Not only does April mark the first full month of spring, but it also marks National Financial Literacy Month. Financial literacy refers to the use of skills and knowledge to make informed decisions regarding financial resources.

FINANCIAL AID OFFERS

Students interested in obtaining any form of federal or state financial aid for a given year must complete a Free Application for Federal Student Aid (FAFSA). Financial aid packages can include federal grants, state grants, scholarships, federal student loans, federal parent PLUS loans, federal graduate PLUS loans or private alternative loans.

To view individual financial aid packages, log in to your myShip student portal. Please take the time to understand the difference between the types of aid offered, but for general purposes here are the major differences.

Grants and scholarships are free money and do not require repayment. Loans are borrowed funds from either the federal government or private lenders, and require students to pay back the amount borrowed. For reference purposes, 2017–18 financial aid packages will begin to go out in late May for returning students.

MANAGING STUDENT LOAN DEBT

Have you borrowed money to pay for college? If so, do you know from which lender(s) you have borrowed?

If you cannot immediately answer either of these questions, please do yourself a favor and find out. It is the first step in understanding and eventually managing student loan debt. For information regarding federal student loans, please visit www.nslds.ed.gov and log in using your FSA user identification and password.

If you have borrowed a private alternative educational loan, obtain the name of your lender by requesting a free credit report at AnnualCreditReport.com or by asking the Financial Aid Office.

REFUNDS

In the overwhelming majority of cases, refunds are a result of over-borrowing on a loan. Over-borrowing has become a common practice used to pay for books, off-campus rent, food or travel expenses.

Please keep in mind that the money you borrow will accumulate interest, meaning the $100 you borrow today will almost certainly cost you more once you have repaid your loan. Borrow responsibly and make every effort to minimize borrowing. If you do not want or need your full refund, please return it to Student Accounts and ask to have it returned on your loan with the highest interest rate.

Financial literacy begins with education. Continue your financial literacy education by visiting the Shippensburg University website and familiarizing yourself with the billing and withdrawal policies of Shippensburg University.

For more information, try visiting the debt management area of the financial aid section and learn about loan repayment options.

Anyone with additional questions or concerns can visit the Financial Aid Office in Old Main Room 101.

Share