Wednesday, February 20, 2008

Knowledge Is Not Always Power: Credit Cards, College Debt

Since graduating from college (5 1/2 years to complete thank you very much), I have reflected on some things that I could of done a little better as well as some things that I could have avoided, like CREDIT CARD DEBT!

Some of my credit card debt has unfortunately spilled over into post college life and along with my innevitable college debt payments, I am going to be paying off debt for awhile.

This is what I would have done, hindsight is always 20/20 as they say.

Ok first, I would have USED SCHOLARSHIPS! Take the Just do it approach. Take the time out and fill out the information. Every college offers some sort of scholarship program, obviously the bigger the college the more grants, scholarships, etc. At my school alone there were thousands and thousands of scholarship dollars not utilized every semester. Boy I wish I would have taken the time out. I won't tell you how much I have in school debt.

Second, avoid excessive spending on credit cards. This seems pretty obvious, but college campuses are preying grounds for credit card reps soliciting 0% APR credit cards for a free sandwich or some sort of other tantalizing offer. Be smart about it.
If you have to use your credit card for short term expenses like books, partial tuition payments, or whatever, then so be it. Sometimes I would use my credit card to pay for books and such until my grant and loan money came in through FAFSA

Ok finally, if applicable, use your company's tuition reimbursement plan. A lot of students work while in college to support themselves and pay for college. Some companies offer as much as $3,000 per year or more. You will have to check with your company's HR rep for more info.

Anyway there you have it, these are just a few things I would have done.


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James Williamz said...
This comment has been removed by the author.
James Williamz said...


Great information in this post but I think there are every college offers some sort of scholarship program, obviously the bigger the college the more grants, scholarships, etc.

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