updated may 2026
Welcome to a crash course in personal finance.
Managing money on your own can be intimidating. We answered some of the most-asked questions we hear when we talk to students.
At every stage of life, you’re bound to have questions about your money. From how much you should be saving to building your credit, here’s a guide to get you on the right track.
How much money should I have saved up before I leave for college?
The answer is: it depends.
The amount of money you should have saved up before leaving for college can vary significantly. You have to consider your college's location, your financial aid package, your family's financial situation, and your personal expenses.
Here are some key things to consider so you can determine your savings goal:
- Tuition and fees.
- Room and board.
- Textbooks and supplies.
- Personal expenses like toiletries, transportation, clothes, and entertainment.
What’s the FAFSA?
It stands for Free Application for Federal Student Aid.
It’s a form you complete to apply for federal student aid such as federal grants, work-study funds, and loans.
Need help with the FAFSA? We have you covered. You can schedule time with one of our trained team members who will guide you through it.
What’s the difference between subsidized and unsubsidized student loans?
Student loans are often a necessary part of higher education. You may see terms like subsidized loans and unsubsidized loans as you start considering how to pay for it.
Subsidized loans are based on financial need. The government pays the interest while you're in school, during deferment, and for the grace period.
Unsubsidized loans are available to all students, regardless of financial need. You’re responsible for the interest from day one.
That’s just the gist of it. Get a more in-depth look at the difference on the U.S. Department of Education’s Federal Student Aid website.
When should I start investing?
As soon as possible. The power of compounding interest means the earlier you start, the more your money can grow over time. You don’t need hundreds or thousands of dollars to get started. Small contributions can make a big difference in the long run.
When is the best time to get a credit card?
Building good credit is an important part of your financial future. A credit card can help you get there, but it’s all about using it wisely.
Two things to consider are: You have a reliable income and you can pay off your balance every month.
How can I tell if something is off with my bills?
A good place to start is by regularly checking your bank and credit card statements. When you’re familiar with your usual spending and income, it’s much easier to notice when something doesn’t look right.
It also helps to keep an eye on your credit report. It shows a detailed history of your credit cards and loans, so you can spot anything unexpected, like accounts you don’t recognize or incorrect information. Some credit monitoring services can even send alerts if something changes. You can use your credit report to double check what you see on your bills and statements.
Managing money as a student isn’t always easy, but staying on top of things like this can go a long way. Start building strong habits now by checking your accounts, understanding your student loans, using credit cards responsibly, and getting comfortable reviewing your statements.
