St. Cloud State University
Money Management
Financial literacy is about making good financial decisions for you to manage your personal finances – from budgeting to credit scores. Many people think of budgeting with dread – that it is restrictive and impossible unless you have an accounting degree or love math. It’s neither of these. It is a way to give you financial freedom so you can enjoy spending your money on the things that you want to, without putting yourself into debt.
Budgeting: A budget, or spending plan, is your first step in managing your money. Before you can create your budget and effectively direct your income, you need to know where your money is going. The following are some helpful budgeting websites to get you started:
- Cash Course.org: This online resource includes topics from "cheap eats", finding scholarships, creating a budget, getting out of credit card debt, and comparing costs for living on-campus vs. off-campus.
- Federal Student Aid Budget Calculator: This budget calculator will help you estimate your available income and determine your expenses.
- Finaid.org: A variety of calculators to help you determine how much school will cost, how much you need to save, and how much financial aid (including employment and savings) you will need.
- SmartAboutMoney.org: Sponsored by the National Endowment for Financial Education, this site will provide you tools to make good financial decisions and to manage your money now and in your future..
- Financial Literacy- Federal Student Aid: This site provide information to help you plan and pay for your post-secondary education. You will also find information on responsible credit card usage, fraud prevention, and consumer protection rights.
Borrowing: We encourage students to keep their loan debt to a minimum when financing their education. If you need to borrow to cover educational expenses, be sure to determine what you actually need to borrow before you sign for that loan.
Remember, any loan listed on your award letter is only an indicator of what you are eligible to borrow and not what you are required to borrow. It indicates the maximum allowable that you can borrow; you can always borrow less. The following are some helpful hints to borrowing:
- Only borrow what you need. To calculate what you need, use one of the budgeting websites listed above or our Estimated Budget Worksheet.
- Keep a record of all of your loans and your master promissory note.
- Start making payments on your loan as soon as you can, even during school (if possible).
- Notify your lender or servicer if any of your contact information changes.
- If you are unable to make your monthly payment, contact your lender immediately for assistance.
- When paying for your education, the main goal should be to keep your debt to a minimum.
- Before borrowing, you may want to determine what your loan repayment would be by using a Loan Repayment Calculator.
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St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
