It can be easy to overlook certain spending habits and other financial details of your life as a college student, but it’s important to know that certain decisions will help build a financial foundation that can affect you for many years to come. From credit scores to careers, avoid making the follow money mistakes in your late teens or early 20s, which can potentially haunt you for years after graduation:
Not only can going to graduate school cost you a lot of money if you end up going for a degree you don’t really put to use, but you want to make sure that your four-year degree doesn’t take double the time to finish. If you can only attend college part-time or you can’t go at all, that’s one thing—but otherwise, try to finish as quickly as you can. Unless you have a prepaid college plan, you subject yourself to possible tuition increases if you’re in college for many years. And unless you already are working in your desired industry and position, staying in college for many years will just stand in your way of reaching your career goals sooner.
Going to an expensive school
Does the name of the university on your college diploma really make a difference? In some situations, absolutely—but not always. While you may want to attend a well-known school in your state that is recognized and respected by many hiring managers in your area, that doesn’t necessarily mean you need to attend an Ivy League or costly out-of-state college, either. It’s one thing if you can afford it without going into debt, or if you receive financial aid and scholarships to cover the costs. But if you have to get into tons of debt just to attend your favorite out-of-state school, it may not be worth it.
Forgetting to apply for scholarships and/or financial aid
Unlike student loans, financial aid and scholarship is money that doesn’t need to be paid back, assuming that recipients successfully pass their classes. Unfortunately, many students don’t take the opportunity to simply apply for scholarships and financial aid, which are easy and quick to apply for. Instead, they might just assume they won’t get anything or that it’s too difficult, and taking out student loans is easier. But with all of the different financial assistance that is available to students, you might just be surprised at what you qualify for, and you could end up receiving money that can partially or completely fund your college education.
If you’re receiving long-term payments from an annuity or structured settlement, and you need money to pay for college, Peachtree Financial Solutions may be able to help. At Peachtree, we can purchase some or all of your future payments and offer you a lump sum of cash. By receiving your money sooner and in one lump sum payment, it can be easier to take care of larger expenses, such as college tuition. Whether it’s for yourself or a loved one, let Peachtree Financial Solutions help get you the cash you need to pay for college. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments and receiving it sooner in one lump sum payment. We can answer any questions you might have about the process, and can also provide you with a completely free and personalized quote.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.