College is not only supposed to give you the skills you need in a particular field of study, but also the general life skills that you need to survive and thrive. Without good habits, your collegiate financial education can come via the school of hard knocks – through incurring fees and interest charges.
According to a new NerdWallet study, America’s college students spend almost $800 million per year on bank and credit card fees through college-sponsored accounts with partnering financial institutions. These fees are generally avoidable through responsible handling of finances.
Students incur typical overdraft fees and late payment fees of around $35 per incident on average. Given that the average college student overdraws a bank account 2.2 times annually, undergraduate students in America rack up over $722 million in overdraft fees alone. That’s nearly three-quarters of a billion dollars!
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