Gaining financial literacy means 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 know their rights and responsibilities as students and consumers. Financial literacy can include the ability to budget, balance a checkbook, understand the the pros and cons of obtaining and using credit cards, and save for the future.
The following links can be very useful to students and parents in gaining financial literacy skills. TSC does not endorse any specific site, and students are encouraged to seek out additional resources.
- www.studentaid.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 initiatives the Obama Administration established 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 loan options and how to compare financial aid offers. It 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 estimate repayment costs for students who use student loans to finance their education, plus other helpful links for students and parents.
- SallieMae Repayment Calculator is a calculator that will help students and alumni make informed choices about their student loan repayment options. This new calculator shows student loan customers their monthly payments under different repayment plans, including the new Income-Based Repayment Plan (IBR). 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.