Establishing a Budget
Establishing a budget is key to creating a sound financial game plan and being able to repay student loans. There are several things to consider when setting up a budget, and many resources are available to help. A great resource for new graduates is Mapping Your Future. It offers tools such as a list of guidelines to help students establish a budget and a budget calculator.
Maintaining Financial Fitness
To educate students about their personal finances Mapping Your Future provides tips for money management. Included is a list of other websites that provide additional information on financial fitness.
Students today are inundated with credit card applications. Many are unfamiliar with the long-term repercussions that credit card debt can cause. Information including credit resources, facts about credit, and building a strong credit record can also be found at Mapping Your Future.
Consumer Credit Counseling
Inability to pay a student loan is often times symptomatic of other personal hardships for which advice and counseling may be needed. Consumer Credit Counseling Service is a nationwide not-for-profit organization that provides assistance to those in need. Contact a local office, or for more information, contact the National Foundation For Credit Counseling.
Personal Finance Training Tools
Training for financial fitness shouldn’t be put off until after college. Young people need training on managing their personal finances – spending, savings, and investing. The Jump $tart Coalition has tools and programs to assist those in grades K - 12. One useful tool is 12 Principles Every Young Person Should Know.