Getting students ready for the financial transition to college

Posted at 6:00 AM, Aug 31, 2018
and last updated 2018-08-31 09:39:54-04

“The books are crazy expensive, and walking in the book room I was like hold up, like, what’s going on here?”

Dialo Rivera Stevens is not the only freshman in America getting sticker shock in the bookstore.

He’s a freshman at Medaille College on a full ride scholarship.

He’s learning to navigate a new campus, but also how to navigate financial literacy. 

“When you’re in college its probably the first time where you’re on your own a little bit,” said Michael Anderson. He’s a KeyBank retail leader. 

Anderson says that college is a great place to start learning ways to be more responsible with money.

 Stephen Robinson, a junior at Medaille, says that he learned how to budget after his first trip through the bookstore. 

“I waited to see after I found out what all my classes was and I waited and I came and priced out all my books and whatever it came out to I went and got it next week.”

The biggest issue for many in college is finding a good way to establish a line of credit without falling into the debt trap. 

Anderson says he sees many college students struggle with overspending. He says the solution there is to take look at expenses.

“Looking at your expenses - your needs versus your wants.”

KeyBank offers savings and checking accounts, as well as online tools that can help give students a visual guide to how fit their finances are.

Anderson recommends college students get a credit card with a low limit and pay it off at the end of every month.

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