{"id":177,"date":"2018-01-19T19:23:45","date_gmt":"2018-01-19T19:23:45","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/suny-mcc-cos2master\/chapter\/personal-finance\/"},"modified":"2022-09-09T22:45:45","modified_gmt":"2022-09-09T22:45:45","slug":"personal-finance","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-wcc-collegesuccess3\/chapter\/personal-finance\/","title":{"raw":"Personal Finance","rendered":"Personal Finance"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>FINANCIAL Wellness<\/h3>\r\n<ul>\r\n \t<li>Identify two larger college expenses and two smaller college expenses that you are responsible for. For example, tuition might be a large college expense while notebooks and folders might be smaller ones.<\/li>\r\n \t<li>Describe any sources of income you currently have to cover these expenses.<\/li>\r\n \t<li>Explain three financial goals you have for covering your college expenses. For example, you might want to consider work study or creating a budget.<\/li>\r\n<\/ul>\r\n<\/div>\r\n&nbsp;\r\n<div><img class=\"size-medium wp-image-4433 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/4279\/2018\/01\/15205243\/17123254699_79ff768811_k-300x182.jpg\" alt=\"Hands with Money and seedling\" width=\"300\" height=\"182\" \/><\/div>\r\n<blockquote>\r\n<div style=\"text-align: center;\"><em><strong>The cost of college should never discourage anyone from going after a valuable degree. \u2013Arne Duncan, former United States Secretary of Education<\/strong><\/em><\/div><\/blockquote>\r\nCollege students often have money concerns, such as affording college while still paying other bills. These concerns\u00a0can affect\u00a0academic success because money problems are stressful and\u00a0may prevent students from concentrating on their studies. Often when students have a lot of personal expenses, they\u00a0work more hours to cover costs of living, leaving them with less time to study. Worse yet, some money problems, such as extreme debt, may cause students to drop out of college entirely.\r\n\r\nAnalyzing our financial responsibilities and planning ways\u00a0to pay for expenses can help reduce stress. The first steps are identifying common college expenses and financial resources and exploring strategies for creating and reaching financial goals.\r\n<h1>The Cost of College<\/h1>\r\nUsually, when people hear the words <em>college costs<\/em>, they think of tuition and room and board. Unfortunately, those costs are only part of the picture. The real cost of college includes a much wider list of expenses, such as the ones below:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><strong>Tuition<\/strong>: Tuition includes the cost of attending classes which varies by school and depends on how many courses and credits a\u00a0student takes.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Other institution-related fees<\/strong>: Most colleges also charge fees that cover student services such as the library, athletics, labs, and\u00a0campus maintenance.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Room and board<\/strong>: Should you transfer after graduating from WCC and live on campus at your next college, room and board fees will factor into your overall cost. Room and board fees include the cost for housing and meals (usually on campus). These\u00a0vary by school and region.\u00a0Students living off campus and not living at home will have to think about paying rent. Whether living off campus or in a dorm room, the purchase of household items like furniture and kitchen appliances may also be necessary expenses.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Books and supplies<\/strong>: Most students need to purchase books during their college career. They also need to pay for basic school supplies and equipment (backpack, folders, pens, for example). While supply costs can certainly add up, textbooks are usually a big expense for college students. Some WCC courses like First-Year Seminar use Open Educational Resources (OER) to reduce textbook costs. Other cost savings ideas include buying electronic books, renting books, and shopping around for the best prices on books and supplies.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Transportation<\/strong>: Students may\u00a0also have vehicles that need gas and routine maintenance, or they may\u00a0need to purchase passes for public transportation.