10 Money Tips Every College Student Should Know

College is a time for learning, including many life lessons related to financial independence. Here are ten tips to help you manage your money.

#1: Know Your Credit Score

Happy 18^th birthday – time to start building credit!

A good credit score can lead to better loan rates, higher credit limits, and more housing opportunities. Scores range from 300 to 850; a good credit score is 670 or higher.

Five factors determine credit score:

• payment history
• amounts owed
• length of credit history
• new credit
• types of credit used

Want to know yours? Ask us how you can get your credit score for free.

Key takeaway: Always pay your bills on time to maintain a good credit score.

#2: Apply for the FAFSA Every Year 

The Free Application for Federal Student Aid (FAFSA) provides financial aid for college, career school, or graduate school. It includes grants, scholarships, work-study, and loans.

All students should fill out the FAFSA each year, regardless of income. Funds can be used for tuition, fees, transportation, books, room and board, and supplies.

Read our 4 Tips for Filling Out the FAFSA.

Key takeaway: Apply as soon as the FAFSA opens (around October 1).

#3: Be Aware of Scams 

Anything that seems too good to be true probably is: unexpected job offers, online purchases that seem unusually cheap or someone sending you money with conditions like asking for money back.

Key takeaway: Never share your personal information or financial details with unknown sources, and if you’re not sure about something, come into a UW Credit Union branch and ask for help.

#4: Lean Into Tech to Set Yourself Up for Success

Use your bank's mobile app to set up email or text alerts for low balances, transactions, and to lock/unlock cards. You can also set up automatic payments and person-to-person payments, and link external accounts.

Key takeaway: Enable notifications to stay on top of your finances and avoid overdraft fees.

#5: Only Borrow What You Need 

Be aware of your costs for college and avoid over-borrowing. Apply for scholarships like it's a part-time job. If you need additional funds, consider federal or private student loans and learn about payment plans.

Key takeaway: Pay the interest on your loans while in school to reduce the total amount you owe after graduation.

#6: Get Student Perks 

Ask about student discounts and take advantage of local perks. Look for student-centric features  like fee-free ATMs, early payday and more. Check if your favorite subscription/streaming services offer special student rates.

Key takeaway: Always carry your student ID to access discounts and special offers.

#7: Learn How to Write a Check 

You might need to write a check for rent deposits or similar circumstances, so familiarize yourself with the process. Know how to find your routing and account numbers.

Key takeaway: Have a backup plan for situations where electronic payments aren't accepted.

#8: Understand the Time Value of Money 

Learn about compound interest, 401(k) plans, IRAs, and high-yield accounts. The earlier you start saving, the more your money can grow.

Key takeaway: Open a high-yield savings account and start contributing to a retirement plan as soon as possible.

#9: Know Your Forms 

Familiarize yourself with important tax forms like the W-2 Wage and Tax Statement, W-4 Employee Withholding Certificate, and 1098-T Tuition Statement.

Key takeaway: Keep copies of all your tax forms and consult a financial advisor or tax professional if you have questions.

#10: Plan Ahead 

Stay on top of important dates like tuition deadlines, off-campus housing leases and scholarship applications.

Key takeaway: Use a planner or calendar app to track deadlines and plan your finances in advance.