It is extremely important that students understand how to manage finances, whether they are work earnings, government benefits such as Social Security, Veterans Benefits, student financial aid resources or other income sources. Students must be aware of their rights and their responsibilities as students and consumers. Financial literacy can include budgeting, balancing a checkbook, the pros and cons of obtaining and using credit cards and saving for the future.
The following links can be very useful to students and parents. TSC does not endorse any specific site and students are free to browse the Internet for more information regarding financial literacy. As we find more sites, we will update this web page.
- www.StudentLoans.gov is a Federal Aid website with helpful information for Undergraduate Students, Graduate/Professional Students, and Parent Borrowers. The website also includes information on loan repayment and consolidation.
- www.MYMONEY.GOV is The U. S. government’s website with free and reliable financial resources for Americans seeking information on how to make better informed financial decisions. In 2010, President Obama proclaimed April as National Financial Literacy Month. This website is one of the steps the Obama Administration is taking to expand financial education and access for the future.
- Consumer Financial Protection Bureau is an official website of the United States Government to help students and parents make informed financial decisions on how to pay for college. This website helps students and parents understand about loan options, how to compare financial aid offers and also provides information about student banking.
- College Planning Calculator is presented by Sallie Mae and includes a College Planning Toolbox with helpful links to help users search for scholarships, understand funding options and estimating repayment costs for students who use student loans to finance their education, plus other helpful links for students and parents.
- SallieMae Repayment Calculator This calculator will help students and alumni make informed choices about their student loan repayment options. This new calculator shows student loan customers what their monthly payments would be under different repayment plans, including the new Income-Based Repayment Plan (IBR) available beginning July 1. It also enables student loan customers to compare their alternatives, simulate IBR results under different incomes, estimate the likely time to pay in full, and evaluate the total cost of each option.
- YouCanDealWithIt.com is presented by American Education Services. It is “a comprehensive public service campaign designed to help recent and soon-to-be graduates understand the importance of financial literacy as they begin their life after college. The program includes a website, interactive CD-Rom and numerous on-campus student outreach components. The campaign also provides several resources to help college students and recent graduates understand personal finance and debt management issues.” This website also includes helpful links with information on how to build and maintain a healthy credit score.
- TG for Students and Families is a resource on the Texas Guaranteed Student Loan Corporation website. Information includes “Managing Credit and Debt.”