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CREDIT FOR COLLEGE ™

CREDIT FOR COLLEGE ™. Tools for Managing Your Money. The value of a college education Your educational options The basics of financial aid How to use and maintain a checking account. The ABCs of credit cards How to set up a spending plan The value of saving How to stretch your dollars.

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CREDIT FOR COLLEGE ™

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  1. CREDIT FOR COLLEGE™ Tools for Managing Your Money

  2. The value of a college education Your educational options The basics of financial aid How to use and maintain a checking account The ABCs of credit cards How to set up a spending plan The value of saving How to stretch your dollars What You’ll Learn

  3. It’s Time to Think About College • What college can do for you • Knowledge that can never be taken away • Help you grow as a person • Provide career choices • Provide the skills you need to succeed • Better earning potential • Start building a bright financial future

  4. The Power of Education Source: Bureau of Labor Statistics and Bureau of the Cencus, 2001

  5. Financial Aid: Some Answers to Your Questions • Helps pay for college • Tuition, books, fees, and living expenses • Financial aid comes in three forms • Many students use a combination of all three

  6. How Do I Get Financial Aid? • How to apply • Free Application for Federal Student Aid, or FAFSA form • Complete during senior year in high school • Paper or online at www.fafsa.ed.gov

  7. Real-Life Money Management • Checking accounts 101 • A checking account is good to have because • It’s convenient • Safe • Helps you track spending habits • Costs less than money orders or cashier's checks • Banks and credit unions offer checking accounts • Student checking accounts generally costs less

  8. Keeping In Balance

  9. Give Yourself Some Credit • Advantages of credit cards • Safer than carrying cash • Can be used in case of emergency • Helps build a credit record • Disadvantages • Can tempt you to spend • Annual fees and interest are expensive • Fine print is confusing

  10. Credit Cards Credit Card Tips • Have only one credit card • Shop for a low interest rate and no or low annual fees • Pay credit card bill in full each month • Mail your payment early to avoid late fees • A credit card is a loan • Never lend your credit card to someone else

  11. Plan Now to Stay Ahead • Identify your monthly income • Job/paycheck • Monthly allowance • Other

  12. Plan Now to Stay Ahead • List your expenses • Savings • Car payment • Car insurance • Repairs and gas • Food • Clothes • Entertainment: movies, dates, concerts, etc. • Gifts • Misc: CDs, magazines, etc.

  13. Plan Now to Stay Ahead • Determine what’s left • Expenses minus income • Set priorities • What if your expenses are more than your income?

  14. Rule of 72 • Number of years it will take to double your money • The more time you have to save… • The more money you save… • The higher the rate of interest… …the more money you’ll have

  15. Stretch Your Dollars Keep more money in your pocket • Ask for student discounts • Movies, restaurants and more • Buy only what you need • Needs vs. wants • Evaluate your habits • Daily gourmet coffee adds up quickly • Check out books, magazines and videos at the library • Shop for clothes on sale

  16. The Building Blocks of Success Three former high school classmates Three different ways of life

  17. How Do You See Yourself Do you recognize yourself? • How can you improve your chances of going to college? • What are your money habits? • What can you use to improve your chance of succeeding financially?

  18. Your Dreams, Your Future Take what you have learned… …make your dreams a reality • Commit to being a smart money manger • Start exploring your college options • Make a plan to reach your dreams

  19. Credit For College EDFUND and its associated graphic are the trademark of EDFUND. Credit for College is a trademark of EDFUND. EDWISE is a registered trademark of EDFUND. For more information about EDFUND, visit www.edfund.org

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