Financial Wellness

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

August 22, 2013
by Carissa
1 Comment

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

July 30, 2013
by Carissa
1 Comment

Financial Aid and Tuition Updates

Your educational expenses play a huge role in overall financial literacy, so it’s important to be aware of any changes to costs or funding as you progress through your program.  With that in mind, here are a few important updates regarding recent changes that are happening here at Franklin.

First, effective Summer 2013, Franklin began disbursing financial aid in two installments.  This is a change from our previous disbursement schedule, which would apply all financial aid in one lump sum.  Please be sure to review the new 2013 fall and 2014 winter disbursement schedules to get a better understanding of when your aid will be applied.

Second, the new 2013-14 tuition rates will go into effect beginning in Fall term.  Planning for tuition increases can help you better manage your finances as you move forward in your educational journey, so please review our guest post from the Connections blog to see how you can do just that.

If you have any questions regarding the disbursement schedule or tuition rates, please feel free to contact our Financial Aid Department or post your questions as a comment.

July 26, 2013
by Carissa
2 Comments

Student loan bill set to pass

If you haven’t heard all of the reports lately regarding federal student loan interest rates, it may “interest” you to know that the rates on subsidized Stafford loans doubled on July 1st.  However, the Senate has approved a bill to tie those rates to market rates, which means any undergraduate loans taken out since July 1st will be at 3.9% interest and graduate loans will be at 5.4% interest.  These rates will be locked in for the life of any federal students loans taken out during the 2013-14 federal aid year.  As ABC News reports, the House is expected to also pass the bill soon, making it all but a done deal.

Although this does help current borrowers, keep in mind that when the market starts to improve, so will these interest rates.  If you are not familiar with how student loan interest rates work, or the different types of federal loans that are available, or how you can save money by making payments while in school, please click on each of those links to learn more.

Have questions?  Leave us a comment, or email financial.literacy@franklin.edu.

 

July 17, 2013
by Carissa
0 comments

Confused by the new Pay As You Earn repayment option?

The Pay As You Earn repayment option was introduced in December of 2012 as another way to help loan borrowers make their monthly loan payments more affordable.  In a nutshell, borrowers who are eligible for this option will have payments that are based on what they earn rather than what they owe, with payments capped at no more than 10% of discretionary income.  Additionally, borrowers may qualify to have the remainder of their student loan balance forgiven after 20 years of repayment – a better option than the 25 year forgiveness being offered under other repayment plans!

To learn more about this repayment option and to find out if you qualify, check out this webinar clip brought to you by iGrad and student loan expert Heather Jarvis:

June 3, 2013
by Carissa
0 comments

Franklin University Scholarship Opportunities

The Office of Alumni Relations is pleased to announce 3 scholarships that are being offered to all students. If you meet the minimum requirements, all are invited to apply!

Alumni Military Scholarship

  • Current US military service member, military spouses and dependents, veterans
  • Must enroll in 2 trimesters in same academic year
  • Minimum GPA of 2.5 for undergraduate and minimum GPA of 3.3 for graduate
  • Application Deadline: September 5, 2013
  • Access the application for more information

Nationwide Insurance Corporate Connections Scholarship

  • Graduate or undergraduate student with a minimum GPA of 2.5
  • Must be enrolled in Fall 2013 and Winter 2014 terms
  • Awards start at $600
  • Application Deadline: September 5, 2013
  • Access the application for more information

1902 Leadership Circle Scholarship

  • Must complete a minimum of 12 credit hours per term unless the program is scheduled otherwise
  • Minimum GPA of 3.0
  • Recommended by a Franklin University faculty member
  • Awards start at $4,000
  • Application Deadline: September 5, 2013
  • Access the application for more information

For additional scholarship opportunities, please visit Franklin’s Financial Aid website.

May 30, 2013
by Carissa
0 comments

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:

April 12, 2013
by Carissa
0 comments

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
0 comments

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.

March 27, 2013
by Carissa
0 comments

Help for those with defaulted loans

If you have a defaulted loan, you may have had some difficulty in reaching a payment arrangement with a debt collector.  Recently, however, the incentive for these companies to try to collect large payments has been lessened.  This should allow those with defaulted loans to negotiate a payment arrangement that is more feasible.  Read more in the article from Bloomberg.com.

Also, keep in mind that defaulting on a student loan is not irreparable.  You can get out of default through loan repayment, loan rehabilitiation, or loan consolidation.  Click on each to learn more.

And if you are delinquent but not yet in default, there are steps you can take now to ensure you avoid default.  The Federal Student Aid website has some great tips and information on how to get your loan repayment back on track.

Remember, student loan repayment is part of your credit history; missing payments will damage your credit score, but making payments helps to contribute to overall financial well being.