PERSONAL FINANCIAL WORKBOOK

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1 PERSONAL FINANCIAL WORKBOOK

2 WELCOME TO YOUR FINANCIAL WORKBOOK! We want your student finance workbook to be a helpful tool for you. INTRODUCTION We believe that every Wyotech student should have the tools necessary to make informed financial decisions. We put this information in one place so you know where to look when you have questions. We advise that you keep your workbook in a safe place so you can access your financial information whenever you need it. If you have questions that this workbook can t answer make sure to ask your student finance planner. If they don t have the answer right away, they will help you find it. My Program: Anticipated Graduation Date: School ID Code: Student ID Number: Student Finance Planner: Student Finance Planner Contact: Although we hope that this workbook will be useful to you, you are not required to complete this workbook or discuss it with your student finance planner. You are not required to use or complete the workbook to enroll in school. These materials discuss strategies that some people might use for budgeting and managing finances. Credit scoring methods and formulas are not publicly known; therefore, Zenith Education Group, Inc. (Zenith) and Wyotech make no assurances that any action will produce a specific result or impact a credit score. Rather, the information presented here provides examples of various financial strategies. Everyone s situation is different, and you are responsible for assessing your own financial situation. Zenith and Wyotech are not financial planning or credit counseling services, and Zenith and Wyotech do not offer financial planning or credit counseling services. The information in these materials is provided only as general information and is not intended to be relied upon as personal financial advice. These materials include information about other companies and websites which are not under Zenith s or Wyotech s control or affiliated with Zenith or Wyotech in any way. The inclusion of any websites or references to other companies does not imply a recommendation or endorsement of the views expressed within those websites or by those companies. 2

3 CONTENTS FINANCING OPTIONS...4 BREAKING DOWN THE COST OF SCHOOL...7 BREAKING DOWN THE SHOPPING SHEET UNDERSTANDING YOUR LOANS KEEPING TRACK OF YOUR STUDENT LOANS REPAYMENT PLAN OPTIONS BASICS REPAYMENT ESTIMATOR LOAN GLOSSARY APPLYING FOR FINANCIAL AID FINANCIAL HEALTH BUDGETING & SAVINGS YOUR CURRENT BUDGET SAVINGS BUDGETING - METHODS AND RESOURCES CREDIT SCORE BANKING HOW TO CHOOSE A CREDIT CARD SCAMS & SECURITY STUDENT RESOURCES & TOOLS GLOSSARY

4 FINANCING OPTIONS

5 FINANCING OPTIONS We know how important it is to balance your finances with your educational goals. Our payment options were carefully designed with you in mind. Here are the various financing options, terms and required documents to begin your financing selection. Talk with family, trusted friends and your student finance planner to figure out which plan is best for you. FINANCING OPTIONS Cash allows you to pay for your program or term in full before you begin school, or pay in installments over the length of your program. Paying in cash has several benefits, including having no loans that accrue interest from loans and no debt following graduation or withdrawal from school. Employer Direct Bill/Agency Contact is another option that allows some students to receive tuition assistance from their employer or workforce agency. If you are eligible for employer direct bill or agency contract, submit an approved tuition authorization form or tuition voucher completed and signed by an official employer/agency representative. The authorization voucher must be submitted to the Student Finance office prior to the first class session in order for the school to bill the employer/agency. Financial Aid is designed to help students pay for school. There are different types of financial aid, based on eligibility. Your student finance planner can help you figure out whether you qualify for any of the following types of aid: Federal Pell Grant is a need-based federal grant for undergraduate students and typically does not require repayment. Federal Supplemental Education Opportunity Grant is a grant that s available to undergraduate students and typically does not require repayment. Check with your student finance planner to learn about the selection criteria for this grant. Federal Work Study is a need-based program that can help you earn money while in school. Jobs are provided both on and off campus, and hourly wages are paid directly to you. Ask your student finance planner if your school participates in this program. The Zenith Student Grant is a multimillion-dollar institutional program with grants awarded on an annual basis to students of Everest and Wyotech schools owned by Zenith Education Group who demonstrate financial need. Please see your student finance planner for more information. 5

6 FINANCING OPTIONS - FEDERAL DIRECT LOANS The Federal Direct Loan Program has low-interest government-funded loans including Federal Stafford Loans, Federal Parent Loans for Undergraduate Students (PLUS) and Federal Consolidation Loans. FINANCING OPTIONS FEDERAL SUBSIDIZED STAFFORD LOAN A need-based loan with a fixed interest rate. Interest is paid by the government while you are in school at least half-time. The amount to be repaid includes the original loan amount plus interest. Interest begins to accrue when you leave school or drop below half-time status. Repayment begins six months after you graduate, leave school or drop below half-time status. FEDERAL UNSUBSIDIZED STAFFORD LOAN A non-need-based loan with a fixed interest rate. Available to all eligible students regardless of income. Interest begins to accrue at the time of disbursement. You are responsible for paying accrued interest while you are still in school, but you can also choose to defer and capitalize your interest payments, which increases the total amount of the loan that must be repaid. Repayment begins six months after you graduate, leave school or drop below half-time status. PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS) This is a credit based loan. If you qualify as a dependent, your parents can use this interest-bearing loan to borrow up to the total cost of your education, minus any other aid for which you are eligible for. The interest rate is fixed. Interest begins to accrue at the time of disbursement. Repayment typically begins within 60 days after the loan has been fully disbursed. Note: Additional programs may be available. See your student finance planner for more information. 6

7 BREAKING DOWN THE COST OF SCHOOL - ESTIMATE THE ESTIMATED COST OF SCHOOL FOR ONE ACADEMIC YEAR (DIRECT COSTS) * FINANCING OPTIONS Tuition + Books & Fees Direct Cost Grants Scholarships Other Funds Remaining Balance *This information is an estimate and subject to change. 7

