Ways students can get into money trouble that don’t have anything to do with tuition
October 15, 2012
There are plenty of ways to bungle financial planning for college well after a student's scholarships for college and applications have been approved.
To warn students away from financial catastrophe, Fox Business spoke to a handful of experts, and released a set of tips for college to help keep students from letting their spending go overboard. Students should keep in mind that getting coffee or lunch at seemingly inexpensive restaurants like Starbucks adds up a lot when it's done every day. Also, public transportation is said to be cheaper than keeping a car, which requires gasoline and repairs. Putting too much money into student activities - materials for a large art project, for example - is also something students should be wary of.
"You have to think where this money could be diverted to if you didn’t join the group," Scott Gamm, who started the website HelpSaveMyDollars, said to Fox News. "Maybe to paying the interest on your student loans while you’re in school, paying for textbooks for next semester or into a savings account."
In addition, there's nothing wrong with stashing money for college away early, although it may be too late for most scholars to start as soon as second grader Mark Ebalobor. Gazettes reports that, though a college savings plan, the Washington state tike already has $529 set aside.
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