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January 24, 2010
Take Charge of Your Finances
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The new year is here and with it comes a new chance to take charge of your finances. Let American Student Assistance® (ASA) get you started.
Whether you’re entering school, a current student, or already graduated, following these 5 tips can help ensure your financial wellness.
1. Get a hold of your spending.
- If you overspent during the holidays, come up with a plan to pay off your debt.
- Start by identifying where your money is going—and seeing where you can save.
- You can do this with an interactive budget worksheet or a budget calculator.
2. Get your credit report.
- Your credit affects the rates you’ll get on car loans, mortgages, and more
- Each year, you can receive a free credit report from each major consumer reporting agency—Experian, TransUnion, and Equifax—through Annual Credit Report.
- Request your first report for the year, and then request a report every 4 months to stay on top of your credit.
- Learn more about why having good credit matters.
3. Get all your loan information in one place.
- If you have student loans, keep tabs on them through the National Student Loan Data System for Students (NSLDS).
- NSLDSSM is the U.S. Department of Education’s central database for federal student aid records. It includes details on all your federal student loans.
- Avoid making late payments by knowing how many loans you have and when you need to start repaying them.
4. Get all the federal aid you’re eligible for.
- If you’re in school or about to enroll, fill out the Free Application for Federal Student Aid (FAFSA).
- You can fill out the FAFSA starting January 1 for the academic year beginning the following September.
- Your FAFSA allows schools to determine the financial aid packages they can offer you.
- Find out more about how the FAFSA fits in to the financial aid process.
5. Get money you don’t have to repay.
- Learn about the different types of financial aid.
- Track the deadlines for state grants and learn about federal grants, like the Pell grant.
- Find out if you’re eligible for any scholarships by searching Fastweb® and The Scholarship Page™.
