Real World Finances URI 101: Planning for Academic Success

Basic Loan Knowledge You don’t have to pay off loans until six months after graduation Two types of educational loans : need based and non-need based Distribution of loans and aid are based on the students financial situation and cost of the institution Apply for loans and financial aid by filling out a FAFSA form which can be found online at FAFSA form must be completed yearly Some careers will forgive all student loans after you work in an underrepresented area for a period of time

Work Study A federal student aid program that provides part- time employment while you are enrolled in school to help pay your education expenses. Schools must pay students at least once a month Wage is hourly Payment can go directly to you, to your bank account or towards school fees

On-Campus Employment Options Campus Recreation Residence Halls Ryan Center Computer Labs Library Bookstore Dining Halls Tour Guide Orientation Leader Academic Enhancement Center Memorial Union

Cost of Living Often times, the cost of living fluctuates depending on where you live. Look at these links for cost of living comparisons by city. Cost of living calculators:

Budgeting 101 Budgets are necessary. They are a way for you to keep track of spending and sure your money is being spent where you want it. Spend within your means and save money! The earlier you start to save, the better you will be off in the future. 3 steps to starting a budget – Identify where you’re spending money now – Set goals for money you want to spend and save each month – Track your spending to make sure it stays within the guidelines

Salary by Career Insert career specific information here

Education and Earnings A college graduate earns an average of $645,840 more than a high school graduate over a lifetime. One college course is worth $16,146 One hour in a college course is worth $336 Would you go to class today if I offered to pay you $336 for attending? **This represents earnings over a 30 year period.

Typefocus & Managing Your Money Protectors These types are, by nature, conservative Future oriented with money and spending May be uncomfortable with unanticipated change – don’t make rash decisions from panic Have an emergency fund for these situations! ProtectorsESTJ, ESFJ, ISTJ and ISFJ Protectors include: ESTJ, ESFJ, ISTJ and ISFJ

Typefocus & Managing Your Money Planners Big picture thinkers Future oriented with money and spending, and can sometimes miss the here and now Have a long-term savings account and an account specifically for today’s spending Practical with spending and where money goes PlannersENTJ, ENTP, INTJ and INTP Planners include: ENTJ, ENTP, INTJ and INTP

Typefocus & Managing Your Money Pleasers These people treat money personally, as an extension of themselves What money is spent on is an expression of their identity Often use money to please themselves or others, especially emotionally Can be taken advantage of with money in order to please another Be cautious of overspending PleasersENFJ, ENFP, INFJ and INFP Pleasers include: ENFJ, ENFP, INFJ and INFP

Typefocus & Managing Your Money Players Value freedom with finances and spending Choose to spend money in the moment Compulsive and unlikely to think long- term Resourcefulness and a can-do attitude can be helpful in entrepreneurial ventures Create a savings account to avoid too much impulsive buying Players ESTP, ESFP, ISTP, ISFP Players include: ESTP, ESFP, ISTP, ISFP