Financial Aid Literacy
Financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills to assist students in understanding the basics of money management in order to provide them with the knowledge and tools so that they can plan and achieve their financial goals.
The Higher Education Opportunity Act requires the Secretary of the Treasury in consultation with the Secretary of Education and other agencies to enhance financial literacy among students and improve student awareness of short- and long-term costs associated with student loans and other debts and assist students in navigating the financial aid process.
The following information is available to help educate our students and families and assist them in making informed decisions to reach their financial goals.
Direct Loan Counseling and Repayment Education
General Financial Literacy Resources
- www.mappingyourfuture.org - Mapping Your Future is a free resource for career, college, financial aid, and money management information. The goal is to help individuals achieve life-long success by empowering students, families, and schools with web-based information and services.
- www.youcandealwithit.com - YouCanDealWithIt.com provides practical advice about paying for college and managing your debt.
- www.nslds.ed.gov/nslds_SA - NSLDS is a helpful resource in federal student loan management, as it allows students to view a summary of all of their federal student loans, as well as the contact information for the holder(s) and servicer(s) of their loans.
- www.annualcreditreport.com - Students should request a free annual credit report. This will allow you to pull your credit report from all three credit reporting bureaus.
- www.MyMoney.gov - This is the U.S. government's website dedicated to teaching all Americans the basics about financial education.
- www.smartaboutmoney.org - Smartaboutmoney.org provides financial information in an easy to understand fashion.
- www.cashcourse.org - This is a free money management website dedicated to students taking charge of their finances.
- Financial Awareness Counseling Tool (FACT) - The U.S. Department of Education released this new tool to help students manage their debt. It aims to provide students with basic financial management information, such as their current loan debt and estimates of debt levels when interest accrues after graduation. The tool provides students with five interactive tutorials on topics including managing a budget and avoiding default. Students can also access their individual loan history and receive personalized feedback. NOTE: This tool is NOT your Federal Direct Loan Entrance Counseling requirement.
*For questions about financial literacy at Aultman College, please contact [email protected].