How UT Tyler Can Help Students Better Understand Their Finances

In my last blog entry, I noted that one of the largest hurdles for undergraduates in their first year of college life is the ability to retain financial support to continue their academic career. In fact, it is the leading cause of low retention rates for colleges and universities in the United States. While a large portion of this issue is based on socioeconomic status, a large amount of relief for this problem can come from having a better understanding of one's finances. Whether it is being able to pay for one's tuition, or just being able to make rent payments on a monthly basis, it is no surprise that undergraduate students could always use more assistance with financial solvency.

New strides are being made with colleges and universities nationwide to alleviate the stresses that come with dealing with a student's personal finances. Many colleges have started financial literacy programs in recent years, some even making these courses and programs a requirement to enroll for classes for subsequent semesters. These programs are necessary based on the average knowledge that undergraduate students have about personal finance--concepts such as budgeting, saving, compound interest, and even check-writing are becoming more unknown for these students. Rather than wasting money on a regular basis on luxuries such as video games, furnishings, alcohol, etc., students can learn how to better save their money to have an easier time making their required payments.

UT Tyler can adopt a framework similar to that of Ohio State University, who are currently in the process of making all students complete a financial-education program during their second year at the school. The mandate requires students to review online material, as well as meet one-on-one with a student financial adviser. These volunteer advisers are trained to spend time with students to help them understand their current financial situation, establish goals for the short and long term, and develop sustainable financial habits and responsibilities. The overall goal is to better inform students as to how they can better their financial responsibility, and make college life easier and more sustainable.

While UT Tyler has the ability to boast an extremely affordable tuition rate that is well below the state median for public university tuition, financial woes for some students still exist. The responsibility for financial stability and success does not have to fall solely on the student--our university can make large strides as well. Until then, there is a litany of resources that can be utilized, both in person as well as on the internet. FAFSA has a large information basis for students applying for financial aid, and UT Tyler provides financial aid advising for its students who require more information. Check it out before your next rent check is due!

Patriot Days: Life After Graduation!

     The University of Texas at Tyler Student Money Management held a workshop along with Career services and Financial aid today at the University Center Ballroom at 12:30. The workshop focused on providing students with tips and resources that will get them prepared for life after graduating college. Have you thought about what you will do after you graduate?

UT Tyler FAFSA workshop!

Have you been making sure you turn in a FAFSA every year? If not, you may be losing valuable financial aid from the University of Texas at Tyler! Not sure how to fill one out? No problem! UT Tyler is holding a workshop to help you out!

New Legislation Promotes Open-Access Textbooks for College Students

Senators Durbin (left) and Franken (middle)

On November 14^th, a bill was introduced in the U.S. Senate that would encourage the creation and utilization of free online textbooks for college students.  Senators Richard J. Durbin (D-IL) and Al Franken (D-MN) introduced the bill, called the Affordable College Textbook Act, as a response to a Government Accountability Office report that noted an 82 percent increase in textbook prices between 2000 and 2012.  

The bill contains a litany of improvement mechanisms for the textbook market.  It also provides the incentive for states to being experimentation with open educational resources, with the intent to decrease the cost of education for college students and high school students in dual credit courses.    If the bill passes, it will direct government funding to the creation of college textbooks and materials made free with open licenses.  These licenses allow for flexibility with how students and teachers use the books, so long as there is acknowledgment of the work’s authors.  Authors retain compensation for their work, and students have free access to their works for classes with larger enrollments.

Senator Durbin began working with the University of Illinois to secure funding for an open textbook project, the results of which created the framework for this piece of legislation.  The University identified sustainability as the topic for further work, finding that in order for this project to be a permanent part of colleges across the United States, it would require groundwork that benefits all parties involved: authors, publishers, administrations, professors, and students.  If a group does not benefit from the program, it will be a failed initiative in our colleges and universities.  Congressional policymakers will ask this question before deciding if this piece of legislation will become law in the United States.

Too expensive.

If this bill passes, it can establish an entirely new framework for how students purchase textbooks, as well as how durable they are as the student progresses with their studies.  One benefit from the program, besides financial relief, for students who take part in this program is the benefit of textbook retention.  Some textbooks directly pertain to a student’s specific major or field of study, but it is often seen as more beneficial to sell the textbook after its class use, that way other books become affordable.  This program would incentivize the use of e-books for student use, meaning that after completion, it is not cumbersome or a hassle to keep the books for future reference.  Essentially, the program allows for a better system of academic retention for the involved students.

The bill currently is in the US Senate, and if it passes, it will go to the House of Representatives for evaluation, markup, and a vote.  If successful, the legislation is sent to the President for a pass or veto.  Keep up with govtrack.com for updates on the legislative process.  

What to do with your financial aid refund

On August 16th, the financial aid award packages were added to our tuition bills. Everyone that was expecting financial aid was anxious.

If you haven't checked and made sure your myUTTyler account shows all the awards you have accepted on your account, you should do that and follow up if you think there's been an error.

Aw yiss! Payments made!

It is a wonderful sight

Beginning August 30th, any remaining aid money that didn't pay for your tuition will be refunded to you. Once you see you have extra money, a million things you could do with it will cross your mind. So what shall you do with this gift?

1. Buy a car.
If you haven't bought a car and don't live within walking distance of campus, this is your opportunity to buy a car. If you have a decent income from your part-time job, the amount from your financial aid package will be a good sum for a down payment. Shop around to make sure you have a good deal.

Take a parent or a friend you completely trust with cars and test drive different models. Ask around to find out where the best deal on car insurance is.  Remember that you're going to pay for more than just the car itself: title, inspection, registration and insurance will be an added cost. Also, gas, oil changes, tires and any kind of repairs should be expected.

