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CREDIT FOR COLLEGE ™. Tools for Managing Your Money. The value of a college education Your educational options The basics of financial aid How to use and maintain a checking account. The ABCs of credit cards How to set up a spending plan The value of saving How to stretch your dollars.

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Credit for college l.jpg

CREDIT FOR COLLEGE

Tools for Managing Your Money


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The value of a college education

Your educational options

The basics of financial aid

How to use and maintain a checking account

The ABCs of credit cards

How to set up a spending plan

The value of saving

How to stretch your dollars

What You’ll Learn


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It’s Time to Think About College

  • What college can do for you

    • Knowledge that can never be taken away

    • Help you grow as a person

    • Provide career choices

    • Provide the skills you need to succeed

    • Better earning potential

  • Start building a bright financial future


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The Power of Education

Source: Bureau of Labor Statistics and Bureau of the Cencus, 2001


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Financial Aid: Some Answers to Your Questions

  • Helps pay for college

    • Tuition, books, fees, and living expenses

  • Financial aid comes in three forms

  • Many students use a combination of all three


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How Do I Get Financial Aid?

  • How to apply

    • Free Application for Federal Student Aid, or FAFSA form

  • Complete during senior year in high school

    • Paper or online at www.fafsa.ed.gov


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Real-Life Money Management

  • Checking accounts 101

    • A checking account is good to have because

      • It’s convenient

      • Safe

      • Helps you track spending habits

      • Costs less than money orders or cashier's checks

    • Banks and credit unions offer checking accounts

    • Student checking accounts generally costs less



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Give Yourself Some Credit

  • Advantages of credit cards

    • Safer than carrying cash

    • Can be used in case of emergency

    • Helps build a credit record

  • Disadvantages

    • Can tempt you to spend

    • Annual fees and interest are expensive

    • Fine print is confusing


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Credit Cards

Credit Card Tips

  • Have only one credit card

  • Shop for a low interest rate and no or low annual fees

  • Pay credit card bill in full each month

  • Mail your payment early to avoid late fees

  • A credit card is a loan

  • Never lend your credit card to someone else


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Plan Now to Stay Ahead

  • Identify your monthly income

    • Job/paycheck

    • Monthly allowance

    • Other


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Plan Now to Stay Ahead

  • List your expenses

    • Savings

    • Car payment

    • Car insurance

    • Repairs and gas

    • Food

    • Clothes

    • Entertainment: movies, dates, concerts, etc.

    • Gifts

    • Misc: CDs, magazines, etc.


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Plan Now to Stay Ahead

  • Determine what’s left

    • Expenses minus income

    • Set priorities

      • What if your expenses are more than your income?


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Rule of 72

  • Number of years it will take to double your money

    • The more time you have to save…

    • The more money you save…

    • The higher the rate of interest…

      …the more money you’ll have


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Stretch Your Dollars

Keep more money in your pocket

  • Ask for student discounts

    • Movies, restaurants and more

  • Buy only what you need

    • Needs vs. wants

  • Evaluate your habits

    • Daily gourmet coffee adds up quickly

  • Check out books, magazines and videos at the library

  • Shop for clothes on sale


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The Building Blocks of Success

Three former high school classmates

Three different ways of life


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How Do You See Yourself

Do you recognize yourself?

  • How can you improve your chances of going to college?

  • What are your money habits?

  • What can you use to improve your chance of succeeding financially?


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Your Dreams, Your Future

Take what you have learned…

…make your dreams a reality

  • Commit to being a smart money manger

  • Start exploring your college options

  • Make a plan to reach your dreams


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Credit For College

EDFUND and its associated graphic are the trademark of EDFUND. Credit for College is a trademark of EDFUND. EDWISE is a registered trademark of EDFUND. For more information about EDFUND, visit www.edfund.org