Financial literacy is an important piece to ensure your financial health and wellness. Below are some resources available to you to help you understand basics of financial literacy, such as:
- Responsible borrowing
- General financial awareness
Budgeting helps you manage your finances, plan for changes, prepare for the unexpected, and make sound financial decisions. Taking the time to create a budget helps keep your finances under control, show when you need to make adjustments to your spending, and helps you decide where your money goes instead of wondering where it all went.
Borrowing responsibly includes borrowing
- Only what you need to pay your education expenses
- Only what you can realistically afford to repay when you leave school.
When you take out a federal student loan, you may not be required to make payments on that loan while you are in school, but you are required to repay the loan—including fees and interest—when you graduate or stop attending school at least half-time.
Federal student loans are a great way help pay your education expenses and establish a solid financial future. However, i’s important that you borrow responsibly so you’ll be able to repay your loan.
- How much student loans can you afford to pay?
- This repayment calculator can help. Note: this calculator uses the standard repayment calculation; you may qualify for another repayment plan and should contact your Federal Loan Servicer for more information.
- FSA "Responsible Borrowing Video"
- FSA "Be a Responsible Borrower" publication
Understanding the basics of financial management (including loan management) is a vital skill for financial health and wellness. You can review your own Federal Student Aid debt and better understand your loans through the Financial Aid Awareness Counseling Tool available through the Department of Education's website. You will need your FSA ID to login and see your specific Federal Student Aid debt, but you may also complete the counseling session without logging in.
Test your loan “cents” and challenge your friends with the Money$marts: Right or Wrong? Game