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Debt Management

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Request a Mentor Semester Financial Plan

Have questions about paying for college? Read through the introduction and experience to learn about basic financial planning principles. Click on the button above to create your own financial plan. To learn more, sign up for a financial wellness mentor or attend our budgeting workshop listed in the calendar to the right sign.


When students can't afford to pay for their expenses, they may consider borrowing money. This is called debt. Some of the most common forms of debt are loans, including student and auto loans, and credit card debt. Debt typically comes with a cost, known as interest. Interest is a percentage of the amount you owe, and in most cases, you will end up paying more than what you originally borrowed.

There are many ways to avoid going into debt for school. One of the simplest is to use the Semester Financial Plan (blue button) to manage your resources wisely. Looking for ways to increase your resources or cut back on expenses can help prevent the need to borrow money. But not all debt is bad. When used properly and sparingly, it can help further worthy goals that otherwise could not have been achieved. However, borrowing money should only be considered after you have exhausted all other options. The more money you borrow, the longer it will take to pay back. So borrow only what you need and plan to pay it back as soon as possible.


Click here to read about a student who sacrificed a "typical" college life style to graduate without debt.

  • What did Laura do to avoid borrowing money for school?
  • How did Laura demonstrate stewardship, sacrifice, and self-reliance?
  • What impressions do you have after learning about debt management? What do you want to start or stop doing as a result?
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Video Companion
If there is any one thing that will bring peace and contentment into the human heart, and into the family, it is to live within our means. And if there is any one thing that is grinding and discouraging and disheartening, it is to have debts and obligations that one cannot meet.
Gospel Standards: Sermons and Writings of Heber J. Grant