Be Smart About College Finances

Be Smart About College
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?)
 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
Pizza, when you really NEED it
Rent, if you ever move off-campus
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
 Budget wisely
 Remember Needs vs. Wants
Smart Money Management
 Do you know where your money’s going?
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
Scholarship scams
Phone and Internet scams
• 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
• 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:
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
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!
 Keep working on those CashCourse modules at
 More good information about how to get through
college without breaking your budget
 Complete a renewal FAFSA with your parents by
 You must apply for financial aid every year
 We’re here to help!
Office of Student Financial Aid
Blow Memorial Hall (across from Wawa)
Suite 208
[email protected]
Twitter: @WMFinancialAid
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