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Financial Aid

Financial Literacy

Financial planning and debt management are key to securing and maintaining financial stability. The information below can help you achieve financial well-being.

 

The Benefits of Budgeting

Budgeting is important because:

Budgeting Tools

Use Credit Wisely

A good credit history can open doors to financial options such as buying a home or a car with favorable interest rates. Employers often review your credit history as part of a pre-employment background check for a job.

Credit can also come with some risks if you do not understand the specific terms and conditions or you abuse the power to make purchases on credit. Before you make a purchase or cash advance using a credit card it is extremely important to weigh the benefits and the risks to make sure it is in your best interest to do so.

Benefits

Risks

Helps in EmergenciesHigh Cash Advance Fees
ConvenientHigh Interest Rates
Easy for Internet PurchasesLeads to Impulse Purchases
Safer than Carrying CashCan lead to higher credit balance if not used properly

Know Your Credit Status

You are entitled to a free copy of your credit report annually from each of the three national credit bureaus. You should review the report and work with the merchants to rectify any discrepancies. Access the Consumer’s Guide to Credit Cards to learn more about credit reports and your record score.

Equifax

www.equifax.com

1-800-685-1111
Experian

www.experian.com

1-888-397-3742
TransUnion

www.transunion.com

1-800-888-4213

Student Loan Refinancing

AVOID AGENCIES THAT OFFER TO LOWER YOUR MONTHLY LOAN PAYMENT FOR A FEE

To help better manage your repayment you may consider refinancing your student loans with a private agency. Understand that when you refinance federal student loans through a private agency, you may forfeit the flexible repayment options and other student loan benefits offered by the federal government. A Federal Loan Consolidation may be a better option, and you do not need a third-party to process the loan on your behalf. Always consult with your loan servicer to assist you in managing your student loan repayment. Be sure that you have considered all options and that you understand the terms and conditions of your loan.

Other Useful Links and Resources

JHSAP Financial Wellness Seminar - this webinar covers a host of topics including financial planning, budgeting, loan repayment, insurance and saving. (approx. 2 hours)

MyMoney.gov – building blocks to make the most of your money.

Mint.com – interactive budget and financial planning tool.

Repayment Estimator – select the right student loan repayment plan for you.

Identify Theft – tools to protect your identity and steps on recovery from identify theft.