Money Matters: Actions You Can Take Today!

Transcription

1 Money Matters: Actions You Can Take Today! Electronic Billing You will NOT receive a paper bill for your account balance! You will receive an e-statement. How ebilling works: 1. An is sent to your UWYO account. 2. To view your account balance - Sign into WyoWeb - Click Student Account tab - Select Statement and Payment History - It is your responsibility to check your account monthly for new charges! 2 1

2 Applying for Federal Student Aid All students are encouraged to apply early so their money is available at the beginning of each fall semester Create FSA ID at fafsa.ed.gov (keep this for all years in college) File taxes and wait a few weeks File FAFSA at Use the IRS Data Retrieval process Electronic Award Notices (On WyoWeb) Keep checking - Note changes if you received update notices A Red Flag indicates something is needed Using Federal Student Aid to Pay For Textbooks Complete Authorization form in Financial Aid to allow for aid to pay off book charges Go to University Store Homepage (available the end of July) Activate Financial Aid Go to University Store and pick out books Financial Aid will automatically pay bookstore charges 4 2

3 Additional Financial Aid Questions?? Representatives from Student Financial Aid will be available at tomorrow s Resource Fair between 8:00 9:00am Senate Chambers Financial Aid representatives also available in Knight Hall room Paying your Bill Credit Card Convenience Fees on student account payments Cashier s Office Knight Hall, Room 170 By Mail Online ACH from Checking or Savings account Credit card with a non-refundable fee Installment Plan payment deadline extension 6 3

4 Payment Installment Plan $15.00/semester setup fee Three installment payments 1 st payment due on the 3 rd Friday of the Semester (September 16) 2 nd payment due on 6 th Friday of the Semester (October 7) 3 rd and final payment due on the 9 th Friday of the semester (October 28) Interest of 1.5% per month and holds placed on accounts with past due charges 7 Credit Balance Refunds Electronic Refunding for students ACH deposit into an existing bank account 1-3 business days Paper check 5-8 business days 8 4

5 Important Dates to Remember August 29, 2016 Fall Classes begin September 8 Last day to drop classes. Last day for a 100% refund September 8 Last day to make changes to health insurance selection September 16 All tuition/fees due or 1 st Installment Payment due October 28 All charges are due (Interest and financial holds placed on unpaid accounts) 9 Why Care? It s Just Your Money! It s your Money! Reaching goals are possible! Avoiding unnecessary debt is possible! Graduate! Place CashCourse URL Here in Master Slide 10 5

6 What would you do with $1,000 cash? You cannot put it into savings You cannot invest the money 11 Perspective While freshman and their parents are likely thinking more about tests and academics during orientation, the fact is that after graduation a student s credit rating is arguably far more important to his or her future than grade point averages. Robert D. Manning, PhD,, Author Credit Card Nation Research Professor and Director of the Center for Consumer Financial Services Rochester Institute of Technology 6

7 Controlling Your Spending List your sources of income Consider ways to increase your income Pay yourself FIRST Track your expenses Differentiate between needs and wants 13 Choices, Choices, Choices 14 7

8 Tracking Your Expenses 1 Starbucks $4.38 $4.38 x 7 days = $30.66 $30.66 x 52 weeks = $1, per year!! Trip home for the weekend 400 miles $45.00 $45.00 x 15 weekends = $675.00/semester $ x fall and spring = $1, per year Dining away from Washakie $8.50/meal at a local eatery x 4 meals/week = $34.00 $34 x 16 weeks per semester = $ Additional $1, spent on meals that were already paid for!! 15 Live like a college student! 16 8

9 Student Loans Good debt but know the facts before taking on unnecessary amounts! Maximize all other sources before borrowing to pay for college. Know the facts before taking on unnecessary debt. Student Loan Debt Nationwide seven out of ten college graduates in 2012 had student loan debt $29,400 average loan debt (The Project on Student Debt-2012) $20,571 average loan debt for UW graduates Over $1.2 Trillion Student Loan Debt outstanding Student loan debt has grown to twice what it was in 2007 Second only to mortgage debt 18 9

10 #BrokeCollegeStudent Pay day is my favorite day of the week #brokecollegestudent I hate being an adult and I hate paying bills #brokecollegestudent Giving blood to get free lunch #brokecollegestudent I really want to get breakfast from McDonald s but I also need gas money #brokecollegestudent when grandma gives you $20 in a Halloween card #tearsofjoy #brokecollegestudent Using Student Loan $ for what?? New truck payment Plastic surgery Spring break vacation Apartment furniture Tattoos 20 10

11 Credit Card Behavior 29.2% have a credit card, most having more than one 24% have over $1,000 in credit card debt 8% have been late on a credit card payment at least once 5% of students have over $5,000 in credit card debt Moneymattersoncampus.org Credit Behavior According to 2009 Sallie Mae Survey 82% of students carry a balance and incur finance charges each month $3,173 Average balance carried by college students $4,100 Average unpaid balance upon graduation College graduate bankruptcy rate Up 20% over last 5 years (Institute for Financial Literacy 2011) Average household credit card debt $7,327 (Federal Reserve, 2015) 11

12 The Importance of Financial Literacy 84% of Students say they need more education on financial management 70% of Americans fall short of meeting retirement needs (Hewitt, 2012) 62.2% - Average score on financial survey among college students (Jump$tart Coalation, 2008) 40% grade their personal finance knowledge at C or below (National Foundation for Credit Counseling, 2011) 23 Protecting Your Identity Do not carry your Social Security card. Do not carry your PINs. Review all financial statements for unauthorized use. Check your credit report! 24 12

13 More Information Disclaimer: These materials are for non-commercial educational use only. Portions of the content 2008 National Endowment for Financial Education. All rights reserved. CashCourse is a trademark of the National Endowment for Financial Education Sallie Mae 2009 Place CashCourse URL Here in Master Slide 25 Want to stay involved?? Student Financial Wellness fsbo@uwyo.edu Fall 2016 Financial Literacy Series Spring 2017 Common Cents Conference 13

14 Contact Information Student Financial Aid Knight Hall Accounts Receivable Knight Hall Cashier s Office Knight Hall Additional Contact Information Aaron Courtney Financial Services courtne@uwyo.edu Kathy Bobbitt Student Financial Aid bobbitt1@uwyo.edu 28 14

15 Don t Be a Broke Poke! 15