In 2010, a study called Project on Student Debt interviewed students about how well they felt they could manage their own finances in the “real world” postgraduation. An overwhelming 84 percent responded that they felt unprepared.

Every year, thousands of young Americans enter college and every year they make financial choices that come back to haunt them later in life.

A 2010 study by Sallie Mae found that “the average student accumulates over $4,000 in credit card debt during their years as an undergraduate.” And in 2008 a study by USA Today found that “nearly 50 percent of people in their twenties stopped paying their debts… or filed for bankruptcy protection.”

Why do college students have so much trouble managing their bank accounts?

Gabriel Albarian, a businessman and author of Financial Swagger, sees two main reasons students end up so heavily in debt: A lack of education on basic financial concepts, and the incessant bombardment of students by credit card companies, offering enormous credit limits and alluring ‘deals’ to sign up for a card.

There is “a lack of formal education. Students don’t know the basics of finances,” Albarian said in an interview. “Many basic concepts they learn when they get in financial trouble. They’re learning the hard way, but they’re not learning the right way.”

That is, before the trouble starts.

The lack of education is compounded by the banks’ predatory nature.

“They [credit card companies] are capitalizing on young people at a time when they’re feeling adventurous, even frivolous,” Albarian said. “The increased availability of credit… [gives] the illusion that [students] have, say, ten thousand dollars available to them… but they don’t have the means to pay it back.”

For Albarian, the key to stemming the tide of student debt is education. He currently works with colleges to integrate financial planning into incoming freshman orientations and regular seminars throughout the school year.

“Colleges need to step up, take the initiative to teach their students how to manage their finances,” he said.

For DePaul students, the reality of living in Chicago means that many have developed some good and simple ways to keep themselves financially stable.

Senior Mike Ralph checks his account balances regularly, with the help of online banking.

“The only way to stay on top of it is to check it all the time,” he said, adding that seeing the amount regularly helps him keep his spending in perspective.

“Take out some of your paycheck and put it into savings, say a third, and a third to your credit cards and a third to your checking [account],” advised senior Dorothy Laskowski.

She said she uses this method successfully, and also uses only her checking account for living expenses “unless it’s a big purchase, then I use my credit card.”

“I get rewards cards [from] Dominick’s and Subway,” said freshman Joe Olding. The memberships are free, and in many cases there are discounts on groceries. The savings may seem small at first, but for essentials like food, they can accumulate quickly.

Freshman Joe Lazar admitted he doesn’t have an ironclad budgeting plan, but he definitely has plenty of good judgment.

“Spend wisely,” he said firmly, “don’t spend two hundred dollars on a cool shirt.”

Some debt is unavoidable for almost all students — student loans and unforeseen medical or academic expenses, for example — but no student wants to graduate with unnecessary debt tied to them.

So ask questions and develop tricks. With a little common sense, students can go a long way to preparing themselves for a successful, stable financial future.