Financial Literacy

A budget shows where your money comes from, where it goes, and how to make it last through the semester. Begin with the two-minute budgeting video in the Federal Student Aid resource library. The following steps are adapted from Federal Student Aid’s budgeting guidance:

• Choose a time frame. A monthly or semester budget works well for most students.
• Identify your income. Include work earnings, family support, and any financial aid remaining after tuition and fees.
• List your expenses. Include fixed costs such as rent and phone, variable costs such as food and gas, and start-of-term costs such as books.
• Track your spending. Record your purchases for one month and refine your estimates.
• Balance your budget. Keep expenses within your income by prioritizing needs, adjusting spending, or adding income. Include savings as a regular expense.
• Review it monthly. Update your budget as your semester progresses.

Successful repayment begins with thoughtful borrowing.

• Know your balance. Log in to StudentAid.gov to view each federal loan, its balance, and your loan servicer.
• Borrow what you need. You may accept a smaller amount than offered, and the Office of Financial Aid can adjust your loan at your request.
• Use federal aid first. Before considering a private loan, review the Private Loan Checklist from the National Association of Student Financial Aid Administrators (NASFAA) , then use FASTChoice [link] to compare lenders and the total cost of borrowing.
  
• Manage interest. Interest on unsubsidized loans accrues while you are enrolled. Paying interest as it accrues keeps your balance at the amount you borrowed.

Most federal student loans include a six-month grace period after you graduate, withdraw, or enroll less than half-time. This period is an ideal time to choose a repayment plan and set up payments

• Connect with your servicer. Your servicer is listed on your StudentAid.gov dashboard and manages your billing and plan changes.
• Compare repayment plans with the Loan Simulator. For federal loans made on or after July 1, 2026, borrowers choose between the Tiered Standard Plan, with fixed payments, and the Repayment Assistance Plan (RAP), with payments based on income. Learn more at StudentAid.gov/bigupdates.
• Enroll in autopay to keep every payment on time.
  
• Ask for help early. If your circumstances change, contact your servicer promptly to explore another repayment plan, deferment, or forbearance and keep your loans in good standing.

The Loan Repayment Toolkit brings the essentials together in one checklist: your loan balances, key contacts, repayment plan options, and steps to take if your circumstances change.

New tab Download the Loan Repayment Toolkit

A strong credit history helps you rent an apartment, finance a car, and qualify for some employment opportunities. AnnualCreditReport.com is the federally authorized source for free credit reports, so access your reports directly through that site. Paying bills on time and keeping credit card balances low build credit over time.

• StudentAid.gov resource library (Federal Student Aid): videos, checklists, and fact sheets
• Loan Simulator (Federal Student Aid): monthly payment estimates for each repayment plan
• Resources for students and parents (NASFAA): private loan checklist and an overview of aid programs
• MyMoney.gov (Federal Financial Literacy and Education Commission): guidance on earning, saving, spending, and borrowing
• Student loans consumer tools (Consumer Financial Protection Bureau): tools for comparing aid offers and evaluating private loans
• Consumer advice (Federal Trade Commission): guidance on recognizing scams and protecting your identity