Tips and Resources
The CT Department of Higher Education, in partnership with UConn and CPTV, has created an interactive online program, Who Wants to Be Financially Responsible? Check out the site for information about credit cards, debt management, and saving among other topics.
Other Campus Resources
Top Tips:
- Undergraduates: Before you graduate, consider the resources offered by UConn's Senior Transition and Engagement Programs. Financial literacy information is covered in the Senior Year Experience Class INTD 4800.
Helpful Sites:
Borrowing Student Loans
Top Tips:
- Exhaust your federal loan eligibility before considering private loans.
- Making (even small) extra payments while you are in school can help you graduate with a manageable level of debt
- Live like a college student now to avoid living like one after you graduate. You can borrow less if you make some simple lifestyle changes now.
Helpful Sites:
- National Student Loan Data System (NSLDS)
- Your Federal Student Loans
- Project on Student Debt's Advice to Borrowers
- Financial Literacy Series: Responsible Borrowing from the National Association of Student Financial Aid Administrators
Repaying Student Loans
Top Tips:
- How you handle your loans now will affect your credit score. Make your payments on-time or contact your lender if you're having trouble.
- Try to pay at least the interest even in periods of deferment or forbearance to avoid capitalization.
- Avoid default at all costs. Your lender or servicer wants to help you stay on track. Help them help you by staying in contact if your financial situation changes, if you go back to school, or if you move.
Helpful Sites:
- Calculate Your Loan Payment
- National Student Loan Data System (NSLDS)
- Your Federal Student Loans
- Repaying Student Loans Quick Reference Guide
Credit Cards
Top Tips:
- Read the fine print
- Don't spend more than you can afford to pay back immediately
- Pay on-time to avoid late fees
Helpful Sites
- Credit Card Calculator
- National Foundation for Credit Counseling
- Mastercard Learning Center
- Celebrity Calamity Financial Literacy Game by Doorways to Dreams
Dealing with Debt
Top Tips:
- Denial ain't just a river in Egypt: You cannot change a situation until you admit that there is a problem.
- Commit to making more than the minimum payment on at least one debt account per month
- Pay all bills on time
- Contact creditors/lenders about repayment options if you are struggling
- Don't give up: Seek help if you need it!
Helpful Site:
Credit Reports and Credit Scores
Top Tips:
- Having a good credit score will help you get the best interest rates on credit cards and loans. Being responsible with credit will help you save money in the long run.
- Keeping the amount you owe on credit cards to under 35% of your available credit will help you maintain a good credit score.
- Be careful about applying for too much credit at once. Excessive inquiries can damage your credit score.
- You should look at your credit report from each of the three agencies on a yearly basis.
Helpful Sites:
- Annual Credit Report Request Site Each agency report is free once per year
- My FICO Credit Score and other information
Organizing Records
Top Tips:
- Keep all your financial paperwork in a central, convenient location.
- Make sure someone else knows where you keep everything.
- Only keep what is necessary.
Helpful Sites:
Saving and Investing
Top Tips:
- Pay Yourself First!
Helpful Sites:
Personal Financial Plans
Top Tips:
- Develop one!
- Keep a "Spending Journal" if you don't know what your expenses are
- Strive to have your income exceed your expenses
- Prioritize spending by analyzing your "needs" versus "wants"
- Review your PFP on a regular basis
- Eliminate or reduce costly habits (e.g. eating out, smoking)
- Avoid buying items and services because "everyone is doing it"
Helpful Sites:
Preventing Identity Theft
Top Tips:
- Review your credit report each year to watch for unusual activity
- Buy a cross cut shredder and shred anything with personal information
- Don't give personal information to anyone by phone or email unless YOU initiated the contact.
Helpful Sites:
- Federal Trade Commission
- Office of the Inspector General Section on Identity Theft
- Scambusters
- UConn Police
Finding a Good Job
Top Tips:
- It is never too early to access Career Services
- Get an internship or other career-related job experience before you graduate!
- Conduct a diverse job search, using a variety of resources and contacts
- Prepare well for your interview
- Understand the "total compensation" when considering a job offer (this includes benefits)
Helpful Sites:
- Career Services
- Student Employment for Student Labor and Work-Study jobs while you are a student
Living Expenses
Top Tips:
- Consider all your housing options and all factors that contribute to housing costs before you decide to buy/ sign a lease
- Consider splitting expenses with a roommate
- When shopping, make a list and stick to it!
- If you own a car, keep up regular vehicle maintenance. Alternatively, consider public transportation options.
- Keep up regular personal maintenance (e.g., annual physicals and teeth cleanings)
Helpful Sites:
Goal Setting
Top Tips:
- Develop and prioritize your financial goals
- Create a Personal Financial Plan
- Break down goals into shorter-term objectives
- Re-evaluate your goals and priorities regularly
Helpful Sites:
Other Helpful Sites
- Money Sense by NYSE Euronext
- My Money U.S. Financial Literacy and Education Commission
- 360 Degrees of Financial Literacy
- Literacy (Personal Finance 101) U.S. Department of Education
Disclaimer: Nothing on this website should be construed as authoritative financial advice. Your circumstances are unique and you may want to consult a financial advisor. The authors of this website are not financial planners.
Capitalization: When interest is capitalized, the outstanding (unpaid) interest on your student loan account is added to the principal balance. When this happens, you are essentially paying interest on top of interest.Deferment: A temporary postponement on federal student loans. Deferments are granted if you meet the specific critera for each type (i.e. Unemployment or Economic Hardship).Federal Student Loans: Loans that are guaranteed by the federal government. Includes Stafford, Parent PLUS, and Grad PLUS loans. These loans have a fixed interest rate, as well as deferment and forbearance options.Forbearance: A forbearance may be granted at the lender's discretion to temporarily postpone or reduce student loan payments.Interest: This is the additional amount you will pay to a lending institution to borrow money. In terms of savings, interest is the additional amount you will earn for having your money in a bank account or other savings vehicle.Minimum Payment: The minimum monthly payment required on a credit card or loan. For credit cards, this is typically 2% of your balance (changes month to month).Principal: The amount you borrow on a loan before interest is calculated. When interest is capitalized, it is added to the principal balance.