8 BREAKING DOWN THE COST OF SCHOOL - ESTIMATE THE ESTIMATED COST OF SCHOOL FOR ONE ACADEMIC YEAR (DIRECT COSTS) * FINANCING OPTIONS Tuition + Books & Fees Direct Cost Grants Scholarships Other Funds Remaining Balance *This information is an estimate and subject to change. 8

9 BREAKING DOWN THE SHOPPING SHEET The Consumer Financial Protection Bureau s (CFPB) shopping sheet 1 is a tool designed to help you better understand your actual costs of school and the type/amount of grants and loans for which you qualify. You will receive the shopping sheet during your meeting with your student finance planner. On the next page, you will find a few key points to help guide you through the shopping sheet: FINANCING OPTIONS MM / DD / YYYY University of the United States (UUS) Student Name, Identifier Graduation Rate 1 Estimated Cost of Attendance Tuition and fees Housing and meals Books and supplies Transportation X,XXX X,XXX X,XXX X,XXX X,XXX / yr Percentage of full-time students who graduate within 6 years XX.X% Other education costs X,XXX Loan Default Rate 2 Total Grants and Scholarships ("Gift" Aid; no repayment needed) Grants and scholarships from your school Federal Pell Grant Grants from your state X,XXX X,XXX X,XXX X,XXX / yr X.X% Percentage of borrowers entering repayment and defaulting on their loan X.X% Other scholarships you can use X,XXX 3 4 Net Costs (Cost of attendance minus total grants and scholarships) Options to pay net costs Work-Study (Federal, state, or institutional) X,XXX X,XXX / yr This institution National Median Borrowing Students who borrow at UUS typically take out X,XXX in Federal loans for their undergraduate study. The Federal loan payment over 10 years for this amount is approximately X,XXX per month. Your borrowing may be different. 5 Federal Perkins Loan X,XXX Federal Direct Subsidized Loan X,XXX Federal Direct Unsubsidized Loan X,XXX *Recommended amounts shown here. You may be eligible for a different amount. Contact your financial aid office. Repaying your loans To learn about loan repayment choices and work out your Federal Loan monthly payment, go to: 6 Family Contribution X,XXX / yr (As calculated by the institution using information reported on the FAFSA or to your institution.) Payment plan offered by the institution Military and/or National Service benefits Parent or Graduate PLUS Loans Non-Federal private education loan For more information and next steps: University of the United States (UUS) Financial Aid Office 123 Main Street Anytown, ST Telephone: (123) financialaid@uus.edu 1 See, e.g., Know Before You Owe: Student loans project 9

10 BREAKING DOWN THE SHOPPING SHEET Here are a few key points to help guide you through the CFPB s shopping sheet. If you have any additional questions, feel free to ask your student finance planner. FINANCING OPTIONS 1 Estimated Cost of Attendance - The total amount it will cost you to go to school during the current school year. The amount includes tuition, fees, books and supplies (direct costs) as well as housing, meals, transportation and other education costs (indirect costs). You are responsible for the direct costs (tuition, fees, books and supplies). The indirect costs are only an estimate and may not reflect your financial situation. 2 Grants & Scholarships to Pay for College - Student aid funds that do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based. Occasionally you might have to pay back part or all of a grant if, for example, you withdraw from school before finishing a semester. Check with your student finance planner for more information and resources. 3 What Will You Pay for College - An estimate of the actual costs that you or your family will need to pay during the school year to cover education expenses at a this institution. Net costs are determined by taking the institution s cost of attendance and subtracting your grants and scholarships. Uses this formula to calculate the Net Cost of school: Cost of Attendance Total Grants & Scholarships = Net Cost Note that the above formula includes indirect costs, which you don t actually pay to the school. To determine your direct costs use the following formulas: 1) (Tuition & Fees) + (Books & Supplies) = Direct Costs 2) Direct Costs (Grants & Scholarships) = Remaining Balance 4 5 Work Options - A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses. Loan Options - Borrowed money that must be repaid with interest. You can find more information about federal loans at StudentAid.gov and the Smart Borrowing brochure provided by your student finance planner. 6 Other Options The family contribution is reported to you on your Student Aid Report, also known as the SAR and is based on the financial information you provided on your FAFSA. This section also provides a few additional options to help pay for the direct costs of school not covered by funding listed above. Check with your student finance planner for more information and resources. 10

11 UNDERSTANDING YOUR LOANS

12 KEEPING TRACK OF YOUR STUDENT LOANS The National Student Loan Data System (NSLDS) is the U.S. Department of Education s central database for federal student aid. It can help you keep track of all your federal student loans and grants in one centralized location. You will need your FSA ID to log in to NSLDS. The FSA ID is created when submitting your FAFSA (Free Application for Federal Student Aid) for the first time. You can also create your FSA ID on the NSLDS website. UNDERSTANDING YOUR LOANS You can use NSLDS to check your federal student loan information. It is updated every time a new federal student loan is disbursed to you, and periodically with updates from your servicer(s). NSLDS is a resource available to you at any point that you have federal student loan aid, whether you are in school or out of school. USING NSLDS Once you have created your FSA ID, you will be able to view your federal aid information (Pell grants and loans) by going to NSLDS.ed.gov, clicking on Financial Aid Review and logging in with your FSA ID and password. This will help you keep track of your Pell grant usages, loan balances and any outstanding interest owed. 12

