Financial Literacy is understanding how money works and how to make informed and effective choices with your money. Most of us have many questions about financial literacy. We have provided information to get you started on the road to financial literacy and making sound money decisions. If you still have questions about your loans or financial aid, do not hesitate to contact the Financial Aid Office.
Student Loans and Repayment
A Federal Student Aid survey of borrowers in grace conducted in 2013 asked students about to enter repayment what they would do differently when borrowing student loans. Some of their responses are shown below:
“If I could do it all over again…
- I would begin paying my loans during my studies
- I would have taken all subsidized loans and no unsubsidized ones
- I would have taken out just enough and not the maximum amount
- I would pay interest as I went
- Rethink how to spend my loan
- Take more classes per semester to cut down on cost
- I would borrow less, have a better understanding of loan repayment options, and not accept refund checks to make my loan smaller
- Find out exactly how much I am borrowing”
The responses show that students would approach loan borrowing in another way. The links below can assist you with making informed decisions in regard to student loans and other areas of financial literacy.
The U.S. Department of Education will be hosting a free Student Loan Repayment Webinar on June 25, 2015 from 4-5 p.m. Central. This webinar will provide you with information on repaying your student loans (registration is required).
Be wary of outside companies or advertisements promising to consolidate or eliminate your student loan debt through loan forgiveness programs. Read more about this issue. Work directly with your federal loan servicer!
Financial Literacy Resources
There are several Financial Literacy Resources available to assist you with planning for college, assistance with student loans, personal finance and money.
Additionally, there are several Federal Student Aid Resources ranging from booklets, videos, web pages and fact sheets to give you information on a variety of topics ranging from college and career searches to the financial aid process and more.
We can all benefit from understanding more about money and personal finance. Below are several presentations given by the Purdue Federal Credit Union on financial literacy topics such as budgeting, saving, credit and identity theft.