Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.
The Higher Education Opportunity Act (sections 1041 and 1042) requires the Secretary of the Treasury in consultation with the Secretary of Education and other agencies to enhance financial literacy among postsecondary students through developing initiatives, programs and curricula that improve student awareness of short- and long-term costs associated with student loans and other debts and assisting 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.
- Managing Your Money - 9 Tips to Achieving Financial Wellness
- Budget Worksheet
- Strategies to Save Money
- Set Your Financial Goals
- Credit Card Tips
- How to Avoid Identity Theft
General Financial Literacy Resources
- www.saltmoney.org/cmu - SALT is an online financial literacy program designed to help students and alumni easily manage their money and student loans. Carnegie Mellon is committed to enhancing students' financial literacy and has partnered with American Student Assistance, a nonprofit organization, to offer this free service.
- www.CashCourse.org - CashCourse.org serves as a great resource for students as it speaks to many of the common financial pitfalls they may be encountering during their college years.
- 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.myfico.com - Get the details on your FICO score, understand positive and negative influences, how to monitor it and full access to customer support. View more information about FICO scores.
- www.MyMoney.gov - This is the U.S. government's website dedicated to teaching all Americans the basics about financial education.
- Exploring Approaches to Financial Literacy Counseling
- Information about credit scores and credit reports
- Fixed or Variable Interest Rates - How do you choose?
- PLUS Loans for Parents vs. Private Loans
- PLUS Loans for Graduate Students vs. Private Loans
- Student Loan Repayment Options
- Student Loan Consolidation
- Public Service Loan Forgiveness
- Trouble Making Payments? - Explore deferment or forbearance options
- How to Avoid Delinquency and Default on Your Student Loan
- Financial Awareness Counseling Tool (FACT) - The U.S. Department of Education released this new tool to help students manage their debit. 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.
- Understanding Student Loan Default
For questions about financial literacy at CMU, please contact Mike Ulicny, Assistant Director of Enrollment Services.