13 WHEN DOES REPAYMENT BEGIN? Federal Direct student loan repayment begins when you graduate, leave school or once you are no longer enrolled at least half time. You will receive a 6-month grace period (see below) on your Direct Subsidized and Unsubsidized Loans during which you are not required to make loan payments. You must begin repayment at the end of your grace period. Make sure that both your school and loan servicer know that you are no longer enrolled. If you don t begin making payments when required, there is the possibility that you will lose repayment incentives you may have received or even go into default. UNDERSTANDING YOUR LOANS Your school is required to provide you with exit counseling before you graduate or withdraw. Check with your school to see how exit counseling is conducted, whether as a personal or group exit interview or as a session that you can complete online. GRACE PERIOD Grace periods begin the day after you stop attending school on at least a half-time basis. Once your grace period ends, you must begin repaying your federal student loan(s). If you re-enroll in school at least half-time before the end of your grace period, you will receive the full 6-month grace period when you stop attending school or drop below halftime status. There is no grace period for Direct PLUS Loans the repayment period for a PLUS Loan begins on the day after the final loan disbursement is made. It is important to note that you can always begin repaying the principal balance on your student loans while you are in school. To do this, call your servicer and tell them you want to make a principal payment. 13

14 REPAYMENT PLAN OPTIONS BASICS You ll have the choice of several plans, and the loan servicer will notify you of the date when your first payment is due. If you do not choose a repayment plan, you will be placed on the standard repayment plan. Most Direct Loan borrowers choose to stay with the standard repayment plan, but there are other options for borrowers who may need more time to repay or who need to make lower payments at the beginning of the repayment period. UNDERSTANDING YOUR LOANS Your loan servicer will automatically enroll you in the standard repayment plan at the end of your 6-month grace period. You can change repayment plans by contacting your servicer. These repayment plans are offered to students completely free of charge through your loan servicer. PLAN TIME MONTHLY PAYMENT Standard Up to 10 Years Fixed amount of at least 50 per month Graduated Up to 10 Years Payments start low and gradually increase over time, usually every two years. Pay-As-You-Earn Up to 20 Years Payments change as your income changes. Up to a max of 10% discretionary income. Income-Based* Up to 25 Years Payments change as your income changes. Up to a max of 15% of discretionary income. Income-Contingent* Up to 25 Years Payments calculated each year and is based off of income and family size *These plans require you to demonstrate that you are in financial hardship. Income-driven repayment plans require borrowers to re-apply annually. 14

15 REPAYMENT PLAN PROS AND CONS Here is a partial list of pros and cons for each repayment option. When you enter repayment, this chart may help you to decide which repayment option is the best for you. You can also calculate the anticipated monthly payment using the Federal Student Aid Repayment Estimator. Instructions for the repayment estimator can be found on page 18. PLAN PROS CONS UNDERSTANDING YOUR LOANS Standard Pay less interest over time Higher monthly payments Graduated Low initial payments that slowly increase Pay more interest over time Pay-As-You-Earn Payments based on income Payments will not exceed 10% of discretionary income Pay more interest over time Longer repayment period Income-Based* Payments based on income Payments will not exceed 15% of discretionary income Higher payments than other income-based options Longer repayment period Pay more interest over time Income-Contingent* Payments based on income Potentially the option with the longest repayment period Consolidation Lower monthly payments Potentially a reduced interest rate Resets the clock on forbearance and deferment Larger loan total Lose your grace period Inferior loan discounts Can only consolidate once *These plans require you to demonstrate that you are in financial hardship. Income-driven repayment plans require borrowers to re-apply annually. 15

16 WHAT HAPPENS IF YOU DROP OUT? We want the best for our students and are here every step of the way to help you, but we know life happens. If at some point you need to drop, we want you to be prepared. Speak with the staff if you are considering dropping out or feel like it is your only option. They re there to support you and your success and will do everything they can to help you make the best decision for your circumstances. UNDERSTANDING YOUR LOANS Dropping out starts the repayment process. Repayment of federal student loans begins 6 months after you withdraw from school. Even if you did not receive a diploma, you re still required to repay your student loans. Dropping out as a diploma/certificate student impacts which classes you can take. If you drop a class you will have to wait until that class is offered again, which can take up to 9 months. Dropping out as a degree student can impact your course credit and the cost of your schooling. Depending on when during the semester you drop out, you may not receive a refund of money that you used to pay for the classes, including loans. You will also have to pay this cost again if you plan on retaking any of the courses at a later date. In addition, you will not receive course credit for any class(es) you were taking that semester. WHAT IF YOU DON T PAY BACK YOUR LOANS? If you are not able to make payments on your student loans as scheduled, your loans will become delinquent and may eventually go into default. Default does not happen immediately, so if you miss a payment, call your loan servicer to talk about your options. You may be eligible to enter an income-driven repayment plan, or receive a temporary postponement of your payments through a forbearance or deferment. These options may help you avoid defaulting on your federal student loans. Federal student loans officially enter default after failing to make a payment for 270 days. Options may be available to resolve the default. Contact your servicer and ask for any available options. Servicer contact information can be found on page

17 THE CONSEQUENCES OF DEFAULT Initiation of the administrative wage garnishment process - The government can ask your employer to withhold money from your paycheck and send the money to the government, this is known as administrative wage garnishment. The Treasury Offset Program (TOP) can also start, meaning the government will take any funds owed to you to apply toward your federal student loan balance. This can include federal benefits like income tax refunds, social security income and disability checks. UNDERSTANDING YOUR LOANS The unpaid balance of your loan is immediately due in full, which includes principal and interest. Your student loan debt will increase. Late fees, additional interest, court costs, collection fees and other costs associated with the collection process will be added to your total federal student loan balance. You lose eligibility for federal help, which includes deferment, forbearance, repayment plans, and any additional federal student aid. Your credit may be impacted, which means that things like purchasing real estate or applying for a credit card may become challenging. Legal action can be taken against you by the government. HOW TO GET OUT OF DEFAULT Paying back your loan in the full amount. This option is always available to you. Loan rehabilitation can remove the default from your credit. Loan rehabilitation is when you make payments for 9 voluntary, on-time monthly payments within 10 months, for as low as 5 a month, to remove your default and return the loan to good standing. Once the loan is rehabilitated, you may regain eligibility for benefits that were available before you defaulted. Those benefits may include deferment, forbearance, a choice of repayment plans, loan forgiveness, and eligibility for additional federal student aid. You may only rehabilitate your federal loans once, so if you rehabilitated your federal student loans after August 2008, this is not an option for you. Loan consolidation can also help you get out of default. However, before you are allowed to consolidate a defaulted loan, you typically need to make consecutive and voluntary payments on your loan. Generally, you may only consolidate once, so if you have already consolidated your student loans, this may not be an option for you. 17

