(WDRB/InvestigateTV) — As students head to college, a personal finance expert says knowing how to handle money early can prevent significant debt down the road.
Kionnie Epps, founder of the YouTube channel The Responsible Homegirl, said one of the most overlooked financial realities for college students is that financial aid often drops after the first year, making a long-term plan essential.
She said continuing to apply for scholarships beyond the first year is one of the most valuable steps a student can take.
"Even when I was in college I still continued to apply for scholarships because if you don’t need to use all of that money you get to use that money in a refund check," Epps said. "And that is free money — if it’s not from student loans — that you get to use to help you live, survive and thrive."
Epps said students should look into work study programs or on-campus jobs as a way to earn money while managing a class schedule. She said campus employers tend to offer more flexibility for students.
"They’re more flexible with you because you are a college student," she said. "So even though you’re at work, you may be able to do a little work on the side. And it’s a great way to — one — start building up a strong work ethic, two — earn some money and three — put some money to the side for yourself so you’re not always having to call home and ask for money. You have some sense of autonomy."
Students should be deliberate about spending, particularly because disposable income is often limited. Epps recommended splitting costs with roommates, using the meal plan and limiting how often they eat out.
Epps said college is also a time to be cautious with credit cards, noting that campus life is not the time to accumulate debt. She added the habits formed during college tend to carry over after graduation.
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