. Alcorn State University is the school with the cheapest out-of-state tuition rate at $6,552 while Wyoming is the number one state with the most affordable college cost.

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