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April 01, 2010
Financial Literacy Month
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In a tough economy, it's important not just to be frugal, but to be financially literate, too. Financial literacy refers to your ability to make informed judgments and effective decisions about the use and management of your money.
Since April is Financial Literacy Month, now is the perfect time to improve your financial knowledge.
What Is Financial Literacy Month?
Designated by Congress, Financial Literacy Month is an annual initiative focused on educating the public about savings, credit, investments, mortgages, and everything in between. Federal and state governments, schools, businesses, and nonprofit organizations organize programs and activities highlighting financial literacy and education.
American Student Assistance® (ASA) is committed to helping you learn more about one financial literacy topic in particular—your federal student loans. This month, you’ll find articles on:
- Changes in the student loan industry and what they mean for you, the borrower.
- Understanding your financial aid award letter and taking on student loan debt.
- Opening and understanding a checking account.
ASA is here to provide guidance during Financial Literacy Month and throughout the rest of the year as well. Get started on the road to financial wellness.
Find out more about financial literacy month in this letter from President Barack Obama (pdf, 0.01 MB).
5 Things You May Not Know About Your Student Loans
- You can lower your payments. There are several repayment options available to federal student loan borrowers. If you’re having trouble making your monthly loan payments, investigate other options.
- You can postpone your payments. If you are facing temporary financial hardship, like job loss, you may be able to postpone your monthly loan payments.
- You may deduct student loan interest. Even if you take the standard deduction when you file your taxes, you may still be eligible to deduct interest paid on your federal student loans.
- You may qualify for loan forgiveness. If you work in certain public service jobs, you might qualify to have all or some of your federal student loans forgiven.
- Your loans may be discharged. In certain circumstances, such as if you are totally and permanently disabled, you might be eligible to have your student loan debt discharged.