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Personal needs and entertainment<\/strong>: Students will need to pay for personal items such as clothing and toiletries. They will also want to spend some money on recreational activities and going out with friends.<\/li>\r\n<\/ul>\r\n<h1>Financial Resources<\/h1>\r\nPaying for college is a big challenge, but the following financial\u00a0resources can help:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><strong>Jobs<\/strong>: Full-time students may\u00a0find part-time work on or off campus, while part-time students may\u00a0work during the day and then take evening classes. Students can also talk to the Fiancial Aid Office about work-study opportunities, which allow students to receive money for completing work related to their studies.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Federal Financial Aid Programs<\/strong>: The Free Application for Federal Student Aid (FAFSA), available <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">here<\/a>,\u00a0requires\u00a0students to answer questions regarding their background and personal finances in order to find out how much financial assistance they might qualify for. The\u00a0financial assistance comes in the form of government loans, grants, work study, or scholarships.<\/li>\r\n \t<li><strong>New York State Financial Aid Programs<\/strong>:\u00a0The New York State Tuition Assistance Program (TAP) is a financial aid grant for students meeting residence, income, academic, or other requirements, as established by state law. The New York State Aid for Part-Time Study (APTS) program is a financial aid grant for part-time students meeting residence, income, academic, or other requirements as established by state law.<\/li>\r\n \t<li><strong>Grants and scholarships<\/strong>: Students can apply for grants and scholarships through their institutions, local businesses, or online organizations. Scholarships may\u00a0be awarded on the basis of\u00a0merit (grades, achievements, volunteer work, and so on), financial need\u00a0(economic status), or some other set of criteria\u00a0(achievements or ethnic background, for instance). Grants and scholarships do not need to be paid back.<\/li>\r\n \t<li><strong>Loans<\/strong>: Students can apply for federal loans or personal loans through banks. Unlike grants and scholarships, loans accrue interest and eventually need to be paid back.<\/li>\r\n<\/ul>\r\n<h1>Applying for Financial Aid<\/h1>\r\nApplying for financial aid requires planning and organization. Below\u00a0are steps you can take to increase your\u00a0chances of getting help paying for college:\r\n<h2>Complete the Free Application for Financial Student Aid (FAFSA)<\/h2>\r\nThis free application asks students questions about their background, personal finances, and college. It also provides\u00a0information about what loans and other types of aid for which students might be eligible. Many students may\u00a0be unaware of factors that affect\u00a0how much financial assistance eligibility, such as changes to their parents' income, the student's job status, or having a sibling start college. All students need to fill out a new <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">FAFSA <\/a>application annually.\r\n<h2>Complete the New York State Student Aid Application<\/h2>\r\nWhen you complete your FAFSA online, you\u2019ll be given a link on the FAFSA website to complete the NYS Express TAP Application (ETA). If you fill out a paper FAFSA, you\u2019ll be sent your ETA by mail. You can get a paper application at one of the WCC Financial Aid Offices.\r\n\r\n<strong>Make Sure the Information Is Accurate:\u00a0<\/strong>Failure to provide accurate numbers can mean that you may not qualify for all the financial assistance for which you're eligible. Before you fill out the federal or state financial aid forms, be sure you have collected all the important information you'll need and that you keep that information in a conveniently accessible place. This necessary information includes your (and your parents') tax forms, social security numbers, and income statements.\u00a0The <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">U.S. Department of Education's Site for Federal Student Aid <\/a>has more tips on how to effectively fill out your FAFSA application.