Be Smart About College Finances
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Transcript Be Smart About College Finances
Be Smart About College
Finances
Amy Sikes
Assistant Director
Office of Student Financial Aid
I Want It NOW
(Needs vs. Wants)
Do you really NEED that thing, or do you just WANT it?
Books for class
Coffee from Starbuck’s/Aromas/etc
Weekend trip
iTunes purchases
Meal plan
Late-night pizza
New coat
How much does each thing cost, and is it worth that amount in
the long run?
Saving Your Way to a Fun Weekend (Or
Night Out, Or Fall Break, Or…)
Take that cup of coffee you NEED each day:
$3.50/cup (and you’re just drinking one each day, right?)
$24.50/week
$98.00/month
$1176.00/year
Compare it to buying a small Keurig brewer:
$75 initial investment via Amazon – free Prime shipping
$19 for a 30-count k-cup pack – free Prime shipping
$303 for 12 months, including your initial investment
Save $873 in the first year, more in subsequent years
Types of Loans
Direct Subsidized Loan
Does not accrue interest while in full-time school
6-month grace period
Direct Unsubsidized Loan
Begins accruing interest immediately - 3.86%
Federal Perkins Loan
Does not accrue interest while in full-time school
9-month grace period
Direct Parent PLUS Loan
Various private student loans
What Do I Do With This Refund?
If you aren’t spending it on coffee…
Use it to pay for
Books
Supplies
Laundry
Pizza, when you really NEED it
Rent, if you ever move off-campus
Groceries
Gas, when you’re allowed to have a car on campus
Must be used for educationally related expenses
What Do I Do With This Refund?
Above all, remember that ONCE IT’S GONE, IT’S GONE
Financial aid cannot create money for you out of thin
air – we can only provide the need-based aid the
FAFSA says you’re entitled to get
Emergency loans from Student Affairs must be repaid,
either from your upcoming financial aid or via personal
funds
Budget wisely
Remember Needs vs. Wants
Smart Money Management
Do you know where your money’s going?
Books?
Pizza?
Apps?
Games?
http://www.360financialliteracy.org/Tools/Calculators/Stud
ent-Budget will help you figure it out
If you’re over-budget each month, figure out if some of
your “needs” are really “wants” and work to trim them
Smart Money Management
Be cautious about buying things on credit cards
If you wouldn’t be able to pay for it in cash right then, consider
not buying it
Credit cards, like student loans, must be repaid
Some have high interest rates, and all have late fees and
overlimit fees
One impulse purchase can wind up costing you $100s more than
the original price
Get a checking/savings account with no monthly fees and use a
debit card instead
Be aware that debit cards can also rack up fees – overdraft
charges (not enough $ in account to cover charge) and ATM fees
Help! Someone’s Stolen My Identity!
College students make up the group most at risk for
identity theft
Use of social media and smartphones make it easy for
someone to grab your personal details
“Friendly fraud" makes up more than 20% of identity
theft crimes on college campuses
College student identity theft puts at risk your future
financial aid, credit history, even your job prospects
after graduation
Help! Someone’s Stolen My Identity!
How do they do it?
•
Known family and friends
•
Stolen wallet/purse
•
Rummaging through your trash
•
Mail
•
Scholarship scams
Phone and Internet scams
Phishing
• PINs
• Social Security numbers
• You can report phishing to [email protected]
•
Help! Someone’s Stolen My Identity!
Facebook/Social media site thieves look for:
• Birthplace
• Birthdate
• School names
• Address
• Phone Number
• Email
If your profile has these items, consider deleting them
Help! Someone’s Stolen My Identity!
Thieves will also:
• Try to “friend” the target and gain more access to their
lives and personal information
• Use “clickjacking.” Thieves create malicious news and
information pages where the function of a button is not
what it seems. As viewers “like” and share the page
with other friends, more and more victims are collected.
NEW! See who views your profile!
www.<removed>.com
Do you want to know who is looking at your photos right now? Find out who looks at
your profile the most and what they look at!
Help! Someone’s Stolen My Identity!
What you can do to prevent identity theft:
• Have sensitive mail sent to a permanent address such as
your parents’ home or a PO box
• Shred sensitive financial documents
• Never loan your credit or debit card to anyone
• Never leave checkbooks, cards, or sensitive docs lying
around your dorm room/apartment
• Always check your credit or debit card statements
closely
• Opt out of credit card offers
Help! Someone’s Stolen My Identity!
If your identity is stolen – or you suspect it has been –
contact one of the three credit bureaus:
Equifax: 1-800-525-6285
Experian: 1-888-397-3742
TransUnion: 1-800-680-7289
Contact your banks and credit card companies
File a police report – both W&M Police and Williamsburg
City Police
Check your credit report online:
https://www.annualcreditreport.com/index.action
Need Some Pocket Change?
There are many job possibilities both on campus and with
nearby businesses – many within walking distance
You do NOT need to have Federal Work-Study in order to
work on campus
http://www.wm.edu/admission/financialaid/typesofaid/emplo
yworkstudy/index.php for more information
Students who work in Williamsburg-area food services are
eligible to apply for the Order of the White Jacket
Scholarship – applications available in February
But remember: Attending classes and maintaining your
grades should be your primary focus!
Reminders
Keep working on those CashCourse modules at
http://www.cashcourse.org/
More good information about how to get through
college without breaking your budget
Complete a renewal FAFSA with your parents by
3/15/15
You must apply for financial aid every year
Questions?
We’re here to help!
Office of Student Financial Aid
Blow Memorial Hall (across from Wawa)
Suite 208
[email protected]
757-221-2420
Twitter: @WMFinancialAid
This presentation will be available on our website:
http://www.wm.edu/admission/financialaid/index.php
Join Amazon Prime Student:
http://www.amazon.com/gp/student/signup/info - free for 6
months, then 50% off ($49/year)