Get a return on your investment
If you begin with the end in mind, you will understand the impact of your borrowing and spending habits.
- Remember the big picture—your education will take time to complete. Consider the length of time it will take to complete your degree.
- Be aware of your ability to repay your loan debt after earning your degree
- Consider the earning potential in your field of study
- You do not have to borrow the maximum amount the lender will approve.
- Think before you borrow—an ounce of prevention is worth a pound of cure.
- Create a realistic budget. Live within your means.
Beware of credit cards
As a college student, you will be inundated with offers from credit card companies promoting free gifts to apply. Although a credit card may be useful in emergencies and can help you establish credit, the lure of "easy money" offered by credit cards and a "Buy now—Pay later" attitude has contributed to financial problems for more and more college students.
Get more financing strategy help
Additional assistance is available at:
- Sokolov-Miller Family Financial and Life Skills Center at Penn State
- You Can Deal With It
- C.A.R.E. (Credit Abuse Resistance Education)
- iGrad (Financial Literacy for College Students and Recent Graduates)
- Department of Education Financial Awareness Counseling Tool
- My Smart Borrowing (a service of Pennsylvania Higher Education Assistance Agency (PHEAA))