The Better Business Bureau. Student Assistance Foundation present. Common $ense. Tips to make college successful

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1 The Better Business Bureau & Student Assistance Foundation present Common $ense Tips to make college successful

2 You will leave so smart in these areas: Credit Identity Theft On Your Own Budgeting Let s get started!

3 Q: Which budget killer can pose the greatest threat to your wallet? Eating out Spending without a plan Borrowing money to pay for college

4 A: Spending without a plan It s not how much money you have. It s how much money you spend.

5 Create a Spending Plan Track your spending account for every single penny you spend over the course of several weeks. Use a notebook or notepad in your phone. Identify income financial assistance, work study, food stamps, etc. List your expenses use your spending notebook Compare income with expenses if your income is higher than your expenses WooHoo! You can save some for your goals. Cut expenses identify needs vs. wants.

6 Q: If on your 20 th birthday you put $200 a month in an investment account earning 8% annually, how much will you have by the time you turn 50? $72,000 $150,000 $300,000

7 A: $300,000 Keep it up an additional 15 years and you ll have well over 1 million dollars!

8 Little Things Add Up If you buy a latte every day for $3 = $21/week Over the entire school year = $1092 For four years of school = $4368 for coffee and steamed milk. If I gave you $4368 right now, would you set it aside and only use it for coffee? Probably not.

9 Key to Be Rich: Spend less than you earn; invest the rest.

10 Q: If you apply for a store credit card how can they approve or decline you on the spot? They check to see what you re wearing They check your credit score They check your purchase history at the store.

11 A: They check your credit score Many stores are set up to check your credit score right at the register. A high score and you can use your card right on the spot. A low score and you may have to make that purchase with cash.

12 Understanding Credit Scores Credit reporting agencies analyze your credit risk level according to: Bill paying habits do you pay your bills on time? Collections has a company been hired to collect an unpaid sum? Debt level is your total debt reasonable or approaching your max limit? Credit history how long have you had responsible borrowing experience? Recent activity have you applied for a lot of credit cards over a short period of time? Court judgments or bankruptcies these will reduce your credit score.

13 Understanding Credit Scores Scores are calculated from a lot of different credit data in your credit report.

14 Understanding Credit Scores A credit score below can put you in the category of sub-prime. This means your interest rates are higher. So What?!

15 Low vs. High Credit Score If you took out a home loan for $166,850, here s what the true bottom line would look like: SCORE RATE MONTHLY PAYMENT TOTAL COST % $ $326, $ $335, $ $341, $ $349, $1, $366, $1, $387,578 DIFFERENCE $ $ 60,678 Less than 620: it will be tough to get a loan at all. Source: Information Research Services, Inc.

16 Q: What s the average fee you have to pay to put a hold on a scholarship offer? Nothing 10% of the scholarship amount $35

17 A: Nothing Avoid getting hooked by a scholarship scam: Never pay a fee for scholarship searches or application information. Don t give out your credit card or bank account numbers. Scammers ask for that. Real sources don t. Don t believe in guarantees. If it sounds too good to be true, it probably is! If they say you ve been selected for a scholarship and you ve never heard of them don t respond.

18 Q: If one of your roommates leaves an apartment you ve leased together, who is legally responsible for that roommate s share of the rent? You Your roommate Depends on state law

19 A: Depends on State Law Understanding Leases Short-term lease: Fixed monthly rate for the entire duration of the lease. So if you sign up for a 9-month $600/month lease, you have to pay $5400 even if you move out early. Month-to-Month lease: Rent cost can change at any time, but you re not locked in to staying there. Usually it renews each month unless cancelled by you or your landlord. Sub-lease: You re renting under an original lease that someone else holds. You ll work it out with the original tenant rather than the landlord, but he/she may want to run a credit check on you first. Ask for written consent to rent there from the landlord first.

20 Q: What s a phisher fishing for? Personal and financial information Digital fish in an online game Academic Records

21 A: Personal & Financial Information Ten Tips for Protecting Personal Information 1) Don t give anyone your social security number, credit card or bank information unless you know the source and have initiated the contact. Scammers can be very convincing!

22 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 2) Don t just throw away papers with financial numbers or important account info on them. Shred them. Scammers WILL dig thru the garbage!

23 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 3) Keep your credit card and ATM receipts in a safe place until you ve paid the bill or balanced your check book then SHRED them.

24 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 4) Don t leave bill payment envelopes in a home mail box. Take them to the post office. People will take them out of your mailbox!

