Financial Literacy Events

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Tuition Payments Are Coming Up!

The first payment for Spring Semester was due December 10th.
If you have questions about your statement, contact:
Financial Services – 507.354.8221

Cash-Course

Students will have online assignments each year to learn and review key financial topics. Topics are assigned to each class level. Students and advisors can track the progress of assignments on the Portal (under Grades: Financial Literacy). View the full instructions to create your CashCourse account.

cashcourse

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Assignments

First Year Students

CashCourse Topics:

  • Budgeting Basics
  • Save or Splurge?
  • Test Your Student Loan IQ

Financial Review Meeting:

  • All first-year students are required to meet with the Financial Literacy Coordinator.
  • This meeting will review loan basics, finance planning for your degree completion, review of your Net Partner and CashCourse Accounts.
  • You will receive an email from the Financial Literacy Coordinator to set up your appointment time.

Second Year Students

CashCourse Topics:

  • Be Credit Savvy
  • Are You Ready for a Financial Emergency?
  • Car Costs You Auto Know
  • Carded! How Plastic Savvy are You?

Third Year Students

CashCourse Topics:

  • Paying Back Student Loans
  • What’s Your Credit Score IQ?
  • What’s Your Budgeting IQ?
  • Budgeting for Life After College

Fourth Year Students

CashCourse Topics:

  • Making the Most of Employee Benefits
  • Getting Started with Saving and Investing
  • Get with the (Retirement) Program

Financial Review Meeting:

  • All graduating students are required to meet with the Financial Literacy Coordinator.
  • This meeting will review financial matters pertinent to graduating and transitioning to life after college:
    Budgeting
    Emergency Fund (6 months of monthly expenses)
    Retirement
    Taxes
    Loan Repayment
  • You will receive an email from the Financial Literacy Coordinator to set up your appointment time.

Fifth Year Students

Financial Review Meeting:

  • All graduating students are required to meet with the Financial Literacy Coordinator.
  • This meeting will review financial matters pertinent to graduating and transitioning to life after college:
    Budgeting
    Emergency Fund (6 months of monthly expenses)
    Retirement
    Taxes
    Loan Repayment
  • You will receive an email from the Financial Literacy Coordinator to set up your appointment time.

Resources

Budget

  • Basic Principles:
    • Save for an Emergency Fund
    • Learn to live on LESS
    • Limit how much you eat out

Career Data and Exploration

  • O*NET is the nation’s primary source of occupational information, providing excellent resources.

CashCourse

  • CashCourse: finish your assignments and review financial related resources
    • Ask a Financial Expert: http://www.cashcourse.org/financial-tools/financial-experts.aspx

Credit

  • Check your credit report at least once per year from one of the 3 credit bureaus:
    Experian – TransUnion – Equifax — annualcreditreport.com
  • Credit cards can help you build your credit if used properly
    • Pay your full balance every month AND on-time
    • If you don’t have the money for something, DON’T buy it!
  • Avoid canceling unused accounts – this generally increases your credit utilization (how much of the available credit you are using) , which can reduce your credit score
  • Steps to Improve Your Credit Score:
    http://www.experian.com/credit-education/improve-credit-score.html

    • Your credit score assesses 5 different pieces of information:
      *Payment History (35% of the score) on time/late
      *Amounts You Owe (30% of the score) balance of debt
      *Length of Credit History (15% of the score) how long has the account been open
      *New Credit (10% of the score) have you recently applied for multiple accounts
      *Types of Credit (10% of the score) revolving credit vs. installment loan

Date on a Dime: Inexpensive and Fun Activities

Loans

Don’t borrow more than your first year’s Gross Earnings!

  • Remember the federal loan limits:
    LoanLimits
  • Estimate your loan repayment with the Federal Student Aid Loan Estimator
    (select Proceed and enter your loan totals or loan estimates)

Private Loan Consolidation:

Direct Loan Consolidation:

  • Do you have both Perkins AND Federal Direct (Stafford) loans? Discover more information about a Direct Consolidation Loan.

Minister of the Gospel - male called workers

  • You are considered self-employed.
  • Income tax/social security tax/etc. will not be automatically withdrawn from your paycheck.
  • Plan on setting up a separate account to deposit 20-25% of each paycheck. You can then pay your quarterly tax estimates directly from this account that you have been setting aside funds in to prepare for the large payments every four months.
  • When you complete your taxes, talk to your accountant/tax preparer! Let them know you are a Minister of the Gospel so they can help you properly complete your tax return information.

Paying for College

To help keep college costs down,
good planning is the best strategy!

  • Take AP Courses that will transfer for your major (or as needed elective credits.)
  • Save money from high school graduation and work as much as possible in the summer.
  • Apply for financial aid every year.
  • Minimize student loans – only borrow what you need.
  • Try to graduate in 4 years.

Pre-Seminary Students

  • During your Financial Review Meeting, preparation for seminary payments are reviewed.

Scholarship Information

  • Current MLC Merit Scholarships and renewal requirements:

Merit Scholarships

MLC Direction will provide opportunities for students to increase their exposure to financial concepts: budgeting, loan borrowing limits and repayment options, responsible credit card use, understanding your credit report, retirement, insurance, and more!

Appointments

Financial Review meetings are required for Freshman and Seniors.
The Financial Literacy Coordinator will be contacting you to set up a meeting.
Sophomores and Juniors can set up a meeting if they have any questions.