Financial Literacy Resources

MCM Financial Literacy Information

One of the primary goal of S3C is to ensure that STEM students are equipped with information on topics that will lead to financial literacy and autonomy when managing their personal finances. Topics include, but are certainly not limited to, paying for college, budgeting, savings and personal credit, and Loan Management.


Budgeting:

Budget creation is an integral part of financial management. Budgets help you track your bills and living expenses, pay off your loans, and save money for your future. The most effective budgets are a detailed comparison of income for a specific time period versus expenses for that same time period. Budgets allow you to see and take control of your finances and consider your financial future.


Personal Credit:

In its most common definition, credit refers to an agreement to purchase a product or service with the express intent to pay for it at a later date. Credit can also refer to the amount of money a consumer has at their disposal to borrow - sometimes referred to as creditworthiness. It is important to maintain good credit so that you can qualify for mortgages, car loans, and credit cards. In fact, employers will sometimes check credit scores when doing background checks and security clearance checks for certain jobs.


Loan Management


Student loans can be a big undertaking. If not well managed, student loans can end up having a significant impact on your financial wellbeing for many years. As you think about borrowing student loans, it is important to collect certain information to consider prior to taking loans and to help with loan management while in school and after:

1. Know your award amount. Your Award amount will include all scholarships, grants, subsidized and unsubsidized loans that you have been awarded as a result of your FAFSA.


2. Know if there will be cost above your award amount that will be needed to meet the full cost of attending the university for the year (housing, meal plans, books, fees, etc.) Make sure you know how much that will be and if you will be making a payment plan to pay the difference out of pocket or if you will be taking a private loan.


3. Know your interest rates. Government loans will always have a much lower interest rate than any private or “Parent Plus” loan you may take. Stay aware of the interest rate for each loan you take and if they are variable rate loans.


4. Understand your loan terms and know your repayment options. Understanding the loan repayment periods, options for consolidation, and know your deferment options before you need it will allow you to plan well and be financially prepared.


5. Keep track of how much you have borrowed in loans each year. Your award amounts may change from year to year, depending on your FAFSA information. Keeping track of the total amount as you go will help you to keep the total as manageable as possible.


6. Know your student loan servicer and how to contact them/log in.

Loan Management Resources:

*For McMurry University’s Cost and Award Schedule, please visit: