Question

T/F. When a college student saves all summer so that he or she has money available to live on during the school year, he or she is using a revolving savings fund.

Answer 1

Youth savings programs give students the opportunity to learn via doing, taking the abstract ideas of money and banking out of the classroom.

Why is saving money crucial for college students?

Savings increase the likelihood that a student will enroll in and complete college. According to study from Washington University in St. Louis, students who have set aside money for college - even just $500 - are 2.5 times more likely to enroll in school and graduate with a degree.

What sort of savings should a student in college have?

If they are in charge of their spending and are sticking to their budget, Steinberg advises college students to keep one to two months' worth of money in checking and to put the rest in a high yield savings account or a retirement fund.

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