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Nine Tips to Help Students Achieve Financial Wellness

October 22, 2018

Nelnet is out to help students maintain financial wellness, now and for the rest of their lives. To do so, we offer a downloadable handout with nine tips for achieving financial wellness.

The tips:

1. Know where your money goes

Be aware of how you are spending your money. A $5 cup of coffee five days a week costs you $100/month. Review some of the items you spend your money on to find areas where cutting back can move your savings account forward.

2. Develop a budget

Plan for your expenditures by developing a budget and live within your means based on your monthly income. Make adjustments to remain within your budget and don’t use a credit card to cover a shortfall or unnecessary purchases.

3. Include savings in your budget

Pay yourself first. Treat your savings account like any other monthly bill by making a monthly payment toward it.

4. Plan for major purchases

Adjust your budget accordingly to build savings for your next major purchase without using credit.

5. Save for emergencies

A good plan is to have a minimum of six months of salary available in your savings account. While this goal will take time to achieve, it is important to strive for it so you’re prepared for most unexpected emergencies.

6. Plan for retirement

Take advantage of interest and market upturns by saving for retirement early. Often your employer will help you save for retirement with a 401(k) plan. You can also benefit from pre-tax contributions using this method of retirement savings.

7. Get tax advice

If you have circumstances that create tax dilemmas (e.g., self-employed, own and/or lease property, etc.), make sure to seek tax advice from a professional for the best outcome.

8. Protect your credit

You have the right to pull a free credit report from each reporting bureau once per year by going online to AnnualCreditReport.com. Keep in mind that late payments will adversely impact your credit, as will a failure to pay. You should immediately report any credit issues or discrepancies to the reporting bureau. Use your credit wisely and ensure your reports are accurate.

9. Keep good financial records

Use online tools as well as paper copies of receipts to keep records of your pay stubs, banking information, taxes, insurance, and other documents important to your financial situation.

 

You can find this handout, along with a variety of helpful, downloadable resources for schools and borrowers, in our library. We hope these resources help you steer your students toward a lifetime of financial wellness.

Latest from FSA: 2019-20 FAFSA.GOV Preview Presentation Now Available

October 19, 2018

FSA recently published a PowerPoint presentation with information pertaining to the 2019-20 FAFSA.gov website. The presentation provides financial aid administrators, mentors and counselors with screen shots to use as reference tools for internal staff training or high school financial aid night presentations.

In addition to this presentation, FSA has posted detailed information about FAFSA.gov enhancements to the 2020 Summary of Changes for the Application Processing System guide.

For more information, including links to download the PowerPoint presentation and access a web demonstration, see FSA’s announcement.

Latest from FSA: The 2019-20 FAFSA Form and myStudentAid App are Here

October 4, 2018

The 2019-20 FAFSA cycle began Oct. 1, and FSA recently announced the availability of two ways for students and parents to apply: 1) Online at fafsa.gov, or 2) Via the myStudentAid mobile app.

Fafsa.gov users will benefit from a recent site redesign that includes the ability to complete the FAFSA across multiple devices. The website will now adjust FAFSA pages to fit the size and shape of multiple devices, including computers, mobile phones, and tables.

The myStudentAid mobile app offers students and parents a new option for filling out the FAFSA.  The myStudentAid app features myFAFSA, a mobile-friendly way to not only complete the FAFSA, but gain guidance on how to answer FAFSA questions. The myStudentAid app is available for download via the Apple App Store and Google Play,

For more information about the 2019-20 FAFSA, including key features and details on updated resources, check out FSA’s announcement.

4 Ways Student Borrowers Can Avoid Delinquency and Default

September 14, 2018

 

When student borrowers struggle to make student loan payments, stress often follows. The potential ramifications of delinquency or default can keep student borrowers encountering financial hardships up at night.

We’re here to help. The Nelnet Library offers a tip sheet with four easy ways to consult with Nelnet about options to get better control of student loans.

Student borrowers who need help can connect with us through our website, email, phone, and web chat. All of these options will connect students to associates who will assist them in finding the best options when avoiding default and delinquency. This printer-friendly PDF also reminds students to take control of their student loans and contact Nelnet for help when needed.

Having a student loan can be stressful when payment difficulties arise. Remember that Nelnet is here to help students have great student loan experiences.

Check out the Nelnet Library for this and other great default prevention resources.

From the HOMEROOM: 3 Types of FAFSA Deadlines Students Should Pay Attention To

September 13, 2018

The team at the Department of Education’s HOMEROOM blog recently published a post that lays out three FAFSA deadlines that every student should know: school, state, and federal.

The blog post describes each deadline, explaining why they exist and offering tips on meeting them. If even lays out the consequences of missing said deadlines.

We recommend checking out this post and sharing it with your students as they prepare to begin the 2019-20 FAFSA.

 

Latest from FSA: 2018-19 myStudentAid Mobile App Preview Presentation

September 12, 2018

latestfromfsa

FSA recently posted a PowerPoint presentation with information and screenshots of the myStudentAid mobile app, featuring myFAFSA.  The presentation is designed to provide financial aid administrators, mentors, and counselors with screen shots that can be used as a reference tool for the 2018-19 myFAFSA. FSA is encouraging schools to use this information for internal staff training or other outreach activities.

fsa

For more information, including a link to download the presentation, check out FSA’s announcement.

Latest from FSA: The myStudentAid Mobile App is Now Available

August 17, 2018

FSA recently announced that the myStudentAid app is available for download from the Apple App Store (iOS) and Google Play (Android). The app, part of FSA’s initiative to improve the FAFSA experience on mobile devices, provides the following functionality:

  • myFAFSA: complete the FAFSA safely and securely from your mobile device
  • Profile: edit/manage an FSA ID
  • myFederalLoans: view federal student loan and aid history
  • Studentaid.gov: access FSA’s signature source of information on student financial aid products, processes and services
  • Contact Us: contact information for FSA’s contact centers

The app’s current featured function – myFAFSA – is in beta form and allows customers to begin, complete, and submit a new FAFSA for the 2018-19 FAFSA processing cycle, all within a secure channel offering the same data protections as fafsa.gov. It also offers customized user experiences based on whether the user is a student, parent, or preparer.

For more information on the myStudentAid app, including links for downloading, see FSA’s announcement.