Categorized | Business

Money tips for students June 2013

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Students should follow these tips about managing their money.
Students need to know how to manage money and to make it grow. Knowing what to do with your money helps you manage your income and expenses throughout your life. These tips from KHEAA will help.
Entire sectors of the economy are dedicated to separating you from your hard-earned cash. Here are some tips to help you keep more of your money. Every time you consider buying something, whether it’s a soda or song download, ask yourself, “Do I really need this?” If the answer is no, don’t buy it. Follow these tips:
·         Don’t get in over your head with buying clothes, eating out or living a lifestyle you can’t pay for.
·         Buy smart by being a good consumer and researching your options.
·         Avoid buying something on impulse, especially high dollar items.
·         Comparison shop — you might find bargains elsewhere.
·         Always have a budget, monitor your checking account carefully and check your credit reports once a year for accuracy and possible identity theft.

Financial Aid Tip of the Month, June 2013
Don’t be taken in by something that sounds too good to be true.
Parents of college-bound students often hear from companies that promise to help them find financial aid to pay for college. But families don’t have to pay for this kind of information, according to KHEAA.
Financial aid information can be obtained free by working with a school counselor, checking out sources in the library, doing free online scholarship searches or contacting the financial aid office of the college the student plans to attend.
If you decide to use a company to help you find financial aid, make sure you’re dealing with a reputable one. The Federal Trade Commission cautions students to be especially skeptical about scholarship search companies and websites that make these claims:
·         “You’ve been selected by a national foundation to receive a scholarship.” Check with a guidance counselor to find out if the foundation is legitimate. Be especially wary if you’re notified that you’re a finalist in a scholarship contest you didn’t enter.
·         “We’ll do all the work.” It’s highly unlikely that the company will fill out all the applications for all the financial aid sources it sends you.
·         “I just need your credit card or bank account number to hold this scholarship.” Never give these numbers to a person or company you’re not sure about.
·          “You’re guaranteed to get money for college or your money back.” Read the fine print. If it sounds too good to be true, it probably is.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA partners with Overture Technologies to provide the KHEAA Student Loan Marketplace at www.kheaamarketplace.com to help students and parents find the private college loan that best suits their needs. KHEAA also provides the ThinkAhead Net Price Calculator to universities and colleges. The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA.

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