Getting ready for college but don't have the money?

A course in personal finance might be one of your best investments

By Ayat Zia and Zoha Tahir

April 16, 2026

Youthcast Media Group®

Money is needed everywhere, particularly in college. It's for the snacks you will buy, the food you will eat, and the games you play. That's where personal finance comes in. It is the study and practice of how to save, budget and invest your money.

The numbers tell a story: a year of tuition at a four-year public college costs an average $12,000, and a year at a private university averages $45,000, according to the College Board.

That means that most students will need to borrow money to be able to afford college. And loans mean interest. Compound interest was described by Albert Einstein as the “eighth wonder of the world,” because it can generate exponential growth in investments.  But the flip side is particularly true for borrowers:. For example, over the 15-year term of a $50,000 loan at 7%, you’d pay nearly $31,000 in interest. 

Data from the CollegeBoard's Trends in College Pricing 2025 report.

The average college student graduates with about $30,000 to $40,000 of debt, and for most student loans, interest kicks in when you leave school, whether you graduate or not. 

“The problem is that's an average, so there's a lot of people that have a lot more [debt] that may struggle, and then there's people actually who have a lot less, but still struggle with it, because they maybe they didn't graduate,” said Jillian Berman, assistant managing editor at MarketWatch. 

If you don’t want to carry tens of thousands of dollars in student loans when you graduate, personal finance studies can help you. 

The College Board has created a new course called AP Business with Personal Finance. It is slated to launch in the 2026-2027 school year. According to the College Board, the course will help students with financial skills, covering topics such as saving, borrowing and investing. It is also aligned with the national standards for personal financial education, making sure that students who complete the course get a good understanding of how they balance their finances throughout life. 

Nearly 40 states already require some personal finance coursework — either as a standalone class or as part of another class — but the new College Board offering is an introductory, college-level business and personal finance course. Students will learn “entrepreneurship, marketing, finance, accounting, and management through real-world business application, case studies, and project-based learning.” 

Getting personal finance education also helps prepare students for the daunting challenge of affording college. While many students are willing to pursue higher education, the cost of tuition, housing, and other expenses can affect where they apply and whether they feel confident about attending college. Each student’s experience with college affordability is different, depending on financial aid, family support, future goals, and income.

Abdul Basit, a senior at Annandale High School (AHS), plans to attend college, but cost is a major concern. He has narrowed the priorities down to  “the cost, the location, and if they have a good IT or software program.”

Senior Bitanya Erget says she is going to attend Marymount University in Arlington, Va., in the fall. She is excited about the educational opportunities and new social experiences college will bring.  

While Bitanya says her parents “fully support” her, she remains uncertain about the financial side of college. “I have no clue what I am gonna do for the cost,” she says. Her experience shows how even students with strong family support can feel anxious when they are unsure how they will pay for college and afford it.

Munawara Madinatu, who is also a senior, has fewer financial concerns. 

“I have gotten scholarships, so the cost is not an issue right now,” she said.  She has already taken important steps towards her future by accepting a direct admission offer. She also talked to her parents and counselor about her decision and they supported her choice and agreed that it was the right decision for her. 

Whether students are comparing costs, relying on family support, or benefiting from scholarships, financial considerations remain a main part of the college journey.

Personal finance education is essential and important for students because it helps them learn to manage money responsibly, understand the long-term impact of saving and investing or spending it on necessities. This helps families make informed decisions for long-term financial stability. 

Viridiana Acosta, a college and career counselor at AHS, explains that although college is an important step in life, it does not guarantee success.

“Going to college is part of it, but students should also focus on building their skills and gaining experience in their fields of study so they have better opportunities after they graduate,” she said. 

Acosta offered advice on how students can reduce college expenses, ranging from going to a nearby college to reduce housing costs to enrolling in a community college, working part-time, and applying for scholarships. She also warned that many students are taken aback with additional expenses like textbooks and supplies. 

She also cautions students to only borrow what is absolutely necessary for college. 

“It is easy to get into student loan debt, but it’s difficult to get out,” she said. 

The idea of taking on debt and deciding how much can feel overwhelming for many students and their families. This fear, while understandable, can sometimes prevent students from making decisions that could benefit them in the long run. 

Sandy Baum, a senior fellow at the Urban Institute who studies higher education finance, explains that avoiding loans altogether is not the best solution because it can limit access to college opportunities. It’s also not realistic, because most college-bound students will need to borrow money to complete their education. 

Trying to avoid debt by working excessive hours during school, she adds, can backfire by interfering with academic success and increasing the likelihood of dropping out, which can make debt even harder to manage. 

“Going to a four year college, and getting a bachelor's degree is the path that opens to the most doors and leads to the highest incomes,” Baum said. “Even if you have to borrow money to do it, it's worth it, because you're going to make enough money afterwards to pay back those loans, assuming that you go to college and you manage to graduate.” 

Ayat Zia is a freshman and Zoha Tarir is a sophomore at Annandale High School, one of Youthcast Media Group’s journalism class partners. YMG Intern Sarah Gandluri contributed to this story.