Financial Management for the College Student - Part II

Scholarships

If you have not heard this already, there is so much free money out there that is waiting to be given to college students like you. All you have to do is qualify, and apply. From local to national organizations and corporations, there is a scholarship and grant opportunity available for everyone. The key is to apply to as much as you can and to always have an optimistic mindset with each application. Yes, it is a gamble. There is no guarantee that you will win the scholarship. However, there is no guarantee that you will not win. One thing is for certain, though. The more scholarships you apply to, the better chance you have at winning something.

The Refund Check

Arguably the most important piece of paper that college students look forward to, other than their degree, is the refund check. Refund checks are usually given to students who are paying for school via student loans or scholarships. When the amount being paid to the school exceeds the cost of the school, the difference will be given to you in the form of a refund check. For example, if the cost of attending your school for one semester is $8,000, but the school receives $10,000 in payments, you will receive a $2,000 refund.

Lots of conscious decisions have to be made once you receive this check. Some students get overly excited and blow it all in a matter of days…do not be that student. Evaluate your current circumstances, and consider whatever conditions may arise in the future. Do you live off-campus? Maybe that check can go towards your rent, bills, or groceries for your apartment. Perhaps you have a huge credit card bill after using it to pay for your textbooks - the refund check can go towards paying off that debt. Lastly, if you are paying for school via student loans, those loans will have to be paid back eventually. Because of that, some students put a portion of their refund check aside to go towards their loans.

Now I, personally, do believe in treating yourself. Again, this is college. You are now able to afford those nice pair of shoes you always wanted, or you can now afford to take your significant other out on a romantic date. None of these is a bad thing to do, but before you do so, make sure your necessary expenses are taken care of.

Credit Cards

I will talk about this topic briefly, as you can find a more in-depth article on this topic here. Credit cards are one of the most efficient ways to establish credit and to purchase goods whenever cash may not be readily available. However, they must be used responsibly.

The topics mentioned in this article are very important topics that all college students should be fully aware of because the lack of such knowledge is the reason why so many college students suffer from financial strain. By following these quick tips, though, you will be further ahead of other college students when it comes to financial management, and your overall financial management skills will significantly improve.

Please feel free to reach out to me for further questions or insight.