Managing Big Bucks for Costly Colleges

Essay by starcraftgoddessHigh School, 11th gradeA, May 2004

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Going to college marks the beginning of a freshly innovated achievement in life. For countless individuals, one major factor impedes such ambition: the cost of tuition. This costly aspect may, at first, be deemed as a challenging amount to pay; but for a highly rewarding education, any cost can be funded. There are countless financial management programs and tools made available to these individuals with financial setbacks. With effort and good judgment, meeting the expense of college education can be a breeze.

In Shakespeare's The Merchant of Venice, Bassanio was in need of a loan to travel to see his beloved Portia. Although Bassanio's friend, Antonio, was unable to lend him the money, he directed Bassanio to a moneylender. Bassanio, as well as other debtors, should be aware of all factors when receiving a loan, such as interest rate and payment deadline. This type of financial management tool is comparable to one of several methods that aid students, such as the modern Bassanio at Belmont University. A student loan is a type of financial aid where repayment begins after the student graduates. Another positive aspect of this type of loan is that interest rates are rather low and quite affordable. There are several other financial management tools that can help Bassanio pay for expenses during his freshman year in college, such as a credit card. However, this piece of plastic may either harm or benefit the user, depending on his or her responsibility.

A credit card can be very convenient when Bassanio needs money for emergency spending or to purchase materials for college, such as meal plans and books. Nevertheless, the convenience of a credit card may cause a bad habit of easy spending. It should never be used carelessly, because it can amount to a soaring debt and...