1. YOUR MONEY, YOUR FUTURE ADULTING 101

2. WHY SHOULD YOU CARE? $1.44 trillion in total U.S. student loan debt
Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
Average monthly student loan payment (for borrower aged 20 to 30 years): $351
Source: Federalreserve.gov
Click on picture for video or go to

3. STUDENT LOANS Private Loans Federal Loans
Tend to have higher interest rates and less flexibility in repayment.
Try to use Federal Loans first.
Federal Loans
Direct Subsidized
Direct Unsubsidized
Direct Plus
Federal Perkins

4. For undergraduate students
Direct Subsidized
Direct Unsubsidized
Direct PLUS
Federal Perkins
For undergraduate students
Given by government based on need
Government will pay interest while a student
Total Maximum: $23,000
For undergrad or grad students
Not based on need
Higher interest rates for grads or professional
Government does NOT pay interest.
Maximum: $31,000
For parents or grad students
Not based on need.
Interest charged for life of loan
Dependent on credit
Maximum: Cost of attendance*
For undergrad or graduate students
Students with significant financial need
Not charged interest while a student
Your school is the lender
Maximum: $5,500 per year, $8000 grad or prof.
*Less any subsidized loan amount

5. STUDENT LOANS Grace period: Standard Repayment = 10 years
6 months for Direct Loans
9 months for Perkins Loans
No grace period for PLUS loans
Standard Repayment = 10 years
Income Driven Repayment Plans
studentaid.ed.gov
While you’re in school:
Try to pay interest payments on unsubsidized loans
Student loan money is not extra money!
Try to avoid credit card debt if possible.
If you have student loan money left over after you pay your school expenses, ask the school to return the funds to your lender. The less money you borrow now, the less money you must repay later.
And pay the interest now instead of deferring it. The earlier you pay interest on your student loans, the less money you will shell out in the long run.

6. BOOKS
Did you know the campus book store is one of the most expensive places to buy text books?
Try one of these:
Bookrenter.com
Bookbyte.com
Slugbooks.com
Textbookme app

7. BOOKS

8. LIVING EXPENSES On Campus Off Campus
On campus: Everything is included, have an RA looking out with you, usually share a small room with a roommate. Be careful choosing a meal plan. They are expensive if you don’t use it. Probably don’t need unlimited plans. SOU costs: $7000 to $11,000 per school year.
Off campus: Must pay for everything on your own, more space and privacy. Don’t forget all costs: utilities, cable, internet, transportation to campus, groceries, rent. Sharing an apartment with one roommate in Ashland rent $4500 or more per school year. Also have to add all other costs!

9. LIVING EXPENSES MONEY SAVING HACKS
Renter’s Insurance:
Can help you replace your belongings after a covered incident in your home, such as a fire or burglary.
Average renter owns about $20,000 in personal property
Average cost for renter's insurance is about $12 per month for $30,000 worth of property coverage and $100,000 of liability coverage.

10. LIVING EXPENSES MONEY SAVING HACKS
Reliable Roommates
Interviews, verification of income, stability
Be a Smart Consumer, Cool Apps
TUN Uconnection Epicurous GasBuddy
Local Discounts Dining Discounts Meal Planner Cheap Gas
Grocery IQ Hooked Redlaser
Grocery List Local Deals Scan barcodes to see better deals

11. CREDIT CARDS Can be a good way to build credit.
A great tool if used wisely.
Rogue Student Silver Visa
Must be enrolled in college
$500 - $2,500 limit
At least 6 months at current job.
One low rate for everything!

12. MONEY SAVING HACKS Stick to a budget, whatever method works for you.
Invest in yourself!
Buy your books used
Pay interest on unsubsidized loans while in school
Graduate on time
Keep applying for scholarships
Fastweb app
If you’re on a dining plan, use it!
To go?
Campus activities are usually free.
Budget: Mint, mvelopes, excel, pen and paper, you need a budget, learnvest
Invest: Put at least 10% in savings. Look for spare change programs like Rogue Save the Change or apps like Acorns
Books: Slugbooks, Bookbite
Graduate on time: One of the most costly mistake is failing classes or not taking enough credit. An extra term in college can cost you tens of thousands of dollars!

13. MONEY SAVING HACKS Sell your notes Sell your old stuff and buy used
Flash notes, Study Soup
Sell your old stuff and buy used
Twice, Thread up, Poshmark
Plan your meals and eat in if you can
Epicurious, groceryIQ
Use public transportation if possible
Make your own coffee!
Look for campus jobs like RA
Use student discounts!
Epicurious: A meal planning app
Public Transportation often discounted for college students. RVTD $15 per term. May save money on gas, insurance and car payment.
If you buy a $4 coffee every school day for one school year, it will cost you almost $1000!
Being an RA is a hard job but you get FREE room and board!
Student discounts: Uconnection, TUN, Hooked

14. COLLEGE BUDGET ACTIVITY
Help Karim, a freshman at SOU create a MONTHLY budget!
INCOME:
Part Time Job Tax Refund
$800/month $480/YEAR (÷12 = $______/month)
Financial Aid Support from Parents
(after tuition)
$6000/YEAR $500/month
(÷12 = $______/month)
Student can use their own expenses in the budget worksheet or use the example of Karim in their booklets. If they use the example, they should get that Karim has $324 left after expenses. Karim is not following the 50/20/30 rule, his expenses are too high! Students should allocate his last $324 dollars with at least 10% ($184) going to savings.

15. EXPENSES Rent Utilities Internet Renter’s Insurance Groceries
$700
Utilities
$58
Internet
$35
Renter’s Insurance
$25
Groceries
$250
Auto Loan
$130
Gas
$60
Auto Maintenance
$360 PER YEAR
(÷12 = $________ /month)
Auto Insurance
$600 EVERY 6 MONTHS
(÷ 6 = $________ /month)
Laundry
$15
Cell Phone
$63
Books
$300 EVERY 6 MONTHS
Student can use their own expenses in the budget worksheet or use the example of Karim in their booklets. If they use the example, they should get that Karim has $324 left after expenses. Karim is not following the 50/20/30 rule, his expenses are too high! Students should allocate his last $324 dollars with at least 10% ($184) going to savings.

16. DEBT PAYOFF METHODS Before you choose a method:
Make a list of all debts
Include balance, monthly payment, and interest rate.

17. SNOWBALL METHOD Pay the minimum on all accounts.
Put extra towards the account with the lowest balance first.
When paid off, pay down the account with the next lowest balance.

18. AVALANCHE METHOD Pay the minimum on all accounts.
Put extra towards the account with the highest interest rate.
When paid off, pay down the next highest interest rate.

19. POST-ASSESSMENT