\r\n<h2>Apply for Scholarships<\/h2>\r\n<strong>WCC Scholarships:\u00a0<\/strong>It\u2019s easy to apply for dozens of scholarships through\u00a0<a href=\"https:\/\/www.sunywcc.edu\/admissions\/finaid\/scholarships\/\">WCC Scholarships<\/a>\u00a0online. Many of these scholarships are funded by generous alumni who were once in your shoes. Once you sign in, complete and submit the online application and provide supporting materials, and you\u2019ll automatically be matched to scholarship opportunities that are appropriate for your unique situation.\r\n\r\n<b>Private\u00a0Scholarships:\u00a0<\/b>Check to see if your employer, place of worship, clubs, or volunteer organizations have any grant or scholarship opportunities. Many businesses, civic organizations, and other groups offer scholarships. You\u2019ll need to research and apply for them on your own, but it\u2019s well worth your effort. Here are some additional places to look into for scholarship opportunities:\r\n<div id=\"c15571\" class=\"csc-default\">\r\n<ul>\r\n \t<li>Online\r\n<ul>\r\n \t<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/www.fastweb.com\/college-scholarships\" target=\"_blank\" rel=\"noopener\">Fastweb<\/a><\/li>\r\n \t<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/bigfuture.collegeboard.org\/scholarship-search\" target=\"_blank\" rel=\"noopener\">College Board<\/a><\/li>\r\n \t<li><a href=\"https:\/\/www.collegenet.com\/\">CollegeNET<\/a><\/li>\r\n \t<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/www.finaid.org\/scholarships\/\" target=\"_blank\" rel=\"noopener\">FinAid<\/a><\/li>\r\n \t<li><a href=\"https:\/\/www.careeronestop.org\/\">Careeronestop<\/a><\/li>\r\n \t<li><a href=\"http:\/\/www.collegescholarships.org\">CollegeScholarships.org<\/a><\/li>\r\n \t<li><a href=\"https:\/\/www.petersons.com\/college-search.aspx\">Peterson's College Search<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div id=\"c11881\" class=\"csc-default\">\r\n<div class=\"csc-header csc-header-n9\">\r\n\r\n<b>Government<\/b><strong>\u00a0Scholarships:\u00a0<\/strong>\r\n\r\n<\/div>\r\n<ul>\r\n \t<li><a href=\"https:\/\/www.sunywcc.edu\/admissions\/finaid\/excelsior-scholarship\/\">NYS Excelsior Scholarship<\/a><\/li>\r\n \t<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/todaysmilitary.com\/training\/rotc\" target=\"_blank\" rel=\"noopener\">Reserve Officers Training Corps (ROTC)<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<h3>Write Strong Essays<\/h3>\r\nMany\u00a0scholarship applications will have\u00a0an essay component. You can\u00a0assume that the other students applying for a particular scholarship also\u00a0meet the basic requirements (a certain GPA or above, specific demographic criteria, <em>etc<\/em>.), so it isn't enough to just have good grades or be \"eligible\" for a scholarship. Often it's the essay that can\u00a0really set you apart. Make sure you are answering what is being asked, and take the time to write multiple drafts with family, friends, or teachers providing feedback.\r\n<h3>Check Due Dates<\/h3>\r\nWhether you\u2019re filling out the Free Application for Student Aid (FAFSA), applying for state aid, or seeking out scholarships, most organizations will have deadlines. These deadlines ensure that if you are eligible, you will receive your financial assistance in time for the upcoming school year. If other people are helping you with your application\u2014for example, teachers writing letters of recommendation for you\u2014be sure to inform them of the deadlines and give them plenty of notice.\r\n<h1>Setting Financial Goals<\/h1>\r\nSetting financial goals for yourself is one of the best ways to track and manage your expenses. The following strategies can help:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><strong>Create SMART goals<\/strong>: As mentioned in the goals chapter, <em>SMART<\/em> stands for <em>specific, measurable, attainable, realistic<\/em>, and <em>timely<\/em>. These kinds\u00a0of goals are more manageable\u00a0and can\u00a0help you reach your final\u00a0targets more easily. For example, instead of setting a\u00a0broad, vague goal of \"paying for college,\" you might set a goal of paying off your two college loans five years after you graduate. This more specific and\u00a0measurable goal can\u00a0help you keep track of your progress and whether you need to make changes to reach it.