If you are on your way to college and are troubled about finance management, you are not alone. College is expensive and many students postpone it because of lack of funds, or simply not knowing how to minimize and allocate their college expenses. Student finance is hard, but it doesn’t have to be impossible. Determine whether you are doing your best at it by avoiding these five major mistakes that can quickly deplete your college fund.

1. You Don’t Have to Pay for Everything

You might have heard that college comes with a lot of unexpected expenses, and therefore ends up costing more than you imagined. However, this doesn’t always have to be true. It is important to have a professional advisor by your side to ensure you are not spending on things you might already be covered for, or can avoid spending on. For instance, if you fall ill during your course of study, you may already be covered by your insurance. Similarly, if you get injured or get into any sort of an accident, professional personal injury lawyers like Lawlor, White & Murphey can help educate you on your rights, and make sure your expenses and other losses are covered.

2. Check All Financial Sources

When financing college, scholarships can be a huge help. While many scholarships are awarded automatically on merit, many students make the mistake of not considering those that are only awarded if applied for. It is also important to not miss the deadlines for these, since most major scholarships have deadlines earlier than those of regular program admissions.

3. Don’t Forget to Shop for Loan Interest Rates

Colleges provide financial aid and loans, but they are not the only source. Many students make the mistake of not approaching private loan organizations, which sometimes might even be providing better interest rates than university finance options. Make sure to shop around before you finalize where you get your loan from and the payment plan that works the best for you.

4. Don’t Borrow More Than You Need

When determining the amount of money you need for college, it is essential to borrow a smart and minimal amount that covers your tuition, living, transport, and other everyday expenses. Remember that wants or luxuries, like having a television set in your dorm room, should not be part of this. Paying off a loan can become a serious burden after you graduate, and it is best to keep the amount at a minimum.

5. Don’t Overlook Refinancing

Getting a loan for your student finance purposes doesn’t mean this is forever and you can’t change it. Make sure you keep looking into refinancing options. If interest rates drop, you can refinance your loan, get a better deal, and make your repayments lower. You can also exit a federal student program and enter into a private program if you think it will work better for you. However, make sure you consult an advisor before making such decisions, and take the best steps considering your financial status.