Development of positive financial habits is essential for all students, not just those who borrow student loans. Debt management, understanding your credit, proper budgeting, investing, and wise saving techniques are all part of financial literacy. While student loans certainly play a big role in financial planning for many of our students, all TUSDM students will benefit from a review of basic financial literacy topics.
Setting up a budget to manage your monthly expenses is an effective way to stay on track with your spending. An established budget will help you project and adjust your costs to make sure you have enough funds to last you through the end of the academic year. This video explains why building a budget is so important.
- Building a Budget
- Solutions for Overspending
- Student Loans and Your Budget
- Saving While in School (Coming Soon)
Taking out a loan is a financial decision that can have a great impact for years to come. Having a clear understanding of the loan types and amounts that you have taken, and the responsibilities associated with borrowing, will help you make better financial decisions.
A basic understanding of credit, credit products, and wise borrowing strategies is an essential component of financial literacy.
Identity theft occurs when a person uses your personal information to commit fraud. By using your name, date of birth, and social security number, a person can not only access all of your information but can open new lines of credit or accounts- including student loans!
- Common Types of Scams
- What to Do if Your Identity Is Stolen (Coming Soon)
Want to know more about all-things financial? Review the free resources linked below for even more information:
- @TuftsFinAid – Follow us on Twitter! Regular posts about financial topics relevant to our students, including important dates & deadlines, changes to the federal student aid program, and interesting developments in the dental world.
- Federal Student Aid Website – Learn more about the Federal loans including information about interest rates, origination fees, loan repayment, deferment, forgiveness, and consolidation. Track your Federal loans, interest accrued, and the loan servicer managing your loans.
- AAMC/ADEA Dental Loan Organizer & Calculator (DLOC) – Excellent student loan calculator/organizer developed specifically for dental students. Upload your loan information directly from the National Student Loan Data System (NSLDS)
- Annual Credit Report – Access and review your credit report from each of the three major credit reporting bureaus in the U.S. This website is authorized by federal law and is the only truly free means of accessing your credit history.
- Financial Literacy Resource Directory – Published by the U.S. Department of the Treasury. Includes links to federal & private financial literacy resources that cover a wide range of topics, from student loans to saving for retirement and more!
- 360degrees of Financial Literacy – Excellent resource created by the American Institute of CPA’s. Incudes access to topics such as recent related legislation, investing, owning a business, and much more.
- Find a Certified Financial Planner – Want expert help? This free search engine will help you locate CFP’s in your area. Speaking with a financial planner is highly recommended for graduating students.
- Consumer Financial Protection Bureau – Learn more about money and effective money management strategies.
- IdentityTheft.gov – Report actual or suspected identity theft, recover from having your identity stolen, and learn how to protect yourself.
- MyMoney.gov – Federal website focused on the five basic tenets of financial literacy: earning an income, borrowing credit, saving and investing, wise spending, and protecting your finances.
- Mint.com – Free and easy to use budgeting tool that helps you track your income, expenses, bill payments, and more.