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Monitor your spending<\/strong>: Try keeping track of what you spend money on during a one-month period.\u00a0This can\u00a0help you see where your money goes and where you may be able to save.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Create a budget<\/strong>: Based on what you discovered after monitoring your spending, create a monthly budget you can stick to. While some expenses, such as food and transportation,\u00a0are necessary, you may\u00a0find that you can save money\u00a0on both by riding a\u00a0bike or carpooling instead of driving to school and eating out less.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Consider working<\/strong>: Some students have full-time jobs while attending\u00a0college, whereas others may not have a lot of time to work if they're taking a full academic load. Depending on your circumstances, it's worth looking into employment opportunities both on and off campus. Even if you feel like only a couple hours of work per week are possible, it\u00a0could help you pay for something like books so you have one less thing to worry about when\u00a0you graduate.<\/li>\r\n \t<li style=\"font-weight: 400;\"><strong>Choose loans wisely<\/strong>: Many college students need some sort of financial support through loans. While loans are a good way to pay for tuition up front if\u00a0you don't have\u00a0the money, remember that\u00a0they\u00a0accrue interest until you pay them off. That means that you will end up paying back more\u2014in some cases, thousands of dollars more\u2014than you initially borrowed. Make sure you investigate and apply for as many scholarships and grants as you can since they won't need to be repaid, and shop around for the loans with the lowest interest rates and best repayment plans. If you are offered a loan, be absolutely sure you need the entire amount before accepting that loan. You do not need to accept a loan even if it is offered to you.<\/li>\r\n \t<li><strong>Saving and Planning<\/strong>: In the next section we will explore budgeting and other components\u00a0of financial wellness.<\/li>\r\n<\/ul>\r\nTake some of the above steps to begin creating financial goals for college, and remember it\u2019s important to be aware of the costs of college and all the possible resources available so you can meet those expenses and set the financial goals that are right for you.\r\n<div class=\"textbox examples\">\r\n<h3>Personal Spending Habits<\/h3>\r\n<ul>\r\n \t<li>Review your financial aid award letter.<\/li>\r\n \t<li style=\"font-weight: 400;\">Research the college you attend and identify expenses.<\/li>\r\n \t<li style=\"font-weight: 400;\">Review resources in the \u201cFinancial Resources\u201d section above that may\u00a0help you pay for college.<\/li>\r\n \t<li style=\"font-weight: 400;\">Fill out the following table. Be sure to include at least four items under \u201cCollege Expense.\u201d<\/li>\r\n<\/ul>\r\n<div>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th style=\"width: 25%;\">College Expense<\/th>\r\n<th style=\"width: 25%;\">Estimated Cost<\/th>\r\n<th style=\"width: 25%;\">Payment Plan Ideas<\/th>\r\n<\/tr>\r\n<tr>\r\n<td style=\"height: 45px;\"><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"height: 45px;\"><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"height: 45px;\"><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"height: 45px;\"><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"height: 45px;\"><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n&nbsp;","rendered":"<div class=\"textbox learning-objectives\">\n<h3>FINANCIAL Wellness<\/h3>\n<ul>\n<li>Identify two larger college expenses and two smaller college expenses that you are responsible for. For example, tuition might be a large college expense while notebooks and folders might be smaller ones.<\/li>\n<li>Describe any sources of income you currently have to cover these expenses.<\/li>\n<li>Explain three financial goals you have for covering your college expenses. For example, you might want to consider work study or creating a budget.