The intent of this qualitative phenomenological research study was to explore the influence of financial knowledge application and financial debts or freedom of traditional Texas college students. The study identified how financial knowledge application influenced whether traditional Texas college students do or do not accumulate debt. The study was designed to explore how financial knowledge is received and applied from family circles, educational institutions, and personal experiences. According to Cox (2009), at the beginning of the twentieth century, "around 6 percent [sic] of the U.S. population graduated from high school, and 4 percent [sic] of the population attended college." In 2009, significant growth was experienced in both high school graduations and college attendance by young adults. There was a 90% graduation rate from high school and approximately 45% attended traditional college (Cox, 2009). This study was designed to draw attention to the need for personal financial knowledge education earlier in life for young adults and sooner than college institutions' admissions. The increased rate in college attendance shows the need for personal finance knowledge transfer earlier in life rather than later by college institutions. Cox (2009) stated, "The traditional college student is no longer the typical college student." Results from this research study revealed that college students' first-hand experiences with proper financial knowledge applications are driven from the source of financial knowledge, impact of gained financial knowledge, full understanding of the concept of financial debt or freedom, and current application of financial knowledge concepts. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]