Student Loans

Federal Student Loans

• Subsidized
• Only for undergraduate
• Interest rate: 5.05%
• You’re not charged interest on the loans while you’re in school
• Minimum monthly payment $50
• Non-subsidized
• Undergraduate, graduate, and professional
• Interest rate: 5.05% (Undergraduate)
• Interest rate: 6.60% (Graduate)
• Interest accrues on these loans while you’re in school
• Minimum monthly payment $50
• FASFA (Free Application for Federal Student Aid)
• Determine the aid you receive
• Have to apply every year and opens on 10/1 each year

Private Student Loans

• Issued by a bank, credit union, or private company
• Interest rates, repayment terms, and rules of your loan depend on the lender
• To get a private student loan, you need to have an established credit history, a solid income and a good credit score

Work Study

• Part-time job students can get to earn money to help pay educational expenses
• Undergraduate, graduate, professional
• Through FASFA, apply early. The funds are limited.

Taxes

Checklist

• Tax day is April 15th, be aware of tax deadline
• You can begin the process as soon as your receive all the necessary paperwork. The IRS starts accepting them near the end of January each year
• Be sure to have all the necessary documents and information
• Social Security Number/Tax ID Number
• W-2 Forms, Self-Employed Forms(1099), Unemployed Forms(1099-G)
• Rental Incomes, Savings/Investments/Dividends, Additional Income/Losses
• Deduction Paperwork (Home Owner, Charitable Donations, Medical Expenses, Health Insurance, Childcare Expenses, Educational Expenses, K-12 Educator Expenses, State and Local Taxes, Retirement and Other Savings, Federally Declared Disasters)
• Double-check all your forms
• ALWAYS file a return
• Don’t forget to report on your side business(Airbnb, Etsy, Ebay, Uber, etc.
• Determine the best filing status for you (single, married, head of household, etc.)

Tips

• Don’t panic about being audited
• The IRS will NEVER call you for personal information. They only send official paperwork
• Be sure to file ON TIME
• Look into all applicable deductions
• The tax code is confusing and changing. Pay attention to new tax laws and prepare in advance to understand how they will affect you.
• Look up any information you are confused on
• Look into using online resources, hiring a professional, or consulting with an educated friend/family member
• Don’t be afraid to mess up, it will get easier over time with more understanding

Budgeting

Tips

• Know your cash flow, how much cash is coming in/out
• Track your spending
• Split up bills and payments into small payments. Several small payments in one month can help improve your credit
• Eat at home!
• If you spend $10 a day eating out for lunch, you can potentially save $1,200 a year
• Eating out is convenient and easy, but can leave your wallet empty
• Use free budgeting apps
• Mint, PocketGuard, Digit
• Identify your wants and needs
• 50-30-20 Rule
• 50% of your income should go towards your needs
• 30% of your income should go towards your wants
• 20% of your income should go towards your savings/debts