<\/li>\n<\/ul>\n<\/div>\n<p>&nbsp;<\/p>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4433 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/4279\/2018\/01\/15205243\/17123254699_79ff768811_k-300x182.jpg\" alt=\"Hands with Money and seedling\" width=\"300\" height=\"182\" \/><\/div>\n<blockquote>\n<div style=\"text-align: center;\"><em><strong>The cost of college should never discourage anyone from going after a valuable degree. \u2013Arne Duncan, former United States Secretary of Education<\/strong><\/em><\/div>\n<\/blockquote>\n<p>College students often have money concerns, such as affording college while still paying other bills. These concerns\u00a0can affect\u00a0academic success because money problems are stressful and\u00a0may prevent students from concentrating on their studies. Often when students have a lot of personal expenses, they\u00a0work more hours to cover costs of living, leaving them with less time to study. Worse yet, some money problems, such as extreme debt, may cause students to drop out of college entirely.<\/p>\n<p>Analyzing our financial responsibilities and planning ways\u00a0to pay for expenses can help reduce stress. The first steps are identifying common college expenses and financial resources and exploring strategies for creating and reaching financial goals.<\/p>\n<h1>The Cost of College<\/h1>\n<p>Usually, when people hear the words <em>college costs<\/em>, they think of tuition and room and board. Unfortunately, those costs are only part of the picture. The real cost of college includes a much wider list of expenses, such as the ones below:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Tuition<\/strong>: Tuition includes the cost of attending classes which varies by school and depends on how many courses and credits a\u00a0student takes.<\/li>\n<li style=\"font-weight: 400;\"><strong>Other institution-related fees<\/strong>: Most colleges also charge fees that cover student services such as the library, athletics, labs, and\u00a0campus maintenance.<\/li>\n<li style=\"font-weight: 400;\"><strong>Room and board<\/strong>: Should you transfer after graduating from WCC and live on campus at your next college, room and board fees will factor into your overall cost. Room and board fees include the cost for housing and meals (usually on campus). These\u00a0vary by school and region.\u00a0Students living off campus and not living at home will have to think about paying rent. Whether living off campus or in a dorm room, the purchase of household items like furniture and kitchen appliances may also be necessary expenses.<\/li>\n<li style=\"font-weight: 400;\"><strong>Books and supplies<\/strong>: Most students need to purchase books during their college career. They also need to pay for basic school supplies and equipment (backpack, folders, pens, for example). While supply costs can certainly add up, textbooks are usually a big expense for college students. Some WCC courses like First-Year Seminar use Open Educational Resources (OER) to reduce textbook costs. Other cost savings ideas include buying electronic books, renting books, and shopping around for the best prices on books and supplies.<\/li>\n<li style=\"font-weight: 400;\"><strong>Transportation<\/strong>: Students may\u00a0also have vehicles that need gas and routine maintenance, or they may\u00a0need to purchase passes for public transportation.<\/li>\n<li style=\"font-weight: 400;\"><strong>Personal needs and entertainment<\/strong>: Students will need to pay for personal items such as clothing and toiletries. They will also want to spend some money on recreational activities and going out with friends.<\/li>\n<\/ul>\n<h1>Financial Resources<\/h1>\n<p>Paying for college is a big challenge, but the following financial\u00a0resources can help:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Jobs<\/strong>: Full-time students may\u00a0find part-time work on or off campus, while part-time students may\u00a0work during the day and then take evening classes. Students can also talk to the Fiancial Aid Office about work-study opportunities, which allow students to receive money for completing work related to their studies.<\/li>\n<li style=\"font-weight: 400;\"><strong>Federal Financial Aid Programs<\/strong>: The Free Application for Federal Student Aid (FAFSA), available <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">here<\/a>,\u00a0requires\u00a0students to answer questions regarding their background and personal finances in order to find out how much financial assistance they might qualify for. The\u00a0financial assistance comes in the form of government loans, grants, work study, or scholarships.