Download Financial Aid Basics (the corresponding show handout)

Definitions
Dates & Deadlines
Needs vs. wants – Needs are the basic things that are required for your safety and health.
Wants are items you desire but are not critical to life.
Credit report – your report card for how well your pay your bills. It includes: Personal
information, Credit history, Inquiries, and Public record information.
Credit score – a complex mathematical model that evaluates the information in your credit
report. It is used by a lender to help determine whether a person qualifies for a particular
credit card, loan, or service. Scores range from 300 to 850.
On approved Credit (OAC) – you must have a certain credit score to get the offered rate.
Any date that a bill is
due is important
Order your free credit
report annually
Dates you determined
when deciding your
personal financial goals
Budget – shows you how much money you have to spend and where you are spending it. With it, you can organize and
control your financial resources, set and realize goals, and decide in advance how your money will work best for you.
"Pay Yourself First" or "Never Seen, Never Missed" – is about putting some money aside into a savings/retirement
account as soon as you get your paycheck. It’s best to save 10% (or more) of your paycheck.
Good debt vs. bad debt – Good debt is investment debt that creates value; for example, student loans and home
mortgages. Bad debt is when you purchase disposable items or durable goods on a high-interest credit card and don’t pay
the balance in full when you get the bill.
Identity theft – the unauthorized use of person’s information to establish or assume credit under someone else’s name.
Campus Contacts
Financial Aid
520-621-1858
https://financialaid.arizona.edu/
[email protected]
Credit-Wise Cats
520-626-5376
http://creditwisecats.org/
Other Contacts
Equifax
1-877-576-5734
www.equifax.com
Experian
1-888-397-3742
www.experian.com/fraud
TransUnion
1-800-680-7289
www.transunion.com
Useful Links
Credit-Wise Cats
http://creditwisecats.org/
Credit-Wise Cats mission is to foster the development of sound financial
management practices for children, youth, college students, and adults. Credit-Wise
Cats counselors are trained in the area of personal finance, offer workshops,
educational forums and assistance to those who want a superior understanding of
personal financial management.
BankRate.com
http://www.bankrate.com/
Useful web page with listings of all credit cards offers so you can get the best one for
you. It also has other financial tools for home and auto.
AnnualCreditReport.com
https://www.annualcreditreport.com/
The official site to help consumers obtain their FREE credit reports from all three
credit bureaus annually.
OptOutPreScreen.com
https://www.optoutprescreen.com
The official Consumer Credit Reporting Industry website to accept and process
requests from consumer to Oft-In or Opt-Out of firm offers of credit or insurance.
Sekora 04/30/08
Financial Aid Tips
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Remember to “pay yourself first”.
Be sure to have financial goals.
Don’t be influenced by others. The decisions you make today will affect your quality of life tomorrow.
Only purchase an item if you can afford to pay for it when you get the bill.
ALWAYS pay all your bills including your credit cards on time. Even if you can’t pay them in full, make at least the
minimum payment by the due date.
Don’t write bad checks – not only does it cost you a lot of extra money due to all the bank fees, but it negatively
affects your credit,
Don’t default on a loan (including student loans) or file for bankruptcy.
Check your credit report annually. Remember up to 70 percent contain errors. If you find an error follow the credit
bureau’s procedures for making corrections.
Report any lost or stolen credit cards immediately. ? The easiest thing to do is take everything out of your wallet
and put it on the copy machine. Make front and back copies of all your credit cards and membership cards. And
put that someplace other than your wallet.
Focus on yourself, your finances, and your financial goals and you will get the most out of life.
Additional Reading
Suggested Books - These are VERY informative books that deal with all aspects of personal finance.
 Get a Financial Life: Personal Finance in your Twenties and Thirties – Beth Kobliner
 The Millionaire Next Door – The Surprising Secrets of America's Wealthy – Thomas J. Stanley, Ph.D. and William
D. Danko, Ph.D.
 Your Money Maters: 21 Tips for Achieving Financial Security in the 21st Century – Jonathan D. Pond.
 Courage to be Rich – Suze Orman
 Do You Want to Make Money or Would You Rather Fool Around? – John D. Spooner
 The Intelligent Investor: A Book of Practical Counsel – Benjamin Graham
Suggested Web Sites - These web pages have debt management information including money saving tips, credit card
tips, and budgeting information.
 http://personalcredit.about.com/blclindex.htm
 http://frugalliving.about.com
 http://www.stretcher.com
 http://www.aamc.org/debtmanagement (see publications)
 www.consumer.gov/idtheft
Suggested Budget Resources - These web pages feature various types of budget creation tools.
 http://www.thebeehive.org/highlights/free_household_budget.htm
 http://www.bankrate.com/brm/news/debt/debtmanageguide/home-budget-tool1.asp?caret=42
 http://cgi.money.cnn.com/tools/budget101/budget_101.jsp
Updates
Sekora 04/30/08