UTHSC Flight Newsletter - September 2018

FLIGHT

SEPTEMBER – NOVEMBER 2018

FINANCIAL LITERACY INFORMATION FOR GRADUATE/PROFESSIONAL HEALTH STUDENTS OF TODAY

INSIDE THIS ISSUE Welcome Students!. . . . . . . . . . . . . . . . 1 December Graduates . . . . . . . . . . . . . . 1 myStudentAid. . . . . . . . . . . . . . . . . . . . . 2 Save the Date. . . . . . . . . . . . . . . . . . . . . . 2 Keep Good Records. . . . . . . . . . . . . . . . 2 Credit Counseling. . . . . . . . . . . . . . . . . 3 Finance 101. . . . . . . . . . . . . . . . . . . . . . . . . 4 FAFSA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

WELCOME NEW AND RETURNING STUDENTS! Throughout the year, I look forward to getting to know the new faces on campus and catching up with those returning.

One Stop Shop 901.448.7703

FINANCIAL AID

No student wants to interrupt his or her education because of financial troubles.

So, let’s start the new school year with putting your budget on paper or in a basic spreadsheet. It’s essential if you want a healthy financial future. Creating a detailed budget is key to managing your finances.

Gloria Dobbs College of Health Professions gdobbs1@uthsc.edu 901.448.1472

An accurate monthly budget can help you reach your financial goals, whether you’re saving for a car, buying a home or paying off student loans. By sticking to a budget, you can save thousands of dollars each year and avoid overspending.

Debra Bolton College of Medicine dhall48@uthsc.edu 901.448.7705 Janice G. Maddox Financial Literacy Coordinator College of Graduate Health Sciences College of Dentistry jmaddox9@uthsc.edu 901.448.1601 LeChelle Davenport Director of Financial Aid Interim, College of Pharmacy ldavenpo@uthsc.edu 901.448.2745 Paulette Moore Associate Director of Financial Aid College of Nursing pmoore8@uthsc.edu 901.448.4859

For your convenience, there’s an Excel spreadsheet budget prepared on the Financial Literacy Website under Budgeting. In addition, please utilize the free budgeting apps provided.

If you’re needing assistance preparing your new school year budget or have questions regarding additional funds, you may contact Janice Maddox, Financial Literacy Coordinator at jmaddox9@uthsc.edu or 901.448.1601.

ATTENTION DECEMBER GRADUATES! Students who have received a Subsidized, Unsubsidized or Graduate PLUS Loan(s) under the Direct Loan Program, must complete Direct Loan Exit Counseling before graduation. Exit counseling provides important information to prepare you to repay your federal student loan(s). There are several repayment plans available, providing the flexibility you need.

Direct Loan Exit Counseling is located on the Department of Education’s StudentLoans.gov website. All December graduates must complete this requirement before December 7, 2018.

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SEPTEMBER – NOVEMBER 2018

THE myStudentAid MOBILE APP IS NOW AVAILABLE! Federal Student Aid is pleased to announce that students and parents may now download the myStudentAid app from both the Apple App Store (iOS) and Google Play (Android). The myStudentAid mobile app will provide 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 If you have questions regarding fafsa.gov, please contact the Federal Student Aid Information Center (FSAIC) at 800.4.FEDAID (800.433.3243) or 334.523.2691. FSAIC may also be contacted via email at FederalStudentAidCustomerService@ed.gov.

SAVE THE DATE!

KEEP GOOD RECORDS!

The UTHSC Financial Literacy Program (Flight), will host a session on “Get Smart About Credit” presented by Wells Fargo.

Keep accurate records of what you spend. Save your ATM, debit, and credit card receipts and compare them to your monthly statements.

It’s never too early or too late to learn the money skills you need for life. The most important thing everyone needs to know is how to manage credit. Join Wells Fargo at a special event where you can learn about credit. We’ll have professionals here to provide you with additional tools that will lead you toward a healthy financial future.

DATE: Monday, September 17 TIME: 12:00 – 1:00 pm (CT) LOCATION: GEB A102 LUNCH: Provided!

Please RSVP at “Credit”.

Set up a filing system.

Create separate folders for the following documents.

Keep the folders in a file cabinet so they stay organized and confidential.

• Checking and savings accounts – statements and cancelled checks • Investments – statements for IRAs, money market accounts, CDs, etc.

For students who can’t attend or reside at an off-site location, please feel free to join us via ZOOM for the live presentation. If you are not able to join us, the session will be recorded.

• Tax returns – state and federal returns, with supporting documentation, for seven years

Zoom link and login information: mediaserver.uthsc.edu/uthscms/Play/ 8290b32651d643a7b744c2f1a5f32c421d

• Insurance statement – medical, dental, renters, car, life, and disability insurance policies

20180917-Financial Literacy Recorded: 9/17/2018 12:00:00 pm Duration: 00:00:00

• Loan documents – auto loans, student loans, etc.