<\/li>\n<li><strong>New York State Financial Aid Programs<\/strong>:\u00a0The New York State Tuition Assistance Program (TAP) is a financial aid grant for students meeting residence, income, academic, or other requirements, as established by state law. The New York State Aid for Part-Time Study (APTS) program is a financial aid grant for part-time students meeting residence, income, academic, or other requirements as established by state law.<\/li>\n<li><strong>Grants and scholarships<\/strong>: Students can apply for grants and scholarships through their institutions, local businesses, or online organizations. Scholarships may\u00a0be awarded on the basis of\u00a0merit (grades, achievements, volunteer work, and so on), financial need\u00a0(economic status), or some other set of criteria\u00a0(achievements or ethnic background, for instance). Grants and scholarships do not need to be paid back.<\/li>\n<li><strong>Loans<\/strong>: Students can apply for federal loans or personal loans through banks. Unlike grants and scholarships, loans accrue interest and eventually need to be paid back.<\/li>\n<\/ul>\n<h1>Applying for Financial Aid<\/h1>\n<p>Applying for financial aid requires planning and organization. Below\u00a0are steps you can take to increase your\u00a0chances of getting help paying for college:<\/p>\n<h2>Complete the Free Application for Financial Student Aid (FAFSA)<\/h2>\n<p>This free application asks students questions about their background, personal finances, and college. It also provides\u00a0information about what loans and other types of aid for which students might be eligible. Many students may\u00a0be unaware of factors that affect\u00a0how much financial assistance eligibility, such as changes to their parents&#8217; income, the student&#8217;s job status, or having a sibling start college. All students need to fill out a new <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">FAFSA <\/a>application annually.<\/p>\n<h2>Complete the New York State Student Aid Application<\/h2>\n<p>When you complete your FAFSA online, you\u2019ll be given a link on the FAFSA website to complete the NYS Express TAP Application (ETA). If you fill out a paper FAFSA, you\u2019ll be sent your ETA by mail. You can get a paper application at one of the WCC Financial Aid Offices.<\/p>\n<p><strong>Make Sure the Information Is Accurate:\u00a0<\/strong>Failure to provide accurate numbers can mean that you may not qualify for all the financial assistance for which you&#8217;re eligible. Before you fill out the federal or state financial aid forms, be sure you have collected all the important information you&#8217;ll need and that you keep that information in a conveniently accessible place. This necessary information includes your (and your parents&#8217;) tax forms, social security numbers, and income statements.\u00a0The <a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\">U.S. Department of Education&#8217;s Site for Federal Student Aid <\/a>has more tips on how to effectively fill out your FAFSA application.<\/p>\n<h2>Apply for Scholarships<\/h2>\n<p><strong>WCC Scholarships:\u00a0<\/strong>It\u2019s easy to apply for dozens of scholarships through\u00a0<a href=\"https:\/\/www.sunywcc.edu\/admissions\/finaid\/scholarships\/\">WCC Scholarships<\/a>\u00a0online. Many of these scholarships are funded by generous alumni who were once in your shoes. Once you sign in, complete and submit the online application and provide supporting materials, and you\u2019ll automatically be matched to scholarship opportunities that are appropriate for your unique situation.<\/p>\n<p><b>Private\u00a0Scholarships:\u00a0<\/b>Check to see if your employer, place of worship, clubs, or volunteer organizations have any grant or scholarship opportunities. Many businesses, civic organizations, and other groups offer scholarships. You\u2019ll need to research and apply for them on your own, but it\u2019s well worth your effort. Here are some additional places to look into for scholarship opportunities:<\/p>\n<div id=\"c15571\" class=\"csc-default\">\n<ul>\n<li>Online\n<ul>\n<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/www.fastweb.com\/college-scholarships\" target=\"_blank\" rel=\"noopener\">Fastweb<\/a><\/li>\n<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/bigfuture.collegeboard.org\/scholarship-search\" target=\"_blank\" rel=\"noopener\">College Board<\/a><\/li>\n<li><a