Financial literacy is a key component to understanding the true cost of college. There are many costs that you may not even consider beyond tuition, housing, books, and supplies. Many students will incur costs related to travel, storing and shipping their personal belongings, enhancing their education through tutors or other services, and more. It is also important to consider the cost of living in the region where you attend college and budgeting for experiences such as study abroad or paying dues for an organization on campus.
Having an understanding of financial literacy, especially budgeting, can help you prepare for these costs in advance. Maintaining a budget to ensure that you have money leftover after covering major expenses, such as tuition and room and board, will allow you to make the most of your college experience and afford unexpected costs when they arise. This is why many colleges have taken the initiative to offer students resources to improve their personal finance knowledge. In addition to learning about the basics of key financial topics, such as budgeting, credit, and loans, many of these resource centers can help you understand all of the costs related to your education.
We took a look at what college programs offer financial literacy programs to students and chose five of our favorites to profile below. With the resources they offer, students can be well equipped to spend and save wisely and reduce their costs of college.
You can learn more about them (and gain access to Edmit’s budgeting template!) using the links below.
Founded by recognized university leaders, Edmit provides personalized insights and advice to help families find colleges that meet their academic goals and are within their financial means. Families that use Edmit make smarter college choices leading to less debt and better earnings outcomes, saving thousands of dollars.