College Students Urged to Build 300-850 Credit Scores and Budget for Loans
Updated
Updated · The Associated Press · Aug 11
College Students Urged to Build 300-850 Credit Scores and Budget for Loans
3 articles · Updated · The Associated Press · Aug 11
Summary
Students heading to college this fall are being urged to start managing money early, with experts highlighting credit building, budgeting, savings and student-loan planning as core habits.
Credit scores range from 300 to 850, and advisers say students can begin with secured or student credit cards while limiting spending to what they can repay in full each month.
Budgeting is especially important for students with irregular income from jobs, aid or family support; one recommendation is to divide monthly bills by four to set weekly savings targets.
Experts also recommend building an emergency fund covering rent and essentials for a few months before investing, and tracking total student borrowing and expected monthly repayments before graduation.
Campus financial-aid and wellness offices can help students navigate mistakes and questions, with advisers stressing that financial choices made in college can shape security after the first job.