Financial Management, Fys, Spring 2008

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Some tips on financial management in college, based on Ch. 10 of "Thriving in College & Beyond," by Joseph B. Cuseo, Viki Sox Fecas, and Aaron Thompson

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Financial Management, Fys, Spring 2008

  1. 1. GRAHAM GARNER FIRST-YEAR SEMINAR SPRING 2008, SECTION 8 Financial Management: Paying for College
  2. 2. Short-Range Plan <ul><li>Weekly Income </li></ul><ul><ul><li>Work no more than 15 hours a week </li></ul></ul><ul><li>Weekly Expenses </li></ul><ul><li>Students with a part-time job and a student loan: </li></ul><ul><ul><li>are more likely to graduate </li></ul></ul><ul><ul><li>graduate in a shorter period of time </li></ul></ul><ul><ul><li>graduate with higher grades </li></ul></ul><ul><li>This is true for all income levels, and especially for students with low incomes </li></ul>
  3. 3. Mid-Range Plan <ul><li>Monthly Income </li></ul><ul><li>Monthly Expenses </li></ul><ul><ul><li>Two out of three students have at least one credit card </li></ul></ul><ul><ul><li>Half of all students with credit cards carry an average balance of $1,500 per month </li></ul></ul><ul><ul><li>“ I owe, I owe, so off to work I go.” </li></ul></ul>
  4. 4. Long-Range Plan <ul><li>Projected Income during college </li></ul><ul><li>Projected Expense of entire college experience </li></ul><ul><ul><li>Work full-time, and go to school part-time? or … </li></ul></ul><ul><ul><li>Go to school full-time, and work part-time? </li></ul></ul><ul><li>The longer you take to graduate, the longer you have to wait to “cash in” on your education </li></ul><ul><li>Work for better grades now; work for better pay later </li></ul>
  5. 5. Extended Long-Range Plan: The Future <ul><li>After Graduation: </li></ul><ul><ul><li>Expected Income </li></ul></ul><ul><ul><li>Expected Debt </li></ul></ul><ul><ul><li>College Loan Repayment Plan </li></ul></ul>
  6. 6. Financial Aid <ul><li>Grants: Need based form of aid that does not require repayment </li></ul><ul><li>Loans: Student loans are a form of aid that needs to be repaid. There are many types of student loans, which may or may not be need-based. </li></ul><ul><ul><li>Pay 20 percent credit card interest, or pay a lower rate for student loan? </li></ul></ul><ul><ul><li>Pay debt every month, or wait until six months after graduation before paying? </li></ul></ul><ul><ul><li>Only 25 percent of students with credit cards take out loans </li></ul></ul>
  7. 7. Financial Aid <ul><li>Employment: </li></ul><ul><ul><li>Work Study </li></ul></ul><ul><ul><li>Career Center (http://www.isu.edu/departments/career/) </li></ul></ul><ul><li>Scholarships </li></ul><ul><li>For more information, visit http://www.isu.edu/departments/finaid/ </li></ul>
  8. 8. Scholarships <ul><li>The Scholarship Office administers nearly $9 million in scholarship disbursements each year </li></ul><ul><li>Coordinates scholarship-related activity including: </li></ul><ul><ul><li>scholarship announcements </li></ul></ul><ul><ul><li>application screening </li></ul></ul><ul><ul><li>selection processes </li></ul></ul><ul><ul><li>award notification </li></ul></ul><ul><ul><li>tracking of scholarship recipients </li></ul></ul><ul><li>Help students find scholarships, and donors find qualified students for their scholarships. </li></ul><ul><li>For more information, visit http://www.isu.edu/scholar/ </li></ul>

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