18 REPAYMENT ESTIMATOR To figure out how much you will be paying monthly under different repayment options, follow the steps below: (1) Go to Studentloans.gov. UNDERSTANDING YOUR LOANS (2) Hover your mouse over the Managing Repayment tab. (3) Click on Repayment Estimator

19 REPAYMENT ESTIMATOR (4) If you have an FSA ID, log in with your username and password. If you do not have an FSA ID, click Proceed UNDERSTANDING YOUR LOANS (5) Start adding in your loan amounts by clicking on Add Loan(s). Note: If you logged in with your FSA ID and also have previous loans, those loans will automatically be added into the repayment estimator. 19

20 REPAYMENT ESTIMATOR (6) You can now enter your loan amount, interest rate, and the type of loan (i.e. Subsidized/Unsubsidized). UNDERSTANDING YOUR LOANS (7) Next, you will enter your Tax Filing Status, Adjusted Gross Income, Family Size, and your state of residence. 20

21 REPAYMENT ESTIMATOR (8) Once you have entered all of the information, click Calculate Results. Scroll down the page and you will see a chart much like the one below. Use the chart on this page to fill out your estimated repayment options for future reference. PLAN REPAYMENT PERIOD MONTHLY PAYMENT TOTAL INTEREST TOTAL AMOUNT PAID UNDERSTANDING YOUR LOANS Standard Graduated Pay-As-You-Earn Income-Based* Income Contingent* *These plans require you to demonstrate that you are in financial hardship. Income-driven repayment plans require borrowers to re-apply annually. 21

22 LOAN GLOSSARY A student loan is money you borrow for school and must repay with interest. Aggregate loan limit is the total amount you are allowed to borrow in federal student loans for undergraduate and graduate study. Annual loan limit is the total amount you are allowed to borrow each academic year. UNDERSTANDING YOUR LOANS A loan servicer is an entity that maintains a loan on behalf of a loan holder. A federal loan servicer is a loan servicer for the U.S. Department of Education. The principal is the loan amount plus any capitalized interest. During repayment, the principal is usually referred to as the outstanding (unpaid) principal balance. Interest is the cost to borrow money. Interest is calculated as a percentage of the outstanding principal balance. Interest on federal loans is established each year by the federal government. A disbursement is a portion of a federal student loan that the school pays out by applying the funds to the student s school account or by paying the borrower directly. Students generally receive their federal student loans in more than one disbursement. The repayment period is the time period over which you must repay your federal student loan. It may range from 10 to 30 years, depending on loan amount, loan type and repayment plan. A deferment is a period during which repayment of your federal student loan is temporarily delayed because you are still in school, of an economic hardship, a national emergency, active military duty, or during the 13 months following active military duty. You do not have to make payments during the deferment period but interest will accumulate on your unsubsidized loans during the deferment, and the amount you pay in the future will be higher. Forbearance can be granted by your federal student loan servicer if you are not able to make your scheduled loan payments and you do not qualify for a deferment. It allows you to stop making payments or reduce your payment for up to 12 months. There are two types of forbearance: discretionary and mandatory. Talk with your loan servicer for more details. Interest on your subsidized and unsubsidized loans will continue to accrue, and the amount you pay in the future will be higher. 22

23 LOAN GLOSSARY CONTINUED Consolidation allows you to combine multiple federal loans into one loan. This can be easier to manage if you have multiple loans and loan servicers. It is also possible to get out of default by consolidating your loans. However, consolidation can not be undone and you may end up paying more in interest over time. Private loans and parent PLUS loans cannot be consolidated with federal loans. For more information about consolidation contact: UNDERSTANDING YOUR LOANS Loan Consolidation Information Call Center: 1-(800)

24 APPLYING FOR FINANCIAL AID

25 FILLING OUT YOUR FAFSA To apply for federal financial aid, you must fill out the Free Application for Federal Student Aid (FAFSA). You will need the following documents with you while completing the FAFSA: School ID code (provided at the front of this workbook) Parents & student s Social Security number (for dependent students) APPLYING FOR FINANCIAL AID Driver s license number The previous year s tax return or federal tax information If married, you will need both yours and your spouse s tax return If dependent, you will need your parents tax return Cash, savings, and checking account balances Your Federal Student Aid ID (FSA ID) username and password Below are the instructions to fill out a FAFSA. If you have questions, feel free to call your financial aid planner, they are more than happy to help. You may also contact the Federal Student Aid Information Center at (1) Go to the student portal at my.wyotech.edu and login. (2) Click on the Resources tab. (3) Click on 7 easy steps to completing the FAFSA. (4) Follow the instructions in the video to complete your FAFSA. Note: When the FAFSA asks you for your income information, you may select the IRS Data Retrieval tool. Ask your Student Finance Planner for instructions on how to use this tool. 25

26 STUDENT PORTAL INSTRUCTIONS To access the student portal, follow these instructions: (1) Retrieve the username and password information provided to you in your welcome . If you did not receive an , contact your Student Finance Planner. APPLYING FOR FINANCIAL AID (2) Go to my.wyotech.edu and log in with your username and password. (3) Answer your security question. (4) Choose a new password and click Submit. 26

