With tuition fees continuing to rise every year, it is more important than ever for college students to be financially responsible and secure. Understanding Your Finances: A Guide for College Students is an informative and digestible piece that aims to help college students understand and manage their finances in today’s economy. The comprehensive guide covers a variety of topics that are relevant to the financial well-being of college students, including how to pay and save for college, getting college scholarships and grants, building credit as a college student, managing credit scores, and the best financial advice for college students.
One of the key insights provided in the guide is the staggering amount of private student loan debt that was accumulated in the 2020-2021 academic year, reaching an estimated 12 billion USD. Additionally, the guide notes that the average monthly student loan payment before the White House instituted the repayment moratorium was $300. The repayment moratorium, which is in place through May 1, 2022, aims to provide relief to students during the ongoing economic crisis caused by the COVID-19 pandemic.
Another important point that the guide emphasizes is reducing discrimination in credit scores. To achieve this goal, the US Government passed the Fair Credit Reporting Act (FCRA), which helps ensure credit information’s fairness, accuracy, and privacy. The guide provides useful information and tips on how to manage your credit score, including the importance of paying bills on time and keeping credit card balances low.
Overall, Understanding Your Finances: The Guide for College Students is an essential resource for college students who want to take control of their finances. It provides valuable information and practical advice on a wide range of financial topics that are relevant to the daily lives of college students. With the rising cost of education and the ongoing economic challenges caused by the COVID-19 pandemic, this guide is more important than ever for college students looking to ensure a stable financial future.