Financial Literacy University Foundations Based on

Transcript:Financial Literacy University Foundations Based on:
Financial Literacy University Foundations Based on work completed at Purdue University with Think Fast What is the cheapest way to eat in between class? Dining halls Pack a lunch Fast food Vending machines Beg and panhandle How much should you have saved for an emergency fund? 3% of salary Nothing—use loans 3 months’ expenses A year’s expenses 1 month’s expenses What is the average tuition & fees for an in-state undergraduate student per year with 15 cr./sem? $15,300 $11,108 $12,899 $20,170 $18,650 When is tuition due at Eastern? The first day of classes The last day of finals August 1, November 1, April 1 August 15, October 15, March 15 What happens if your tuition is not paid within 10 days of receiving last bill for the semester? Fines start to accrue Your schedule is cancelled for next semester A hold is put on your transcript You cannot register All of the above When should you file the FAFSA? Every semester Each year—in January By the time taxes are due—April 15 Before the next academic year starts Which can students do that can cost money/affect financial aid? Not choosing work study Filing late or incomplete forms Not choosing loans Assuming FAFSA covers all scholarships Not checking email for messages from Fin. Aid You can use financial aid for all of the following expenses except? Buying a vehicle Housing Books and supplies Laptop Shoes When do your federal student loans go into repayment ? Never 1 yr after graduation Immediately 6 mos. after graduation Repayment during college Unsubsidized Stafford loans interest accrues? After college On graduation While in college No interest Never Subsidized Stafford loan interest is paid by whom while you attend at least half-time? Parents Loan service Yourself Federal government Eastern Loans from the university are based on the following: FAFSA Merit based ACT score Randomly selected Off campus housing deposit is typically? No charge First month’s rent Security deposit $50 $500 Financially, what is the best way to pay for spring break? savings from employment student loans parents’ credit card your credit card, play lotto If someone steals your credit card and uses it, how much could you owe? 2.75% owed Nothing, the bank pays $50 Total unauthorized charges $500 Your credit score affects ability to receive? Credit cards Auto loans Housing Employment All of the above The average debt of an Eastern undergraduate upon graduation. $32,100 $15,577