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How do you manage your finances in college, especially if you know you'll probably be taking on debt?

I'm planning on attending the University of Michigan this fall out-of-state, and I'm worried I won't be able to manage my finances properly. Let me know how you -- if you were in a similar situation -- managed them!

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Jerome’s Answer

The costs can add up quick. I didn’t have help from family and had to cover all costs by myself. Be mindful in the loans you take out. If you can work part time or do Work study to offset some of your cost, I highly recommend it.

I wish I could go back in counsel myself. Because money was easy to get through student loans, I definitely took out more than I wish I would have. The more you take, the longer it may take you to pay it back.
Thank you comment icon Thank you for the helpful advice! Pavit
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Bobbi’s Answer

Hi Pavit!

Handling your finances in college can be a bit challenging, but with some careful planning, you can do it! Remember, while school loans are available, try to borrow only what you truly need. The less you borrow, the quicker you'll pay them off, and your future monthly payments will be smaller. Even though one year of loans might seem manageable, they can add up over time.

Look into scholarships and grants—they're fantastic because you won't have to pay them back. They can really lighten your financial load.

Also, consider finding a part-time job while you're in school. It can be a great way to cover your daily expenses and even start chipping away at your loans. Plus, it might help you save money, so you won't need to borrow as much next year. Balancing work and studies can be demanding, but many students do it successfully and improve their time management skills along the way. You’ve got this!
Thank you comment icon Thank you so much Bobbi! This is super helpful. I will definitely be looking into jobs and making sure to apply to scholarships :) Pavit
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