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Financial Literacy & Capabilities Houston Community College Financial Literacy and Capabilities Prosper Chapter 4
Paying for College Houston Community College Financial Literacy and Capabilities Module pt. 2
Paying for College Have you ever asked these questions? ? How will I pay? ? How much will it cost? ? How much financial aid can I receive?
The Cost of Education Did you know?
Types of Aid pg. 254 Loans Must be repaid with interest 6 months after graduating. Subsidized- do not accrue interest while in school Unsubsidized accrue interest while in school. Grants Scholarships Money you do not have to repay, usually need based and firstcome basis. Acquired from public and private sources does not have to be repaid. Work Study Money earned while working on campus, does not have to be repaid.
Are you Eligible for Federal Aid?
The FAFSA Complete the FAFSA to begin the financial aid process (fafsa. ed. gov).
Your Financial Aid is Determined by
The Financial Aid Process Complete the FAFSA The Govt. processes Student Aid Report Created Sent to you and your college Your college creates a financial award You accept Funds are applied
Pay Off As Quickly As Possible!
Repay Your Loans!
Access the Financial Aid Department
Smart Credit Houston Community College Financial Literacy and Capabilities Module pt. 3
What is a Credit Card?
Credit Cards • Are money • back. you have to pay • They can help pay • necessities and • emergencies. for • They can help you • your credit history. establish
Tips for Managing Credit Cards
Your Credit History is Credit Report + Credit Score= Credit History
What Does Your Credit Score Say?
The Impact of Your FICO Score on Home Buying Pg. 259 Fico Score Range (Best to Worst) Average Interest Rate Estimated Monthly Payment Estimated Total Interest 760 -850 5. 78% $879. 00 $166, 440 700 -759 6. 00% $900. 00 $174, 000 660 -699 6. 28% $927. 00 $183, 720 620 -659 7. 09% $1008. 00 $212, 880 580 -619 8. 58% $1162. 00 $268, 320 500 -579 9. 49% $1261. 00 $303, 960
Ways to Improve Your Credit Score
Budgeting Houston Community College Financial Literacy and Capabilities Module pt. 4
Assets vs. Liabilities Calculate your net worth Assets- liabilities= net worth (wealth)
Texas Benefit Bank
Creating a Budget? Budgets help you save money and understand where your money is going.
Budget & Savings Activity After creating your budget
Financial Literacy & Capabilities Survey