Making the most of your money while in college

1. Making the most of your money while in college Using your college-educated brain to make wise decisions about YOUR money

2. What to know about your Financial Aid • Get to know your Financial Aid counselor • Know what makes up your financial aid award • How much “free’ money, how much in loans that will have to paid back • Ask why, if your award changes • Each year your cost of attendance will go • This means you will need more each year to stay in school • Know how much loan debt you are accumulating

3. Scholarships • Check within your major area of study • Some departments offer scholarships to juniors and seniors – check websites, ask faculty • Check the Gonzaga Scholarship Database at www.gonzaga.edu/financialaid (scholarship search) • Check with your local churches, Rotary and Lyons Clubs, Chamber of Commerce • Google Scholarships for College Students • NEVER pay for scholarship information • Beware of scam ads

4. More Scholarship Sites www.thewashboard.org www.aie.org www.brokescholar.com www.collegeboard.org www.collegenet.com www.collegesuccessfoundation.org www.fastweb.com www.finaid.org www.free-4u.com www.latinocollegedollars.org www.osac.state.or.us www.scholarshipexperts.com www.schoolsoup.com www.coheao.com/about-2/scholarship

5. How to help yourself along the way Know which loans can be affected by the types of jobs you get after graduation(some future jobs can lead to loan forgiveness) • Find out about Public Service Loan Forgiveness - where your job after graduation can make you eligible for loan forgiveness (http://studentaid.ed.gov/PORTALSWebApp/students) • Get a job NOW! Help pay down your tuition • On-campus job (FWS or Institutional) • Off-campus job (SWS or Community Job Board)

6. How to help you save along the way • Don’t eat out when you’re already paying for food on campus • Buy used books, buy on-line or rent them (CHEGG.com) • Take the bus or walk (student bus passes available in Crosby) • Use your student id for student discounts at area businesses (www.gonzaga.edu/benefits -->work/life -->employee discounts) • Track the money you spend - it goes faster than you think • Get cash at point of purchasenot at an ATM that charges you $1.50-$3 per transaction!

7. Paying down your tuition costs by getting a job(or how a minimum wage job can save you a bundle) I know it doesn’t seem like you can earn much by working a few hours a week at minimum wage, but the reality is a lot better than it seems, so take a second look! 10 hours per week x 4 weeks x minimum wage = $362 monthly earnings -$200 put toward tuition $162 spending money $200 put toward tuition x 9 months academic year $1800 put toward tuition in one year x 4 years $7200 Amount you did not have to borrow and pay back!!

8. Being Prepared “A collegian who graduates without having learned the responsibility of a regular job is a graduate who isn’t prepared for the realities of the world.” -----Yoder & Sons Spokesman Review Having a degree just isn’t enough anymore.

9. Working & Taxes • As a full time student, social security & medicare taxes are not taken out of your on-campus wages, so you take home more $ • Everyone filing taxes can take a “standard deduction” • This typically offsets a student’s taxable wages, meaning you may not have to pay Federal Income Tax • By not owing any tax, you’ll be eligible to get your Federal Withholding amount back

10. Budgeting: It’s basic add/subtract • It’s basic – Income less Expenses • Calculate your monthly income from all sources • Calculate your fixed expenses like tuition payment, car payment, gas, cell phone, books • Saving for a trip home or study abroad • The difference is what you have to spend on entertainment

11. The Cost of Debit • Even if you do not have money in your account, banks will “advance” you money to cover your debit purchase. This is a loan. Your overdraft fee will run you a minimum of $20 per occurrence and will go up depending on how long your “loan is for” and how many times you make purchases without sufficient money in your account. • Even though each debit transaction is electronic it doesn’t actually post against your checking account until the merchant “batches” his transactions, which could be twice daily, daily, every other day… So, when you check your account balance to see how much money you have, it isn’t necessarily a “real time” picture of what you have in your account!

12. The Cost of Credit President Obama signed the Credit Card Accountability, Responsibility & Disclosure Act in 2009 which made it illegal to issue credit cards to anyone under 21 years of age without a parent’s signature.

13. The true cost of credit – an example • You charge a $10 pizza on your credit card 15 times as a freshman • You charge other items while in school as well • You only make the minimum payment each month on a card that is charging you 19.5% interest and the total never seems to go down • By the time you graduate those 15 $10 pizzas that originally cost $150 will have cost you $400 dollars.

14. Being smarter than your credit card • Delay using a credit card for as long as possible • Pay cash or don’t purchase • If you do use a credit card - Paying only the “minimum” costs you in a big way – credit card statements now show you how long it will take, and how much it will cost you if you pay only the minimum. So, pay attention! • Always pay a little more than the minimum and onlycharge emergency items

15. Questions? Contact Robin Guevara Student Employment College Hall 126 509-313-6587 guevara@gonzaga.edu