College is one phase of learning that lets you understand a lot about life situations. It allows you to grow and learn more things about yourself. In college, you will start learning how to depend on yourself and making your own decisions. Most students usually live by themselves in college. This requires them to learn different skills of how to survive alone. One area you should be very careful as a college student is in making your financial decisions. This is one place where most of them go wrong. You have to budget for different things essential for a specific period of stay at school. There is a wide range of financial problems you may come across as a college student. Here are some of them.
Living by yourself at college is one of the best options because it enables you to learn with ease. Most students live in hostels or rent houses closer to their institutions. This allows them to get to class on time. Housing costs are usually high, especially for those renting outside schools. Most landlords take advantage of the increased housing demand from students to inflate rates.
As a student, you are also required to pay tuition fees to continue with your semester. Failure to do so may get you sent home, or you may miss your exams. This is one of the greatest challenges most students face. Most of them take advantage of student loans which are not at all guaranteed.
Students also have difficulty in budgeting their finances. Some of the student loans they take can be used on unnecessary activities due to peer pressure. Most students need to be taught how to spend their money wisely. Budgeting on essential things is vital in ensuring your money is spent wisely.
Falling ill or getting injured in college is a common thing. In some places, you will find students who don’t have any medical cover, and this forces them to spend their own money. You will be forced to spend your pocket money in a health facility or a wonderful dental clinic if you have complications with your teeth. This brings about some financial burden.
Student loans come with their advantages and disadvantages. Most of them require one to start paying back after clearing school, even without securing a job. The interests may accrue if you remain unemployed. This can be very devastating, given that you use your money on important things like paying for your tuition fees, buying medicine and products like prophy paste for your dental treatments. With all these challenges, college students should be taught how to budget their money and spend wisely.