FYE

1. FYE • Helping Students Handle Their Finances 2-11 • Work Hard But Smart 11-31 • Credit 101 32-61 • Prioritize Your Wants and Needs • $50 • Checking Accounts 101 62-66 • Live Like a Student- Managing Your Funds 67-78 • What Are You Learning From Your Job 79-110

2. Helping Students Handle Their Finances An Overview of Financial and Debt Management FYE Success Series Autumn, 2003 Programs

3. Financial Aid 101 • Learn about the factors that determine eligibility for financial aid • Hear descriptions of the various aid programs • Learn about the effects of enrollment changes on maintaining aid eligibility Frances Robbins

4. Financial Aid 102 • Financial planning for education is on on-going process throughout a college career. • This session will encourage students to consider educational costs and to assess available resources. • There will be a discussion about how financial aid can be used to maximum benefit and how planning can minimize educational loan debt. Frances Robbins

5. Work Hard but Smart: How to be Successful in School; Graduate on Time • Communicate strategies for success while in college. • Show how effective planning can help students more easily reach educational goals, and save time and money. • Show that budgeting one’s time and money can minimize stress and maximize goal attainment. Carla Mattmiller

6. Checking Accounts 101 • Acquaint students with checking account terms and fees. • Help students learn to keep their check registers and balance their checkbooks. • Give guidelines for use of ATM and debit cards. Deniesha Newby and Merilyn K Lee

7. Living Cheap! • Get students thinking about how to spend less in everyday life. • Help students learn to set spending priorities by differentiating between needs and wants. • Promote long-term financial independence by helping students spend within their means. Merilyn K Lee

8. Financial Independence • Define the differences between need and want. • Develop skills in meeting and achieving goals. • Develop insights to distinguish the difference between spending freedom and financial freedom. Larry Christopherson

9. Understanding Credit • Introduce participants to the history of credit. • Gain an understanding of the impact on purchases that are made using credit. • Introduce the student community to the program so they know that if they are overextended in their use of credit, there are plans that can help the recovery process. Larry Christopherson

10. On the Money (and Savings and Investing) • Learn the basics of financial record keeping and when and when not to use a credit card. • Basic financial concepts will be covered. • The best investment opportunities will be described, as will the basics of financial planning. There will be an opportunity to evaluate the best investment options. Tally Hart

11. Work Hard but Smart: How to be Successful in School and Graduate on Time Adapted from United Student Aid Funds, Inc. Presented by Carla Mattmiller

12. Acknowledgement • USA Funds is a student loan guarantor. The corporation has launched a multi-year initiative to assist colleges and universities to reduce their student loan default rates. The resources used today are part of that undertaking.

13. Our Goals Today • To share strategies to succeed at Ohio State and to complete your degree in a timely manner • To show how effective planning can help you more easily reach educational goals, and save time and money • To show that budgeting your time and money can minimize stress and maximize goal attainment • To get to know others and have some fun!

14. Congratulations—You’ve Made It Here • Now what? • 46.1 % is the national graduation rate (within 5 years) at 4-year public institutions (ACT news release, 2003) • Ohio State’s rate is higher (56.4 % for those freshmen starting in 1998)

15. Why the Low Graduation Rates? • Our culture encourages an affluent lifestyle • Some students work longer hours and take fewer classes • Part-time enrollment delays graduation • Selecting a major too early or too late • Go to Page 1 in Student Skills book for Module 3: Review Graph

16. How Can I Successfully Finish My Education on Time? • Develop a plan • Identify a strategy or strategies to make satisfactory progress • Develop ways to cope with the demands of being a student

17. Plan to Finish School on Time • Set realistic goals: How many years do I plan to be in school? How many credit hours are required to graduate? What is full-time status at Ohio State? How many classes do I need to complete each quarter?

18. Understand Your Curriculum • Work with your adviser to understand your General Education Curriculum requirements as well as your major course requirements • Schedule what you can realistically handle • Balance more demanding courses with those that are less demanding • Allow at least twice as many homework hours as hours in class

19. Ask Your Adviser! • Look for the “Friendly Advice” on Page 4 of your Life Skills book. See if you agree; better yet—see if your adviser agrees! • Your relationship with your adviser could be one of the most important ones you’ll have at Ohio State. And remember, it’s a two-way street!

20. Keep Your Life Simple • There are many wonderful opportunities here! Participate in them! But not all of them! • Take care not to over-extend your self socially or financially. What you borrow, you must pay back. • If you’ve not yet done so, learn to say “no” and to be comfortable with it! Don’t charge what you cannot pay off each month. If you delay gratification now, you can avoid serious debt down the road.

21. Stay Focused on Your Educational Goals • Resist temptations that can distract you. • Do not join every organization that appeals to you. • There will always be other students who have more money than you do. Do not try to keep up with them. • Be extremely cautious with credit card use; do not abuse them.

22. Suggestions to Make Satisfactory Progress • Learn how to be a skilled learner. This could include actively participating in class and demonstrating interest. • Demonstrate commitment. Be motivated. • Join in discussions. Ask questions. Be willing to learn. • Consider the Classroom Success Skills on Page 6 of the Life Skills book.

23. Sharpen Your Study Skills • Look at Pages 7-8 in the Life Skills book. • Do your reading; take good notes; ask questions; get assistance;* actively participate in class; schedule a time to study each day; eliminate distractions; find “study buddies;” study harder subjects first; find a library and use it!

