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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.

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.

Three Ways Your Students Will Benefit from Our Updated Live Life Smart Guide

August 16, 2018

Do your students know the role of a loan servicer?

Are they aware of the importance of checking their credit reports?

Can they tell you the difference between subsidized and unsubsidized loans?

Whether you answered “yes,” or “no,” to these questions, there’s a good chance that your students can benefit from our updated Live Life Smart Guide. This comprehensive guide includes a variety of worksheets, infographics, and glossaries designed to help students increase their financial literacy. Here are just three of the outstanding ways your students can benefit the guide.

Understanding the life of a student loan

A student submits a FAFSA, but what happens next? Our informative infographic walks students through the stages in the life of a student loan, from planning for school through repayment.

Avoiding Identity Theft

Identity theft is real and it can have long-lasting effects. The threat is terrifying, but there are precautions that students can take to minimize their risk. Our guide to avoiding identity theft not only provides hints to avoid identity theft, but offers steps to follow should they fall victim.

Learning the lingo

Financial aid terminology can seem like its own language. Your students will soon be expert translators, though, thanks to our Student Loan Terms to Know. The glossary contains definitions to over 100 common student loan terms, helping your students become fluent in “Studentloanish.”

Once again, our Live Life Smart Guide is bursting at the virtual seams with content. It’s simple. It’s full of information to help your students be smart borrowers. And it’s free. Check out the updated Live Life Smart Guide in our library today!

ICYMI: UPDATED Direct Loan Interest Rate Flyer

July 10, 2018

As of July 1, FSA’s 2018-2019 Direct Loan interest rates are in effect. The new rates apply to Direct Loans first disbursed on or after July 1, 2018 and before July 1, 2019.

We’ve updated our interest rate flyer with the new rates. Print and keep it by your desk for quick reference, or share it with your students. Head to our library to download the new flyer.

Check Out the UPDATED Direct Loan Interest Rate Flyer

July 3, 2018

As of July 1, FSA’s 2018-2019 Direct Loan interest rates are in effect. The new rates apply to Direct Loans first disbursed on or after July 1, 2018 and before July 1, 2019.

We’ve updated our interest rate flyer with the new rates. Print and keep it by your desk for quick reference, or share it with your students. Head to our library to download the new flyer.

Wishing you a Happy Independence Day!

June 28, 2018

The Fourth of July is almost here, and it’s time for you to get out of the office and celebrate with friends, family, food, and fireworks.

As we take a break to celebrate our independence, we want to take a moment to thank you for being great to work with. We hope you have an opportunity to enjoy family and friends as you celebrate, as well.

From our team to yours, Happy Fourth!

Coming Soon: Updated Interest Rate Chart

June 18, 2018

On July 1, FSA’s 2018-2019 Direct Loan interest rates will be in effect. The new rates apply to Direct Loans first disbursed between July 1, 2018 and June 30, 2019.

We’ll update our interest rate chart so that you can keep the new rates handy or share them with your students. Don’t forget to head to our library the week of July 2 to download the new chart. And, in the meantime, check out what else is available in our library. From our budgeting worksheet to our guide to student loan terminology, we have an abundance of information for you and your students.  Read more…