When you borrow money, whether it’s in the form of a credit card purchase or a student loan, you’re responsible for paying back the initial amount you borrowed plus interest. Depending on the interest rate, this debt can add up quickly, especially if you’re able to pay only the minimum amount required by the lender.
If you want to be able to save money and live on a budget, it helps to clearly understand the difference between your needs and wants.
The authors of the Freshman Survival Guide have seven simple steps for the summer before college — plus a chance to win a copy of the book!
Congress Starts Debate on Changes to the Federal Direct Student Loan Program
If Congress does nothing before June 30, 2013, interest rates on subsidized federal direct Stafford loans will automatically jump to 6.8%. Members of Congress have put forward a number of new proposals during the last several weeks to address this issue.
We want to encourage all members of the Loyola community to follow these discussions and convey your feelings about them to your elected representatives in Congress.
Members of Congress are facing a wide array of difficult choices during these challenging economic times. However, some of these new proposals will pass more of the costs of the loan to the borrower. If this is an important issue for you, as a voter, you need to make your voice heard and contact your elected representatives in Congress.
We have links to a number of student advocacy groups posted on our web site at http://www.loyno.edu/financialaid/financial-aid-avocacy-groups
Living within your means doesn’t take great sacrifice; it just requires making decisions in the short term that will allow you to accomplish your long-term goals. Take time this summer to learn how to create a budget that will help you stay on track.
Get Organized With a Budget
To take control of your money and your financial life, you have to get organized. And the most effective tool for this is a budget. When you create a personal budget, you organize your use of money into spending categories and then set your financial priorities. Your budget will help you pace your spending and stay on track to reach financial goals that are important to you.
FINANCIAL BASICS
During the next few weeks, please sit and look at your upcoming costs for the 2013-2014 academic year AND make sure you have identified the resources which you will use to cover those costs.
We have information about Loyola’s New Student Orientation Program posted at http://studentaffairs.loyno.edu/orientation
One of the biggest challenges college students face is learning how to handle their finances on their own. During the next few weeks, we will review some basic concepts. All of these resources (and more) are located on our web site.
Adjusting to college life in a new town can be hard. Although you and your friends at school share similar interests, your financial situations most likely are different. So when it comes to making choices about how each of you uses your money, things can become awkward. Knowing how to deal with it will help you maintain good friendships without breaking your bank.
