"If you're a college freshman, congratulations! You're now likely financially responsible for yourself. While that can be exciting, it can also be nerve-wracking especially if you don't have a lot of money. You have the freedom to control your own budget. At the same time, you may have thousands of dollars in student loans. How do you make smart financial decisions so you have enough money to spend at school and don't graduate with more debt than you need?"
"When you graduate, your total debt should not be more than your expected annual salary at your first job out of school, Espinal says. "If you're borrowing more than that, you're already on the path to an unhealthy amount of debt." To find out how much you might make after you graduate, search for your desired job in The Bureau of Labor Statistics' Occupational Outlook Handbook."
College freshmen should assume financial responsibility and establish rules and systems to avoid chaos. Many students will need loans, and total debt at graduation should not exceed the expected annual salary at the first job. Research expected earnings using the Bureau of Labor Statistics' Occupational Outlook Handbook and remember starting pay is often below median. Practice loud budgeting by discussing money concerns with roommates, friends, and family to reduce shame and find practical solutions. Use credit cards carefully, compare loan amounts to expected income, and split housing and living costs with roommates to stretch limited funds.
Read at www.npr.org
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