America’s economic situation has banks, lenders, private citizens, public officials and anyone with an active bank account holding their breath.

College students, however, should recognize the unique advantage they have over other Americans in this unstable time. They can view this crisis as a learning tool and vow never to allow a crisis like this to happen again.

Money is tight, lenders are stingy and students hope money won’t run out before graduation day.

But the experience is perfect preparation for learning how every financial move makes a lasting effect. For students, big decisions involving portfolios, IRAs, 401Ks and the stock market don’t come until school ends.

So, gather information from the media, professors, parents and other students now.

“The main concern for college students are loans,” said associate economics professor Carl Campbell. “They typically aren’t affected by a mortgage or car payment.”

Of everyone in the country, college students are in the best position.

Children are too young to understand, while most post-college Americans already have economic struggles. Students, take a step back and turn this ugly economic crisis into a country-sized classroom where theories aren’t just discussed.

Be aware of the vices like credit cards, that can become financial problems while still in school.

“Don’t put more on your credit card than you can pay off every month, don’t keep a balance and avoid debt as much as you can,” Campbell said.

Students who recognize current credit problems are at an advantage.

“I think credit cards might be the biggest [financial] problems that college students get into,” said junior photography major Justin Epely. “It becomes a problem when you don’t watch your spending.”

Finaid.org, a public service Web site dedicated to informing students about education finance, says credit scores are easy to ruin and that improving them takes time and effort. The site suggests students pay credit card bills on time to avoid marring their credit score.

Campbell said that “cutting back on your spending in general” ensures students’ financial situations don’t grow out of control.

Students need to adopt simple, common sense tips like these to ensure they don’t inherit a bad financial situation after graduation.

Hopefully, students learn from the current economy, and the next generation of economic leaders won’t lead America into this situation again.

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