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Financial Literacy Boot Camp

Financial Literacy Boot Camp. Anthony Morrone Director of Financial Aid Nevada State College. Financial Literacy Regimen. Exercise 1: Financial Aid.

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Financial Literacy Boot Camp

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  1. Financial LiteracyBoot Camp Anthony Morrone Director of Financial Aid Nevada State College

  2. Financial Literacy Regimen

  3. 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: • Grants • Scholarships • Work-Study • Loans

  4. Applying for Aid • Federal and State • FAFSA (Free Application for Federal Student Aid) • www.fafsa.gov • School will receive results and contact you • Nevada State College Foundation Scholarships • Application available online December - April • www.nsc.edu/finaid • Third-Party Scholarships • List of opportunities on NSC website • Many deadlines in winter and early spring • Write an essay and apply to as many as possible

  5. FAFSA(Free Application for Federal Student Aid) • 2014-2015 FAFSA available Jan. 1, 2014 • www.fafsa.gov • Valid for Fall 2014, Spring 2015, Summer 2015 • Gather 2013 tax return and earnings statements • Set aside at least 30-45 minutes to complete • PIN • www.pin.ed.gov • Allows you to electronically sign FAFSA • One 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.

  6. Stats

  7. 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 budget • https://www.mint.com

  8. Exercise 3:Responsible Borrowing • http://studentaid.ed.gov/sites/default/files/ResponsibleBorrowing_ENGLISH.wmv

  9. Debt Management • Borrow only what you need according to your budget • Be aware of the debt you are accumulating • NSLDS www.nslds.ed.gov • $ALT https://www.saltmoney.org • Explore your repayment options and estimate your monthly payment • www.studentloans.gov

  10. Exercise 4: Understanding Credit • Credit rating affects many areas of life • Ability to purchase goods and services • Employment • Housing • Use credit responsibly • Credit rating is affected by • Percent of total credit used • Opening and closing accounts • “Hard” inquiries on your credit report • Timing of payments

  11. Credit Reports • Credit reports may include: • A list of companies that have given you credit or loans • The total amount for each loan or credit limit for each credit card • How often you paid your credit or loans on time, and the amount you paid • Companies that have asked to see your credit report within a certain time period • Your address(es) and/or employers • Other details of public record

  12. Review Your Report • Your rights to your credit reports • Federal 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

  13. 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 activity • Drops in score because of • Unauthorized credit checks • Account usage • New lines of credit opened

  14. 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.

  15. 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 connections • Keep PINs and passwords safe • Not written on or kept with cards • Not under keyboard or in notebook • Don’t use “password” or “123456”

  16. Protect your Information • “SKIMMING” • Be aware of card-swiping devices • Hand-held • Mounted • ATM or vestibule • Gas pump • Any exposed card swiping device

  17. 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

  18. 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.

  19. 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?

  20. Would You Like More Information? Feel free to contact us: finaid@nsc.edu 2014-15 Scholarship Application http://nsc.edu/finaid

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