Recently there have been reports released regarding the importance and value of having Emergency Aid on college and university campuses. As we all work together to provide the best services for our students, please review these reports to learn what others are doing and how management of these programs can best support Texas students.
NASPA Emergency Aid: http://www.naspa.org/images/uploads/main/Emergency_Aid_Report.pdf
TICAS On the Verge – CC Student Trade Offs: http://ticas.org/sites/default/files/pub_files/on_the_verge.pdf
As many of us know, there is a lack of graduate student information available on the current federal websites dedicated to student financial aid. To address these issues, The National Association of Student Financial Aid Administrators has released the following report.
NASFAA Grad / Prof Financial Aid Report: https://www.nasfaa.org/uploads/documents/Focusing_Fed_Student_Aid_Websites_Grad_Prof_Students.pdf
The Hidden Student Loan Cost No One Talks About
"Something may be quietly increasing the total amount you owe on your student loans," USA Today reports.
"It’s called interest capitalization, and it’s rarely talked about. But you could save hundreds of dollars throughout the life of your loan — thousands, even, depending on how much you owe and your interest rate — by avoiding it.
Interest capitalization happens when your lender or servicer adds your unpaid interest to your total loan balance. It creates a snowball effect as your new, larger loan balance accrues more interest. Essentially, you end up paying interest on your interest.
Understanding what interest capitalization is and when it occurs can help you dodge it, saving you some cash. ...
There’s a simple way to avoid capitalized interest: Pay off your accrued interest before it capitalizes, either monthly as it accrues or in one lump sum. For recent graduates, that means paying down the interest that accrued while you were in school before you start repaying your loans this fall."
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
As students are getting ready to graduate and enter student loan repayment, it is important to remind them that they should NEVER have to pay someone to help reduce their student loan debt. Read more from the Consumer Financial Protection Bureau's Consumer Advisory statement.
Don't wait! Register today to network with personal finance professionals from around the state! Visit our Symposium page for all the information. Email Angela Mazzolini with any questions regarding the symposium.
The study found that money tops the list for financial stressors in Americans. For results on the study visit their website.
Austin Community College recently received a five year grant from the Department of Education to establish the Student Money Management Office. The office will offer financial education workshops to students, faculty and staff, pilot a text messaging campaign to ensure students keep up with various financial aid deadlines and requirements, and connect students to tools that help them budget and save for future expenses. The office is currently hiring a coordinator who will help with the activities of the office. Applications will only be accepted through Friday, April 22nd.
For more information, please contact Karen Serna.
Registration is now open for the 2016 TACFEP Symposium. Early Bird registration will run from March 7 to April 4, so don't wait...register today!
For more information about this year's symposium, please visit our 2016 Symposium page.
We look forward to seeing you all in Lubbock in May!
For all questions regarding the 2016 symposium, please email Angela Mazzolini.
From the Consumer Financial Protection Board Office of Financial Empowerment:
We're hiring and we'd appreciate your help spreading the word! We are looking for individuals who are passionate about providing information and tools to low-income and economically vulnerable consumers to help them navigate the financial marketplace. These positions will also support efforts to increase access to affordable financial products and services to all consumers.
You can learn more about the positions and how to apply here:
We hope you'll consider joining our team, and let others know who may be interested.