1

Pay-A-Bull Financial Literacy:Understanding How To Manage

Your Money in College

Presented by Financial Education @USF—Bull2Bull

2

• We are a one of a kind peer-based education program• Designed to help teach you: – Basic financial planning– Wise borrowing habits– How to develop short-term & long-term financial goals

• All services are free and confidential for you!– One-on-one meetings– Group seminars

• Located in SVC 2054

3

Agenda1. Money Management2. Cost Calculator: Forecast Your Costs3. Bright Futures4. OASIS: View Awards and Pay Your Bill5. Enrollment: How It Affects Your Aid6. Wrap-Up

4

Check Us Out ! www.usf.edu/fin-ed

5

Financial Education

The knowledge of facts, concepts, principles and technological tools that are fundamental to being smart about money

The key to personal financial success is simple:Earn more than you spend

ORSpend less than you earn!!

6

Financial Planning

The process of developing a plan to achieve financial success • Influenced by your:• Understanding of wants vs. needs• Lifestyle choices & behavior about spending money

7

Set Your Own Financial Plan

Understand Your Expenses

Identify and Set Financial

Goals(short-, mid- and long-term)

Create a Budget to Meet Your

Goals

Take Action and Review Your

Progress

Check Out Our Resources

Get help if it’s not working (Visit us!)

8

Handy, Helpful Hints: • Limit entertainment expenses• Rent or buy used books• Walk, don’t drive• Use credit cards only for emergencies• Pay your credit cards off each month• Prepare meals at home • Live like a college student!

9

Budgeting

A Budget is a written cash flow plan; that assigns every dollar to a specific category/expense at the beginning of each month • Helps you to live within your financial

means and meet expenses• Helps you track spending versus saving to accomplish long- and

short-term goals• Offers peace of mind. Worry is a waste

of resources

10

Water Costs What!?$248.00x 8

$1,984.00

Suppose you purchase a $2.00 bottle of water every day for an entire semesterOver the course of four years the total cost is about $1,984The interest rate on a federal student loan is at 3.86%

• + + +

11

Saving• Cut down on dining out. Coffee ($4.00 a day) plus dining out ($9.00 a day)

• $4.00 + $9.00 = $13.00 /day

$13 X 7 = $91/week$91 X 52 = $4,732 /year

If you graduate in 4 years, you spend $18,928 on going out to eat and coffee!

The average graduation rate at USF is around six years. Stay an extra two years and that’s an additional $9,464 at $28,392!

12

Forecasting Your Costs & Planning Your Budget

13

Use Our Cost Calculator to Help Budget Your Costs!• What is the Cost Calculator?• Estimates your bill before payments are due

• Why should I use the Cost Calculator?• The Cashier’s Office does not send bills

• How much will my bill be?• Online version: Go to www.usf.edu/financial-aid

• Under ‘Get Started’, click on the ‘Cost Calculators’ link• Review the paper version in your program

• Do I have to do all the math?• Nope! Just enter all of your costs and let the calculator do the

rest!

14

Use OASIS to Monitor YourFinancial Aid Status Each Semester!

• Check for unsatisfied requirements • Check for deferments• Check Satisfactory Academic Progress (SAP) • View your financial aid awards

Financial Aid Main Menu

15

16

Understand the Terms and Conditions

• What are they? • Requirements you must meet in order to remain eligible for

financial aid

• Why do I need to know this? • Before you can be paid (grant, loan or work study funds), you

are required to READ and ACCEPT the Terms & Conditions in OASIS every year.

• Does this apply to my scholarship(s)? • Certain scholarship awards have separate terms and conditions

which must also be accepted before these funds can be paid.

17

How Do I Accept the Terms & Conditions in OASIS?

• Go to ‘My Award & Loan Information’ • Click the ‘Terms & Conditions’ tab

18

• Go to www.floridastudentfinancialaid.org & make sure USF is listed as your postsecondary institution (in the Demographic Information section) so the scholarship can be paid• Click the ‘Scholarship’ tab on the USFAS webpage for step by step

directions

Florida Bright Futures

19

Florida Bright Futures (cont’d)Bright Futures pays a flat amount per credit hour:

• Florida Academic Scholars- $103 per credit hour• Florida Medallion Scholars- $77 per credit hour

• The State of Florida requires students to repay the university any Bright Futures funds that were paid for courses that student drops or withdraws from…or the scholarship cannot be renewed for the next year.