27 MASTER PROMISSORY NOTE The Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). If you wish to apply for a Direct Loan, you must also complete a Master Promissory Note (MPN). To complete the MPN, follow these steps: APPLYING FOR FINANCIAL AID (1) Go to the Student Loans website at: (2) Click Log In and enter your FSA ID information. (3) Select Complete Master Promissory Note. (4) Select the type of MPN you would like to complete (i.e. subsidized/unsubsidized). (5) Complete the required steps and submit your MPN for approval. (6) If you ever need to view your MPN again, you can view it by clicking on Completed MPNs under the My Loans Documents. Remember, the MPN needs to be completed in one session. The MPN is good for up to 10 years. This means that once you sign the MPN, you will not have to sign it again for any additional loans for the next 10 years. However, although you are not signing a new promissory note for each new loan, the loans are still of equal importance. 27

28 igrad INSTRUCTIONS (ENTRANCE COUNSELING) To get started with igrad, follow these instructions: (1) Go to my.wyotech.edu and login with your username and password. APPLYING FOR FINANCIAL AID (2) Click on the Resources tab. (3) Click on Entrance Exam. This will take you to the igrad website. (4) Click Sign up free and enter your information to create an account. (5) Click on the link that says Entrance Counseling. (6) Follow the instructions and answer each question to complete Entrance Counseling. (7) Once completed, your results will be sent to the school where they will be able to confirm your successful completion of Entrance Counseling. 28

29 FINANCIAL HEALTH WHAT YOU WILL LEARN ABOUT The rest of this workbook provides a brief overview of financial health. It gives general information about budgeting, saving, credit, banking, and security. We want you to have the financial tools you need to make an informed decision about school. While in school or after school, you might want to refer to this section of the workbook as a starting point to re-evaluate your finances. Reminder: These materials discuss general strategies for budgeting and managing finances. Zenith and Wyotech make no assurances that any action will produce a specific result or impact a credit score. You are responsible for assessing your own financial situation. Zenith and Wyotech are not financial planning or credit counseling services, and Zenith and Wyotech do not offer financial planning or credit counseling services. The inclusion of any websites or references to other companies does not imply a recommendation or endorsement of the views expressed within those websites or by those companies.

30 BUDGETING & SAVINGS

31 YOUR CURRENT BUDGET Fill out this budgeting form with your own information based on your current income. If you don t have a traditional income stream, consider all of the money you have coming in each month. We will revisit this budget later in the workbook in the Future Budget section where we will look at your potential future income and how that might affect your budget. BUDGETING & SAVING Monthly Income Monthly Expenses Take-Home Pay Rent/Mortgage Insurance Loan Payments Tuition & Fees Utilities Total Income Cell Phone Groceries Transportation Laundry Child Care Pets Credit Card Payments Dining Out Entertainment Household Total Income Total Expenses Total Expenses Net Income 31

32 DAILY EXPENSE TRACKER Tracking expenses can help even financially savvy folks learn recognize habits in new things about their spending. Use this chart to keep track of your expenses for a few days. For each item, consider whether it is a want or a need. This may help you identify ways to reduce your spending. BUDGETING & SAVING Date Expense Cost of Expense Need or Want Can You Reduce This? 32

33 BUDGETS ARE FLEXIBLE LIFE HAPPENS After one month of following your budget, a financial emergency happens and will cost you 300. Using the budget you created on the previous page, how do you adjust the budget to account for the extra expense? Don t forget to add your new expenses into your new budget! BUDGETING & SAVING Monthly Expenses Current Budget New Budget Total Income Rent/Mortgage Insert the Total Income from previous page Insurance Loan Payments Tuition & Fees Utilities Cell Phone Groceries Transportation Laundry Child Care Pets Credit Card Payments Dining Out Entertainment Household Total Income _ Total Expenses _ Financial Emergency Total Expenses Net Income 33

34 RESEARCHING POTENTIAL FUTURE SALARY Now that we ve looked at your current situation, let s talk about how you expect things to change after getting an education. The next exercise is based on your potential future budget. First you will need to do some research on average entry level salaries in the field you are planning on pursuing. Follow the instructions below to get started: BUDGETING & SAVING (1) Visit (2) Hover your mouse over the tab Home (3) Click on Pay and Benefits 34

35 RESEARCHING POTENTIAL FUTURE SALARY (4) The options presented on this page will allow you to filter information by various categories such as area, occupation, or industry. We suggest clicking on Wages by Area and Occupation. BUDGETING & SAVING (5) Next, click on By State under the section Wage Data by State. 35

36 RESEARCHING POTENTIAL FUTURE SALARY (6) Find and select your desired state. Then, find the occupation you are considering pursuing after graduation. Note: Since this is a long list, we suggest using the find option by pressing Control+F (for Macs use Command+F) to search for occupations. BUDGETING & SAVING Use the chart below to write down the location and salary of the jobs you researched.* JOB TITLE GEOGRAPHIC LOCATION SALARY RANGE *This information is subject to change depending on location and the date searched. You are solely responsible for the content of this chart, including locations, salaries, and determining whether the job titles you choose are jobs for which your program at school will qualify you. Employment is not guaranteed, but career services help is available for graduates. 36

37 YOUR FUTURE BUDGET Based on your research of potential future salaries, fill out the budget below. This may give you an idea of what your budget may look like in the future. BUDGETING & SAVING Monthly Income Monthly Expenses Take-Home Pay Rent/Mortgage Insurance Loan Payments Tuition & Fees Utilities Total Income Cell Phone Groceries Transportation Laundry Pets Clothing Credit Card Payments Dining Out Entertainment Household Child Care Total Income Total Expenses Total Expenses Net Income 37

38 RELOCATION BUDGET For many students, attending Wyotech requires relocation. If this applies to you, use this budget to estimate your relocation expenses. BUDGETING & SAVING Monthly Income Monthly Expenses Take-Home Pay 1st Month s Rent Last Month s Rent Security Deposit Plane Ticket Gas Total Income Food Lodging Truck Rentals Incidentals Storage Utility Deposits Household Total Income Total Expenses Total Expenses Net Income 38

