Transcript Slide 1
Financial Literacy Boot Camp
Anthony Morrone
Director of Financial Aid
Nevada State College
Financial Literacy Regimen
Financial Aid Overview Budgeting Debt Management Understanding Credit Identify Theft Career Services Tax Preparation Q&A
Exercise 1: Financial Aid
What is it? Financial Aid is assistance provided to eligible students by the government, schools and private donors to pay education-related expenses.
Financial Aid may be awarded as: Grants Scholarships Work-Study Loans
Applying for Aid
Federal and State
FAFSA (Free Application for Federal Student Aid) www.fafsa.gov
School will receive results and contact you
Nevada State College Foundation Scholarships
Application available online December - April www.nsc.edu/finaid
Third-Party Scholarships
List of opportunities on NSC website Many deadlines in winter and early spring Write an essay and apply to as many as possible
FAFSA
(Free Application for Federal Student Aid)
2014-2015 FAFSA available Jan. 1, 2014
www.fafsa.gov
Valid for Fall 2014, Spring 2015, Summer 2015 Gather 2013 tax return and earnings statements Set aside at least 30-45 minutes to complete
PIN
www.pin.ed.gov
Allows you to electronically sign FAFSA One PIN per SSN, good for life
IRS Data Retrieval
: An easier way to provide tax information. With just a few simple steps, students & parents who have completed their IRS tax return will be able to view & transfer their tax information into their FAFSA. May reduce additional documentation requests from FA Office.
Stats
Exercise 2: Budgeting
Creating a
school-year budget
allows you to compare your estimated financial resources against your planned educational expenses http://studentaid.ed.gov/prepare-for-college/choosing-schools/consider/budget-calculator Creating a
monthly budget
helps you track your actual income and spending habits, which you can compare with your planned school-year budget https://www.mint.com
Exercise 3: Responsible Borrowing
http://studentaid.ed.gov/sites/default/files/Responsi bleBorrowing_ENGLISH.wmv
Debt Management
Borrow only what you need according to your budget Be aware of the debt you are accumulating NSLDS www.nslds.ed.gov
$ALT https://www.saltmoney.org
Explore your repayment options and estimate your monthly payment www.studentloans.gov
Exercise 4: Understanding Credit
Credit rating affects many areas of life Ability to purchase goods and services Employment Housing Use credit responsibly Credit rating is affected by • • • • Percent of total credit used Opening and closing accounts “Hard” inquiries on your credit report Timing of payments
Credit Reports
Credit reports may include: A list of companies that have given you credit or loans The total amount for each loan or credit limit for each credit card How often you paid your credit or loans on time, and the amount you paid Companies that have asked to see your credit report within a certain time period Your address(es) and/or employers Other details of public record
Review Your Report
Your rights to your credit reports
Federal law requires each of the three nationwide consumer credit reporting companies to give you a free credit report every 12 months if you ask for it. Order 1 credit report every 4 months to monitor your report over the entire year Report any discrepancies immediately
Understand and Know Your Score
Each of your credit scores will vary depending on the criteria used by the credit agency Monitoring your credit score is a good way to track if there is any suspicious activity Drops in score because of • • • Unauthorized credit checks Account usage New lines of credit opened
Exercise 5: Identity Theft
Don't access secure websites, such as online banking, from shared computers or in public.
Use the privacy settings on social networking sites to ensure you're only sharing information with those you trust.
Only provide your Social Security number when necessary, such as for employment, tax forms or bank records.
Be careful opening files, links, emails, etc. from unknown sources or from a friend's account that may have been hacked.
Check the security of online stores before you purchase.
Shred all sensitive information before throwing in the trash.
When sharing personal information with certain professionals, such as tax preparers or mortgage lenders, be sure to choose companies you trust.
Monitor your Information
Check your accounts at least weekly for suspicious activity.
Immediately report small unauthorized charges.
Keep your receipts and compare against monthly statements or online accounts.
Secure wireless devices and connections Keep PINs and passwords safe Not written on or kept with cards Not under keyboard or in notebook Don’t use “password” or “123456”
Protect your Information
“ S K I M M I N G ”
Be aware of card-swiping devices Hand-held Mounted ATM or vestibule Gas pump Any exposed card swiping device
Exercise 6: Career Services
NSC Career Services Center
The CSC@NSC serves as a career hub for students, alumni and employers. Its purpose is to arm all NSC students and alumni with the professional toolbox required to navigate a lifetime of career choices, while opening the doors to a network of job opportunities. • • • • • • •
CSC@NSC services & programming includes
: Career Skills & Interests Testing Career Goal Setting & Academic Planning General Career Counseling/Resources/Events Resume and Cover Letter Writing Support Interview Skills Training & Mock Interviews Post-Baccalaureate and Graduate School Insight Dress for Success Free Suit Referral for Women
Click on the briefcase icon in NSC Portal
Exercise 7: Tax Preparation
If you earn income and no one is claiming you as a dependent on their taxes, you should consider filing even if you are not required to do so.
• • • • You may be entitled to education benefits
American Opportunity Credit
• Up to $2,500 for qualified education expenses
Lifetime Learning Credit
• Up to $10,000 for qualified education expenses
Student Loan Interest Deduction
• Up to $2,500 per year
Tuition and fees deduction
• Up to $4,000 per year
Our office does not offer individual tax advice, please consult a tax professional.
Exercise 8: Q&A
What have you learned today that you will use in your daily life as a financially savvy student?
What would you like to learn more about in upcoming sessions?
What would you tell your fellow classmates about the seminar?
How can we make the seminar series more valuable to you?
Would You Like More Information?
Feel free to contact us:
2014-15 Scholarship Application http://nsc.edu/finaid