• Ex: One dropped course for an Academic Scholars student must repay $309• Ex: One dropped course for a Medallion Scholars student must repay $231

20

Review Your Bill in OASIS

21

View Your Bill

22

Tuition & Fee Deferments

What Is A Tuition Deferment?A tuition deferment prevents cancellation of registration for non-payment of fees, and temporarily prevents assessment of late payment fees

Tuition not paid by the deferment payment date will be assessed a late payment fee and have a cash collection hold placed on the student account by the University Controller’s Office

23

Term Tuition Payment Date Deferment Payment Date

Summer A/C May 15th July 17th

Summer B July 6th July 17th

Fall August 28th October 23rd

24

How Do I Receive a Tuition Deferment?

• Automatically posted on OASIS if you:

• Have scholarships (including Bright Futures) listed on your OASIS account

OR:

• Have a FAFSA on file at USF 10 business days before classes begin; and• Are enrolled in at least 6 undergraduate USF credit hours; and• Are meeting Satisfactory Academic Progress (SAP) requirements

Check OASIS before classes begin each semester!

25

Housing Deferments

Allows students to move into on campus housing without paying the first month’s rent

*Student Direct Loan Borrowers must also complete the Federal Direct Loan Entrance Counseling and Master Promissory Note in order to qualify at www.studentloans.gov

*Direct PLUS Loan Borrowers must apply and complete the PLUS Master Promissory Note in order to qualify at www.studentloans.gov

Housing Deferments

Residency Status Amount of Aid Needed to Qualify*

Florida Resident $5,800 in accepted aid

Non-Florida Resident $11,200 in accepted aid

26

27

Bookstore Advance Purchase Program (BAPP)

28

The Basics of BAPP• What is the BAPP?

• Allows you to purchase textbooks & supplies (at a USF campus bookstore) prior to the first day of classes using financial aid before it is paid

• The amount you spend appears as a charge on your USF student account. After your financial aid has been paid, it will be applied to the charge

• How do I qualify for the BAPP?• Be enrolled at least half-time (6 credits) in USF hours; and• Have financial aid that is at least $100 (maximum $600 for fall and spring,

$300 for summer) more than your bill

• Where do I find out if I qualify?• Check ‘My Requirements, Bookstore Authorizations and Deferments’ in OASIS• We will also email you

• What if I don’t use my BAPP?• Any unused BAPP is refunded to you as a part of your financial aid refund

29

How Enrollment Decisions Affect Your Financial Aid

Take 15!..credit hours each semester

30

• Dropping courses:• Repaying Bright Futures for dropped courses• Increases the number of attempted credit hours

• Excess credit hours:• Paying excess hours charges for credit hours attempted over 132 • Reaching the 120 credit hour limit on Bright Futures

• Repeated courses:• Repeat course surcharges if the same course is taken for a third time• Some financial aid programs will not fund courses that are repeated!

You must pay attention to the Terms & Conditions you accepted in OASIS to keep each type of aid program!

Impact of Enrollment Decisions

31

If You Don’t Graduate On Time…

• Every semester you stay in school and extend your enrollment you will be adding about $10,500 to the cost of your degree! • Putting off starting your career will lose you estimated

wages of $48,707 per year • One extra year in college: ($10,500x2)+$48,000=$69,000!

Make sure you understandthe financial implications before dropping a class!

32

Financial Literacy 101• Required one hour online course for all first time in college

students before classes begin• Access via CANVAS-`Life Skills: Financial Literacy 101’• You must score 80% or higher to pass the course• Designed to give students basic financial management

information• Credit card use• Financial aid (including student loans)• Budgeting

Things To Remember…

• Read all emails sent by USFAS- all emails are sent to your USF email address• FAFSA: Complete the 2014-2015 FAFSA for summer & 2015-2016

FAFSA for fall• OASIS: Complete any unsatisfied financial aid requirements in

OASIS• Terms & Conditions: Read and accept in OASIS; also accept awards• Accept Award Offers: Loans and Work Study require acceptance

33

• Loans: Complete the online Master Promissory Note & online Entrance Counseling if loans are accepted at www.studentloans.gov• Review: This presentation is on the USFAS website (

www.usf.edu/financial-aid) and• Pay: Pay the bill on time!

34

Things To Remember…

35

And…!• Attend our seminars/workshops & you may win a $500 scholarship!• Follow us on Twitter: @Bull2BullUSF• We reveal all our scholarship/loan repayment winners via Twitter! • We’re also constantly searching for good deals, free

entertainment, free food, & ways to save $ #freefoodalertUSF • Visit us in SVC 2054!• Contact University Scholarships & Financial Aid Services if you have

financial aid questions: 813.974.4700

36

Questions?Thank You!