It's no secret that pursuing higher education is a significant undertaking – especially financially. As you continue into your next season of life as a student, it's important to understand and prepare your wallet for what's ahead. Whether you're heading into university, college, or technical school, here are some ways to prepare and keep your finances in check throughout the process.
Create a Budget
This new phase of your life will come with many expenses that you didn't have before. Besides the cost of classes, expenses such as books, supplies, housing, dining, parking, and more will arise. Creating a budget and sticking to it will be imperative to reach your financial goals while still getting an education.
Understand Your Student Loans
The process of acquiring financial aid, student loans, scholarships, and other funding can be overwhelming and difficult to understand. Read the fine print! The Terms and Conditions are there for a reason – to help you understand what you're saying yes to. Make sure you're aware of what is expected of you as you move forward with paying your loans back, paying the interest on the loans, etc. Understanding your student loan options is also crucial. Vibe Credit Union is excited to partner with Sallie Mae to bring you the student loan option that's right for you. Learn more about Sallie Mae and get started here.
Make New Goals
Now that you're pursuing higher education, it's time to reevaluate your goals, both short- and long-term. Where do you see yourself in the next five or ten years? Where do you see yourself next month? Create yourself a timeline of where you want to be (both financially and non-financially) and practical ways to get there.
Start Establishing Credit
It might not be easy to see the finish line, and graduation may seem very far away, but it'll be here before you know it. By the time graduation rolls around, you may be wanting to upgrade your vehicle, find a new place to live, and make other life changes. Most of these will require you to have established some credit. So, start now! Vibe has a multitude of options for those looking to establish or improve their credit.
Celebrate What You've Done So Far
As you move on into the next season of higher education, it's important to celebrate all that you've already accomplished. Be sure to take time to be proud of yourself and excited for what's to come!
