Twitter and Facebook Poll: What Money Advice Would You Give Those Heading Off to College

Millions of students are heading back to class. Many are moving out of their parents’ homes and onto college campuses where they’ll face new adventures and plenty of temptations. We had a hunch that you’d have some words of wisdom for these young adults. So in our latest Twitter and Facebook poll we asked you to share your money advice with those heading off to college.

Twitter
irayford : Best money advice for college students: use cash for everything and balance your checking account.

Claresa : I would say: When you're not making much money credit cards/loans might seem like a license to spend, but be careful. One wrong move and you could be in debt for years.

TheActiveVoice : Don't get high-interest credit cards! Student loans can be used for more than just tuition & have much lower rates.

MonroeOnABudget: If GPA falls you may lose a scholarship or a grant; if you drop or fail too many classes you are PT not FT status.

hmerkle : New college kids & money use this as a guide when you buy something - would I really want this in 3 months?

Facebook

Jennifer Royalty: Don't use credit cards!

Erica White: Utilize online banking with the student's checking account. Allow them use of parents' credit card for school books/supplies and gas, nothing else!

Patricia Crandall: Your parents could give you a pre paid credit card each semester to use for eating off campus and a little entertainment $ etc.

Cherish Hope: Don't get sucked into getting a credit card. Also, study in groups. It's so much better than studying alone. I always learned more that way and I think that's why my grades were so good.

Melanie Randall Herrera: Don't sign up for the "FREE" t-shirt, when you open a credit card.... it will end up costing you over a THOUSAND dollars... could've bought a few whole outfits for that! ;)

Jonathan Rex: If you can pay for anything now do it! If you wait till later, you'll pay $400 for that $150 text book. (i.e. interest on loans)

Jordana Megonigal: Pay cash!!! Don't fall into the credit trap!

By Alison Storm