A University Student's Guide To Avoiding Massive Student Debt While Attending College Article

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A University Student's Guide to Avoiding Massive Student Debt While Attending College

Learn valuable tips on how to avoid student debt and what steps can be taken to minimize debt while earning a university degree.

Author: Student Money Maker

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While being a college student and earning a university degree, students tend to be broke all the time. In this consumer driven day and age, university students have to learn how to manage their money very quickly in order to limit their overall student debt or damage their credit rating. Since most college students are using student loans to finance their college education, the debt level of recent graduates is rising rapidly. On average, students graduate owing $12,000-$16,000 in student loans and another $2,000 in credit card debt.

Here are a number of tips on avoiding student debt while attending university or college:

· Live on campus in university dorms for as long as possible as possibe. It can be cheaper than renting an apartment.

· Shop for food with friends. By purchasing groceries in bulk and then splitting it up among fellow students, you will save tons of money and you'll be able to take advantage of special 'Buy One Get One Free' deals. Not to mention a better variety of groceries to choose from.

· Being classified as a student means being able to claim lots of discounts. Make sure you carry your university student card with you at all times and use it to get discounts on transit, tourist sites, meals, and clothing.

· Don't be in a hurry to buy every textbook on your book list on the first day of the semester. There will be lots of opportunities to buy second hand textbooks.

· If this is your first year attending university, ask other students how much you will need to pay for bills. Create a budget and regularly review it to see where your money is being spent and if the budget is accurate.

· Record and keep receipts of all your transactions, so that there are no surprises when your bank statement arrives.

· If you do find yourself struggling with finances, talk to your parents, peers, instructors or anyone that you trust that is knowledgeable in dealing with finances. Don't sweep cash problems under the carpet.

- Choose a part-time job that is flexible and fits around your class and study time. Finding a part-time job that helps to cover your costs could also be beneficial. If you work at a restaurant, you could get free food. If you work at an office supply store, you could get a discount on school supplies. Most universities have job boards full of jobs for willing students.

- Sign up for only ONE low interest credit card and only use it when necessary. Over using your credit card can lead to serious debt problems. Students need to understand the difference between 'Needs' and 'Wants'. Fixing your broken down car is a Need. Buying the latest iPod is a Want.

· Finally, it's easier said than done, but don't run up a massive debt in the first couple of months. Pace your spending throughout the year. Going out every night in the first semester could mean a serious lack of funds later in the year.

About Author

Student Money Maker provides valuable information for university students on making extra money. You can visit us at www.StudentMoneyMaker.com

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A University Student's Guide to Avoiding Massive Student Debt While Attending College