Your education from the University of Redlands will be one of the most important investments you make. Student Financial Services provides resources to students that will help you achieve financial wellness now and in the future. We want you to be able to understand and analyze your finances, and make informed decisions now that will benefit you in the years to come.
1. Create a budget.
A budget is an important aspect of financial wellness, as this allows you to see where your money is being spent, and compare that to how much money is coming in. Once you determine your budget, you can set financial goals and use your budget to keep you accountable.
- This may seem like a daunting task, but you can use this worksheet to estimate your income and expenses.
- Track your income and spending for a month or two, and compare this to your estimated budget. This may be an eye opener to see where your money is actually being spent.
- After seeing where your money is being spent, you can create a revised budget and see where you may want to make some adjustments. Use this list to help identify ways to save.
- Set financial goals! Use your budget worksheet to set short term and long term financial goals. Make sure you "pay yourself first" by setting aside a portion for savings!
- Continue tracking your expenses, because that is a great way to keep on track financially. Remember, you can always adjust your budget if needed, and set new goals.
Are you interested in an app to help you create track your spending? Read this New York Times article for some insight.
To estimate what your income will look like in your future career, use the resources below:
NACE Salary Calculator
2. Know what you are borrowing.
- When you receive your award letter, remember to take advantage of "free money" options. This would include scholarships, grants, and talent awards. Next, you will want to consider a work award, if you have been awarded work study. Lastly, you would want to accept loans. Loans are funds that you will have to pay back, with interest and possibly fees.
- If you receive a refund check from the University of Redlands, and you do not need the funds, you can void and return the check, and email firstname.lastname@example.org to reduce your loans to cover your balance. We will return the excess funds to the lender. Just because you receive a refund check, do not be misled and think that is "free money". In some cases, those excess funds are from your loans and accruing interest!
- If you or your parents are willing to pay a portion of your tuition while in school, look into our payment plan option. You can reduce the amount that you borrow by setting up a payment plan for whatever amount you are able to afford.
- You can log onto nslds.ed.gov to view the loans you have borrowed, and begin to estimate your payments once you enter repayment.
- Explore the various loan options, and keep the interest rates and fees in mind when choosing which loan is best for you.
3. Understand your repayment options.
- If you are graduating with student loan debt, you should know there are many repayment options available. Please see our Loan Repayment page for more detailed information.
- If possible, make payments towards the interest while in school and in your grace period before capitalization occurs.
- Know that you can change your repayment plan at any time by contacting your loan servicer.