And what are the effects of it?
Tuition and Fees
College tuition and fees are large expenses for students. A full-time college student might spend thousands of dollars each term for credit hours, campus parking and books. Many times, these students do not realize they could apply for federal Pell grants to cover many of these expenditures. Pell grant recipients must meet certain income requirements, but scholarships are often available for students not eligible for those grants. Find out more through your school website or counseling office or on websites such as Studentscholarships.org. Avoid parking fees by carpooling with other students when possible and purchasing books online, in an off-campus, discount bookstore or from other students to save money. And always check with your instructor before buying books to make sure you actually need them for class. Supplies such as backpacks, pencils and notebooks are usually available at a discounted rate in dollar or outlet stores.
Credit Card Debt
Students are frequently targets of credit card companies and can quickly accumulate debt. Cards that carry high or variable interest rates and hidden charges can cost you a lot quickly and can leave you struggling to make even the interest payments on the cards. Because of the recently enacted Credit Card Protection Act, students under 21 must get a co-signer and credit card companies must give you the option of stopping payment on charges to avoid over-limit fees. They must also tell you before hiking interest rates. Students should read credit card terms carefully before accepting any offer, and make sure to pay their balance monthly to avoid accumulating debt.
Living expenses can eat up a lot of students' money, particularly those who are able to work only part-time or not at all. Consider living with your parents to save money if you attend a local college. If not, you definitely need... [continues]
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