Financial aid pitfalls

This summer I am taking a class in Financial Aid that I hope will help me to help you more. One of the things that is becoming clear is that neither the colleges that distribute nor the government which funds financial aid are doing a good job of informing families about paying for college. Students are increasingly graduating with overwhelming debt, which can place them at a serious disadvantage in establishing themselves independently.
One article I read recently was Degrees of Debt at http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?pagewanted=1.  I was amazed at the amounts some students borrowed to finance their college education, and surprised also at how few were told or tried to find out what that debt load would mean for their future income. Current graduates and upcoming seniors, as you are getting ready to head out to college, it is important to consider what you can afford and the best way to avoid burdening yourselves with excessive debt. There are some steps you can take to help.

1. Keep a close eye on your debt totals and periodically calculate what a monthly repayment amount would be, compared to what you might possibly earn as a graduate. Be realistic about this. There are places online to calculate loan repayments if you google them.
2. Go after every scholarship you can. Check with your major department, as some scholarships are specific for students studying archaeology or business. The financial aid department at your college will have information on scholarships. Don't forget, Maryland students, to apply for the Delegate and Senatorial scholarships every spring--they are renewable. Check out the scholarship websites for scholarships for college students. Work at it like a part time job.
3. Work as much as you can during the summer and even during the school year. Anything you can contribute to the total will be that much less to repay when you graduate.
4. DON'T get a credit card. Or, if you do, don't use it more than once or twice a month for important purchases. Banks prey on students on campus, making credit easily obtainable, but that credit card debt, added to your school loans, can steal your ability to live on your own after graduation. Credit card interest is tremendously high, and adds up quickly.
5. Create a budget and stick to it. It is amazingly easy to spend a huge amount in a month by going out to eat with friends or heading out to the movies every weekend. Decide how much you can spend and stick to it. Find cheap ways to have fun.
6. Rethink every purchase. Do you really NEED new shoes? Or do you just want something new?
7. If you find yourself at a financial standstill, consider taking a semester off to work and save, then go back being able to pay more of the bill yourself.  

The more careful you are about your finances, the happier you will be when you graduate and find that you can actually afford to live independently and afford such things as food and transportation.