Financial Literacy Boot Camp

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Financial LiteracyBoot Camp

• Anthony Morrone
• Director of Financial Aid
• Nevada State College

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Financial Literacy Regimen
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Exercise 1 Financial Aid

• What is it? Financial Aid is assistance provided
  to eligible students by the government, schools
  and private donors to pay education-related
  expenses.
• Financial Aid may be awarded as
• Grants
• Scholarships
• Work-Study
• Loans

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Applying for Aid

• Federal and State
• FAFSA (Free Application for Federal Student Aid)
• www.fafsa.gov
• School will receive results and contact you
• Nevada State College Foundation Scholarships
• Application available online December - April
• www.nsc.edu/finaid
• Third-Party Scholarships
• List of opportunities on NSC website
• Many deadlines in winter and early spring
• Write an essay and apply to as many as possible

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FAFSA(Free Application for Federal Student Aid)

• 2014-2015 FAFSA available Jan. 1, 2014
• www.fafsa.gov
• Valid for Fall 2014, Spring 2015, Summer 2015
• Gather 2013 tax return and earnings statements
• Set aside at least 30-45 minutes to complete
• PIN
• www.pin.ed.gov
• Allows you to electronically sign FAFSA
• One PIN per SSN, good for life
• IRS Data Retrieval An easier way to provide tax
  information. With just a few simple steps,
  students parents who have completed their IRS
  tax return will be able to view transfer their
  tax information into their FAFSA. May reduce
  additional documentation requests from FA Office.
  

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Stats
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Exercise 2 Budgeting

• Creating a school-year budget allows you to
  compare your estimated financial resources
  against your planned educational expenses
• http//studentaid.ed.gov/prepare-for-college/choos
  ing-schools/consider/budget-calculator
• Creating a monthly budget helps you track your
  actual income and spending habits, which you can
  compare with your planned school-year budget
• https//www.mint.com

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Exercise 3Responsible Borrowing

• http//studentaid.ed.gov/sites/default/files/Respo
  nsibleBorrowing_ENGLISH.wmv

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Debt Management

• Borrow only what you need according to your
  budget
• Be aware of the debt you are accumulating
• NSLDS www.nslds.ed.gov
• ALT https//www.saltmoney.org
• Explore your repayment options and estimate your
  monthly payment
• www.studentloans.gov

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Exercise 4 Understanding Credit

• Credit rating affects many areas of life
• Ability to purchase goods and services
• Employment
• Housing
• Use credit responsibly
• Credit rating is affected by
• Percent of total credit used
• Opening and closing accounts
• Hard inquiries on your credit report
• Timing of payments

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Credit Reports

• Credit reports may include
• A list of companies that have given you credit or
  loans
• The total amount for each loan or credit limit
  for each credit card
• How often you paid your credit or loans on time,
  and the amount you paid
• Companies that have asked to see your credit
  report within a certain time period
• Your address(es) and/or employers
• Other details of public record

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Review Your Report

• Your rights to your credit reports
• Federal law requires each of the three nationwide
  consumer credit reporting companies to give you a
  free credit report every 12 months if you ask for
  it.
• Order 1 credit report every 4 months to monitor
  your report over the entire year
• Report any discrepancies immediately

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Understand and Know Your Score

• Each of your credit scores will vary depending on
  the criteria used by the credit agency
• Monitoring your credit score is a good way to
  track if there is any suspicious activity
• Drops in score because of
• Unauthorized credit checks
• Account usage
• New lines of credit opened

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Exercise 5 Identity Theft

• Don't access secure websites, such as online
  banking, from shared computers or in public.
• Use the privacy settings on social networking
  sites to ensure you're only sharing information
  with those you trust.
• Only provide your Social Security number when
  necessary, such as for employment, tax forms or
  bank records.
• Be careful opening files, links, emails, etc.
  from unknown sources or from a friend's account
  that may have been hacked.
• Check the security of online stores before you
  purchase.
• Shred all sensitive information before throwing
  in the trash.
• When sharing personal information with certain
  professionals, such as tax preparers or mortgage
  lenders, be sure to choose companies you trust.

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Monitor your Information

• Check your accounts at least weekly for
  suspicious activity.
• Immediately report small unauthorized charges.
• Keep your receipts and compare against monthly
  statements or online accounts.
• Secure wireless devices and connections
• Keep PINs and passwords safe
• Not written on or kept with cards
• Not under keyboard or in notebook
• Dont use password or 123456

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(No Transcript)
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Protect your Information

• SKIMMING
• Be aware of card-swiping devices
• Hand-held
• Mounted
• ATM or vestibule
• Gas pump
• Any exposed card swiping device

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Exercise 6 Career Services

• NSC Career Services Center csc_at_nsc.edu
• The CSC_at_NSC serves as a career hub for students,
  alumni and employers. Its purpose is to arm all
  NSC students and alumni with the professional
  toolbox required to navigate a lifetime of career
  choices, while opening the doors to a network of
  job opportunities.
• CSC_at_NSC services programming includes
• Career Skills Interests Testing
• Career Goal Setting Academic Planning
• General Career Counseling/Resources/Events
• Resume and Cover Letter Writing Support
• Interview Skills Training Mock Interviews
• Post-Baccalaureate and Graduate School Insight
• Dress for Success Free Suit Referral for Women
• Click on the briefcase icon in NSC Portal

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Exercise 7 Tax Preparation

• If you earn income and no one is claiming you as
  a dependent on their taxes, you should consider
  filing even if you are not required to do so.
• You may be entitled to education benefits
• American Opportunity Credit
• Up to 2,500 for qualified education expenses
• Lifetime Learning Credit
• Up to 10,000 for qualified education expenses
• Student Loan Interest Deduction
• Up to 2,500 per year
• Tuition and fees deduction
• Up to 4,000 per year
• Our office does not offer individual tax advice,
• please consult a tax professional.

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Exercise 8 QA

• What have you learned today that you will use in
  your daily life as a financially savvy student?
• What would you like to learn more about in
  upcoming sessions?
• What would you tell your fellow classmates about
  the seminar?
• How can we make the seminar series more valuable
  to you?

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Would You Like More Information?

• Feel free to contact us
• finaid_at_nsc.edu
• 2014-15 Scholarship Application
• http//nsc.edu/finaid