Financial Wellness for College Students

Financial Wellness
Financial Wellness
 Student Loan Repayment 
 Meet with a Peer Educator 
  Need some help making your student loan repayment plan? Meet with a Financial Wellness Peer Educator to get your money questions answered. There’s still time before the end of the semester, but appointments are filling up fast! All meetings are free and confidential. Set up a meeting  Feel free to contact us at uie-financialwellness@illinois.edu for more information.  
  
      What are the benefits of taking out student loans?If you plan to go to college, you are likely going to take out some amount of student loans. For many individuals, the process of obtaining and owning these loans can be stressful and confusing, possibly a necessary evil to get a college education. However, this debt can be used for good purposes. If you are smart with your budget and educate yourself on what each loan entitles you to, you will be able to use your loans to better yourself. One of the most obvious benefits of taking out student loans is that you now have the ability to get a college degree. According to the Bureau of Labor Statistics, once you obtain a degree, you are also more likely to have a higher income than if you joined the workforce straight out of high school. Another upside of taking out student loans is the potential to build credit. Having a credit history is very important in this day and age. Finally, obtaining a responsible amount of student loans is a great way to build good money habits. College is a time in which individuals become more independent and responsible, not only for their studies but also for their life in general. Obtaining and owning student loans can make anyone stressed, especially if the amount owed is very large. However, if you budget your money wisely, know your loan terms, and act with discipline and responsibility, you may come out of college a step ahead of the curve.  Written by Hannah Rose Budzynski, Financial Wellness for College Students Peer Educator, University of Illinois Extension, Fall 2020. Reviewed by Kathy Sweedler, University of Illinois Extension.Read the full blog post and more commonly asked money questions written by college students, for college students on our blog, Be Centsible.Visit the blog  
  
 Financial Tools 
  Student Loan Repayment Strategies: A list of resources to help you figure out where you are now, your repayment options, and make a plan to take actionLoan Repayment Calculation: A useful tool to help you figure out your monthly loan payment.Organize Debt: Take the first step towards debt repayment and gather information about each of your debts.SMART Goal Worksheet: The best way to work towards a goal is to make it SMART and write it down. Start here to reach your financial goals.Be Centsible blog posts – What are the benefits of taking out student loans?Can I pay off my student loans and save into my 401(k) plan?Create a credit management plan  
  
 Get Savvy Webinar Series 
      Student Loan Repayment | April 14 | 12:00 PM CTIt seems every year we see a record high for student loan debt. In 2020, that record hit $1.56 trillion. As of 2018, average student loan for bachelor degree recipients in Illinois was $29,855. Understanding repayment is a key to driving down individual student loan debt post-graduation. Join us to learn the terms, tools, and strategies to empower your student loan pay-off plan.  Registerfor login information.Register for the webinar 

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