Going for Broke

Your spending and borrowing habits in college will greatly affect your lifestyle after college. It will dictate where you live, what you drive, even when you marry and start a family.

Estimating student loan repayment. Chances are, student loans will be part of your financial aid package, and repayment part of your future. To estimate your student loan debt, multiply the amount of your freshman loans by four. Use our Repayment Calculator to get an idea of future monthly payments.

Budget. Use our Budget Calculator to track your expenses and develop a budget. Knowing how you spend money will help you find ways to spend less.

The pitfall of instant credit. Credit card companies will lure you with free gifts and low introductory rates - that will soon increase up to 21%. You'll also be hit with finance charges on unpaid balances.

Example: If you pay the minimum $30 per month on a $2,000 balance, it will take you 12 years to pay it off . . . and that's with no additional purchases.

Avoid the credit card trap and carry only one card for emergencies - refuse those offers from every retail store you walk into! Use your card for purchases of $50 or more, and pay your bill in full each month.