CURRENT STUDENTS

Credit is important for several reasons:

• Borrowing – Credit allows individuals to borrow money from lenders, such as banks or financial institutions. Large purchases such as cars, houses, or even starting your own business may require the support of a lender and without credit you may not be able to afford the upfront costs associated with these purchases.
• Building Financial History – Credit helps individuals establish a financial track record. By using credit responsibly, you can build a positive credit history. Having a good credit history is crucial when applying for future loans, mortgages, or in some cases, even renting an apartment.
• Access to Better Interest Rates – Having good credit can lead to lower interest rates on loans and credit cards. Since individuals with good credit are considered less risky to lend to, many lenders will reward them with better terms. Having lower interest rates will help you to save money in the long run.
• Employment Opportunities – Some employers will review credit history as a part of the hiring process. Having good credit demonstrates that you are reliable and responsible, which could potentially improve your job prospects.
• Insurance Premiums – In some cases, insurance companies will use your credit worthiness to determine your insurance premiums. They believe that individuals who have good credit are more responsible and less likely to file claims, so they may offer these individuals better rates.
• Utility Services & Rentals – Some utility companies may check your credit prior to offering service. Having good credit can make it easier to establish service and potentially waive large deposits. Similarly, landlords may review credit worthiness before offering a rental agreement, or may offer a reduced first deposit for those with positive credit histories.

While credit can have several benefits, it is important to note that credit must be used responsibly. In order to maintain good credit, one must make payments on time, keep credit card (revolving credit) balances low, and avoid excessive amounts of debt.  

Absolutely! Here are several reasons why saving and investing could be beneficial to you:

• Financial Security – By saving and investing wisely, you can create a safety net for emergencies, unexpected expenses, or periods of financial instability (such as the loss of a job).
• Wealth Accumulation – Over time, saving and investing can allow you to accumulate wealth. By consistently saving a portion of your income, or by investing wisely, or by doing both, you can grow your wealth.
• Retirement Planning – Saving and investing are crucial for retirement planning. By starting early in life and contributing consistently to retirement accounts (401 (k)s, IRAs, etc…), you can build a support structure that will carry you comfortably through your retirement years.
• Financial Independence – By saving and investing you can accumulate wealth and generate passive income which will give you more control over your financial future. It can also reduce your reliance on loans or credit and create freedom for you to pursue your wants and passions. By achieving financial independence, you won’t be solely dependent on a paycheck to support only your immediate needs.
• Achieve Financial Goals – Saving and investing can help you to achieve your financial goals. Over time it can allow you to accumulate the necessary funds to fulfill your aspirations such as buying a house, starting a business, traveling the world, or even just planning for retirement.

While saving and investing can be a good thing, it is important to note that there can be risks involved. It is always essential to educate yourself and seek professional guidance when needed. You should always make informed decisions based on your knowledge, financial situation, goals, and risk tolerance.

While student debt may be helpful in covering the costs associated with paying for your education, it is important to note that it can have a significant impact on your future. This is why it’s important to only borrow what you need. Listed below are some things you should consider before taking on student debt.

• Financial Burden – Student debt can be a significant financial burden, affecting your ability to save, invest, and achieve other financial goals. High levels of debt can limit your options and impact your financial stability.
• Credit Score – Managing student debt responsibly can help build your credit history. Late payments or defaulting on loans can negatively impact your credit score, making it harder to secure loans for things like a car or a home in the future.
• Career Choices – The burden of student debt may influence your career choices. You may feel pressured to pursue higher-paying jobs to repay your loans, potentially steering you away from a career path you are passionate about. Alternatively, if you need student debt to pay for your education, once earning a degree, more career opportunities may be available to you. 
• Delaying Major Life Events – High levels of student debt can delay major life events such as buying a home, getting married, or starting a family. The financial strain of student loans may make it challenging to achieve these milestones.
• Impact on Mental Health – Dealing with student debt can also have an impact on your mental health. Stress and anxiety related to debt can affect your overall well-being and quality of life.
• Opportunities for Further Education – Student debt may influence your decision to pursue further education, such as graduate school or professional certifications. The additional debt incurred from these programs can further impact your financial future.
• Loan Forgiveness Programs – Depending on the type of student loans you have, you may be eligible for loan forgiveness programs. Understanding these options can help alleviate some of the financial burden associated with student debt.

Student debt can be worth it if you manage your payments and finances responsibly. It’s essential to carefully consider the implications of taking on student debt and to develop a plan for managing and repaying it effectively to minimize the impact it could have on your future financial well-being.

Throughout the year, at varying events, the financial aid staff will set up booths to provide support to our students. Here we can answer common financial aid questions and direct students to the resources that they have available to them.

Consumer Finance & Money Management (BUSN 115) is an optional course that students may take to increase their knowledge in financial literacy. It is designed as a freshman-level, life-skills course that is a practical guide to money management and is specifically structured for teaching the importance of consumer financial planning.  Major topics covered in the course are debt, insurance, investments, sources of credit, home purchasing and/or renting, personal income tax preparation, and basic legal considerations with respect to consumer sales, the wise use of consumer credit, and preparing for the unexpected.

The Career Center offers financial wellness workshops throughout the year with guest speakers from the community. During these workshops, professionals offer valuable insight on various financial topics such as debt management, budgeting, saving, credit, and more.

Students are encouraged to visit the Financial Aid office in Keeny Hall room 237 to have all of their financial aid questions addressed. Financial Aid counselors are available during normal business hours for walk-in appointments, scheduled appointments, phone calls, and zoom sessions. Our office even has a chat function operating during normal business hours for those who are unable to visit or call our office.