1 / 23

FINANCIAL LITERACY

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

zorita-lester
Download Presentation

FINANCIAL LITERACY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FINANCIAL LITERACY Resources for Every Stage of Federal Student Aid U.S. Department of Education 2014

  2. 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

  3. 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

  4. 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

  5. Financial Literacy Resources Can Help Students Make Wise Borrowing Choices

  6. 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

  7. Comparison Shop: College Navigator Resources on this website are also available in Spanish. AVAILABLE AT: http://nces.ed.gov/collegenavigator/ 8

  8. Comparison Shop: College Scorecard AVAILABLE AT: http://collegecost.ed.gov/scorecard/ 9

  9. Comparison Shop: Net Price Calculator AVAILABLE AT: http://collegecost.ed.gov/netpricecenter.aspx 10

  10. 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 11

  11. Comparison Shop: Financial Aid Shopping Sheet More information on the financial aid shopping sheet is available at: http://collegecost.ed.gov/shopping_sheet.pdf 12

  12. 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…”

  13. Budgeting

  14. Budgeting & Borrowing: FACT Tool Expenses Funds Financial Awareness Counseling Tool (FACT) direct link: https://studentloans.gov/myDirectLoan/financialAwarenessCounseling.action?execution=e1s1 15

  15. 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 16

  16. 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 17

  17. 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.

  18. Manage Debt: Estimate Repayment Amount Repayment plans and loan payment calculators are available at: https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action 19

  19. Stay Informed: StudentAid.gov StudentAid.gov DESKTOPandMOBILE DEVICE browsing available 20

  20. Stay Informed: Social Media https://www.facebook.com/FederalStudentAid https://twitter.com/fafsa http://www.youtube.com/user/FederalStudentAid 21

  21. Publications The office of Federal Student Aid provides publications, fact sheets, online tools, and other resources StudentAid.gov/resources

  22. 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

More Related