href=\"https:\/\/www.collegenet.com\/\">CollegeNET<\/a><\/li>\n<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/www.finaid.org\/scholarships\/\" target=\"_blank\" rel=\"noopener\">FinAid<\/a><\/li>\n<li><a href=\"https:\/\/www.careeronestop.org\/\">Careeronestop<\/a><\/li>\n<li><a href=\"http:\/\/www.collegescholarships.org\">CollegeScholarships.org<\/a><\/li>\n<li><a href=\"https:\/\/www.petersons.com\/college-search.aspx\">Peterson&#8217;s College Search<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<div id=\"c11881\" class=\"csc-default\">\n<div class=\"csc-header csc-header-n9\">\n<p><b>Government<\/b><strong>\u00a0Scholarships:\u00a0<\/strong><\/p>\n<\/div>\n<ul>\n<li><a href=\"https:\/\/www.sunywcc.edu\/admissions\/finaid\/excelsior-scholarship\/\">NYS Excelsior Scholarship<\/a><\/li>\n<li><a class=\"external-link-new-window external\" title=\"Opens external link in new window\" href=\"http:\/\/todaysmilitary.com\/training\/rotc\" target=\"_blank\" rel=\"noopener\">Reserve Officers Training Corps (ROTC)<\/a><\/li>\n<\/ul>\n<\/div>\n<h3>Write Strong Essays<\/h3>\n<p>Many\u00a0scholarship applications will have\u00a0an essay component. You can\u00a0assume that the other students applying for a particular scholarship also\u00a0meet the basic requirements (a certain GPA or above, specific demographic criteria, <em>etc<\/em>.), so it isn&#8217;t enough to just have good grades or be &#8220;eligible&#8221; for a scholarship. Often it&#8217;s the essay that can\u00a0really set you apart. Make sure you are answering what is being asked, and take the time to write multiple drafts with family, friends, or teachers providing feedback.<\/p>\n<h3>Check Due Dates<\/h3>\n<p>Whether you\u2019re filling out the Free Application for Student Aid (FAFSA), applying for state aid, or seeking out scholarships, most organizations will have deadlines. These deadlines ensure that if you are eligible, you will receive your financial assistance in time for the upcoming school year. If other people are helping you with your application\u2014for example, teachers writing letters of recommendation for you\u2014be sure to inform them of the deadlines and give them plenty of notice.<\/p>\n<h1>Setting Financial Goals<\/h1>\n<p>Setting financial goals for yourself is one of the best ways to track and manage your expenses. The following strategies can help:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Create SMART goals<\/strong>: As mentioned in the goals chapter, <em>SMART<\/em> stands for <em>specific, measurable, attainable, realistic<\/em>, and <em>timely<\/em>. These kinds\u00a0of goals are more manageable\u00a0and can\u00a0help you reach your final\u00a0targets more easily. For example, instead of setting a\u00a0broad, vague goal of &#8220;paying for college,&#8221; you might set a goal of paying off your two college loans five years after you graduate. This more specific and\u00a0measurable goal can\u00a0help you keep track of your progress and whether you need to make changes to reach it.<\/li>\n<li style=\"font-weight: 400;\"><strong>Monitor your spending<\/strong>: Try keeping track of what you spend money on during a one-month period.\u00a0This can\u00a0help you see where your money goes and where you may be able to save.<\/li>\n<li style=\"font-weight: 400;\"><strong>Create a budget<\/strong>: Based on what you discovered after monitoring your spending, create a monthly budget you can stick to. While some expenses, such as food and transportation,\u00a0are necessary, you may\u00a0find that you can save money\u00a0on both by riding a\u00a0bike or carpooling instead of driving to school and eating out less.<\/li>\n<li style=\"font-weight: 400;\"><strong>Consider working<\/strong>: Some students have full-time jobs while attending\u00a0college, whereas others may not have a lot of time to work if they&#8217;re taking a full academic load. Depending on your circumstances, it&#8217;s worth looking into employment opportunities both on and off campus. Even if you feel like only a couple hours of work per week are possible, it\u00a0could help you pay for something like books so you have one less thing to worry about when\u00a0you graduate.