Timeline

Undergraduate

Even though you are or will be an undergraduate student, the need to plan and execute continues to be important. Choices you make at this time will have an impact on your financial health when you complete your education. An important piece that we hadn't referenced before is the importance of keeping your debt in check while attending school. Do not let debt control your life. A little planning can help in achieving your financial goals. A few things to consider:

• Keep on top of your budget and only buy what you need (not what you want). It's easy to spend money on the fun things but don't.
• Buy used books from former students or the college bookstore.
• Have your meals at the college where costs are lower. The other option is to cook your own food if your housing allows.
• If you need a credit card, be sure to shop around for cards without annual fees and that have low interest rates. Only use the credit card for emergencies. Pay balance due in full with every bill you receive.
• Car pool with your friends or ride a bike to save on gas money.
• Limit your cell phone usage to minimize additional charges when you go above allotted minutes.
• Get a roommate to share expenses.
• Many colleges require students to purchase a student activity card. This allows you to take advantage of on-campus activities at little or no cost.

It is also important to remember to reapply for financial aid each year you are in college, which includes completing the Free Application for Federal Student Aid (FAFSA) — http://www.fafsa.ed.gov — as early in the year as possible. If you completed the FAFSA previously, you may be eligible to file a Renewal FAFSA.

For more information on Planning for College, use SLFC's Toolkit.