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Home > Finance > Financial Literacy Tips for College Students

Financial Literacy Tips for College Students

Published by Jessica Weisman-Pitts

Posted on March 24, 2022

4 min read

Last updated: January 20, 2026

College student contemplating financial literacy tips for managing loans and budgeting - Global Banking & Finance Review — A thoughtful college student considers essential financial literacy tips for managing loans, budgeting, and investing in their future. This image illustrates the importance of financial education for students navigating their finances.

The average college student is in a very difficult financial position. On the one hand, they have most likely just taken out a loan large enough to buy a starter home—and they will do so annually for the next three years.

On the other, hand, they are making little to no money, and they are independent for the first time in their lives without any real knowledge of how adult finances work. Without a little thoughtfulness, this can be a disastrous equation, with ramifications that can follow a student deep into their twenties and beyond.

Some good financial tips can make all the difference.

Sensible Loans

For the college student to be, much good can be done by considering what loans are sensible for your situation. Too often future students make decisions in their senior year of high school that follow them deep into adulthood.

There is rarely anything to stop the average seventeen-year-old from taking out hundreds of thousands of dollars in loans without really understanding what this will mean for their future. By educating high schoolers on the real impact of large loans, much financial stress can be avoided on the front end.

Seek Employment

It’s not easy holding down a job as a college student. And yet, it can be a necessary part element of the equation. While loans aren’t typically due until after the student graduates, other pesky expenses (like the need for food) are more immediate.

Holding down a job can reduce the amount of money students have to borrow on room and board. Positions within the university are especially dependable for catering to students’ busy schedules.

Learn to Invest

Learning to invest in college is a good habit that can produce fruitful results later in life. Though most college students probably don’t have a stock portfolio, investment literacy is an important skill to have.

Not only does it prepare students for the adult world, but with luck, it may also lay the foundations for eventual loan repayment.

Understanding Credit

College students should also be given a thorough education on how common things like credit cards work. Like student loans, credit cards are widely available, but not so widely understood by the average college student.

College students are well-advised to understand credit cards, interest rates, and overall financial planning for how they spend their money. While some credit card use may be necessary, most students will likely find that they are better off paying cash.

Budget

Learning how to budget is another vital skill for college students. Because student loans are usually not due until six months after graduation, the immediate need for a comprehensive budget might not feel obvious to every college student.

However, budgeting can help develop good financial habits that will extend into post-college life. It can also help college students be better positioned to start paying off their loans following graduation.

Track Spending

Finally, the college student will be well advised to develop a keen sense of how much they are spending, and how they are spending it. There are, of course, stereotypes of high bar bills and excessive fast food spending. While these expenses might be common at universities, however, they do not represent the entirety of a student’s spending.

For example, students may be smart to monitor and track how much they spend on books. While this is a necessary expenditure, tracking spending may encourage students to prioritize smart buying (i.e rentals, or used books).

Tracking spending is a vital component of sticking to a budget. It’s also a habit that can help students survive their academic tenure and emerge on the other end in a good financial position for the future.

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