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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…

NASFAA is Coming!

June 14, 2018

 

We’re just 10 days away from the NASFAA National Conference – taking place in Austin, Tex., from June 24-27 – and we hope to see you there.

Be sure to come by the Nelnet Booth to get resources for your students, grab some swag, or just to say hi.

If you’re not familiar with the NASFAA National Conference, check out the conference website, which tells you what you can expect, offers details on sessions, and offers online registration.

We hope to see you in Austin!

Reminder: Protect PII When Submitting Documents to the Nelnet School Service Center

April 18, 2018

Do you know the best ways to protect personally identifiable information (PII) when submitting documents to the Nelnet School Service Center? We recommend the following guidelines:

  1. When emailing documents containing PII, save them as new files and password-protect or encrypt them. Send the encrypted documents as email attachments and provide the password (if applicable) in a separate email or by phone.
    1. Note: If you use email-encryption software, the encrypting and attaching process will be handled by the software.
  2. Never email PII to a personal email account. Nelnet employees will never ask you to do so.

As a reminder, PII is any information about an individual that can be used to distinguish or trace an individual’s identity. Examples include name, social security number, date of birth, and place of birth. PII must be protected when documents are submitted to servicers. Loss of PII can lead to identity theft and/or other fraudulent use of the information.

If you have any questions on this process, please contact the Nelnet School Service Center at 866.463.5638.

Spring Reminder: Check out Nelnet’s Resource Library

March 23, 2018

Days are getting longer, trees are budding, and birds are belting out their favorite songs. Yes, Spring has arrived, and not a moment too soon. As you prepare for the homestretch of the academic year, don’t forget about Nelnet’s resource library.

Designed to help educate students and financial aid administrators alike, our library offers helpful PDFs, videos, and recorded webinars that cover a wide range of financial aid topics.

A few popular resources in our library include:

  • Our Interest Rate Flyer covers Federal Direct Stafford and PLUS Loans first disbursed on or after July 1, 2017 and prior to June 30, 2018.
  • Our Loan Repayment Plan Comparison spells out eligibility, loan terms, advantages, and other good-to-know details.
  • Our Servicer Contact Information Sheet allows borrowers to keep all of their important student loan information in one place, including servicer contact information, account numbers, loan amounts, and more.

For these resources, and many more, check out our Resource Library.

Happy Spring! We hope it’s a great one!