April is National Financial Literacy month- a month devoted to helping all Americans learn more about healthy financial habits. At University of Phoenix we are committed to responsible student loan borrowing and that is why our focus for this month will be on student loans and developing healthy habits to manage student loans.
You’re a college student, and your pockets may be feeling a little empty. You might think it’s almost impossible to pay for college without taking out loans. But there are things you can do to minimize borrowing.
First, recognize student loans mean future student loan payments. If you must take out student loans, create a budget that pays your current bills and needs. Then review that budget to see what you can cut back or reduce. Any savings you create can then be put toward college costs.
To start a budget you’ll want to write down all of your expenses and compare it to all sources of income. Download this budgeting worksheet to help you budget more effectively. You will need to be logged into eCampus to access the worksheet.
Extra credit if you take it a step further by tracking your spending for a few weeks to see how you actually spend it! You may find this helps you stick to a budget since you’re more aware of where your money goes.