5 Financial Tips For College Students During The Coronavirus

You've paid the tuition fees upfront, as is the norm, and to pay for those fees, you or your family may have gone into debt, again nothing strange there, and then BAM, you're now sitting at home and distant learning!
 

Of course, no one could have foreseen the current crises, and there's little point in portioning blame, good and bad things happen every day. The Greek philosopher Epictetus framed it more eloquently when he penned the quote, "It's not what happens to you but how you react that matters," wise words indeed.
 

However, how does that help you as you sit and ponder your woes? 
 

The painful truth is you will still have to pay any debt incurred now. Yes, loans and fees may have been temporarily suspended during the crises, but you can bet your bottom dollar that any relief given now will be recouped further down the line. 
 

While we didn't foresee the pandemic, we have no excuse to ignore the financial ramifications, and it would be prudent practice to implement damage control where possible.  

 

1. Look at Temporarily Reducing Loan Repayments 

Your first step in organizing your ongoing finances should be to evaluate your loans. Start by finding out what type of loan you have as you may qualify for some kind of relief, such as reduced monthly repayments or a deferment during the pandemic.
 

The government has signed into law a $2 trillion stimulus package, and it provides relief to several sectors, federal student loans being one of them, and a helpful resource for information is relief option for students during the corona period. 
 

The department of education should be providing further information about the CARES act and how it can help students with loans in due course. 

2. Use Credit Cards Wisely

If, like many, you are now using a credit card, thread carefully.
 

The immediate financial relief they provide could build into a debt that you can do without, and you may find it hard to control. Try not and let it encourage you to spend without thought, instead use it wisely and build a good credit rating that can help you purchase needed essentials when you return to college. 
 

There are steps you can take to stay on the side of good credit, such as not exceeding your credit limit, always paying off the balance before the monthly deadline, and, when possible, pay off more than the minimum requirement.

3. Make the Most of Student Discounts During the Pandemic

As a student, there are always discounts available, but did you know that extra discounts are coming online every day to help you during the coronavirus. Companies are working hard to assist in what ways they can, free virtual learning services and storage to help those of you who've had to leave campus are just two.
 

Here are some companies stepping up:
 

• Free internet access: Xfinity, Spectrum, and Altice are all providing temporary free internet access to help with home learning, eliminating late fee charges, and suspending service terminations.

• Free storage: U-Haul and Compass are providing 30-day free storage to all students.

• Free removals: Dorm Room Movers are providing a free removal service form dorms, students can then either ship or store their belongings.  

4. Avail of Student Resources During the Pandemic

Companies are also providing temporary free virtual learning services to assist you during the pandemic. The range on over cover almost everything you might need to continue learning, such as:
 

• Ivy League: Harvard, Yale, and Princeton, are now offering free online courses.

• JSTOR: Are providing access to over 30,000 e-books, and its entire unlicensed collection at no extra charge.

• Perlego: The digital online library is providing free access to textbooks. 

• Sophia: Is offering free access to students, where they can take courses that you can use towards college credit.

• Unity: Are providing three months free access, up to June 20th, to their live virtual classes, courses, and tutorials.  

• Accessibyte: to apps for students relying on assistive technology, is offering full access  

5. Go 2nd Hand With Text Books 

Depending on which survey you choose to believe, you spend, on average, between $600 to $1200 per year on textbooks. Now, of course, you have probably already bought most of the books you needed for this semester, but we're looking ahead here, not backward.
 

New editions can cost you up to $300, but you can get them for a fraction of the price by buying second hand, from either the previous year's students or online. Another approach to reducing textbook costs is by using e-books, and now that you're learning virtually, this won't feel like a unique concept. Also, consider selling all of the last year's books and any others that are no longer relevant to your studies.
 

There could even be an opportunity to create a business within your school and neighboring schools by providing a platform where students can help each other by swapping or selling unused textbooks at a reduced cost. Now, what's that guy's name I'm thinking of who started a reasonably successful company by selling old books!