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All around the country, newly-minted high school graduates will soon be heading off to college. They’ll be taking a lot of things with them, but statistics tell us that financial literacy is not likely to be one of them. If I could spend a little time with these awesome students, I’d attempt to cram the basics for how to manage money into their heads, then pray that it penetrates their hearts.

 

A diverse group of college freshmen who need to learn how to manage money

A budget is your friend

That means …

  1. You have a written plan for how you are going to spend and manage money
  2. You use that written plan like you would a road map, consulting it often and
  3. You use a site like Mint.com or a pencil and paper to record how you spend every nickel.

Sallie Mae has a monthly budget worksheet you can print out to help you estimate your costs and keep expenses under control. Do not attempt to do this “keeping track” thing in your head. You are amazing, but don’t push it.

Live with cash

Your generation has been somewhat brainwashed to believe that plastic is the only safe way to pay for things. That may be true if you buy things online, but overall it is just not true. Even then, there is a really cool way that you can shop on Amazon with cash. Let me show you here.

I don’t have the time or space to get into a long dissertation on the subject, just believe me when I tell you that using cash—currency, greenbacks, dollars, coins—will simplify your life and it will keep you from overspending.

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Whether you just graduated, you’re taking a break from school, or have already started repaying your student loans, these tips will help you keep your student loan debt under control.

 

Recent graduate stressed confused worried by student loan debt

By “under control” I’m talking about

  • avoiding fees and extra interest costs
  • keeping your payments affordable
  • protecting your credit rating
  • paying those loans in full as quickly as possible

If you’re having trouble finding a job or keeping up with your payments, there’s vitally important information here for you, too.

1. Know your loans

It’s crucial that you keep track of the lender, balance and repayment status for each of your student loans. These details determine your options for loan repayment and possibilities for forgiveness.

If you’re not sure, ask your lender or visit NSLDS.ed.gov. You can log in and see the loan amounts, lender(s), and repayment status for all of your federal loans.

In the event that some of your loans aren’t listed, they’re probably private (non-federal) loans. For those, try to find a recent billing statement or the original paperwork that you signed. Contact your school if you can’t locate any records.

2. Know your grace period

Different loans have different grace periods. A grace period is the amount of time between leaving school before you must make your first payment.

It’s six months for federal Stafford loans, but nine months for federal Perkins loans.

(Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.)

For the federal parent or PLUS loans, there is no grace period. When payments begin depends on when the loans were issued (see details).

The grace periods for private student loans vary, so consult your paperwork or contact your lender to find out. Don’t miss your first payment.

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It’s been a number of years since I moved into a college dorm room. My memories of college life are both vivid and precious.

For years, I’d been dreaming about how I would grow up and leave my childhood home and sheltered life to attend college in Los Angeles. I lived in the same dorm room from my first day as a freshman until I graduated four years later (Master’s University). And I loved it. Dorm life was everything I’d imagined and so much more.

 

Best Inexpensive Essential College Dorm Gear

Typically, dorm rooms are not spacious. I had a bed, desk, bookshelf, and chair along with a closet that had a built-in dresser and just enough room to hang a few clothes. My roommate had the same configuration on the other side of the room—a typical dorm room layout. Looking back now, I see that we could have done so much more with the tiny space we had to make it more comfortable and efficient.

If you or someone you love will be entering dorm life in a few weeks, I’ve put together a list of dorm room essentials—beyond the basics of a laptop, linens, toiletries, and clothes—that will definitely make the transition easier and college life a lot more enjoyable!

1. MINI FRIDGE. If allowed in your room, you’ll bless the day you arrived with a mini fridge large enough for soft drinks, water, healthy snacks and energizing food items. Something like this 2.7 compact dorm refrigerator will save the day when the cafeteria closes at 6 pm and you’re looking at 10 more hours of cramming for finals. Been there. If only I’d had a fridge. About $70.

 

Related: The 18 Gifts 2018 Graduates Really Want

2. READING PILLOW. You will bless the day you thought to bring a good reading pillow with you to school. It will serve multiple functions—a place to sit and study that isn’t a stiff desk chair. Or as additional seating. Trust me—a comfortable, useful reading pillow will make all the difference by turning your bed into a very comfortable chair. This shredded foam reading pillow is awesome for reading, studying, watching TV or just hanging out. Well made, it is sturdy but at the same time cozy enough to serve you well all the way through your college career. About $30.

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