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What factors should be taken into consideration when trying to maintain financial stability during the transition to college? #spring23

After completing their transition from high-school to college, many students wish they knew certain things beforehand. While it can be common knowledge to some people, various students have no choice but to learn certain things through experience because they’re first generation students.

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Alisa’s Answer

Know that there is no one-size-fits-all college experience. There are some ways you can save money that won't exactly align with the "standard" college experience. For example, depending on your high school and nearby colleges, you may be able to take college courses while in high school (for free or for a significantly lower price) which will apply towards your high school requirements. This program was called Running Start at my high school, and I took college courses full time during my junior and senior years of high school. This program enabled me to get my AA degree from a local community college at the same time I received my high school diploma.

If you're unable to do a similar program, you can also save money by attending a community college to get an AA degree or at least a lot of general requirements out of the way at a much lower cost than if you were attending a larger university. You can then transfer to a 4-year school afterwards, so that you're only paying the larger tuition costs for the remaining years of college. You can save even more money if you're able to still live at home while attending a community college. If you plan to attend a university right away, you can often save money by living in an off-campus apartment with roommates.

I know some people decide to go to college part time so that they're able to work a part-time or full-time job at the same time to help pay for schooling as they go.
Thank you comment icon Thank you, Alisa for the advice. Alexandra
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Rachel’s Answer

By securing school loans/scholarships, you can greatly benefit from using any remaining funds to settle as many bills as possible. Additionally, it's a good idea to find employment. Prioritizing time management skills is essential. Establish a steady routine that includes study sessions, socializing, attending classes, and unwinding. Make sure to work only as much as you can, while maintaining a healthy balance in all aspects of your life. Also, as a first-generation student, scholarships are available that you may be able to apply for.
Thank you comment icon Thank you so much! I want to pursue a career in the medical field and am already trying to plan out how I should deal with student loans. I really appreciate your response! Alexandra
Thank you comment icon To understand the different loans through fasfa: https://sutlas.com/fafsa-loans-explained/#:~:text=Types%20of%20FAFSA%20Loans%201%20Grants%20Federal%20scholarships,government.%20...%204%20Merit%20Aid%20and%20Scholarships%20 Rachel Arteaga
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Steven’s Answer

Several things need to be taken into account. First, are you getting any help from home? Are you going to work part time to help pay for your expenses? Do you know how to budget your money including prioritizing what to spend it on (even older adults may struggle with this}? Have you ever had a checking account before and know how to balance it? If any of these are answered no, now is the time to deal with them.
Thank you comment icon Thank you so much! Budgeting is my top priority right now. Alexandra
Thank you comment icon You're welcome. Steven Young
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Kathy’s Answer

I think the best advice I would give is to manage your credit! It opens up better opportunities in the future if you start a credit line sooner than later. When I left high school, a beloved teacher told me: never use more than 30% of your credit limit, always pay with the money that you have (so you can pay off your balance immediately), and always pay your bills on time. These habits will help you maintain a good credit score.

A good credit score is very important for a number of reasons: applying for a loan, renting an apartment, better rates on car insurance, or buying a home. Being educated on managing and maintaining a good credit score earlier on is crucial for financial stability in the future.
Thank you comment icon Thank you so much! I appreciate you taking the time to answer. Alexandra
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Brandy’s Answer

Alexandra - I am glad to see your question, it's definitely easier to manage through the costs if you plan how to manage from the beginning or sooner. There are a number of factors to take into consideration many of which have been mentioned above. Apply for as many scholarships as you can find. There are tons of them out there that so many people are not aware of. If you haven't already, complete the application for FAFSA for federal student aid. Look into opportunities to work on campus and off campus. Consider living at home and commuting to school if that's an option to save money on a dorm/apartment and food. Also, work as much as possible when you're not in school to save up money.
Thank you comment icon Thank you so much!! I’m trying to find as many scholarships as I can, it can just be a little difficult because i’m not sure which ones are legitimate. Alexandra
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