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2 The information included in this packet is meant to be a starting point for you to examine and understand your money management skills. We strongly believe it is important for you to have a budget, understand your spending habits, create goals for yourself, and have good credit upon exiting college and in the future. If at any time you would like more information regarding financial literacy and money management skills, please contact the Owens Community College, Health Professions Pathways (H2P) Grant at

3 Please be specific when answering all items. Give details and dates wherever possible. Credit Knowledge List four things that you can do to build up your credit history. True or False Having a savings account is important when applying for credit. Living at the same place for a period of time matters. Paying your bills on time is not significant. How much debt you have currently is very important. When shopping for credit, list four things you would consider and why.

4 Setting Goals List three educational goals. List three social goals. List three financial goals. List three family goals. List three health goals. List three recreational goals.

5 Taking only one goal from each section on the previous page and answer the questions in the boxes. After you have completed all of the boxes, prioritize the 6 goals/sections that you have chosen. Type of Goal List Your Goal What can you do now to work toward your goal? Educational What resources do you need to achieve your goal? Social Financial Family Health Recreational

6 Your Money List your current source(s) of income? What do you expect will be your future source(s) of income? Can you see any patterns in your spending habits? If so, please list. How do you decide what to purchase? What factors influence your purchasing decisions?

7 Establishing a Budget Income Job #1 $ Job #2 $ Other Income $ Other Income $ Total Monthly Income $ Expenses Rent/Mortgage $ Car Payment $ Car Insurance $ Transportation (gas, bus fare, parking fees, etc.) $ Medical $ Repairs $ Food $ Utilities (Gas, water, electric) $ Clothing $ Entertainment $ Household Items $ Personal Items $ Tuition $ School Expenses $ Student Loans $ Savings $ Total Monthly Expenses $

8 Financial Trouble List four reasons why individuals do not pay their bills. List four warning signs of financial trouble for a person. List three steps you can take if you think you are unable to pay your bills. List three ways a creditor may attempt to collect their money for non-payment.

9 Types of Federal Student Loans The U.S. Department of Education has two federal student loan programs: The William D. Ford Federal Direct Loan (Direct Loan) Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available: Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer. The Federal Perkins Loan Program is a school-based loan program for undergraduates and graduate students with exceptional financial need. Under this program, the school is lender. Student Loan Repayment Plans Below is a brief explanation of the types of repayment plans available to an individual who has federal student loan debt. For more detailed information about your federal student loans, please go to the website Standard Repayment Plans allow a borrower to pay a fixed amount (>$50/month) for a period of up to 10 years. For loans that have been consolidated, the repayment period can be anywhere from years depending on the amount that was consolidated. Extended Repayment Plans allow a borrower to repay with a fixed or graduated amount as long as the loans are paid in full within 25 years. The payment minimum has to be greater than the monthly interest accrued. Graduated Repayment Plan allows a borrower to increase their payment every two years until the loan is paid off in full. The payment minimum has to be greater than the monthly interest accrued. The Income-Driven Plan allows a borrower to make a monthly payment based on the income of the borrower. The payment amount is usually a percentage of a borrower s discretionary income.

10 Student Loans and Terminology When someone takes out a student loan, they sign a promissory note. This binding legal document that is signed lists the terms and conditions under which repayment of the loan will occur. A student should keep a copy of their promissory note in their personal file to refer back to once they start repaying their student loans. Delinquent loans are any loans where the payments have not been received by the due dates that are established. These loans will remain delinquent until either payment is made or there is some other change in the status of the loan, such as deferment, or forbearance. Deferment of a student loan only postpones the payment due to certain conditions. There are many reasons someone may seek to defer their loan, including going back to school, economic hardship, or unemployment. Some, but not all, loans that are deferred will continue to accrue interest and will be added to the balance once repayment begins. Forbearance on a student loan can occur because of financial hardship. Payments can be temporarily suspended of reduced depending on the situation. Unpaid interest will continue to accrue during this time, and will be added to the amount that is owed by the individual. Default on a student loan can have a number of negative consequences for an individual, and a lender may take legal action in order to get money back from the individual. To default, the individual fails to make the scheduled payments on a student loan as agreed to in the signed promissory note. Typically, the individual has been delinquent for an extended period of time. Debt Collection Wage Garnishment - A wage garnishment is a court order for an employer to withhold a certain amount of your wages as repayment for a debt. Wage Assignment A voluntary agreement between and employee and a creditor to have wage s withheld to pay off a debt. Wage Attachment A court order in an attempt to collect a debt where property or other items of value can be taken to reduce the amount owed. Bankruptcy - A legal proceeding involving a person or business that is unable to repay outstanding debts. This process is usually initiated by the person who is having financial problems. Upon the successful completion of bankruptcy proceedings, the individual in debt is relieved of their financial obligations that happened prior to filing for bankruptcy. After bankruptcy completion, an individual who was in debt will still be responsible for the following debt. Taxes Child Support Alimony/Spousal Support Fines Illegal debts College Loans

11 IMPLE MONEY RULES TO REMEMBER!!! Borrow only what you can repay. Read and understand the contract you are signing. Pay your bills promptly. Notify your creditor if you cannot meet payments.

12 WEB PAGES (Federal Financial Literacy and Education Commission) National Student Loan Data System (NSLDS) using your Federal Student Aid PIN for retrieving student loan information (Federal Student Aid) (U.S. Department of the Treasury) (Free Application for Federal Student Aid) (Your Federal Student Loans: Learn the Basics and Manage Your Debt) (Free website funded by the National Endowment for Financial Education (NEFE ) - A real-life money guide for students)

13 CREDIT INFORMATION Experian National Consumer Assistance Center P.O. Box 2002 Allen, TX Telephone: (888) Equifax Credit Information Services P.O. Box Atlanta, GA Telephone: (800) Trans Union Consumer Relations P.O. Box 390 Springfield, PA Telephone: (800) National Foundation for Credit Counseling (NFCC) 2000 M Street, NW Suite 505 Washington, DC Telephone: (202) Additional questions about credit report rights can be directed to: Federal Trade Commission 600 Pennsylvania Avenue, NW Washington, DC Telephone: (202)

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