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3 Effective Strategies To Prepare Your College Finances

Recent high school graduates face many challenges when planning to enter college. One of these challenges is determining how to manage their finances when applying for financial assistance. Creating and maintaining a budget can allow for the successful management of an individual's finances while in college. Budgeting can help reduce the stressors of academic life and enable them to achieve their financial goals. Budgets are specific to everyone. Here are some tips for recent graduates to prepare for college.  College students discussing homework. Borrow Smart When borrowing money for financial aid, it's essential to understand the difference between federal and private loans. Federal loans have a lower fixed interest rate and have better repayment terms than private loans. These can include your Stafford, Perkins, and Direct Plus loans. Alternatively, private loans may have higher interest rates that are variable and are based on your credit history. These loans may not offer