Be Smart About College Finances

1. Be Smart About College Finances Amy Sikes Assistant Director Office of Student Financial Aid

2. I Want It NOW(Needs vs. Wants) • Do you really NEED that thing, or do you just WANT it? • Books for class • Coffee from Starbuck’s/Aromas/etc • Weekend trip • iTunes purchases • Meal plan • Late-night pizza • New coat How much does each thing cost, and is it worth that amount in the long run?

3. Saving Your Way to a Fun Weekend (Or Night Out, Or Fall Break, Or…) • Take that cup of coffee you NEED each day: • $3.50/cup (and you’re just drinking one each day, right?) • $24.50/week • $98.00/month • $1176.00/year • Compare it to buying a small Keurig brewer: • $75 initial investment via Amazon – free Prime shipping • $19 for a 30-count k-cup pack – free Prime shipping • $303 for 12 months, including your initial investment • Save $873 in the first year, more in subsequent years

4. Types of Loans • Direct Subsidized Loan • Does not accrue interest while in full-time school • 6-month grace period • Direct Unsubsidized Loan • Begins accruing interest immediately - 3.86% • Federal Perkins Loan • Does not accrue interest while in full-time school • 9-month grace period • Direct Parent PLUS Loan • Various private student loans

5. What Do I Do With This Refund? • If you aren’t spending it on coffee… • Use it to pay for • Books • Supplies • Laundry • Pizza, when you really NEED it • Rent, if you ever move off-campus • Groceries • Gas, when you’re allowed to have a car on campus • Must be used for educationally related expenses

6. What Do I Do With This Refund? • Above all, remember that ONCE IT’S GONE, IT’S GONE • Financial aid cannot create money for you out of thin air – we can only provide the need-based aid the FAFSA says you’re entitled to get • Emergency loans from Student Affairs must be repaid, either from your upcoming financial aid or via personal funds • Budget wisely • Remember Needs vs. Wants

7. Smart Money Management • Do you know where your money’s going? • Books? • Pizza? • Apps? • Games? • http://www.360financialliteracy.org/Tools/Calculators/Student-Budget will help you figure it out • If you’re over-budget each month, figure out if some of your “needs” are really “wants” and work to trim them

8. Smart Money Management • Be cautious about buying things on credit cards • If you wouldn’t be able to pay for it in cash right then, consider not buying it • Credit cards, like student loans, must be repaid • Some have high interest rates, and all have late fees and overlimit fees • One impulse purchase can wind up costing you $100s more than the original price • Get a checking/savings account with no monthly fees and use a debit card instead • Be aware that debit cards can also rack up fees – overdraft charges (not enough $ in account to cover charge) and ATM fees

9. Help! Someone’s Stolen My Identity! • College students make up the group most at risk for identity theft • Use of social media and smartphones make it easy for someone to grab your personal details • “Friendly fraud" makes up more than 20% of identity theft crimes on college campuses • College student identity theft puts at risk your future financial aid, credit history, even your job prospects after graduation

10. Help! Someone’s Stolen My Identity! • How do they do it? • Known family and friends • Stolen wallet/purse • Rummaging through your trash • Mail • Scholarship scams • Phone and Internet scams • Phishing • PINs • Social Security numbers • You can report phishing to phishing-report@us-cert.gov

11. Help! Someone’s Stolen My Identity! • Facebook/Social media site thieves look for: • Birthplace • Birthdate • School names • Address • Phone Number • Email If your profile has these items, consider deleting them

12. Help! Someone’s Stolen My Identity! • Thieves will also: • Try to “friend” the target and gain more access to their lives and personal information • Use “clickjacking.” Thieves create malicious news and information pages where the function of a button is not what it seems. As viewers “like” and share the page with other friends, more and more victims are collected. • NEW! See who views your profile! • www.<removed>.com • Do you want to know who is looking at your photos right now? Find out who looks at your profile the most and what they look at!

13. Help! Someone’s Stolen My Identity! • What you can do to prevent identity theft: • Have sensitive mail sent to a permanent address such as your parents’ home or a PO box • Shred sensitive financial documents • Never loan your credit or debit card to anyone • Never leave checkbooks, cards, or sensitive docs lying around your dorm room/apartment • Always check your credit or debit card statements closely • Opt out of credit card offers

14. Help! Someone’s Stolen My Identity! • If your identity is stolen – or you suspect it has been – contact one of the three credit bureaus: • Equifax: 1-800-525-6285 • Experian: 1-888-397-3742 • TransUnion: 1-800-680-7289 • Contact your banks and credit card companies • File a police report – both W&M Police and Williamsburg City Police • Check your credit report online: • https://www.annualcreditreport.com/index.action

15. Need Some Pocket Change? • There are many job possibilities both on campus and with nearby businesses – many within walking distance • You do NOT need to have Federal Work-Study in order to work on campus • http://www.wm.edu/admission/financialaid/typesofaid/employworkstudy/index.php for more information • Students who work in Williamsburg-area food services are eligible to apply for the Order of the White Jacket Scholarship – applications available in February • But remember: Attending classes and maintaining your grades should be your primary focus!

16. Reminders • Keep working on those CashCourse modules at http://www.cashcourse.org/ • More good information about how to get through college without breaking your budget • Complete a renewal FAFSA with your parents by 3/15/15 • You must apply for financial aid every year

17. Questions? We’re here to help! Office of Student Financial Aid Blow Memorial Hall (across from Wawa) Suite 208 aid@wm.edu 757-221-2420 Twitter: @WMFinancialAid This presentation will be available on our website: http://www.wm.edu/admission/financialaid/index.php Join Amazon Prime Student: http://www.amazon.com/gp/student/signup/info - free for 6 months, then 50% off ($49/year)