Transcript Pay-A-Bull Financial Literacy:Understanding How To Manage

Pay-A-Bull Financial Literacy:
Understanding How To Manage
Your Money in College
Presented by Financial Education @USF—Bull2Bull
1
• We are a one of a kind peer-based education program
• Designed to help teach you:
– Basic financial planning
– Wise borrowing habits
– How to develop short-term & long-term financial goals
• All services are free and confidential for you!
– One-on-one meetings
– Group seminars
• Located in SVC 2054
2
Agenda
1.
2.
3.
4.
5.
6.
Money Management
Cost Calculator: Forecast Your Costs
Bright Futures
OASIS: View Awards and Pay Your Bill
Enrollment: How It Affects Your Aid
Wrap-Up
3
Check Us Out !
www.usf.edu/fin-ed
4
Financial Education
The knowledge of facts, concepts, principles and technological tools
that are fundamental to being smart about money
The key to personal financial success is simple:
Earn more than you spend
OR
Spend less than you earn!!
5
Financial Planning
The process of developing a plan to achieve financial success
• Influenced by your:
• Understanding of wants vs. needs
• Lifestyle choices & behavior about spending money
6
Set Your Own Financial Plan
Check Out Our
Resources
Get help if it’s not
working (Visit us!)
Understand Your
Expenses
Identify and Set
Financial
Goals(short-, midand long-term)
Take Action and
Review Your Progress
Create a
Budget to
Meet Your
Goals
7
Handy, Helpful Hints:
• Limit entertainment expenses
• Rent or buy used books
• Walk, don’t drive
• Use credit cards only for emergencies
• Pay your credit cards off each month
• Prepare meals at home
• Live like a college student!
8
Budgeting
A Budget is a written cash flow plan; that assigns every dollar to a
specific category/expense at the beginning of each month
• Helps you to live within your financial
means and meet expenses
• Helps you track spending versus saving to accomplish long- and
short-term goals
• Offers peace of mind. Worry is a waste
of resources
9
Water Costs What!?
Suppose you purchase a $2.00 bottle of water every day for an entire
semester
Over the course of four years the total cost is about $1,984
The interest rate on a federal student loan is at 3.86%
•
+
+
$248.00
x
8
$1,984.00
+
10
Saving
• Cut down on dining out. Coffee ($4.00 a day) plus dining out ($9.00 a day)
• $4.00 + $9.00 = $13.00 /day
$13 X 7 = $91/week
$91 X 52 = $4,732 /year
If you graduate in 4 years, you spend $18,928 on going out to eat and coffee!
The average graduation rate at USF is around six years. Stay an extra two years
and that’s an additional $9,464 at $28,392!
11
Forecasting Your Costs &
Planning Your Budget
12
Use Our Cost Calculator to Help Budget
Your Costs!
• What is the Cost Calculator?
• Estimates your bill before payments are due
• Why should I use the Cost Calculator?
• The Cashier’s Office does not send bills
• How much will my bill be?
• Online version: Go to www.usf.edu/financial-aid
• Under ‘Get Started’, click on the ‘Cost Calculators’ link
• Review the paper version in your program
• Do I have to do all the math?
• Nope! Just enter all of your costs and let the calculator do the
rest!
13
Use OASIS to Monitor Your
Financial Aid Status Each Semester!
• Check for unsatisfied requirements
• Check for deferments
• Check Satisfactory Academic Progress (SAP)
• View your financial aid awards
14
Financial Aid Main Menu
15
Understand the Terms and Conditions
• What are they?
• Requirements you must meet in order to remain eligible for
financial aid
• Why do I need to know this?
• Before you can be paid (grant, loan or work study funds), you are
required to READ and ACCEPT the Terms & Conditions in OASIS
every year.
• Does this apply to my scholarship(s)?
• Certain scholarship awards have separate terms and conditions
which must also be accepted before these funds can be paid.
16
How Do I Accept the Terms &
Conditions in OASIS?
• Go to ‘My Award & Loan Information’
• Click the ‘Terms & Conditions’ tab
17
Florida Bright Futures
• Go to www.floridastudentfinancialaid.org & make sure USF is
listed as your postsecondary institution (in the Demographic
Information section) so the scholarship can be paid
• Click the ‘Scholarship’ tab on the USFAS webpage for step by step
directions
18
Florida Bright Futures (cont’d)
Bright Futures pays a flat amount per credit hour:
• Florida Academic Scholars- $103 per credit hour
• Florida Medallion Scholars- $77 per credit hour
• The State of Florida requires students to repay the university any Bright
Futures funds that were paid for courses that student drops or withdraws
from…or the scholarship cannot be renewed for the next year.
