FINANCIAL LITERACY
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FINANCIAL LITERACY. Resources for Every Stage of Federal Student Aid. U.S. Department of Education 2014. Agenda. Introduction What is Financial Literacy? The knowledge gap: What students don ’ t know Financial literacy tools and resources Comparison shopping Applying for aid

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Financial literacy

FINANCIAL LITERACY

Resources for Every Stage of Federal Student Aid

U.S. Department of Education

2014


Financial literacy

Agenda

  • Introduction

  • What is Financial Literacy?

  • The knowledge gap: What students don’t know

  • Financial literacy tools and resources

    • Comparison shopping

    • Applying for aid

    • Budgeting

    • Managing debt

    • Staying informed


Financial literacy

Workers who get an education beyond high school are more likely to be employed, earn higher wages, and rise up the economic ladder. Whether it’s getting a technical certificate or four-year degree, higher education is critical to today’s economy.

- Treasury Secretary Jacob Lew, FLEC meeting, October 23, 2013


Financial literacy

The Knowledge Gap

84,372

84,372 high school students registered for the Financial Capability challenge

AND

69%

received a national average score of 69% on the exam

Results of the U.S. Department of Education and the U.S. Department of the Treasury 2011 National Financial Capability Challenge


Financial literacy resources can help students make wise borrowing choices

Financial Literacy Resources Can Help Students Make Wise Borrowing Choices


Financial literacy

  • College Navigator

  • College Scorecard

  • Net Price Calculator

Comparison Shop

  • Free Application for Federal Student Aid (FAFSA.gov)

  • Financial Aid Shopping Sheet

Apply for aid

Budgeting &

Borrowing

  • StudentAid.gov

  • Financial Awareness Counseling Tool (FACT)

  • Entrance and Exit Counseling

  • Repayment Estimator

Manage Debt

Stay Informed

  • StudentAid.gov


Financial literacy

Comparison Shop: College Navigator

Resources on this website are also available in Spanish.

AVAILABLE AT: http://nces.ed.gov/collegenavigator/

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Financial literacy

Comparison Shop: College Scorecard

AVAILABLE AT: http://collegecost.ed.gov/scorecard/

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Financial literacy

Comparison Shop: Net Price Calculator

AVAILABLE AT: http://collegecost.ed.gov/netpricecenter.aspx

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Financial literacy

Apply for Aid: FAFSA

Resources on this website are also available in Spanish.

  • Takes less than 30 minutes to complete online at https://fafsa.ed.gov

  • Real-time help is availableby phone at 1-800-4FED-AID , or via on-line chat

  • IRS Data Retrieval Tool pre-populates tax information: http://studentaid.ed.gov/fafsa/filling-out#financial-info

  • Determines families’ ability to contribute to cost of attendance

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Financial literacy

Comparison Shop: Financial Aid Shopping Sheet

More information on the financial aid shopping sheet is available at: http://collegecost.ed.gov/shopping_sheet.pdf

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Financial literacy

Have You Ever Heard?

“I hardly make enough to cover my expenses”

“I can’t budget, I’m bad at math”

“I’ll figure it out, eventually…”


Financial literacy

Budgeting


Financial literacy

Budgeting & Borrowing: FACT Tool

Expenses

Funds

Financial Awareness Counseling Tool (FACT) direct link: https://studentloans.gov/myDirectLoan/financialAwarenessCounseling.action?execution=e1s1

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Financial literacy

Additional Borrowing Resources

Federal Loans First

Understand differences between federal and private loans

http://StudentAid.ed.gov/types/loans/federal-vs-private

Borrow Smart

Free money first; consider accepting less loans than offered

http://StudentAid.ed.gov/types/loans

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Financial literacy

Manage Debt: Entrance and Exit Counseling

NOTE: Exit Counseling does not include “Manage Your Spending While in School.”

AVAILABLE AT: https://studentloans.gov/myDirectLoan/counselingInstructions.action

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Financial literacy

Repayment Strategies

Make sure borrowers understand the various repayment plans and other options:

Deferments/Forbearance

Forgiveness/Discharges

Consolidation

Make sure borrowers understand that they MUST repay their loans, regardless if they complete their education.


Financial literacy

Manage Debt: Estimate Repayment Amount

Repayment plans and loan payment calculators are available at:

https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action

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Financial literacy

Stay Informed: StudentAid.gov

StudentAid.gov DESKTOPandMOBILE DEVICE browsing available

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Financial literacy

Stay Informed: Social Media

https://www.facebook.com/FederalStudentAid

https://twitter.com/fafsa

http://www.youtube.com/user/FederalStudentAid

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Financial literacy

Publications

The office of Federal Student Aid provides publications, fact sheets, online tools, and other resources

StudentAid.gov/resources


Financial literacy

Federal Financial Literacy Information

http://www.fdic.gov/consumers/consumer/moneysmart/

http://www.mymoney.gov/Pages/default.aspx

http://www.consumer.gov

http://www.federalreserveeducation.org

http://www.treasury.gov/Pages/default.aspx


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