Top 10 Money Wasting Mistakes Students Make in College

There is no secret that college is expensive, and quite honestly, too expensive. With the cost of college and university tuition increasing, not to mention the difference in tuition costs for freshman and sophomore status versus junior and senior status, there is no room for wasted money. For the vast amount of students who do not receive scholarships or financial assistance, the cost of attending college is not an expense that can be easily replaced. Before attending college and after receiving the bill for each semester, college students and their parents feel the pain of how much money it really takes to go to college. However, during the course of each semester, it never fails that students make irreversible mistakes that significantly waste the money they've worked hard for to pay for college. Students can save money in college by avoiding these ten common mistakes.

1. Missing Classes

The most classic money-wasting mistake most college students make is not attending classes. Hangovers, sleep deprivation, missed assignments, and not studying are all notorious for assisting students in not attending classes. Believe it or not, some students attend college and don't attend one class during the semester-but better believe they pay for it. Traditionally, students pay for their tuition prior to or during the first month of the semester so by the time they skip classes, they've already paid for it.

2. Withdrawing from Classes after the 100% Refund Date

Difficulties can arise in a class--it's too hard, the professor doesn't have people skills, their writing is illegible, and after 27 years of teaching, their unwilling to update the course's textbook--but the 100% refund period is over. When students withdraw from a class or classes after the 100% refund date, they forfeit half and sometimes all of their money spent on tuition. In fact withdrawing from the term altogether, even during the 100% refund period adds the risk of being charged a hefty disenrollment fee.

3. Failing Classes

Worse than withdrawing from classes, a grave money-wasting mistake is failing them. When students fail classes there is no chance of a refund--wasted money. Not to mention there is now a failing grade on that student's transcript which they may choose to retake, especially if it is a prerequisite for a major or obtaining their degree. When the course is retaken, more money has to be paid and it isn't discounted either.

4. Not Using Resources Included in the Tuition

When attending college, there are expenses that students, no matter the circumstance cannot decide on whether or not they want to pay. These expenses are the notorious "fees" colleges and universities include in the tuition. Health service fees and student government and assembly fees are among the most common. Students should attend at least one or two student government meetings throughout the semester to make the money that they paid worthwhile.

As a personal account, I used the university's health services so much that the fee which was included in my tuition was a fraction of what it should have actually cost. All services that were provided within that building were free so every time I got sick, I was there-a cough, a headache, anything!

5. Unused Meal Plans

Another common waste of money is students not utilizing all of the meals in the meal plans they have chosen for the year or semester. Students should be realistic in choosing their meal plans. They should ask themselves will they actually eat that much, and if so, will it be in the dining halls. Some colleges allow students to try their meal plans out for a certain period of time before not being able to change them anymore, so students should use this time to make certain that their plan matches their food intake.

6. Not Applying for Scholarships and Grants While in College

Most college students know that there are resources available for college freshmen; however, very few take advantage of those same resources while they are already in college. Simply because a student is accepted into college or did not receive aid for their freshman year, does not mean that those opportunities are lost. In fact, there is just as much aid out there for college sophomores, juniors, seniors, and grad students as there is for freshmen. College students must remember to fill out the Free Application for Federal Student Aid--commonly known as the FAFSA, every school year (check site and university or college for specific deadlines). Another great resource for finding scholarships and grants is Fastweb.com. All college students know that every little bit counts, so when approaching this site, don't just apply for the big dollars. Students should apply for lots of smaller scholarships as well-they add up!

7. Letting Grades or Credits Drop Too Low to Keep Scholarships and Loans

A massive, costly mistake that students also tend to make is not adhering to the academic requirements of their student loans and scholarships. Most loans require that students at least maintain 6 credit hours in order to maintain the deferment of their loans. If not, the penalty is, repaying the loan money sooner than expected. In comparison, scholarship money typically has an academic G.P.A. requirement in place. If that G.P.A. is not held to the correct standards, a student may forfeit their scholarship money. Whatever the conditions, students must be sure not to jeopardize this money and adhere to any requirements.

8. Taking Unnecessary Classes

An easy mistake to avoid is taking classes that will not benefit a student's curriculum. If the course does not fulfill a pre-requisite or requirement and does not directly enhance a part of the student's major program, odds are that the student should not take it. This cuts down on the money spent down the line on credits and courses that are needed and maximizes the time spent on necessary courses.

9. Spending Too Much Money on Textbooks

Textbooks are an immense college expense that can easily be decreased. A great site to check for cheaper options for purchasing textbooks is gettextbooks.com. This site allows customers to input a textbook's ISBN number, title, or author, and searches for all of the cheapest options on the Internet listed from the least expensive to the most. Students should make enough time--preferably 2 or 3 weeks before classes begin for shipping time, to consult these websites before purchasing expensive campus materials.

10. Dropping Out Altogether

Lastly, college is undoubtedly not for everyone, yet if a student decides to completely drop out, this may be costly. Depending on when a student is coming to this realization, it may be worth their while to simply finish out their degree. Nothing is worse than years of wasted money and most importantly time.

Remember money literally does not grow on trees, and with the economy today, most families cannot afford to waste money on silly mistakes in college. So, when students are fortunate enough to be able to afford college, or find the means to do so, they should definitely maximize their opportunities and make college worth their money.