Contact Us
Loan Information Center
800.999.9080
617.728.4200, option 1
Mon – Fri: 8:30 a.m. – 6:00 p.m.
Please note: All times Eastern.
March 04, 2010
Financial Spring Cleaning
E-mail
Print
Share
With spring around the corner, it’s time to dust, sweep, and organize. Housecleaning may not be your favorite thing, but one aspect of spring cleaning is easier than you’d think—getting your finances in order. No matter what your situation, we can help you get your financial spring cleaning started.
Applying for College
- How much will it cost? Keep the following in mind as you begin to decode award letters:
- How much total financial aid you have been awarded.
- How much of this aid has to be repaid (loans) vs. how much does not have to be repaid (grants, scholarships, work study, etc.)
- How much will you or your family have to pay out-of-pocket or through private funding sources.
Leaving College
- Find out about your exit interview. You will participate in an exit interview before leaving school,. During this mandatory session provided by your school, you will learn how much you owe, projected monthly payments, where to make payments, different payment options, etc. If you have any questions about the exit interview be sure to talk to your financial aid advisor.
- Check the status of your federal student loans. You can find out how much you owe and who holds your loans with the U.S. Department of Education’s National Student Loan Data System.
Making Your Job Work for You
- Take advantage of education assistance benefits. Save some money by seeing if your employer offers any education assistance benefits for undergraduate or graduate courses. Employers can offer up to $5,250 toward tuition, fees, books, supplies, or equipment.
- Find out about student loan reimbursement. Some employers will give you money toward student loans you already have—up to $2,400 a year. You might be able to choose this option instead of tuition reimbursement.
- Roll over your 401K. If you’re leaving or changing jobs, look into rolling over your 401(k). The 401(k) rollover allows you to transfer your existing retirement account into another retirement account without being subject to unnecessary taxes or withdrawal penalties.
Organizing Your Finances
- Get on top of managing your credit. There are 3 major consumer reporting agencies in the United States—Experian, Equifax, and TransUnion. You are entitled to one free credit report from each agency per year.
- Create a budget. Budgeting is the only way to know exactly where your money is going. Cut through the myths about budgeting and get started by downloading an interactive budget worksheet (pdf, 0.42 MB) and using our budget calculator.
Spring is a great time for a fresh start. Make a list and kick-start your financial spring cleaning plan!
