Some Ideas to Occupy Incoming College Freshmen This Summer

Kimberly Watson, Editor in Chief
July 03, 2012 /

If you are a freshman, you probably have some anxiety symptoms regarding, confronting a strange campus; but for many, the main stress factor could be related to college finances! This is a situation which should be discussed between family members. The subjects will relate to expectations, theirs and your own and the composition of a budget for college finances, which is agreed before the semester starts.

As you are going to be the recipient of the finances, help your parents determine financial limitations. These will especially apply to expenses for which you will be responsible. Your parents could determine that they will be responsible for all school associated costs, for example; learning materials, technology related aspects and a meal provision. However, you must be accountable for all your personal college finances.

For any student, the related costs involved with attending college, could prove to be a shock attack, if you do not have the college finances shock absorber. This could be provided by getting a financial start by saving, which also helps with establishing a credit record. Managing your college finances, could be regarded as a foundation for a sound credit history. It is a huge advantage for the future, especially when graduation arrives and you may want a loan for a car, or rent for your own apartment. It is also a factor that could determine whether you are successful; in applying for a job.

Most freshmen will require an adult to be co-signatory for a credit card account, to manage their college finances. This has been necessitated by the introduction of the “Card Act”. If you do not fully understand the implications and responsibilities attached to this type of account, then do not be reluctant in asking your parents for advice. If you are a freshman who took advanced placement courses and high school tests, then if your scores are sufficient, on AP or IB examinations, you could be allowed to omit entry level courses. This is a significant saving in time and your valuable college finances.

A crucial aspect, regardless of college finances, is the maintaining of communications with your family. They naturally want to know about your welfare and at the same time, they provide support for you.

 

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