financial management, fys, spring 2008

GRAHAM GARNERFIRST-YEAR SEMINAR

SPRING 2008, SECTION 8

Financial Management:Paying for College

Short-Range Plan

Weekly Income Work no more than 15 hours a week

Weekly ExpensesStudents with a part-time job and a student

loan: are more likely to graduate graduate in a shorter period of time graduate with higher grades

This is true for all income levels, and especially for students with low incomes

Mid-Range Plan

Monthly IncomeMonthly Expenses

Two out of three students have at least one credit card Half of all students with credit cards carry an average

balance of $1,500 per month “I owe, I owe, so off to work I go.”

Long-Range Plan

Projected Income during collegeProjected Expense of entire college

experience Work full-time, and go to school part-time? or … Go to school full-time, and work part-time?

The longer you take to graduate, the longer you have to wait to “cash in” on your education

Work for better grades now; work for better pay later

Extended Long-Range Plan: The Future

After Graduation: Expected Income Expected Debt College Loan Repayment Plan

Financial Aid

Grants: Need based form of aid that does not require repayment

Loans: Student loans are a form of aid that needs to be repaid. There are many types of student loans, which may or may not be need-based. Pay 20 percent credit card interest, or pay a lower rate

for student loan? Pay debt every month, or wait until six months after

graduation before paying? Only 25 percent of students with credit cards take out

loans

Financial Aid

Employment: Work Study Career Center

(http://www.isu.edu/departments/career/)

ScholarshipsFor more information, visit

http://www.isu.edu/departments/finaid/

Scholarships

The Scholarship Office administers nearly $9 million in scholarship disbursements each year

Coordinates scholarship-related activity including: scholarship announcements application screening selection processes award notification tracking of scholarship recipients

Help students find scholarships, and donors find qualified students for their scholarships.

For more information, visit http://www.isu.edu/scholar/