39 SAVINGS Now that we ve covered the basics of budgeting and how to identify unnecessary expenses, you can start to think about what to do with any extra funds. This section details the basics you need to know about starting a savings fund. BUDGETING & SAVING THE BASICS OF SAVING Opening a savings account is the first step towards saving for your goals. Accounts opened through a bank or credit union may give you easier access to your funds than other tools. An emergency fund is a savings account that s only used for emergencies, so you re financially covered when life gets tough. Many people recommend saving for 3-6 months of expenses. Setting goals is an important first step to saving. We recommend that you revisit your savings goals at least once a month to review your progress and make changes as needed. Budgeting is another important step to saving for your goals. Please review our budgeting section to learn more about how to fit savings into your budget. 401(k) accounts are savings accounts to which you make contributions from your paycheck. The contributions go into a 401(k) account, with the employee choosing the investments based on options provided under the plan. This is a great way to save for retirement. EMERGENCY FUNDS Emergency funds improve financial security by creating a safety net of funds that can be used for emergency expenses. Here are two methods of determining how much to save: Save for 3 6 months of expenses. This way you re able to sustain yourself in the event of a loss of income or other emergencies (such as a flat tire or unexpected medical expenses. Save 20% of your income. This includes saving for emergencies and paying off debts that will positively impact your future financial situation. It s up to you to decide how much to have in your emergency fund, but financial emergencies typically affect food, housing, or job security. Save separately for wants, such as eating out or going on a trip. It s important to separate these kinds of savings to protect yourself in the face of emergencies. 39

40 SETTING GOALS When deciding how much to save, you should think about your goals. These goals could be anything from buying a house to saving for a child s education. Fill out the chart below with your short, medium, and long-term goals. Then calculate the monthly savings and number of months you will need in order to reach your goals. BUDGETING & SAVING SHORT-TERM GOALS (6 12 MONTHS) GOAL AMOUNT MONTHLY SAVINGS MONTHS TO ACHIEVE GOAL example: Relocation budget MEDIUM-TERM GOALS (2 5 YEARS) example: Down payment on a car 3, LONG-TERM GOALS (5+ YEARS) example: Down payment on a house 10,

41 BUDGETING - METHODS AND RESOURCES Budgeting is about what works best for you. What works well for one person might not be the best method for someone else. Here are some general budgeting methods and resources: The envelope method is when you get a stack of envelopes and label each one with an expense (i.e. groceries or rent). When you receive money for a month, put the amount of money budgeted for that category into the envelope. When you spend the money in the envelope, you have spent everything in that category for the month. BUDGETING & SAVING Paper or excel spreadsheets allow you to write down all of your expenses and set a spending goal for each category. Keep track of all purchases in each category to make sure you stay below the limit you set. Online financial resources or apps can do a lot of the work for you. They connect to your bank account so you don t have to calculate anything yourself. Set realistic goals and check your account often so that you can adjust your spending based on your budget. Here are a few websites that provide these functions, but there are many more out there if you are looking for something different: Mint.com is a web-based financial management tool. It allows you to do things such as set goals, help you budget, set bill reminders, and provide you with an estimated credit score. LevelMoney.com is a mobile financial tool that helps you track your cash flow and provides a clear picture of where and how you are spending your money. PersonalCapital.com is an online tool that helps you manage your money and investments. It also offers advice on how to manage your investments and plan for the future. Research financial resources and apps carefully to understand whether you will be charged for the resource, and how your information will be protected. 41

42 CREDIT SCORE

43 WHAT IS A CREDIT SCORE? A credit score is a number that is calculated based on information in your credit report. Credit scores indicate to lenders and creditors how likely you are to pay back the debt you owe based on your past borrowing behavior, payment history, and length of credit history. CREDIT SCORE THE IMPORTANCE OF CREDIT Credit scores can influence your eligibility, costs, and rates of financial products like loans, credit cards, and insurance. A good credit score may lead to lower costs/rates and a poor credit score may lead to higher costs/rates. Here is a list of a few things that credit scores can impact: When renting a home, some landlords will review your credit report and check your credit score as part of the application process. When applying for a credit card or loan, it will determine your eligibility and interest rate. Potential employers will sometimes check your credit report, especially if the position involves dealing with money, credit or sensitive information. WHAT BUILDS AND AFFECTS MY CREDIT Making on-time monthly payments on your credit card(s) and/or installment loans could help build your credit because it shows potential lenders that you are responsible by consistently making on-time payments. One way to start building your credit is to make on-time monthly payments on your student loans. If not timely paid as agreed, the following may impact your credit: Car insurance Medical bills Utility & cell phone bills Mortgage/Rent Payday loans Past due collections 43

44 HOW TO GET YOUR CREDIT REPORT? Follow the steps below to check your credit report: CREDIT SCORE (1) Request your free credit reports at Three national consumer reporting agencies (aka credit bureaus) are required to provide consumers with free access to their credit reports once each year. Some people pull one credit report every 3 4 months so that they get an update from each bureau throughout the year. These free reports don t include credit scores. (2) Review each report carefully for accuracy. It s not uncommon for credit reports to have mistakes so it s important to check and make sure that your reports are completely accurate. (3) Check your credit score. You can purchase your credit score through annualcreditreport.com. Some financial services offer one or more of your credit scores for free. Be sure that you are only giving your social security number to reputable sites. (4) Learn your range. Use the chart on this page to see where your credit score falls in the range. AVERAGE CREDIT SCORE RANGE 1 Excellent Good Fair Poor 720 and Up and below 1 See, e.g., Credit Score Ranges and How to Improve, 44

