Student Loans
What are student loans?
Type of financial aid that borrows money to pay for higher education.
What is Credit?
Record of how you manage borrowed money
When and where does Econ Society meet?
Wednesdays at 5:00pm - 6:00pm in Hyland Hall 1317
What are some financial responsibilities first gen students have?
Helping family, working jobs, navigating systems alone.
Budgeting isn't restriction it is...?
it's clarity.
How many types of student loans are there?
2 Different Types
What are 3 reasons it is bad to have a low credit score?
Higher interest rates, more money paid overtime, difficulty renting an apartment, delays in buying a car or home
When and where does ALPFA meet?
What are at least 2 money stress impacts?
Mental Health, Academic Focus, Career and Life Decisions.
What are the benefits of depositing your money?
You're able to earn interest on the deposited money over time.
What are the types of student loans?
Federal Student Loans and Private Loans
What are 3 ways to build credit?
Make payments on time, keep credit utilization low (less than 30%), utilize different types of credit.
What does FCCU stand for?
Fort Community Credit Union
What are the long-term effects of student loans?
They shape your financial future, affect your mental health, and influence life decisions.
What should you identify when budgeting?
Needs, responsibilities, and goals.
What is the worst thing you can do for your student loans?
Ignore paying the loans
Why is building credit important?
Lower interest rates, less money paid, easier to rent an apartment.
What does ALPFA stand for?
Association of Latino Professionals for America
How can the long-term effects of student loans positively impact you?
The knowledge gained creates options, strategy creates confidence, and community creates power.
What are some of the first-gen friendly approaches when it comes to budgeting?
Tracking income, identifying where to allocate money, building a flexible budget.
What are some repayment strategies?
Knowing your loan type, choosing a repayment plan that fits your income, don't ignore loans, auto-pay, paying interest while in school.
What 5 things are included in your credit score?
Payment History, Credit Utilization, Length of History, Credit Mix, New Inquiries.
What is FCCU's mission?
To help every member be in a better financial position than when we met them.
What percentage of first gen students have a family income below 50k (annually)?
56%
How can you start small when budgeting?
Setting up an emergency fund, having a bill on auto-pay, having at least one savings category that caters towards you.