Money Matters:Actions You Can Take

Today!

Electronic BillingElectronic BillingYou will NOT receive a paper bill for your account

balance! You will receive an e-statement.

How eBilling works:

1.An email is sent to your UWYO email account.

2.To view your account balance

- Sign into WyoWeb

- Click “Student Account” tab

- Select “Statement and Payment History”

- It is your responsibility to check your account monthly for new charges!

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Applying for Federal Applying for Federal Student AidStudent Aid

All students are encouraged to apply early so their money is available at the beginning of each fall semester

•Create FSA ID at fafsa.ed.gov (keep this for all years in college)•File taxes and wait a few weeks •File FAFSA at www.fafsa.ed.gov•Use the IRS Data Retrieval process

Electronic Award Notices (On WyoWeb)•Keep checking - Note changes if you received update notices•A Red Flag indicates something is needed

Using Federal Student Aid Using Federal Student Aid to Pay For Booksto Pay For Books

• Complete Authorization form in Financial Aid to allow for aid to pay off book charges• Go to University Store Homepage

(available the end of July)• Activate Financial Aid• Go to University Store and pick

out books• Financial Aid will automatically

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Additional Financial Aid Additional Financial Aid Questions??Questions??

• Representatives from Student Financial Aid will be available at tomorrow’s Resource Fair between 8:00 – 9:00am

• Senate Chambers

• Financial Aid representatives also available in Knight Hall room 174

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Paying your BillPaying your Bill New as of July 1, 2015 – Credit Card

Convenience Fees on student account payments

Cashier’s Office – Knight Hall, Room 170 By Mail Online

ACH from Checking or Savings account Credit card with a non-refundable fee

Installment Plan – payment deadline extension

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Payment Installment PlanPayment Installment Plan

$15.00/semester setup fee Three installment payments

1st payment due on the 3rd Friday of the Semester

2nd payment due on 6th Friday of the Semester

3rd and final payment due on the 9th Friday of the semester Interest of 1.5% per month and holds

placed on accounts with past due charges

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Credit Balance RefundsCredit Balance Refunds

WyoRefunds start July 1, 2015Electronic Refunding for students

◦ACH deposit into an existing bank account

◦Paper check

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Important Dates to Important Dates to RememberRemember

August 31, 2015 – Fall Classes begin September 10 – Last day to drop

classes. Last day for a 100% refund September 10 – Last day to make

changes to health insurance selection September 18 – All tuition/fees due or

1st Installment Payment due October 30 – All charges are due

(Interest and financial holds placed on unpaid accounts)

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Why Care? Why Care? It’s Just Your Money!It’s Just Your Money!

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• It’s your Money!

• Reaching goals are possible!

• Avoiding unnecessary debt is possible!

• Graduate!

What would you do…What would you do…

with $1,000 cash?◦You cannot put it into savings

◦You cannot invest the money

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PerspectivePerspective

“While freshman and their parents are likely thinking more about tests and academics during orientation, the fact is that after graduation a student’s credit rating is arguably far more important to his or her future than grade point averages.”

Robert D. Manning, PhD,, Author – Credit Card NationResearch Professor and Director of the Center forConsumer Financial ServicesRochester Institute of Technology

Controlling Your SpendingControlling Your Spending

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• List your sources of income

• Consider ways to increase your income

• Pay yourself FIRST

• Track your expenses

• Differentiate between needs and wants

Choices, Choices, Choices, Choices, ChoicesChoices

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Tracking Your ExpensesTracking Your Expenses

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1 Starbucks® drink @ $4.20$4.20 x 7 days = $29.40$29.40 x 52 weeks = $1,528.80 per year!!

Trip home for the weekend – 300 miles $50.00 $50.00 x 15 weekends = $750.00/semester$750.00 x fall and spring = $1,500.00 per year

Dining away from Washakie$8.50/meal at a local eatery x 4 meals/week = $34.00$34 x 16 weeks per semester = $544.00Additional $1,088.00 spent on meals that were already paid for!!

Live like a college Live like a college student!student!

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Student Loans – Good debt Student Loans – Good debt but know the facts before but know the facts before taking on unnecessary taking on unnecessary amounts!amounts!

Maximize all other sources before borrowing to pay for college. Maximize all other sources before borrowing to pay for college. Know the facts before taking on unnecessary debt.Know the facts before taking on unnecessary debt.

Student Loan DebtStudent Loan DebtNationwide seven out of ten college

graduates in 2012 had student loan debt$29,400 average loan debt (The Project

on Student Debt-2012)$20,571 average loan debt for UW

graduatesOver $1.2 Trillion – Student Loan Debt

outstanding◦Student loan debt has grown to twice

what it was in 2007 Second only to mortgage debt

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Using Student Loan $ for Using Student Loan $ for what??what??New truck paymentPlastic surgerySpring break vacationApartment furnitureTattoos

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Credit Card BehaviorCredit Card Behavior

29.2% have a credit card, most having more than one

24% have over $1,000 in credit card debt

8% have been late on a credit card payment at least once

5% of students have over $5,000 in credit card debt

Moneymattersoncampus.org

Credit BehaviorCredit Behavior82% of students carry a balance and

incur finance charges each month Average unpaid balance upon

graduation◦$4,100

$3,173 – Average balance carried by college students

1% of students have someone else paying the bill

The Importance of Financial The Importance of Financial LiteracyLiteracy

84% of Students say they need more education on financial management

70% of Americans fall short of meeting retirement needs (Hewitt, 2012)

62.2% - Average score on financial survey among college students (Jump$tart Coalation, 2008)

40% grade their personal finance knowledge at “C” or below (National Foundation for Credit Counseling, 2011)

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Protecting Your IdentityProtecting Your IdentityDo not carry your Social Security

card.Do not carry your PINs.Review all financial statements

for unauthorized use.Check your credit report!

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More Information More Information www.studentloans.govwww.uwyo.edu/financialwellnesswww.cashcourse.orgEmail – fsbo@uwyo.edu

Disclaimer: These materials are for non-commercial educational use only.

Portions of the content © 2008 National Endowment for Financial Education. All rights reserved.

CashCourse is a trademark of the National Endowment for Financial Education

www.nefe.org

www.moneymattersoncampus.org

Sallie Mae 2009

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Want to stay involved??Want to stay involved??Student Financial WellnessEmail fsbo@uwyo.edu Fall 2015 Financial Literacy SeriesSpring 2016 Common Cents

Conference

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Contact InformationContact Information

Student Financial Aid

Knight Hall 174

307-766-2116

Accounts Receivable

Knight Hall 172

307-766-6232

Cashier’s Office

Knight Hall 170

307-766-2313

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Additional Contact Additional Contact InformationInformationAaron Courtney – Financial

Services ◦307-766-3205◦courtne@uwyo.edu

Kathy Bobbitt – Student Financial Aid◦307-766-2997◦bobbitt1@uwyo.edu

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