Personal finance 101 may not be on your college student’s course list, but it’s important to learn. Amanda Bruggeman with Affinity Plus has advice for both student’s and parents.

“I’ll start by sharing two important statistics every parent should know: Nearly 57% of students don’t know their credit score, and nearly 65% of students have credit card debt, which tells us college kids need more guidance when it comes to their finances,” explained Bruggeman. “It’s vital to start building healthy financial habits as early as possible, and Affinity Plus is focused on helping students build solid financial skills to help guide them on their journey.”

Bruggeman suggests that parents start the finance conversation with their kids simply. She said credit score and avoiding credit card debt are two good places to start.

“It’s important to help students understand why it’s a good idea to build their credit. A strong credit rating can help a student get better rates on car purchases, utility deposits or their first apartment after college. These are big and exciting purchases any student can achieve with proper planning and guidance.”

She continued that going through a monthly budget is also important because college may be the first time that somebody might start earning a regular paycheck.

“You can help your student create a budget by starting with the most important categories: food, housing, basic needs and transportation. For seniors and post-grad students, it’s also important to look at the terms of any loan payments that might kick in this year. Most first loan payments are due six months after a student graduates. Recent data says nearly 7 million people are in default on their loans, which happens when borrowers miss 270 days’ worth of payments. Don’t forget about potential loans when budgeting!”

If a student is starting their first bank account, Bruggeman suggests looking for resources that benefit students like competitive interest rates on loans, free advice from financial experts, quick transfers and no-NSF fees.