Once you have decided to enroll in college, be sure to consider:
- How you will finance your education,
- The amount of indebtedness you are willing to incur, and
- How to live on a fixed allowance.
Good money management is a learned skill. Remember that the goal of budgeting is to live within your means and avoid unnecessary debt.
NYIT's Office of Financial Aid encourages you to educate yourself about personal finance, including how the cost of your education impacts your finances now and in the future. We are happy to offer the following list of resources to help you improve your understanding of financial concepts and services, while promoting fiscal responsibility before, during, and after your studies here at NYIT.
Financial Aid and Loan Information: Know Before You Borrow
Federal Student Aid: The U.S. Department of Education site as a one-stop page for all things Federal Student Aid. Each page contains a glossary detailing commonly used financial aid terms and ways to contact the Department of Education.
- Federal Student Aid Facebook page: If you "Like" this page, updates will show up on your own Facebook news feed. The page is updated regularly and you can write on the page's wall to give/receive feedback.
- Federal Student Aid Twitter page: Get multiple reminders each day about federal aid. If you have questions or comments, tweet them @FAFSA!
National Student Loan Data System (NSLDS): The NSLDS is the U.S. Department of Education's official loan database. Access all your federal loan history and information about your loan servicers. You must use your Federal Student Aid PIN.
- If you'd like to get a look at how much debt you should consider taking on or how to pay off your loans after you graduate, check out this Return on Investment Tool.
- Financial Awareness Counseling: The interactive Financial Awareness Counseling module from Studentloans.gov provides you with tools and information to understand financial aid and assist you in managing your finances.
Access Group: This nonprofit organization provides information on how to pay for college
WiseBread: WiseBread is a blog providing financial aid advice to real-life situations.
AAMC FIRST: Although this was developed for medical students, there is great information for all students.
Financial Aid and Loan Information: After You Graduate
iGrad: iGrad helps you take command of your financial future. The website links to important articles, job search tools, town halls, financial literacy information, and videos on how to become your own financial advisor.
New York State Higher Education Services Corporation (HESC): The HESC has compiled a list of federal programs that will assist you in repaying your federal student loan debt in return for your service commitment. Students in certain health professions will be eligible.
Managing Your Personal Finances
360 Degrees of Financial Literacy: Another AICPA resources specifically addressing the needs of college students and recent graduates.
America Saves: A not-for-profit site dedicated to helping people save money, reduce debt, and gain wealth.
CashCourse: A free online money management tool.
ECMC's FAB site: Basic information on a wide range of topics from finances and insurance to managing your records and avoiding fraud or identity theft.
feedthepig.org: An AICPA site that helps you manage your money, credit, and debt.
Guide to Credit Cards: A Federal Reserve System site that explains credit cards, from interest rates and fees to repayment options (also has some Spanish content).
Identity Theft: This Federal Trade Commission (FTC) site has information about preventing identity theft and recovering from identity theft should you ever become a victim for it.
Mint: This is an easy way to keep track of your spending by having your bank account activity analyzed. You can sign up for a free secure account and sync the information on your account between your computer and mobile devices.
Paycheck City: Paycheck City is a web-based paycheck calculator you can use to calculate your net (or "take home") pay. It will help you better understand your paycheck and determine your budget for the week, month, or year.
Your Credit Report: You are entitled to 3 FREE credit reports annually. Your credit history can be reported to any or all of these credit agencies:
Financial Literacy Interactive Games
Bite Club Players manage a "day club" for vampires. In the course of the game, players experience the familiar tension between servicing debt, spending money, and saving for the future. By featuring vampires, who live forever, the game highlights the impact of long-term savings over a 45-year span in a 15-round game.
Rooting Out the Killer Bunnies Farm Blitz, which was inspired and FarmVille—has players take on the role of farmers. As the game unfolds, players experience firsthand how quickly compounding debt—from high-interest credit cards and pay-day loans, for example—can make it impossible for saving habits to take root.
Celebrity Calamity A game in which you play the business manager of a free-spending celebrity, trying to satisfy her wish list while keeping her out of the red. Manage her finances and ensure that she doesn't go broke or max our her credit cards.
Financial Football A fast-paced, interactive game that engages students while teaching them money management skills. Teams compete by answering financial questions to earn yardage and score touchdowns. The questions are primarily scenario-based, which is appropriate for the coursework. There are three levels: Rookie (ages 11–14), Pro (ages 14–18), and Hall of Fame (ages 18+). Financial Football also has an iPad and an iPhone application.