Dollars and Sense

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Table of Contents Introduction & Goals 1 Section 1: Beginning Sound Money Management Beginning Money Management 5 Savings Accounts 6 Checking Accounts 7 Paychecks 13 Increasing Your Gross Pay 14 Researching Careers 15 Earning Power 16 Section 2: Budgeting Starting a Budget 18 High School Budget 19 College Budget 21 Saving Money While in College 23 Budgeting after College 24 Being Money Wise 25 Section 3: Credit and Credit Cards All About Credit 27 Vehicle Loans 28 Credit Cards 30 Controlling Credit Card Usage 33 Credit Reports 34 Credit Scores 38 Maintaining Good Credit 39 Improving Credit 40 Section 4: Higher Education and Financial Aid Montana Colleges & Universities 45 FAFSA 47 Types of Financial Aid 49 Scholarships 50 Student Loans 51 Direct Loans & Limits 52 Private Loans 54 Student Loan Payment Chart 55 Save Money on Student Loans 56 Section 5: Student Loan Repayment Managing Student Loan Repayment 58 Understanding Student Loan Repayment 59 Loan Consolidation 61 Loan Forgiveness 62 Loan Default 64 Pledge 65
Introduction The Office of the Commissioner of Higher Education and the Montana University System-Office of Student Financial Services, is committed to providing tools that enable financial responsibility. We encourage you to receive education and training that may increase your earning potential as you move into the future. The purpose of this publication is to provide a resource that will help develop financial literacy skills. We will share helpful tips on money management, budgeting, and financial aid. Questions to think about while reading are: What goals do I have for my future? How do I start managing my money now, so I can accomplish my future goals with a minimum amount of debt? What can I do to increase my gross pay? How do I prepare a budget? What is credit? When is credit an advantage and when is it a disadvantage? What should I know about financial aid? Start becoming financially responsible today by visiting www.mus.edu/Prepare to build your own budget and receive the latest financial literacy information. 1
Page 1: GET MONEY SMARTS Take Your First St
Page 5 and 6: Goals generally fall into one of tw
Page 7 and 8: Beginning Sound Money Management Pr
Page 9 and 10: Next — Open a Checking Account Ho
Page 11 and 12: The example below shows you how to
Page 13 and 14: Each month your bank will send you
Page 15 and 16: How much will your paycheck really
Page 17 and 18: How does a person choose a career?
Page 19 and 20: 17
Page 21 and 22: Visit www.mus.edu/Prepare to start
Page 23 and 24: What changes are on the horizon for
Page 25 and 26: It is very easy to fall into the ha
Page 27 and 28: COMMON MISTAKES YOUNG ADULTS MAKE W
Page 29 and 30: All About Credit What is Credit? Cr
Page 31 and 32: What information should you researc
Page 33 and 34: Credit cards are easy to use becaus
Page 35 and 36: Credit cards don't put people in de
Page 37 and 38: SAMPILIE REP10,RT Consumer Credit R
Page 39 and 40: 3-in-1 Credit Report Continued….
Page 41 and 42: Once you have built an excellent cr
Page 43 and 44: Steps to Improve Your Credit 4. Avo
Page 45 and 46: Amy worked hard to graduate from hi
Page 47 and 48: Montana Colleges & Universities Sch
Page 49 and 50: www.fafsa.ed.gov The Free Applicati
Page 51 and 52: Scholarships Scholarships are a for
Page 53 and 54:
An important part of your financial
Page 55 and 56:
Year First-Year Undergraduate Annua
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Total Amount Borrowed 4.00% 5.00% 6
Page 59 and 60:
57
Page 61 and 62:
When do I begin repaying my federal
Page 63 and 64:
Consolidation Consolidation is the
Page 65 and 66:
What is Default? To default means y
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I PLEDGE TO: $ Set goals for the fu
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