45 MISTAKES ON YOUR CREDIT REPORT After you have successfully pulled your credit report, check it carefully for inaccuracies. If you find a mistake on your credit report, the Federal Trade Commission recommends the following steps to try to get it corrected 1 : CREDIT SCORE (1) Contact the credit reporting company with a detailed letter of the mistake and any documents/evidence you have proving that it is a mistake. (2) The credit reporting company will then investigate your case and respond accordingly. They are required to respond to you in writing and provide you with a free copy of your credit report if any changes were made. (3) Tell the information provider (company or organization that was providing information about you to the credit reporting company) in writing that you have submitted a dispute to the credit reporting company 2. (4) The information provider will then investigate the case to determine if the information was inaccurate or incomplete. (5) If the information on the credit report was inaccurate or incomplete, the information provider should update the credit reporting company to update or delete them. 1 See Disputing Errors on Credit Reports, 2 Note that disputing too much information on a credit report could also impact your credit score. 45

46 HOW CAN I IMPROVE A POOR CREDIT SCORE? If you have poor or fair credit, your score could be low for one or more of the following reasons 1 : CREDIT SCORE You missed a payment, derogatory remarks will generally drop off of your credit report after 7 years. You are utilizing too much of your credit. Some companies will look at your debt to income ratio. Lowering your balance to below 30% 2 may help you improve your score. You have a lot of hard credit inquiries. Applying for a credit card or loan among other circumstances results in a notation, or inquiry, on your credit report providing notice that those companies have looked at your credit report. One way to minimize the number of inquires on your credit report is to only apply for a new account when you are sure you want to open it. Your current creditors, insurance companies and others might also look at your credit report after 2 years. Companies reviewing your credit report should not see an inquiry when you review your own credit report. 1 See, e.g., Improve Your Credit Score, 2 See 5 Reasons Your Credit Score May Have Dropped, 46

47 BUILDING CREDIT IF YOU HAVE NO CREDIT Secured cards are credit cards that require a security deposit. The credit limit is typically the same amount as the security deposit. If you make payments on time and use the card responsibly, it can be one option to build credit. CREDIT SCORE Unsecured cards do not require a security deposit but have a predetermined credit limit that is typically low if you ve never had a credit card. As with a secured card, making payments and avoiding credit card debt can help you build your credit, but some credit card companies may not offer you an unsecured card if you don t have a credit score. You may be able to get an unsecured card with the help of a co-signer, but if you fail to make your payments your cosigner could be asked for payment. Pay all of your bills on time. Delinquent payments and collections can have a negative impact on your credit score. If you have student loans, make payments on time. Keep balances on credit cards low. Some people try not to spend more than 30% of their available credit. Don t close unused credit cards. The age of your credit history may affect your credit score. Don t open new credit cards that you don t need. One good way to avoid overusing credit cards is to limit the number of credit cards you have. Avoid opening multiple new accounts at one time, as this will decrease your average account age and may increase the number of inquiries on your credit report. 47

48 WHAT CAN I DO IF I HAVE GOOD CREDIT? It is important to remember that it is easier to damage a good credit score than it is to improve a poor score. Keep on doing what you are doing to keep your credit score high. But here are a few helpful reminders: CREDIT SCORE Keep balances on credit cards below 30% of the total credit offered to you. Pay your bills on time. Don t open new credit cards that you don t need. Canceling cards will change the length of your credit history as well as change your credit utilization amount. USEFUL CREDIT TIPS FOR EVERYONE Checking your credit report is free once per year, so be skeptical of companies that are trying to make you pay for your credit report. Go to for a free credit report. Check your credit report for inaccuracies. Some people have a mistake on their report. It s ok to check your credit report. It should not affect your credit score. Use credit cards responsibly. Make on-time monthly payments and stay within 30% of your credit utilization. Closing an account does not make it go away. It may show up on your credit report as a closed account and may affect the length of your credit history. 48

49 BANKING

50 THE BASICS OF BANKING We have talked generally about how to manage your finances through budgeting, savings, loan repayment options, and credit. Now we will show you the different types of accounts available to you to help manage your finances. BANKING OPENING A CHECKING ACCOUNT To open a checking account, most banks will verify your previous checking account history along with your credit. If both are good, the bank may allow you to open a checking account. If you ve had many overdrafts or bad credit, you may be denied an account. When opening an account, think about how you want to manage it. Will you use a debit card, write checks or use online banking services? Are the bank s ATMs in a convenient location? Ask the bank if they have minimum balance requirements to avoid a fee. After telling the bank how you will use your account, you can determine which account offers you the most services for the lowest monthly price. Each bank has different pros and cons. Compare large banks, local banks, and credit unions to find the institution that works best for you. HOW TO MANAGE AN ACCOUNT Managing your account is very important. Many banks offer secure apps and websites for your account that can help you see at a glance from your smart phone exactly where you stand. You can also request paper statements. OVERDRAFT FEES AND PROTECTION An overdraft is when you don t have enough money in your account to cover a transaction. Your bank will charge you a fee each time this happens, which can be over 30 per overdraft. In some cases, you can avoid this by telling your bank to pull from your savings account if your checking account doesn t have enough money. You can also tell the bank to reject your card if you don t have enough money for a transaction. Some banks may charge a fee for these services. This is sometimes referred to as overdraft protection. 50

51 THE BASICS OF BANKING CONTINUED Make sure you talk to your bank about your overdraft options and ask whether or not there are fees associated with these options. Banks are accustomed to answering these questions and are there to help you. BANKING DEBIT CARDS Debit cards are tied directly to your checking account. When you buy something with a debit card, the funds are pulled directly from your checking account. Some merchants may charge a fee for using a debit card. Debit cards do not accrue interest. CHECKS A check offers access to your account. When you write a check, the money will be withdrawn from your account, usually within a few days. If you assume the money will come out of your account immediately, you may avoid possible overdraft fees. If you don t have the money in your account when the merchant cashes the check, the merchant doesn t get the money and you may be charged fees by both the merchant and your bank. 51

