Money Management. A College Student s Guide to Success. Lisa Wainwright Missouri State University Real LIFE

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1 Money Management A College Student s Guide to Success Lisa Wainwright Missouri State University Real LIFE 0 1/24/2011 Missouri State University Real LIFE

2 Tip 1: Set Your Goals The first thing you do before you make any investment is to set your goals. - Dr. Jim Scott How are you spending your time? How are you spending your money? What are your future plans? Be realistic Set priorities 1 1/24/2011 Missouri State University Real LIFE

3 Tip 2: Learn How to Best Finance Your Education Types of Financial Aid Scholarships Do not have to repay Some dependent on FAFSA Deadline March 1 Grants Do not have to repay Dependent on FAFSA Loans Must be paid back 2 1/24/2011 Missouri State University Real LIFE

4 Application Process Complete the FAFSA (online at Deadline April 1 Receive your Student Aid Report (SAR), READ IT, and check for errors Make sure Missouri State is listed to receive your information Missouri State may request additional information Verification or clarification (4-6 weeks once documents are logged in) View your award letter from Office of Student Financial Aid Accept/decline your award(s) Follow up as directed (i.e. Complete Stafford entrance counseling or have your parents complete the PLUS application, sign and return the Promissory Note) For more information: 3 1/24/2011 Missouri State University Real LIFE

5 Student Loans According to FinAid.org, in 2008, 67% of students graduating from four-year colleges had student loan debt. Average debt levels for graduates with student loans was $23,200 in Average debt levels have increased to over $24,000 since /24/2011 Missouri State University Real LIFE

6 Types of Stafford Loans Direct Subsidized Loans Student must demonstrate financial need. You are not charged interest while you re in school at least half-time. Current interest rate is fixed at 4.5% Direct Unsubsidized Loans Student does not need to demonstrate financial need. Interest accrues from the time it is first paid out to the student. Current interest rate is fixed at 6.8% 5 1/24/2011 Missouri State University Real LIFE

7 Paying Back Student Loans After you graduate, leave school, or drop below half-time enrollment, you have a sixmonth grace period before you must begin repayment. Payments are usually due monthly. Different types of payment plans are available generally, you have 10 to 25 years to repay the loan. What happens if you don t repay? 6 1/24/2011 Missouri State University Real LIFE

8 Student Loan Default The Department of Education can do any of the following to collect your debt: Take Your Tax Refund Garnish Your Paycheck Take Your Federal Benefits Revoke Your Professional License Sue You The Department can collect from assets such as bank accounts, valuable property, and can place a lien on the borrower's real property. As the result of such a lien, the borrower may not sell the property until the lien is removed. 7 1/24/2011 Missouri State University Real LIFE

9 Repayment Example Joe borrows a total of $18,000 in unsubsidized Stafford Loans during four years of school. Repayment: Monthly payment if Joe paid the interest before repayment began: Monthly payment if interest was capitalized before repayment began: Total interest paid over the life of all loans if Joe paid interest before repayment began: $ $ $9, Total interest paid if it was capitalized before repayment began: $11, Joe is able to save $1, in interest by making interest payments while in school. 8 1/24/2011 Missouri State University Real LIFE

10 Things to Remember About Financial Aid Remember to reapply for federal and state aid each year (FAFSA available after January 1) Closely monitor loan debt Retrieve your federal loan information from NSLDS To find other student loans access your credit report Pay particular attention to scholarship and loan renewal requirements SAP Requirements Be sure to return the scholarship thank you letter to the appropriate department Please carefully read everything sent to you 9 1/24/2011 Missouri State University Real LIFE

11 Tip 3: Plan for the Future What are your future career aspirations? Will you make enough money to pay off your student loans? Do some career research Occupational Outlook Handbook Check out average entry-level salaries Missouri Economy Perhaps it s time for a reality check! 10 1/24/2011 Missouri State University Real LIFE

12 Tip 4: Create a Budget Reaching your financial goals does not happen accidentally, it requires planning. Use a budget as your financial road map for reaching success. Effective budgets consider: All Sources of Money (Income) All Expenses A Savings Plan 11 1/24/2011 Missouri State University Real LIFE

13 Creating a Budget Prioritize your spending Recognize Needs vs. Wants Track your spending Save Receipts Write down due dates for all bills Consider different budgeting tracking systems Use pencil and paper/put money in envelopes Use excel to track your income/expenses Mint.com 12 1/24/2011 Missouri State University Real LIFE

14 Tip 5: Be a Wise Spender Use on campus resources for free or close to it! Check out VITA (Free tax preparation for students) Gym vs. fitness club membership Free Sunday/Wednesday movies Taylor Health and Wellness Free food at events Free weekly entertainment Take advantage of student savings Check out our Cheap and Free Guide Springfield Cheap and Free Guide 13 1/24/2011 Missouri State University Real LIFE

15 Tip 6: Get into the Habit of Saving Before going out and spending your paycheck, pay yourself first! Make your savings account untouchable Place tax returns, bonuses, and gift money into savings Save loose change in an envelope or jar and match the amount at the end of the month. Then place the money into savings. Set aside one dollar per day for savings. 14 1/24/2011 Missouri State University Real LIFE

16 Create an Emergency Fund The old saying, life happens when you re making plans holds true- be prepared for the unexpected. Creating an emergency fund, separate from savings, can help you deal with unanticipated expenses. Many experts recommend: Create an sufficient emergency fund to cover anywhere from 6-9 months worth of expenses. Build an emergency fund of at least $1,000 (for college students) 15 1/24/2011 Missouri State University Real LIFE

17 Ways to Save Limit ATM withdrawals to machines owned by your bank. Order water while eating out. Make home-cooked meals. Check out books/videos/music from library. Use water filter instead of buying water bottles Take advantage of mail-in rebates or coupons. Take advantage of Interest Money in pig = money Money in bank = more money FEED THE PIG 16 1/24/2011 Missouri State University Real LIFE

18 Tip 7: Be Cautious with Credit Cards Don t spend what you don t have Pay your credit card bill in full each month if at all possible How long will it take to pay off your credit card? Amount of item charged to card Interest rate on card Amount of minimum monthly payment Total $$$$ paid for the item $1, % $40 $5, New credit law: If under 21 years old, must have a co-signer or provide proof of means to pay 17 1/24/2011 Missouri State University Real LIFE

19 Terms and Conditions Getting your first credit card? Check with your bank Read carefully over credit card offers When applying for a credit card, watch carefully for fees such as: Annual or monthly fee Application processing fee Inactivity fee Balance transfer fee Cash advance fee Late fee 18 1/24/2011 Missouri State University Real LIFE

20 Tip 8: Understand your Credit Score Your credit score is reported by the three main agencies: Experian TransUnion Equifax You can obtain a copy of your credit score and report from /24/2011 Missouri State University Real LIFE

21 Factors affecting your Credit Score Bill-paying history Number and types of accounts you have Late payments Collection actions Outstanding debt Age of your accounts 20 1/24/2011 Missouri State University Real LIFE

22 8 Tips for Successful Money Management 1. Set Your Goals 2. Learn How to Best Finance Your Education 3. Plan for the Future 4. Create a Budget 5. Be a Wise Spender 6. Get into the Habit of Saving 7. Be Cautious with Credit Cards 8. Understand Your Credit Score Set up an appointment with us today! Carrington /24/2011 Missouri State University Real LIFE

23 Questions? A penny for your thoughts 22 1/24/2011 Missouri State University Real LIFE

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