Piece of Mind
Your 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 Debt
What’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 Debt
What’s the Big Deal?
• Student loan debt is bad for you....bad for everybody
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–
–
–
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-debtis-stifling-home-salesbloomberg.aspx?videoId=0b9f0fe7-5695-4969-88532ff0a500f63a&from=email&src=v5:pause:email:uuids
&from=mpl_en-us_iv2_en-us_money_VxParticle_debt-management-student-debt-is-stiflinghome-sales-bloomberg_Money_article
Student Loan Debt
• Would
•
you like to buy a house? Not so fast!
http://money.msn.com/collegesavings/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 Debt
Let’s see how this credit card thing works......
http://www.bankrate.com/calculators/credit-cards/debtcalculator.aspx
http://www.aie.org/managing-your-money/Creditcards/Credit-Card-Debt-A-Students-Story.cfm
Credit Card Debt
What 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 Office
Visit 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
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•
•
•
www.money.msn.com
www.aie.org
www.dollarsensei.com
www.apsu.edu/financialaid
Example – Dependent Undergrad
Tuition and Fees
Housing
Meal Plan
Total Direct Costs
Example 1– Grant Eligible
Student Loans
Pell Grant
Lottery
State Grant
Total Financial Aid
Refund = $3,472
$6,648
5,600
2,780
$15,028
$6,500
5,000
4,000
3,000
$18,500
Example – Independent Undergrad
Example 2
Student Loans
Pell Grant
Lottery
State Grant
Total Financial Aid
Refund = $7,472
$10,500
5,000
4,000
3,000
$22,500
Questions??
Email at sfao@apsu.edu
Call at 931-221-7907
Visit at Ellington Building, Room 216