Financial Literacy Overview
What does it mean to “live like a student?” To some it may mean adjusting to living within your means rather than your parents’ income. To others, this means leaving a job with a steady paycheck and using financial aid to return to school. Many of us struggle with not having enough money to manage our educational responsibilities and personal expenditures. However we can use this as an opportunity to learn how to stretch our money and save for the future.
Financial aid is intended to assist you in meeting educational costs, not cover all of the expenses incurred while being a student. Sometimes students have to take out loans to help cover these expenses. At GTCC we believe that if a student has created a budget then he or she will be more informed about how much they need to borrow. By not borrowing more than you need, you can save yourself a lot of money in interest payments in the long run.
Dropouts are FOUR TIMES more likely to default on their federal student loans. Without truly understanding the costs of going to college, we can’t understand how much money we will need. Videos, games, and other interactive financial literacy tools like this one from CFNC can be very fun and helpful.
Test your KNOWLEDGE!
Money Management Resources
This great site provides several tools, articles, and activities that help students gain a better understanding of budgeting and money management. A “Real Life Money Guide.”
A comprehensive site from TG that offers tons of info regarding career planning, budget and money management, FAQ’s, and tools to assist with college costs and loan repayment.
This is a library of free online and mobile games that are designed to help bolster personal financial capability, self-confidence, and knowledge. This site has been praised by the Wall Street Journal.
Federal / State Student Aid
A truly comprehensive place where students can create their FSA ID, complete entrance and exit counseling, learn about different repayment options, check their loan balance, apply for loan consolidation or income-driven repayment plans, and utilize repayment estimators.
Another federal site that offers money management strategies, saving tips, and even help with earning money and identity theft.
Students will submit a yearly application for federal student aid. Students can also make changes to previously submitted aps and review their student aid report.
Provides repayment calculators, path to success plans, account balancing, and a direct line to speak with a counselor at Money Management International.
A government-issued guide to help you understand the FAFSA and your repayment options while also offering a comprehensive glossary of crucial terminology.
The National Student Loan Data System provides students a place where they can see all of their federal loans in detail.
The College Foundation of North Carolina is a great resource for our students. CFNC assists students with educational planning, career planning, and applying and paying for college.
America’s Debt Resource Organization. As our student loan debts rise over 1 trillion dollars, this site can be a very important resource in navigating the world of debt and repayment.
Allows you to see your credit score in an easy-to-read format that provides information on how credit can be affected along with guidelines to help with responsible borrowing.