24. *Getting Assistance Younkin Success Center: 1640 Neil Avenue, 292-4400 • Walter E. Dennis Learning Center, 688-4011 • Counseling and Consultation Services, 292-5766 • Career Connection 688-3898 ALSO: Larry Christopherson, PhD., Financial Specialist; 247-7218;christopherson.9@osu.edu

25. Seek Help from Your Instructors • Learn your instructors’ names. • Find out where and when they hold office hours. • Meet with your instructors early on. • Participate in study sessions. • Show respect. • Ask questions.

26. Budget Your Time Wisely • Check out Page 14 of your Life Skills book. Consider the items listed and estimate how much time you spend on each in a day. Add up the time. • Are you over-scheduled? • Are you under-scheduled? • What consumes a lot of your time? • What activities support your college goals?

27. Student Stress • Life Skills refers to events or people who cause us stress as “Crazy-Makers” and encourages us to identify them and to also identify those strategies which reduce them. • Let’s try to identify some things which stress you out:

28. Coping Strategies • Have you found ways—or can you think of any—to reduce your stress and anxiety? • Ohio State has many resources available to you: Student Health Center; Counseling and Consultation Service; offices, services and organizations under the auspices of Student Affairs: http://studentaffairs.osu.edu/resourceguide.asp

29. Get Connected! • Many of us haven’t had to work on making new friends for a long time. Here are some things to consider as we surround ourselves with new faces: Be friendly. Initiate contact. Make eye contact. Smile! Say “hello.” Hang out at community meeting places. Ask questions. Encourage others to talk. Be helpful. Share food! Be fun.

30. What is Your ‘College-Q?’ • On pages 25-26 of the Life Skills book, there are 10 questions. Some time when you have a few minutes—but don’t wait too long—please look at those questions, respond to them and see where they lead you in terms of success and satisfaction here at Ohio State.

31. Resources • Finally, in the back of the Life Skills book, there are two pages listing recommended resources and web sites. Check it out! • The book you’re using today is one of five. If you would like to have the other four, let me know (mattmiller.1@osu.edu.) • Consider attending other FYE courses offered by the Office of Student Financial Aid!

32. Credit 101: Having and Using the Power of Plastic FYE Success Series Carla Mattmiller and Vern McNeill October 7 and 10, 2002

33. Debt Accumulation • A great deal of debt can be acquired while you are in school • …unless you learn very early how to manage your money!

34. It is not Easy to Manage Your Money! • Among other things, managing your money takes: • Time • Organization • Sound judgment • Doing Without

35. Our Goal is to Help You Control Your Finances • Take the time to review the descriptions of all of the Office of Student Financial Aid’s offerings to the FYE Success Series. You might find other sessions useful! • Financial Aid 101, Financial Aid 102, Checking Accounts 101, What are You Learning from YOUR job?, On the Money, Savings and Investing, etc. • Check them out!

36. To Take Control of Your Finances: • Set Your Goals • Realistically decide what you need • Create a budget and stick to it • If you use credit: manage it and don’t let it manage you • Think of ways to increase your income

37. Your Future: What You Charge Now Will Shape It! • While you are in college, keep your debt as low as it can possibly be. • Student Loan Debt • Credit Card Debt

38. Be Ever-Aware of the Difference between a Necessity and a Desire • “Wants” v. “Needs” • Let’s brainstorm: What kinds of things do you want to buy? What kinds of things do you need to buy? What did you come up with?

39. Prioritize Your Wants and Needs Priority Levels 1: Absolutely essential for survival! 2: Pretty darn important! 3: More of a need than a want 4: Great to have, but not a need 5: Pie-in-the-sky!

42. “Wow—I’ve got $50.00 to spend!”

44. Rules: You have no credit cards. You cannot borrow money from friends to spend over your $50.00. Assumptions: Lunch at dining commons has already been paid for and will not come out of today’s $50.00; sales tax is included in listed costs; transportation is provided at no cost to you. Bonus Question: If you have money left over, how much is it, and what would you spend it on?

45. This Session Doesn’t Cover the Construction of Student Budgets • A useful tool: http://sfa.osu.edu/calculators/budget.asp • A commercial: The Office of Student Financial Aid’s website contains a great deal of information about aid programs as well as debt management, student rights and responsibilities and consumer information. (http://sfa.osu.edu)

46. By Using a Budget, You’ll be able to Identify any Shortfalls • Then you can ask yourself: What can I do without? • Think of at least five ways to reduce your expenditures. • Think of three more. • Think of one more. • What did you come up with?

47. What did you Choose to Cut out of Your Budget? -Don’t buy unnecessary items -Go thrifting -Comparison Shop -Keep your car maintained -Don’t shop often -Do free or cheap things for -Stop buying on impulse entertainment (on campus -Wait to buy something all the better) -Break expensive habits -Don’t try to keep up with -Go out to eat less someone who has more -Use coupons than you have -Go to discount movies -Cut out fancy coffee drinks

48. How about Not Using Your Credit Card as a Way to Save? • You are a student! If you need to borrow money, borrow it for educationally related expenses. • Remember, when you are using a credit card, you are borrowing money.

49. True or False? • Credit Cards are a better deal than are student loans. • More than half of Ohio State students take an extra job or work extra hours as a result of their debt.

50. True and False • 1. FALSE. This year’s interest rate on Stafford Loans=4.06%; PLUS Loans=4.86%; Perkins Loans=5.0% • 2. TRUE. More than ½ of Ohio State students take an extra job or work extra hours as a result of their debt.