Financial Wellness

Helping you manage your money, for school and for life!

August 22, 2013
by Carissa
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Understanding Federal Stafford Loan Entrance Counseling

Another school year has started, and for many students, that means taking out new federal student loans and completing entrance counseling.  Now, after having completed the counseling, and reading all the fine print and loan jargon, did any of it really make sense?  If you answered no, then we’re here to help!

Taking out federal student loans to pay for your education can be a wise investment, if you understand how to manage the borrowing process.  Here are some helpful links for what you need to know about borrowing Federal Stafford Loans:

1. The different types of Stafford Loans that you may have

2. The limit to how much you can borrow in Stafford Loans

3. How you can save a lot of time and money by managing your loan debt as you progress through school 

4. The pitfalls of the “refund check” and how you may be required to pay that money back if you make changes to your schedule

5. Learn how to keep track of your federal student loans using the National Student Loan Data System (NSLDS)

And because we love infographs, Nerdwallet.com has created a handy visual aid (see below) to show you how managing your student loans is the best thing you can do for managing your future. 

If you have questions on any of these topics, please feel free to contact our Financial Aid department at finaid@franklin.edu or contact the Financial Literacy team at financial.literacy@franklin.edu.

 Understanding Student Loans in Real Terms

Via: NerdWallet

May 30, 2013
by Carissa
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Don’t make these mistakes when it comes to student loan repayment

We often hear cautionary tales of students whose loan debt has crept into the six figure range, making it impossible for them to make their monthly loan payments that are often greater than their monthly mortgage payment.  The emerging trend is a generation of graduates who are now delaying major life events, like marriage, buying a house, or even having kids because of this crippling debt. 

But what you don’t often hear about is how student loan mismanagement may have played a large part in many of these situations.  Some of the most common mistakes include not choosing the right repayment plan for you, not communicating with your loan servicer, and using deferment or forbearance when you really don’t have to.  Here are just a few articles to help you learn about (and hopefully avoid!) these mistakes:

May 2, 2013
by Carissa
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Finally, a place to track your federal AND private student loans in one place!

On this blog, we share information on how to track your federal student loans using the National Student Loan Data System (NSLDS).  It’s a great tool to view every federal loan you’ve borrowed from any school you’ve ever attended, and find your loan servicer information all in one place.

Many students have often asked me if NSLDS can also track their private student loans, meaning the ones that they borrowed from a lender other than the government.  Up until now, the answer had always been no; but with the introduction of Tuition.io, all that has changed.

Tuition.io is a free service that allows you to link your federal and private student loans on one site, view servicer information, estimate lifetime payments with interest, and calculate savings based on extra payments. 

I would highly recommend using this site as a supplement to using NSLDS, but not as a replacement.  Since NSLDS is part of the federal loan system, I would always recommend using that as your primary source of information regarding your federal loans. 

Cashmoneylife.com has done a good job of exploring the Tuition.io features in their product review – click here to learn more.

April 12, 2013
by Carissa
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The Best of the Week

As we wrap up Financial Literacy Week here at Franklin, we wanted to share some highlights of the week’s events:

  • All of the workshops from this past week have been recorded via FranklinLive!, and are accessible through this page.
  • Students had the the opportunity to view and print their federal student loan history via the National Student Loan Data System.  Click here for instructions on how you can do this on your own!
  • Graduating students had a chance to learn more about Exit Counseling and ask questions via our staff led online Exit Counseling sessions.  Please view these sessions by clicking here.
  • Beginning next week and through April 29, Franklin students can donate non-perishable food items to the university library in order to have library fines erased!  Read more about Food for Fines.

 

Don’t forget that April is Financial Literacy Month, and so there are still plenty of opportunities for you get a handle on personal or school finances!  Here’s a “best of the web” compilation:

  • Thirty Steps to Financial Wellness  – a whole month’s worth of money management activities to get you started!
  • Free financial counseling – Apprisen is the local consumer credit counseling agency for Columbus, offering free initial counseling for those requesting money management help.  If you are outside of the Columbus area, click here for an agency close to you.
  • Money Smart Week – Morningstar, an investment research database in our library, is sponsoring investment webinars the week of April 20 – 27th.   Additionally, they have created a fantastic tool to get all of your finances in order so that you can begin to focus on investing.  Click here to view this handy guide.
  • Debt.org – Everything you need to know about student loans, managing student debt, paying back student loans — and that’s just one part of the website!  You can also explore personal debt, and how to get free debt consultation services.

We hope you have enjoyed this week’s activities, and continue to explore the many resources available to you to help you on your path to fiscal responsibility.  If there’s a favorite site of yours that has not been included, feel free to leave us a comment and tell us about it!

April 8, 2013
by Carissa
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Financial Literacy Week Starts Today!

Remember to visit the Financial Literacy Week events today through Thursday, both onsite and online!  These events are open to all students, faculty, and staff.  At the end of the week, we’ll draw winners for fuel cards and gift cards to Barnes & Noble, Starbucks, and Subway — but you have to participate to win, so click here to see today’s events, or check out the rest of this week’s activities.