After putting in four years of hard work, I was so excited to receive my degree from the University of Oregon. Even though it’s just a piece of paper, it is a symbol of the dedication and accomplishments I had achieved through my classes, homework and studying. Unfortunately, my degree is also a symbol of how much money was needed in order to support my four years in college. On average during the 2013-2014 school year, it was reported that tuition and fees were $30,094 at private colleges, $8,893 for state residents at public colleges and $22,203 for out-of-state residents attending a public college. Not to be even more of a downer, but you have to remember these costs don’t include other necessary expenses such as housing, school supplies, food and other needs. These extras usually add at the very least another $10,000 per year. Due to the outrageous costs of college, the average student is graduating with $26,500 in debt.
Since the debt you obtain during college can be scary and can affect your future long after you receive your degree, it’s important to know a few things about your personal finances as you find your way through out college. Here’s 7 things every college student should know about their personal finances.