Smart money tips for college students to help minimize debt

It can be expensive being a student, but managing money, using discounts, finding freebies and planning for future financial success can help students keep debt at a minimum.

College and university tuition and related expenses vary based on the school, but anyone can use these helpful money tips for students to keep their debt as low as possible.

Student loans are the biggest financial obstacle for many university students. While often they cannot be avoided, there are smart steps to help keep them as low as possible.

Paying off interest while in school is a manageable step that allows students to get rid of part of their loans prior to graduation and avoid paying future interest.

Another important money tip for college students is to not take out unnecessary loans.

Dorm expenses, books and meal plans can easily be factored into student loans, but paying as much possible out-of-pocket means lower student loans in the future and less money spent on interest.

With a year's tuition at a private university costing more than some new cars, it is hard to consider anything free. However, there are plenty of perks offered around campus. Students should find these freebies and maximize them.

• Free doughnuts or lunches mean one less meal paid for out-of-pocket, while free entertainment such as movies and concerts keep entertainment expenses at a minimum.
• Student gyms are often included with tuition, and many businesses such as travel companies, insurance companies, theatres and restaurants offer student discounts.
• Always asking for a student discount is great way to save money and avoid spending more than you have to.

Depending on the university, it can sometimes be cheaper to live off campus. However, it is important to not allow unexpected expenses to eat up the savings.

College students should consider that utilities such as electricity, water and cable are often included with dorm costs, and when looking for off-campus housing they need to factor these in or look for properties with utilities included.

Having roommates is another great way to save. Larger properties, such as four- or five-bedroom rentals, allow for the rent to be split between multiple people, reducing each student's bills.

Also, it is important to consider the distance to and from campus.

Ideally, students should look for a rental where walking or biking is easy, or which is at least near university or public transportation routes since car ownership can be expensive.

Finally, a property needing some minor work such as painting, gardening or simple repairs might be a prime opportunity to get free or reduced rent in exchange for completing the work. This should be fully negotiated before moving in, and always put in writing.