• Ex: One dropped course for an Academic Scholars student must repay $309
• Ex: One dropped course for a Medallion Scholars student must repay $231
19
Review Your Bill in OASIS
20
View Your Bill
21
Tuition & Fee Deferments
22
What Is A Tuition Deferment?
A tuition deferment prevents cancellation of registration for
non-payment of fees, and temporarily prevents assessment of
late payment fees
Term
Tuition Payment Date
Deferment Payment Date
Summer A/C
May 15th
July 17th
Summer B
July 6th
July 17th
Fall
August 28th
October 23rd
Tuition not paid by the deferment payment date will be
assessed a late payment fee and have a cash collection hold
placed on the student account by the University Controller’s
Office
23
How Do I Receive a Tuition Deferment?
• Automatically posted on OASIS if you:
• Have scholarships (including Bright Futures) listed on your OASIS account
OR:
• Have a FAFSA on file at USF 10 business days before classes begin; and
• Are enrolled in at least 6 undergraduate USF credit hours; and
• Are meeting Satisfactory Academic Progress (SAP) requirements
Check OASIS before classes begin each semester!
24
Housing Deferments
25
Housing Deferments
Allows students to move into on campus housing without
paying the first month’s rent
Residency Status
Amount of Aid Needed to Qualify*
Florida Resident
$5,800 in accepted aid
Non-Florida Resident
$11,200 in accepted aid
*Student Direct Loan Borrowers must also complete the Federal Direct Loan Entrance
Counseling and Master Promissory Note in order to qualify at www.studentloans.gov
*Direct PLUS Loan Borrowers must apply and complete the PLUS Master Promissory Note
in order to qualify at www.studentloans.gov
26
Bookstore Advance
Purchase Program (BAPP)
27
The Basics of BAPP
• What is the BAPP?
• Allows you to purchase textbooks & supplies (at a USF campus bookstore)
prior to the first day of classes using financial aid before it is paid
• The amount you spend appears as a charge on your USF student account.
After your financial aid has been paid, it will be applied to the charge
• How do I qualify for the BAPP?
• Be enrolled at least half-time (6 credits) in USF hours; and
• Have financial aid that is at least $100 (maximum $600 for fall and spring,
$300 for summer) more than your bill
• Where do I find out if I qualify?
• Check ‘My Requirements, Bookstore Authorizations and Deferments’ in OASIS
• We will also email you
• What if I don’t use my BAPP?
• Any unused BAPP is refunded to you as a part of your financial aid refund
28
How Enrollment Decisions Affect Your
Financial Aid
Take 15!..credit hours each semester
29
Impact of Enrollment Decisions
• Dropping courses:
• Repaying Bright Futures for dropped courses
• Increases the number of attempted credit hours
• Excess credit hours:
• Paying excess hours charges for credit hours attempted over 132
• Reaching the 120 credit hour limit on Bright Futures
• Repeated courses:
• Repeat course surcharges if the same course is taken for a third time
• Some financial aid programs will not fund courses that are repeated!
You must pay attention to the Terms & Conditions you accepted in OASIS
to keep each type of aid program!
30
If You Don’t Graduate On Time…
• Every semester you stay in school and extend your
enrollment you will be adding about $10,500 to the cost of
your degree!
• Putting off starting your career will lose you estimated wages
of $48,707 per year
• One extra year in college: ($10,500x2)+$48,000=$69,000!
Make sure you understand
the financial implications before dropping a class!
31
Financial Literacy 101
• Required one hour online course for all first time in college
students before classes begin
• Access via CANVAS-`Life Skills: Financial Literacy 101’
• You must score 80% or higher to pass the course
• Designed to give students basic financial management
information
• Credit card use
• Financial aid (including student loans)
• Budgeting
32
Things To Remember…
• Read all emails sent by USFAS- all emails are sent to your USF
email address
• FAFSA: Complete the 2014-2015 FAFSA for summer & 2015-2016
FAFSA for fall
• OASIS: Complete any unsatisfied financial aid requirements in
OASIS
• Terms & Conditions: Read and accept in OASIS; also accept awards
• Accept Award Offers: Loans and Work Study require acceptance
33
Things To Remember…
• Loans: Complete the online Master Promissory Note &
online Entrance Counseling if loans are accepted at
www.studentloans.gov
• Review: This presentation is on the USFAS website
(www.usf.edu/financial-aid) and
• Pay: Pay the bill on time!
34
And…!
• Attend our seminars/workshops & you may win a $500 scholarship!
• Follow us on Twitter: @Bull2BullUSF
• We reveal all our scholarship/loan repayment winners via Twitter!
• We’re also constantly searching for good deals, free
entertainment, free food, & ways to save $ #freefoodalertUSF
• Visit us in SVC 2054!
• Contact University Scholarships & Financial Aid Services if you have
financial aid questions: 813.974.4700
35
Thank
Questions?
You!
36