Episode 123: Sean finds the Christmas Spirit!

[Gilberto]

It's worth it for the experience if you come away with a pointless degree, but you would be better off studying a trade. In today's world that's not as true as it used to be, because everything's diversified to the point where a single skill set is not necessarily sufficient to secure employment. Study computers, kids, they're everywhere.

Having said that, though, don't waste the experience simply on study, because life lessons learned in college are also valuable to you later on.

And for God's sake, graduate! Even if you come away with a degree in Medieval French Philosophy, go the distance and finish what you start. Most employers place value in a college degree regardless of the major because it shows that you're capable of finishing something.

And don't delay payment of your student loans with endless forbearances. This will only create a mountain of debt from which you will never free yourself.

And never use your credit card for cash advances or to buy groceries. It seems practical to do this, but that's what jobs are for. Credit cards are for emergencies.

And stay in the dorms as long as you can. It sucks, but it saves money. And you'll miss them later in life.

[drivebyluna]

Stay in the dorms the first year and then live elsewhere. Really, dorms will only save you money if you're not from the area and if the area you live in now has ridiculously high rent. More often than not, you'd actually save money living at home or renting your own place and not buying into your university's meal plan.

Also credit cards shouldn't be used in emergencies, that's what savings are for. If you have a credit card that you don't use it may ding your credit score. Also if you don't use your credit card often enough you may have a continually low credit limit, which would make using it in an emergency effectively useless.
moneyfor20s.about.com/od/creditcards/tp/needacreditcard.htm

Also, don't get a credit card if you don't actually need one. I'm 27 and have never had a credit card. My current credit rating is 762

[lynn]

Staying in, what did you call them, dorms? Over here that's far more expensive than staying in town and renting, unless you get some sort of smart-person scholarship like I did...
I do agree with the graduating thing too. I know people who go almost to their last term then drop out, saying that they didn't really want to be a lawyer or whatever. You've got one term left putz, just do it! Also, don't go to uni just to sit around, if you enroll you really should try to do the assignments and pass. And don't yell at the government or your parents for refusing to pay for you to continue being a student if you never go to class or do assignments so you fail everything.
Savings, ha, you people are funny. I don't do credit cards, I never have enough money to save, I get along just fine on very little. I like debt cards, cos you can use them online. I hate anything that wracks up a debt... though I did do two degrees so chances are I will never leave the shadow of my student loans. Sigh.

[Gilberto]

Credit cards can be a good way of building credit if you're responsible, but if you're responsible you probably don't need one. It's good to have a line of credit available in case something comes up... This is speaking as a person who can't seem to build up savings. The only proper savings I have is a 401k, and that's because I can't touch it. But then that wouldn't help in an emergency as it is meant to be a retirement.

I also know people that dropped out in their last semester and never went back. They make me crazy. I don't care what you want to be, get the damn degree! Have something to show for your college years besides a mountain of debt.

[drivebyluna]

I'm building up my short term savings now. I have no retirement funds but I have to remind myself I did only just graduate a year and a half ago.

[Gilberto]

I should have more savings, but I'm doing better than I used to. Oh well, baby steps...