52 HOW TO CHOOSE A CREDIT CARD When deciding what credit card to choose, make sure you are choosing a card that will work best with your financial situation and spending habits. BANKING A FEW THINGS TO CONSIDER WHEN CHOOSING A CREDIT CARD Interest rates vary depending on the credit card. Higher interest rates will cost you more if you leave a balance on your credit card over multiple months. This is important to remember when deciding between credit cards. Credit limits should be considered carefully. If you re afraid a high credit limit might lead to you spending more than you can afford, stick with a low credit limit. Fees and penalties are also important to consider. Compare the fees along with other bonuses when you are choosing a credit card. Many cards will charge a fee or penalize you by increasing your interest rate for making a late payment, exceeding your credit limit, or using cash advances. Some credit cards have incentives such as travel rewards, shopping rewards, or cash back. These can be beneficial to you depending on your spending habits, but there may be fees, time limits or other restrictions associated with using or accessing the incentives. It is important to consider all other aspects of a credit card before applying. BALANCE TRANSFERS Balance transfers are a way to transfer debt from one credit card or loan to another, typically to reduce monthly payments or interest rates. Here are some things to keep in mind when thinking about a balance transfer: You usually need a good credit score to qualify. Pay attention to the fees, some companies make money on balance transfers by charging you fees. You should also ask if the current fees expire and the interest rate will increase over time. Ask about new purchases, the interest rate for those purchases may be different than the interest rate of the transferred balance. You should also ask if you need to make payments to a different entity for new purchases. 52

53 SCAMS & SECURITY Best you apply for financial, it is important to know about possible scams and how to keep your personal information secure. Here are a few points to know about scams and security. BANKING SCAMS Scholarships - You should never pay for scholarship money. If someone asks you to pay, it is most likely a scam. Consolidation & Repayment - Another free service that your servicer may offer you is consolidation. If someone asks you to pay them to consolidate your loans or facilitate repayment you should say no and contact your servicer. Income-Driven Repayment Plans - If a company asks you to pay them to help you get into an income-driven repayment plan (i.e., Pay As You Earn, Income-Contingent Repayment or Income-Based Repayment), you should first contact your servicer. There s no fee for an incomedriven repayment plan, but you may need to apply every year to show you continue to qualify. Loan Forgiveness - If you think you might be eligible for student loan forgiveness, contact your servicer. Companies that ask you to pay for the same services are a scam. SECURITY Never give up sensitive information - If a company you don t recognize or someone who doesn t need your information asks for it, you do not need to give away your personal information (e.g., date of birth, address, Social Security number). How to identify scams - If someone is asking you to pay for a service you know is free, or is asking you for sensitive information, it is best to do research and ask questions before giving away your personal information. Companies also should not call you or you to ask for personal information. Even if you recognize the company, you can ask to call them back at their official number to verify that they are who they say they are. Identity theft - Carrying information on you like your Social Security number can be dangerous if it gets lost or stolen. It s best to limit opportunities for the wrong people to get their hands on your information. Compromised bank accounts - Be vigilant in checking your accounts. If you notice charges you did not make on your bank or credit card statement, be sure to report them right away. 53

54 STUDENT RESOURCES & TOOLS

55 FINANCIAL RESOURCES STUDENT LOANS igrad.com - This is the student loan entrance counseling that you used when you entered school. You can revisit igrad at any time to view the counseling information again. Studentloans.gov - This government website offers a different federal student loan entrance counseling, as well as general information about student loans. Most of your questions about federal student loans can be answered here. There is also a Repayment Estimator that allows you to estimate how much you will be paying on your federal student loans after school. STUDENT RESOURCES & TOOLS NSLDS.ed.gov - You can go to this website to view your federal student loan information. It shows the amount taken out for each loan, interest rate for each loan, and your current servicer. Studentaid.ed.gov - You can visit this website for more information on how to prepare for college, different types of aid available to you, how to submit the FAFSA, and federal student loan repayment options. ECMC.org/publication/financialLiteracy.html - ECMC offers information about many financial topics. This includes information about student loan default. BUDGETING Mint.com Levelmoney.com BUDGT Even.me APPLYING FOR FINANCIAL AID Fafsa.gov - Use this website to fill out your Free Application For Federal Student Aid. It is important to be careful that you do not pay for the FAFSA. FSAID.ed.gov - Here you will be able to create your FSA ID, which you will use for your FAFSA application. 55

56 * FINANCIAL RESOURCES CONTINUED STUDENT RESOURCES & TOOLS * The inclusion of any websites or references to other companies does not imply a recommendation or endorsement of the views expressed within those websites or by those companies 56

57 CREATING AN FSA ID The FSA ID is a username and password that has replaced the Federal Student Aid PIN and used to log into FAFSA.gov, studentloans.gov, NSLDS.gov, and studentaid.gov. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. Instructions to create your FSA ID is as follows: STUDENT RESOURCES & TOOLS (1) Go to fsaid.ed.gov and click Create an FSA ID. (2) Fill in an , username/password and click Continue. You will be asked to verify your later on in the process, so it s important that you have easy access to this account. Also be sure to make sure your password matches the requirements, otherwise it will not be accepted. (3) On the next page, enter your Social Security number, date of birth, and name. When you are finished, click Continue. 57

58 CREATING AN FSA ID (4) This page you will complete your profile with some more information about yourself. When you are finished inputting your information, click Continue. (5) You will now need to enter a few security questions in case you ever forget your username or password. One suggestion is to make your answers something that will never change (e.g., the city in which you were born). STUDENT RESOURCES & TOOLS (6) The next page you will review your information and accept the terms and conditions. When you are finished confirming your information, check the box that says I certify that the above information is correct & accept the terms and conditions and click Continue. (7) You will now be asked to verify your address. Check the that you used at the beginning of the process and find the security code. Once you have the security code, go back to the FSA ID website and enter the code, then click Continue. (8) Congratulations! You have now created your FSA ID and will be able to access information on FAFSA.gov, studentloans.gov, NSLDS.gov, and studentaid.gov. 58

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