4 Dumb Mistakes That Will Cost You Money in College
When you’re a college student, money is always tight. Therefore, it is important that you do everything in your power to stretch each dollar as far as it can go. Let’s look at some common mistakes to avoid that could make your education more expensive than it needs to be.
Failing to Take Advantage of Financial Aid
There are a variety of ways to get free money to go to school. For example, your school or employer may offer scholarships based on your grades, athletic ability, or willingness to work. Local, state, and federal government agencies may offer grants that can reduce the amount of money that you have to come up with to pay for school. Your high school guidance counselor may be able to talk more about ways to save money on tuition and other educational expenses.
Tickets can cost you hundreds of dollars in many jurisdictions. This is because you may have to pay a surcharge or other fee on top of the fine itself. If you choose to have a lawyer represent you during your case, that is more money that you have to shell out to handle your speeding ticket. It is important that you pay the ticket on time if you are not able to have it dismissed or reduced to a lesser offense. There is a good chance that the jurisdiction that issued the ticket will add a late fee or other penalties for paying a ticket late.
Signing Up for Multiple Credit Cards
There is nothing wrong with having a credit card while in school. It can be used to handle emergency expenses such as paying an unexpected medical bill or to make repairs to the vehicle that you use to get to school and back. However, having multiple credit cards can be an invitation to go bankrupt as it can be difficult to pay the balance down without a steady source of income. Not paying a credit card on time can lead to bankruptcy, which may wreak havoc on your credit score. A low credit score could make it harder to get a mortgage or auto loan in the future.
Failing a Class
Most schools charge hundreds of dollars per credit hour, and most college classes consist of three credit hours. Therefore, failing a course could cost yourself $500 or more each time that you fail a class and have to take it again. If you’re struggling to keep up with course material, contact your teacher for help or find someone else to help you implement academic excellence.
If you are like most people, you will graduate college already in debt. While it may not be possible to avoid debt entirely, making smart decisions while in school will make it easier to manage your finances over the long-term. Financial and other advisers are available to offer advice and insight if you need help managing your money during or after your time in school.