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FYE

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by

Otis Financial Aid

on 17 September 2013

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Transcript of FYE

FYE
Financial Aid Office
- Money Management
-

Building Your Credit
- Smart Borrowing
- Deadlines (Financial Aid)
- Question and Answer
Agenda
Money Management
Having a job is a privilege not a right
Be flexible to the market
Be attentive to hiring freeze
Start looking for a job early
Expect to start at the bottom
Job Market
Make long term and short term financial goals
Spending is not a competition
Paying it all back later is not a good plan
Spending - Needs and Wants
Understand how you are getting paid
W2, 1099 or cash
What will come out of your paycheck
Taxes, social security, medicare, insurance
What your paycheck goes to
Rent, transportation, food, medical co-pays, emergencies, credit cards, paying back loans
Living paycheck to paycheck
What You Get Paid
Building Your Credit
Student Loans Scenario
Borrow only what you can afford to pay back
Sacrifice now and borrow less in student loans
Longer payment option will lower your monthly payment but you pay more in interest
Avoid situations that cost you more money (ie: procrastination, late fees…)
Work in the summer to help pay for school
Work part-time to pay for rent
Lessons About Borrowing
Nov 26th to Dec 10-Health Insurance waiver
January- FAFSA for 2013-2014 available
February 15 – Named Scholarship deadline
March 2 – Cal Grant deadline
March – Start awarding
June 15 - Financial Aid target date
July 24 – Deadline for Student Accounts
Deadlines
1. www.otis.edu/finaid
2. www.fafsa.ed.gov
3. www.pin.ed.gov
4. www.calgrants.org
5. www.webgrants4students.org
6. www.nslds.ed.gov
7. www.scholarshipexperts.com
8. www.fastweb.com
9. www.saltmoney.org/otis
10. www.studentloans.gov
Top 10 Websites
Q and A
Tracking Your Money
www.mint.com
Tracking Your Loans
www.saltmoney.org/otis
Needs
Groceries
Books
Basic supplies
Basic housing
Basic transportation
Wants
Entertainment
Prepared foods
Expensive car
What my classmates have
Subsidized Stafford

$19,000
6.8% Rate Over 10 years
additional 10 year interest

$7,238
Monthly = $462
Monthly = $233
Total monthly payments
$913
otisaid@otis.edu
T. 310-665-6880
Office Hours: 8:30am - 5pm
Ahmanson's Hall - 2nd Floor
Center for Creative Professions @ Otis
1st Floor-Behind Student Lounge
Monthly = $218
Unsubsidized
$18,000
Interest while in school
$2,220
10 year interest
$7,703
Private Loan
$35,000
10% for 10 yrs (avg)
additional 10 year interest
$20,503
Check out $ALT
for payment options!

www.saltmoney.org/otis
Full transcript