25 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 5) Reduce the chances of someone stealing your identity by opting out of receiving pre-approved credit cards. Call OPTOUT.

26 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 6) Don t send your credit card number over the internet unless you re sure you re on a secured site and your computer has updated anti-virus/anti-spyware software. Shopping is only as safe as your computer.

27 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 7) Shred anything with your name, address, credit card or bank info on it before throwing it away. This includes credit card offers. And don t just throw away used prescription bottles anyone could call and get a refill in your name.

28 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 8) Don t fall for the phishing scams. Scammers are good at making them look legit. If anyone asks for sensitive information consider that a RED FLAG!

29 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 9) Review your bank and credit card statements for unauthorized use. Question ANYTHING that looks fishy even if it s only a few dollars.

30 A: Personal & Financial Information Ten Tips for Protecting Personal Information con t. 10) Get free credit reports 3 times a year at: If you ve been a victim of identity theft, report it to the police immediately.

31 Q: If someone steals your credit card and uses it how much could you end up owing? $50 $500 The total unauthorized charges

32 A: $50 Pros/Cons of using Credit Cards PROS Convenient when you don t have cash Build up credit history For emergencies Accepted by most stores Benefits frequent flier miles or cash back Can purchase online CONS Late payment fees are around $30 Annual fees Increase interest rate if you miss a payment Transaction fees on cash advances May need to spend a lot of get the benefits Floating interest rates can go up without notice

33 Pros/Cons of using Debit Cards PROS Can get cash from ATMs all over the world Provide you with a receipt to check your balance* Can make deposits or transfer funds between accounts Can purchase online CONS Quarterly or annual fee use Money comes out of your account immediately Fee to use ATMs that are not owned by your bank Can be held accountable for $500 of unauthorized purchases if theft not reported within 48 hours. Thieves can clean out entire account. *You may not have as much as is indicated on receipt.

34 Q: Which hoodie would you rather buy? OR $75 $298.50

35 Final costs cash v. credit Cash: $75 Credit: $ Original cost $75.00 Save 10% by opening up CC New cost $67.50 Add: Interest plus $30 late fee 1 st month for non-payment Interest plus $30 late fee 2 nd month for non-payment Interest plus $30 late fee 3 rd month for non-payment Turned over for collection - after collection charges, interest, late fees, etc. - final cost of sweatshirt was $

36 Consequences of not paying your bills Housing you can lose your house or get kicked out of your apartment. Car can be repossessed Utilities can be shut off Taxes big fines, interest, other troubles Credit Cards will leave bad marks on your credit, late fees and increased interest rates Medical bills Can be sent to a collection agency All others can affect your credit report All companies are willing to work with you if you tell them you re having problems. Just don t ignore it!!!! Non-payment of any kind will affect your credit.

37 Q: Can you get financial aid for studying abroad? No financial aid is only for studying in the United States You can use private scholarships, but not state or federal loans or grants Yes you can use all types of financial aid to study abroad

38 A: You can use all types of financial aid to study abroad Budget items to consider when studying abroad: Housing deposits Insurance Phone charges Computer make sure it has a built in volt converter Student ID Passport/Visa Immunizations International Driving Permit Emergency fund

39 Q: Where can you find the best cheap eats? Salad bar All you can eat buffet Home

40 Eating on the cheap: A: Home If you re on a meal plan use it you re paying for it! Don t pay again to eat somewhere else. Use your flex plan sparingly it s easy to run out early if you re using them for regular meals. Love coffee drinks? Buy an espresso maker and save! Avoid buying snacks and drinks out of vending machine. Pay a fraction at the store instead.

41 Q: When do you have to start repaying student loans? Right after graduation 6 months after you graduate, leave school or drop below full time enrollment As soon as you find a job

42 A: Six months after graduation However, you may qualify for payment relief if you re having a hard financial time. Contact your lender. There are consequences for not making your payments! Be aware many students take years to repay student loans!

43 What To Do If You ve Been Scammed 1) Stay cool and focused. It will take a while to fix it. 2) File a police report. 3) Get a copy of your credit report. 4) Contact each creditor. 5) Contact the FTC at 6) Contact the credit reporting agencies: 1) Experian 2) TransUnion 3) Equifax

44 Websites FICO Score: Credit Report: How to read it: Identity Theft Info: Identity Theft game: Tons more info on everything seen here: Cash tracker: Student Assistance Foundation: Better Business Bureau:

45 Thank you!

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