• Paid bills – phone (local, long distance, and mobile), Internet access, cable TV, etc.

For more information, please visit consumerfinance.gov.

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SEPTEMBER – NOVEMBER 2018

CREDIT COUNSELING! Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in consumer credit, money and debt management, and budgeting. They discuss your entire financial situation with you, and help you develop a personalized plan to deal with your money problems.

An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Once you’ve got a list of counseling agencies you might do business with, check each one out with your state Attorney General and local consumer protection agency. They can tell you if consumers have filed complaints about any one of them. (If there are no complaints about them, don’t consider it a guarantee that they’re legitimate.) The United States Trustee Program also keeps a list of credit counseling agencies approved to provide pre-bankruptcy counseling. After you’ve done your background investigation, you will want to interview the final “candidates.”

QUESTIONS TO ASK Here are some questions to ask to help you find the best counselor for you.

• What services do you offer? Look for an organization that offers a range of services, including budget counseling, and savings and debt management classes. Avoid organizations that push a debt management plan (DMP) as your only option before they spend a significant amount of time analyzing your financial situation.

• D o you offer information? Are educational materials available for free? Avoid organizations that charge for information.

• I n addition to helping me solve my immediate problem, will you help me develop a plan for avoiding problems in the future?

• What are your fees? Are there set-up and/or monthly fees? Get a specific price quote in writing.

• W hat if I can’t afford to pay your fees or make contributions? If an organization won’t help you because you can’t afford to pay, look elsewhere for help.

• Will I have a formal written agreement or contract with you? Don’t sign anything without reading it first.

Make sure all verbal promises are in writing.

• Are you licensed to offer your services in my state?

• What are the qualifications of your counselors? Are they accredited or certified by an outside organization?

If so, by whom? If not, how are they trained? Try to use an organization whose counselors are trained by a non-affiliated party.

• What assurance do I have that information about me (including my address, phone number, and financial information) will be kept confidential and secure?

• How are your employees paid? Are they paid more if I sign up for certain services, if I pay a fee, or if I make a contribution to your organization? If the answer is yes, consider it a red flag and go elsewhere for help.

More information on Credit Counseling can be located at: FEDERAL TRADE COMMISSION – Consumer Information 3

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SEPTEMBER – NOVEMBER 2018

FINANCE 101 date each month, you won’t be charged any interest or finance fees. The Truth in Lending Act provides consumers with protections when dealing with lenders and imposes requirements on banks when offering credit, including special provisions for borrowers under the age of 21.

For more information, visit Consumer Protection Topics – How to Choose and Use a Credit Card.

Fall is an exciting time for many college students. Making new friends and settling into a new environment can be fun, but it also comes with new responsibilities. Whether it’s your first year in college or you are a returning student, adjusting to new classes, studying, trying to fit in social activities, and figuring out your finances can be overwhelming.

Saving money in college may seem impossible when funds are already scarce, but consider opening a savings or money market deposit account to regularly set aside money and earn some interest. Treat savings like a bill and pay yourself first, even if it’s not much. You will be surprised at how consistently saving a seemingly insignificant amount of money adds up over time. Setting savings goals that are easy and manageable creates a habit of saving that will continue well into the future.

Managing your finances while at college does not mean you have to miss out on having fun. Stick to your budget, explore your financial options, look for student deals that include discounts on text books, control your credit card usage, and save as much as you can no matter the amount. Learning and practicing the fundamentals of money management now can set you up for financial success in the future.

As a college student, you will be inundated with credit card offers. For some, this may be the first step in building credit. While building credit is important, understanding how to manage it is equally important since your credit report will be checked when you apply for a job or to rent an apartment. If you decide to apply for a credit card, look for a card with a reasonable interest rate and no annual fee. Avoid using your card impulsively and charge only what you can pay off the following billing cycle. As long as you pay the card balance in full by the payment due

2019-2020 FAFSA APPLICATION AVAILABLE OCTOBER 1 Please use the IRS Data Retrieval Tool to submit your 2017 Tax return information. The IRS Data Re-trieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS Web site.

The FAFSA is available for filing online at fafsa.gov The FAFSA is always free to file, so be wary of websites mimicking the federal site or requesting a fee. The 20192020 FAFSA is available for filing on or after October 1, 2018. The deadline for the 2019-2020 FAFSA is midnight, Central Time, June 30, 2020.

The University of Tennessee is an EEO/AA/Title VI/Title IX/Section 504/ADA/ADEA/V institution in the provision of its education and employment programs and services.

910 Madison Ave. | Suite 105 | Memphis, TN 38163 t 901.448.7703 | f 901.448.7700 | flight@uthsc.edu 8:00 am – 5:00 pm | Monday – Friday

uthsc.edu/financial-aid/flight 4