College is a time for students to expand their minds, meet new people, and have a ton of fun. But it can also be a time when a student can get into serious financial trouble, courtesy of easily-accessible credit cards.

College courses offer undergraduates credits; now, virtually ever bank offers them credit cards, as well. The fantastic plastic monster is also giving college students an education in the school of hard knocks. Promoting easy acceptance and generous lines of credit, financial institutions relentlessly target college students. Lacking in money management skills, many of these youngsters take the cards, and soon find that they're buried under a mountain of debt.

The fortunate ones can rely on mom and dad to dig them out, but many aren't quite so lucky. Besides regular course work, they're also forced to struggle through a tough lesson in how to manage their money.

Build credit, be prepared

If handled properly, credit cards do have much to teach college students. Those who use them and always pay their balance on time will build a solid credit history and boost their credit score. This will pay huge dividends when they graduate, land that first job, and look to buy a new car or home. Nothing looks better to a lender than a person who pays his bills promptly.

Credit cards can also act as an excellent source of emergency cash. If a student's car breaks down on spring break, plastic can get him access to a large amount of money in a hurry. And with access to credit, there's no need to carry a large amount of money, which means no worries about losing cash or having it stolen.

Crossing a dangerous line

Unfortunately, this easily-accessible line of credit often proves too tempting for many students. They max out their cards, and then are shocked to see the resulting sky-high minimum monthly payment. To avoid this problem, a student should keep a relatively low credit limit of no more than $1,000. Once he has a proven track record, this limit could be increased over time. But make sure good spending (and payment) habits are instilled before raising that credit limit.

Shop 'til you drop the rate

Students also need to be better shoppers before they get a credit card. Most student cards include rates that are higher than the average rate for typical cards. They may also offer low introductory rates, which eventually adjust to more than 20 percent after the teaser period has ended. The fallout can be high minimum payments, which may eventually trigger equally painful late fees. Students should shop for the best deals, watching out for teaser rates and scrutinizing any outrageous fees or finance charges.

Like anything else in adulthood, privilege comes with great responsibility. By using a credit card wisely, students can prepare for a solid financial future. It's an invaluable lesson in money management that most schools don't offer, but every student desperately needs to learn.