Preparation for College 2

Financial Preparation

1. Students should begin researching local scholarships as soon as possible.


2. FAFSA: This was a term I had never heard before my senior year of high school. This is the Free Application for Federal Student Aid. If a student is not going to have his/her way paid to college, they must fill this form out. It is due between January 1 and June 30 of the year preceding the Fall Semester of enrollment (so if I were to enroll for classes in September 2010, my FAFSA would be due June 30, 2010). For any student in the US to get Federal tuition assistance (Grants, Loans, or Work Programs), he/she MUST fill out a FAFSA. It cannot hurt you to fill out a FAFSA; it can only help. By filling one out, you are not obligated to take a student loan or anything of that sort. You may fill one out online or a hard copy to be mailed in. You will need parents/students bank information and tax information (they ask some really personal financial questions). It is easier to fill out once you have compiled your taxes.

Website: www.fafsa.ed.gov/



3. Parents may have to consider how much they are willing to help/support college students. From my limited experience, I have noticed that students who receive full or most support from parents are able to not have to have a job and to have more time to participate in church and volunteer functions (as well as other imaginable activities). However, these students seem less appreciative of their college education. Whereas students who support themselves through academic or non-academic scholarships (or through work and even loans) seem to have less time, but they often value their education more. Balance seems to be the best where it is possible.


4. A Student Budget
For an average college student, money is tight. There are always places to go, food to eat, and things to do; but there is not always the money to do it. Though we should become knowledgeable with handling finances before college, this is the time when young people are on their own and should be responsible for living within their means.
Budget For Dummies


5. Credit Cards

If students have and live by a good budget, then credit cards "shouldn't" be too much of a problem. BUT, credit cards create huge problems. Often, we are guilty of paying for those burgers and movies we enjoyed in college well after we begin our careers. Speaking with first hand experience, stay away from credit card debt in college. The average college student graduates with $3,000 in credit card debt in addition to over $17,000 in student loan debt. Young people need to know the dangers of credit card debt and overall poor stewardship.