It is extremely important that students understand how to manage finances, whether they are work earnings, government benefits such as Social Security, Veterans Benefits, student financial aid resources or other income sources. Students must be aware of their rights and their responsibilities as students and consumers. Financial literacy can include budgeting, balancing a checkbook, the pros and cons of obtaining and using credit cards and saving for the future.
The following links can be very useful to students and parents. UTB does not endorse any specific site and students are free to browse the Internet for more information regarding financial literacy. As we find more sites, we will update this web page.
- MyMoney.gov is The U. S. government's website which has enhanced interactive features and utility to provide more resources to Americans seeking information that can inform their personal financial decisions. President Obama recently proclaimed April to be National Financial Literacy Month, and this enhanced online offering is one of the steps the Administration is taking to expand financial education and access for the future. It is presented by Sallie Mae and includes a free, interactive tool on paying for college, understand funding options and estimating repayment costs for students who use student loans to finance their education.
- SallieMae.com/plan is presented by Sallie Mae and includes a free, interactive tool on paying for college, understand funding options and estimating repayment costs for students who use student loans to finance their education.
- SallieMae.com/Repayment Calculator This calculator will help students and alumni make informed choices about their student loan repayment options. This new calculator shows student loan customers what their monthly payments would be under different repayment plans, including the new Income-Based Repayment Plan (IBR) available beginning July 1. It also enables student loan customers to compare their alternatives, simulate IBR results under different incomes, estimate the likely time to pay in full, and evaluate the total cost of each option.
- ControlYourCredit.gov is a great interactive resource called the Bad Credit Hotel that guides students through the basics of maintaining good credit. The website is sponsored by the U. S. Department of the Treasury.
- YouCanDealWithIt.com is presented by American Education Services. It is “a comprehensive public service campaign designed to help recent and soon-to-be graduates understand the importance of financial literacy as they begin their life after college. The program includes a website, interactive CD-Rom and numerous on-campus student outreach components. The campaign also provides several resources to help college students and recent graduates understand personal finance and debt management issues.”
- TGSLC.org/students/index.cfm is a resource on the Texas Guaranteed Student Loan Corporation website. Information includes “Managing Credit and Debt.”