According to [CITATION Sto11 \l 1033 ] the way college students manage their finances depends on many factors, such as age, personality, and knowledge (Norvillitis, et al., 2006). College college students are in a unique position because they have limited income and high costs; Therefore, they manage money differently (Micomonaco, 2003) The more knowledge that students have about their financial responsibility and status, the less likely they are to be in debt. (Norvilitis, et al., 2006). In “Borrowing Against the Future: Practices, attitudes and knowledge of financial management among college students,” Micomonaco (2003) finds college students tend not to have a budget or calculate credit card bills based on their actual spending. For example, there was a significant number of students that did not know their SES or how much they would owe in student loans when they graduate (Micomonaco 2003). Also, only 36% of students with credit cards reported paying off their credit cards bills monthly (Norvilitis, et al., 2006). However, college students are worried about their future financial status. 67% of newcomers to four-year colleges care about paying tuition. This is a major concern that has been raised over the last decade (Gordon 2010). For example, there are many groups of students who change the way they collect and mark credit, such as how they use credit cards. Women are more likely to report having a budget than men (Norvalitis, et al., 2006), while women often collect more credit cards and total debt (Mykomonako, 2003).

Also, the majority of students identify themselves as being in the minority with more control over their finances (Mykomonako 2003).