Money Matters

College students typically make little or no money. Consequently, through student loans and credit cards they begin the process of getting into debt. Even adult students who are working and going to school have to deal with the added expenses associated with a college education.

We want to connect you with tools that can help you plan for and manage college expenses. Two comprehensive financial literacy sites are below. Start here for a valuable overview, and then visit the tabs above for resources specific to financial planning, student loans, credit and “fun stuff."

Cash course is a one-stop, comprehensive online resource from the National Endowment for Financial Education that offers unbiased content geared to the needs of students. Visit the cash course website.

MyMoney.gov is the U.S. government's website dedicated to teaching all Americans the basics about financial education. Whether you are buying a home, balancing your checkbook, or investing in your 401(k), the resources on MyMoney.gov can help you maximize your financial decisions. Visit the MyMoney.gov website.

Despite the fact that most students arrive on campus with iPods, cellphones and laptops, life as a student can be tough and money has to stretch. Some students may be struggling with day care or lack of family support. When your primary or secondary “job” is going to school, you generally encounter financial pressures.

Some students may be able to borrow government loans that provide them with a cushion for living expenses. Rather than accepting the entire loan amount offered, students might want to reexamine their spending habits and limit their debt.

Below are some sites that can provide insight regarding your attitude toward money along with tools to help you save while in school.

Regis University students can now rent textbooks instead of purchasing them. To rent textbooks:

• Go to Regis University Bookstore.
• Click Books>Textbooks and Course Materials.
• Once you have found the books for your course, you will be given the option to rent.
• To rent textbooks, all students must register. Fall semester textbooks will be available to purchase and rent online in mid-July.

For more information, visit the Rent-A-Text Facebook Page or contact the bookstore directly.

Many students need loans to get through college. But students have several choices about which loans to take. Some loans will not charge you interest until you are out of school and enter repayment; others charge interest from the first day the loan is disbursed, which you may pay as you go or let accrue until you enter repayment.

Let's assume you have a $20,000 subsidized loan. If you pay an extra $25 a month, you will cut 1.3 years off of the 10-year repayment term and save $675.89 in interest over the life of the loan. If you pay an extra $50 a month, you will cut 2.3 years off of the 10-year repayment term and save $1,185.02 in interest over the life of the loan.

Many private banks offer student loans but they are typically more costly than federal loans. The smartest thing to do when planning on using student loans is research. Here are some links to help you get started.

Student loans do not have prepayment penalties. If you wish, you can make an extra payment to principle each month to accelerate repayment of the debt.

If you pay an extra $100 a month, you will cut 3.8 years off of the 10-year repayment term and save $1,901.57 in interest over the life of the loan. 

*From www.finaid.com.

Since your credit is defined by how you’ve paid (or not paid) your bills in the past, many businesses – landlords, mortgage lenders, utility providers and even employers – use your credit to predict your future financial responsibility. Anytime you need to borrow money, or even services, your credit is called into question. This is why maintaining good credit is so important.

Dealing with Debit and Credit Cards - Practical advice for getting out of credit card debt with a calculator telling you how long it will take. 

Credit Management - Information from American Student Assistance on ensuring financial fitness, including links to consumer reporting agencies. 

Debt Calculator - Credit card debt calculator that can calculate how much your monthly payments will be with a desired end date.

What's My Score - Tutorials, iPhone apps, videos, FICO score estimator and more.

What to Expect from the Credit Card Act - Information on fees, interest rates, consumer protections, gift cards and more.

If you do get into trouble or are not able to keep up, consider contacting consumer credit counselors at your financial institution or nonprofit organizations.

How to Negotiate With Your Creditors - From Entrepreneur Magazine, advice on negotiating with collection agencies and credit card companies, excerpted from "The Complete Book of Dirty Little Secrets: Money-Saving Strategies the Credit Bureaus Won't Tell You" by Jason R. Rich.

NFCC Credit Counseling - A debt management plan from the National Foundation for Credit Counseling.

Money Management - A nonprofit consumer credit counseling service.

Let's assume you have a credit card and have accumulated $2500 in debt. Interest rates can range from 14 percent to 30 percent. Paying only the minimum payment can greatly extend the payoff date and amount. For example:

Assuming you add not one penny to this debt, never charging another dime, it will take you 19 years, 7 months to pay it off.* So, if you're 21 now, it will not be paid off until you're 40.

*Calculation from CNN Money.

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