piece of mind your money.....your future.....don’t blow it. donna gene price, director student...
TRANSCRIPT
Piece of MindYour money.....your future.....don’t blow it.
Donna Gene Price, Director
Student Financial Aid/Veterans Affairs
January, 2013
Topics for Today• Student Loan Debt
• Credit Card Debt
• Student Financial Aid
Student Loan DebtWhat’s the Big Deal?
• Average Student Loan Debt at Graduation = $24,000
• Two out of five student loan borrowers fall behind on their student loan payment within the first five years
• Defaulting on student loans may prevent your ability to borrow money in the future for a car or home.
• Defaulting on student loans may result in garnishment of your wages.
• If you borrow it.....you owe it!
Student Loan DebtWhat’s the Big Deal?
• Student loan debt is bad for you....bad for everybody
– Higher than credit card debt– A drag on the housing economy– Reduces your ability to qualify for a mortgage– Age 25-35 first time home buyers make up 27% of the market.
This is the lowest percentage in a decade. – Age 25-35 – 6 million are living with their parents compared
to 4.7 million in 2007– Victimization – pop up loan, quick cash and check cashing
companies love to see you coming
Student Loan Debt What’s the Big Deal?
Struggling with student loans? 5 options http://money.msn.com/debt-management/student-debt-is-stifling-home-sales-bloomberg.aspx?videoId=0b9f0fe7-5695-4969-8853-2ff0a500f63a&from=email&src=v5:pause:email:uuids&from=mpl_en-us_iv2_en-us_money_VxP-article_debt-management-student-debt-is-stifling-home-sales-bloomberg_Money_article
Student Loan Debt• Would you like to buy a house? Not so fast!
• http://money.msn.com/college-savings/student-loan-calculator.aspx
• Check your loan balance regularly....now and not just when you graduate at
• www.studentloans.gov
Credit Card Debt
Credit Card DebtLet’s see how this credit card thing works......
http://www.bankrate.com/calculators/credit-cards/debt-calculator.aspx
http://www.aie.org/managing-your-money/Credit-cards/Credit-Card-Debt-A-Students-Story.cfm
Credit Card DebtWhat if I’m in over my head?• Don’t ignore the bills!• Make at least the minimum payment• Negotiate with the credit card companies• Stop charging immediately ..destroy those cards• Adjust your wants vs. needs budget so you can make
larger payments• Make a budget and stick to it
Credit Card Debt• Avoid impulse buys and peer pressure• “Opt out” of new offers and mailing lists
at www.optoutprescreen.com• Seek free counseling services in your community
Student Financial Aid Office
Student Financial Aid Office• You must be making academic progress to remain
eligible to receive financial aid.– GPA– Pace (progression towards graduation)
• Know our guidelines at www.apsu.edu/financialaid
• Know the requirements for your degree
• See your academic advisor regularly
• Call, email or visit our office
Student Financial Aid Office• Borrow only what you absolutely need
– Need....not want
• Use your refund wisely– Consider taking less of a refund by borrowing less
• Don’t get billed!– If you enroll full time, then withdraw or have attendance
grades, you may owe money back to the school.– Know our withdrawal policy at www.apsu.edu/financialaid
Student Financial Aid OfficeVisit our website often at www.apsu.edu/financialaid• Important Dates• Financial Aid TV Videos• Withdrawal Policy• Academic Progress Policy• Step by Step Instructions• Financial Literacy Resources
Resources• www.money.msn.com• www.aie.org• www.dollarsensei.com• www.apsu.edu/financialaid
Example – Dependent Undergrad
Tuition and Fees $6,648
Housing 5,600
Meal Plan 2,780
Total Direct Costs $15,028
Example 1– Grant Eligible
Student Loans $6,500
Pell Grant 5,000
Lottery 4,000
State Grant 3,000
Total Financial Aid $18,500
Refund = $3,472
Example – Independent Undergrad
Example 2
Student Loans $10,500
Pell Grant 5,000
Lottery 4,000
State Grant 3,000
Total Financial Aid $22,500
Refund = $7,472
