Yes. Students can appeal their financial aid package by resubmitting their FAFSA to update their income or appealing with their college financial aid office.
Student loans, budgeting, and paying off debt can leave students, recent graduates, and their parents feeling lost. Can you appeal for more financial aid? Should you open a credit card? What repayment options can borrowers use?
Making smart financial decisions in college sets students up for success after graduation. In this guide, we explain some of the most common financial misconceptions to help students make informed choices about their spending, savings, and borrowing.
Financial topics confuse many people, especially complex topics like investing and paying off debt. Most college students receive little financial education and do not know where to find straightforward, accurate financial advice.
Part of the problem comes from the financial system’s structure. Companies make money by offering services that people can do for themselves. Marketing tactics might make filing taxes seem complicated, requiring a service like TurboTax to avoid an audit. But many college students can use free services to file taxes or file on their own.
College students deal with complex financial issues like taking out student loans, often at a young age. Lenders, including the federal student loan program and private banks, may not offer the clearest information. General advice might not apply for students’ specific circumstances, and as a result, they fall for financial misconceptions.
College students should avoid credit cards, toss out their budget, and sign up for the campus meal plan. These and other common financial misconceptions can hurt a student’s financial health for years or even decades after graduation. In this section, we take on student misconceptions about finances.
Yes. Students can appeal their financial aid package by resubmitting their FAFSA to update their income or appealing with their college financial aid office.
Students typically spend $4,500 for an eight-month campus meal plan. However, single people typically spend less than $4,000 per year on food. So, campus meal plans cost more for convenience.
Consolidating student loans means one monthly payment instead of multiple payments. Borrowers may also qualify for a lower interest rate by consolidating their loans.
Opening a credit card in college helps students establish their credit history and build a strong credit score. However, credit card holders should plan to pay their balance in full every month to avoid interest charges or fees.
Genevieve Carlton holds a Ph.D. in history from Northwestern University and earned tenure as a history professor at the University of Louisville. An award-winning historian and writer, Genevieve has published multiple scholarly articles and a book with the University of Chicago Press. She currently works as a freelance writer and consultant.
See more articles by Genevieve
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