<\/li>\n<li style=\"font-weight: 400;\"><strong>Choose loans wisely<\/strong>: Many college students need some sort of financial support through loans. While loans are a good way to pay for tuition up front if\u00a0you don&#8217;t have\u00a0the money, remember that\u00a0they\u00a0accrue interest until you pay them off. That means that you will end up paying back more\u2014in some cases, thousands of dollars more\u2014than you initially borrowed. Make sure you investigate and apply for as many scholarships and grants as you can since they won&#8217;t need to be repaid, and shop around for the loans with the lowest interest rates and best repayment plans. If you are offered a loan, be absolutely sure you need the entire amount before accepting that loan. You do not need to accept a loan even if it is offered to you.<\/li>\n<li><strong>Saving and Planning<\/strong>: In the next section we will explore budgeting and other components\u00a0of financial wellness.<\/li>\n<\/ul>\n<p>Take some of the above steps to begin creating financial goals for college, and remember it\u2019s important to be aware of the costs of college and all the possible resources available so you can meet those expenses and set the financial goals that are right for you.<\/p>\n<div class=\"textbox examples\">\n<h3>Personal Spending Habits<\/h3>\n<ul>\n<li>Review your financial aid award letter.<\/li>\n<li style=\"font-weight: 400;\">Research the college you attend and identify expenses.<\/li>\n<li style=\"font-weight: 400;\">Review resources in the \u201cFinancial Resources\u201d section above that may\u00a0help you pay for college.<\/li>\n<li style=\"font-weight: 400;\">Fill out the following table. Be sure to include at least four items under \u201cCollege Expense.\u201d<\/li>\n<\/ul>\n<div>\n<table>\n<tbody>\n<tr>\n<th style=\"width: 25%;\">College Expense<\/th>\n<th style=\"width: 25%;\">Estimated Cost<\/th>\n<th style=\"width: 25%;\">Payment Plan Ideas<\/th>\n<\/tr>\n<tr>\n<td style=\"height: 45px;\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td style=\"height: 45px;\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td style=\"height: 45px;\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td style=\"height: 45px;\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td style=\"height: 45px;\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-177\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Personal Finance. <strong>Authored by<\/strong>: Jolene Carr. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Image of man at Student Loans desk. <strong>Authored by<\/strong>: COD Newsroom. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/flic.kr\/p\/s6xruC\">https:\/\/flic.kr\/p\/s6xruC<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Financial Success Journal. <strong>Authored by<\/strong>: Ronda Dorsey Neugebauer. <strong>Provided by<\/strong>: Chadron State College. <strong>Project<\/strong>: Kaleidoscope Open Course Initiative. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Photo of hand with coins and seedling. <strong>Authored by<\/strong>: Pictures of Money . <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/pictures-of-money\/17123254699\/in\/photolist-s68a4i-2h7MDFB-2h7Pjnf-9C9vCS-dAo4GF-5nR6et-4Tapdw-6zbaEG-2h5vMXe-8F1eDH-2hbCvmT-2hbDmXY-dAt4j3-9VE8JS-25ZCyVd-JsDssF-brd1ja-8Qz52k-J36EE-iq3C81-292EhWs-dqudCD-LqehY-7LrEXQ-6ZHjpA-7VJiFA-8mYPwg-Ww2QXC-2ftz9mg-5LDsTX-aBp1JW-2h6uECw-2gSQhtD-2h6uEAh-W8zjTA-PL1bLw-2cpbeYB-81JzpW-8SobDE-SZJ96G-2fpenGu-2ei45is-9i5Y9a-7E4NY4-2h8zruj-81JzLb-4Qb1fv-SGtUih-CihKhL-a1TrpD\">https:\/\/www.flickr.com\/photos\/pictures-of-money\/17123254699\/in\/photolist-s68a4i-2h7MDFB-2h7Pjnf-9C9vCS-dAo4GF-5nR6et-4Tapdw-6zbaEG-2h5vMXe-8F1eDH-2hbCvmT-2hbDmXY-dAt4j3-9VE8JS-25ZCyVd-JsDssF-brd1ja-8Qz52k-J36EE-iq3C81-292EhWs-dqudCD-LqehY-7LrEXQ-6ZHjpA-7VJiFA-8mYPwg-Ww2QXC-2ftz9mg-5LDsTX-aBp1JW-2h6uECw-2gSQhtD-2h6uEAh-W8zjTA-PL1bLw-2cpbeYB-81JzpW-8SobDE-SZJ96G-2fpenGu-2ei45is-9i5Y9a-7E4NY4-2h8zruj-81JzLb-4Qb1fv-SGtUih-CihKhL-a1TrpD<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-sa\/4.0\/\">CC BY-NC-SA: Attribution-NonCommercial-ShareAlike<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>What is the Price of College?. <strong>Authored by<\/strong>: Ed NCES. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/lbp2LoE1WdU\">https:\/\/youtu.be\/lbp2LoE1WdU<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":311,"menu_order":1,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Image of man at Student Loans desk\",\"author\":\"COD 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