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College is one of the most expensive and most important investments you will ever make, which is even more reason as to why it is important to budget and prepare for this journey! Before you get started, talk with everyone involved in financing your education and put a plan in place to track your spending and budget.
Start having conversations with those in your life who may help support your education ventures. Conversations around financial assistance is important! Tuition is a large part of the expense but certainly not all. If you are going away to college, room and board can sometimes cost as much, if not more, than the tuition costs! Not to mention, the “extra’s” that come with college such as books and supplies, electronics, joining a club or becoming part of a Greek family. Make a list of all the things you must have for college, all the extra-curricular activities you’d like to partake in, and determine the annual expense. This will help you identify the financial needs of this next chapter in your life!
Applying for the FAFSA is the first place college students should start. This is the Free Application for Federal Student Aid. You should apply every year, even if you don’t think you will qualify. Many scholarship and grant programs require the FAFSA to be submitted before you are even considered. Then, check with your guidance counselor for scholarships and grants available. If you need a loan, it is recommended to take federal student loans before you explore private student loan options (such as Nymeo's student loan program through Credit Union Student Choice).
Monitoring your spending will help you identify areas where you may be able to cut back and put yourself in a better financial situation. This doesn’t mean doing budgeting homework every day. You will have enough homework in college! This just means to keep track of your spending, perhaps weekly or twice a month. Identify areas of necessities and wants, and also reduce your spending on non-essential things.
