The financially Savvy Saints is an initiative piloted by WellU Financial and is designed to improve the financial confidence and money management habits of students at The College of St. Scholastica. Peer mentors organize and facilitate a variety of personal finance educational experiences, including class presentations, workshops, and campus community events. Mentors encourage students to become good stewards of their fiscal resources by equipping them with the tools necessary to achieve their short and long-term financial goals.
Savvy Saints Mentors: St. Scholastica currently has two financial mentors, Kailee Ogden and Cody Brostrom, to work with students on advancing their personal finance knowledge. Watch for activities sponsored by our student mentors. Our upcoming event for next week, October 20-24, is the Halloween Challenge. Be entered into a drawing to win $100 by completing the challenges! Visit Kailee and Cody at the table in the Student Union on Monday, Wednesday, and Friday from 10:30 am to 1:30 pm to complete the challenges, or view the challenges on your OneStop page in COR. Please feel free to send questions to Savvy Saints at email@example.com.
OneStop Student Services: onestop.css.edu
Free Application for Federal Student Aid (FAFSA): www.fafsa.gov
Coming to College: Are Your Finances in Order?
Whether you're a new or continuing student, follow the steps below to assure your finances are in order for the fall semester.
Have you filed your FAFSA (Free Application for Federal Student Aid)?
Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation. They provide over $150 billion in federal grants, loans, and work-study funds each year to more than 15 million students paying for college. In order to receive student aid, including state and federal, you must complete the FAFSA. You can fill out the application here. For more information on Federal Student Aid, visit www.studentaid.ed.gov.
The following video is a step-by-step tutorial on completing the FAFSA application.
Review the following video for descriptions of the types of federal student aid.
Have you received your award letter?
If you have completed the FAFSA and fulfilled any additional requirements set forth by Federal Student Aid, you should receive your award letter from The College of St. Scholastica sometime this summer. For inquiries regarding the status of your award letter, please contact OneStop Student Services toll-free at 877-287-8716 or email firstname.lastname@example.org.
Have you applied for student loans?
Once you have received your award letter, you can start applying for student loans. To accept your federal loans, log into COR and click on the "OneStop" tab at the top of the homepage. On the left-hand side of the "OneStop" page, there will be a box labeled "Financial Aid Awards." Below, the option will be listed to "Accept Federal Loans." If you are a first time borrower, be sure to complete entrance counseling and a master promissory note at www.studentloans.gov. Keep track of Federal loans in the National Student Loan Data System at www.nslds.ed.gov.
To apply for private loans, log into COR and click on the "OneStop" tab at the top of the homepage. In the middle of the "OneStop" page, there will be a checklist entitled "OneStop Student Services Checklist." Number six, part b will provide a guide for applying for private student loans, but it is not a comprehensive list. Please research all options for loans, and please direct any questions to OneStop Student Services toll-free at 877-287-8716 or email email@example.com.
How many times have you logged onto your online bank and/or credit card accounts, winced, and thought, "I guess I spent that much?"
The problem is unconscious spending, and it's time you were able to stop wondering where all of your money goes. By creating a new, simple way of spending, you can redirect your money to the places you choose.
The Conscious Spending Plan
Fixed costs: Rent, utilities, debt, etc.: 60-70%
Savings: Vacations, gifts, house down payment, unexpected expenses: 5-10%
Guilt-free spending money: Dining out, movies, clothes, shoes: 20-30%
Step 1: Determine Your Fixed Costs
Fixed costs are the amounts you must pay for things like your rent, utilities, cell phone, and car insurance. Write down each expense with its corresponding dollar amount. Once you've added your fixed costs together, add 10% for miscellaneous expenses. For example, you probably didn't capture "oil change," "dry cleaning," or "haircut." While 10% may seem like a lot at first, you can get more accurate as time goes on. Now subtract your fixed costs and the dollar amount you allotted for miscellaneous expenses from your take-home pay to determine how much you have to put towards savings and guilt-free spending.
Step 2: Determine Your Savings Goals
This is the portion of your budget that allows you to pay for bigger ticket items such as a new car, laptop, or vacation by setting aside money each month. It's also important to establish an emergency fund for things like a car repair, unexpected medical expense, or if you happen to lose your job. Aim for three to six months worth of living expenses. You can set up automatic transfers with your bank in order to transfer money out of your checking account and into your savings account at the same time each month. You can also open subaccounts or additional savings accounts with your bank for each of your goals.
Step 3: Spend Your Money, Guilt-Free!
The money left over after you subtract your savings from your take-home pay is the money you have available to you for the "fun stuff." This includes shopping, eating out, going to movies, etc. In order to ensure you don't overspend, you can withdraw your fun money and place it in an envelope. That way, when it's gone, it's gone!
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