Financial LiteracyBoot Camp

Anthony MorroneDirector of Financial Aid

Nevada State College

Financial Literacy Regimen

Exercise 1: Financial Aid

What is it? Financial Aid is assistance provided to eligible students by the government, schools and private donors to pay education-related expenses.

Financial Aid may be awarded as:GrantsScholarshipsWork-StudyLoans

Applying for Aid

Federal and StateFAFSA (Free Application for Federal Student Aid)www.fafsa.govSchool will receive results and contact you

Nevada State College Foundation ScholarshipsApplication available online December - April www.nsc.edu/finaid

Third-Party ScholarshipsList of opportunities on NSC websiteMany deadlines in winter and early springWrite an essay and apply to as many as possible

FAFSA(Free Application for Federal Student Aid)

2014-2015 FAFSA available Jan. 1, 2014 www.fafsa.govValid for Fall 2014, Spring 2015, Summer 2015Gather 2013 tax return and earnings statementsSet aside at least 30-45 minutes to complete

PINwww.pin.ed.govAllows you to electronically sign FAFSAOne PIN per SSN, good for life

IRS Data Retrieval: An easier way to provide tax information. With just a few simple steps, students & parents who have completed their IRS tax return will be able to view & transfer their tax information into their FAFSA. May reduce additional documentation requests from FA Office.

Stats

Exercise 2: Budgeting

Creating a school-year budget allows you to compare your estimated financial resources against your planned educational expenses http://studentaid.ed.gov/prepare-for-college/choosing-schools/consider/budget-calculator

Creating a monthly budget helps you track your actual income and spending habits, which you can compare with your planned school-year budgethttps://www.mint.com

Exercise 3:Responsible Borrowing

http://studentaid.ed.gov/sites/default/files/ResponsibleBorrowing_ENGLISH.wmv

Debt Management

Borrow only what you need according to your budget

Be aware of the debt you are accumulatingNSLDS www.nslds.ed.gov $ALT https://www.saltmoney.org

Explore your repayment options and estimate your monthly paymentwww.studentloans.gov

Exercise 4: Understanding Credit

Credit rating affects many areas of lifeAbility to purchase goods and servicesEmploymentHousing

Use credit responsiblyCredit rating is affected by

• Percent of total credit used• Opening and closing accounts• “Hard” inquiries on your credit report• Timing of payments

Credit Reports

Credit reports may include: A list of companies that have given you credit or loansThe total amount for each loan or credit limit for each

credit cardHow often you paid your credit or loans on time, and the

amount you paidCompanies that have asked to see your credit report

within a certain time periodYour address(es) and/or employersOther details of public record

Review Your Report

Your rights to your credit reportsFederal law requires each of the three nationwide

consumer credit reporting companies to give you a free credit report every 12 months if you ask for it.

Order 1 credit report every 4 months to monitor your report over the entire year

Report any discrepancies immediately

Understand and Know Your Score

Each of your credit scores will vary depending on the criteria used by the credit agency

Monitoring your credit score is a good way to track if there is any suspicious activityDrops in score because of

• Unauthorized credit checks• Account usage• New lines of credit opened

Exercise 5: Identity Theft

Don't access secure websites, such as online banking, from shared computers or in public.

Use the privacy settings on social networking sites to ensure you're only sharing information with those you trust.

Only provide your Social Security number when necessary, such as for employment, tax forms or bank records.

Be careful opening files, links, emails, etc. from unknown sources or from a friend's account that may have been hacked.

Check the security of online stores before you purchase. Shred all sensitive information before throwing in the trash. When sharing personal information with certain professionals, such as

tax preparers or mortgage lenders, be sure to choose companies you trust.

Monitor your Information

Check your accounts at least weekly for suspicious activity.Immediately report small unauthorized charges.

Keep your receipts and compare against monthly statements or online accounts.

Secure wireless devices and connectionsKeep PINs and passwords safe

Not written on or kept with cardsNot under keyboard or in notebookDon’t use “password” or “123456”

Protect your Information

“SKIMMING” Be aware of card-swiping devices

Hand-held Mounted

ATM or vestibuleGas pump Any exposed card swiping device

Exercise 6: Career Services

NSC Career Services Center csc@nsc.edu The CSC@NSC serves as a career hub for students, alumni

and employers. Its purpose is to arm all NSC students and alumni with the professional toolbox required to navigate a lifetime of career choices, while opening the doors to a network of job opportunities.

CSC@NSC services & programming includes:• Career Skills & Interests Testing• Career Goal Setting & Academic Planning• General Career Counseling/Resources/Events• Resume and Cover Letter Writing Support• Interview Skills Training & Mock Interviews• Post-Baccalaureate and Graduate School Insight• Dress for Success Free Suit Referral for Women

Click on the briefcase icon in NSC Portal

Exercise 7: Tax Preparation

If you earn income and no one is claiming you as a dependent on their taxes, you should consider filing even if you are not required to do so.You may be entitled to education benefits

• American Opportunity Credit• Up to $2,500 for qualified education expenses

• Lifetime Learning Credit• Up to $10,000 for qualified education expenses

• Student Loan Interest Deduction• Up to $2,500 per year

• Tuition and fees deduction• Up to $4,000 per year

Our office does not offer individual tax advice, please consult a tax professional.

Exercise 8: Q&A

What have you learned today that you will use in your daily life as a financially savvy student?

What would you like to learn more about in upcoming sessions?

What would you tell your fellow classmates about the seminar?

How can we make the seminar series more valuable to you?

Would You Like More Information?

Feel free to contact us:finaid@nsc.edu

2014-15 Scholarship Application

http://nsc.edu/finaid