If you already have a car, but are constantly having issues with it, trade it in and give an extra payment with your refund. Get something more fuel efficient, with more seats (carpool and ask your friends to help you out with gas every so often) and safer (your insurance is cheaper with a more safe vehicle than, say, a sports car) to save some money.

2. Give to a charity
Find out what it is that you want to change and find the (reputable) charity that does that. Once you donate, you get a feeling of goodwill (those warm fuzzies) and if you have a job and have to report your taxes, the donation is tax-deductible!

3. Buy a bicycle
If you live on campus or you just want to cut the time it takes you to walk between your classes and get a good workout out of it, then buy a bike.

There's tons of bikes on campus and almost every single building has a bike rack at the entrance. It improves your health, takes less time, and you won't be tempted to drive from one building to another (and waste gas in the process).

4. Save!
If you want to put your money away for a rainy day, put it into a savings account. Shop around both online and at local branches. Compare the advantages and benefits each give you.

Look at the fine print and make sure you won't be charged for things you weren't aware of. Make sure there aren't any penalties for withdrawing money because you're saving for an emergency or when your own funds fall short during the semester.

If you want to put that money away for a long time, think about putting it into a Roth IRA. It'll eventually grow (with some help from your income) into a good sum for your retirement. It's something to think about if you want your money to be put to good use and you're sure you won't need it anytime soon. We aren't going to be young forever, you know.

5. Buy an ice cream truck

If you want to be the cool kid on the block and always have a stash of ice cream, this is for you. It will be summer year-round! It's a great ice breaker and you'll be the most well known person for miles.

Okay, don't do this. I'm not telling you what to do; if you really want an ice cream truck, I can't stop you. But, seriously, don't do this. 


Christmas comes early for those of us that receive financial aid refunds and the endless opportunities that come with that refund are always a cause for celebration. Be smart with your money and remember that later in the semester, you might need it (but don't just stash it in your sock drawer).

What are you going to do with your financial aid refund? 

How To Survive and Understand Financial Aid

How To Survive and Understand Financial Aid!

   Look, between you and me and the monitor? College costs money. Buckets and buckets of money for some, or easily managed payments for others. Every school is different and not every school costs the same … but it still costs.

   Are we all still okay? Have we survived the first obstacle in this talk on Financial Aid?  Awesome!
   The biggest thing to understand about financial aid requests is that it takes time, paperwork ( sort-of ), and the patience of a saint to get through the whole process. Sometimes you will need to have access to documents and forms that you, by yourself, do not normally handle depending on your age, mainly IRS forms.

   Here I will detail the steps you’ll need to go through in about as much sense as the process can be translated. It’s not AS hard as deciphering hieroglyphs into swhaili and then into English … but its tricky all the same.

   First – Have all the records of your income that you or your parents have. Be sure to know if you are claimed by your family as a dependent! This is a HUGE deal.  You’ll need to make sure you have the official forms because you will need *very* specific information from these documents when we get to the second step.

   Second – Go to FAFSA.ed.gov  Here you will make an account, get your 4-digit PIN, and then you’ll register your current financial “status” based on your income/dependency, etc… You’ll be asked a seemingly endless series of questions pertaining to how much money you or your family have made, considerations for differing things, etc… You will be able to “register” that you want this information sent to the school of your choice so it’s understood that step is done after you’ve confirmed your offer of admission with your university.

   Third, see what your college is able to provide you. For UT Tyler the website will be https://www.uttyler.edu/financialaid/scholarships/index.php . Here you can find the numerous options you have for finding scholarships.

   Quick! Do you know the difference between a LOAN, and GRANT, and a SCHOLARSHIP? Grants and Scholarships do not have to be paid back so it’s free money ( well, kind of – some Grants/Scholarships have a dependency clause stating that to renew the funds you need to get a certain GPA, for example ) for you to use. Loans a are trickier and they will have to be paid back in time, however you have six months after graduation ( or between your last college class taken ) to start making payments.

   CAUTION: If possible, always be careful with taking out Loans for college needlessly. The temptation to just be given an extra 5-10,000 a year can really help your life out, however if you do not plan for paying this money back ( even in small 150 dollar payments a month )  they can become trouble down the road.

   The last step is to constantly check in with the Financial Aid office(s) for your college, however please be courteous to these hard working people and if they say “It will be a week before we know anything,” give them a week.

$$$$

It's that time of the year again for college students to start filing taxes and thinking about how they are going to pay for school for the following school year. Most college students will apply for FREE Application for Federal Student Aid (FAFSA). This is the application that allows students to get government funding and scholarships to pay for their education. Every time you file your FAFSA it is good for one year starting July 1 until June 30 of the following year. The funds you receive based off your FAFSA are need based. You can't file your FAFSA until you have filed your taxes because it all runs together! The FAFSA is the application that 99% of the universitys and colleges accept. There are a few that do not accept it but those schools are very rare!
The FAFSA is available online at http://www.fafsa.ed.gov/.(NOT .com, NOT .org, NOT .anything else!) There are several documents you will need to have avaliable during your filing time. You will need to have your parents information as well if they are the ones who support you.

The documents are:
1. Social Security card
2. Driver’s license (if any)
3. Permanent Resident Receipt Card (if applicable)
4. 2011 W-2 forms (if available) and other 2011 records of money earned from jobs and other sources
5. Income tax returns – use 2010 tax returns to help with estimating income earned in 2011 or use 2011 income tax returns, if available
6. Records of child support paid (if applicable)
7. Current stock, bond, and other investment records (if applicable)
8. Records of benefit information (including Social Security, veterans’ and welfare benefits).(if applicable)
9. Current business and farm records (if applicable)
10. Current bank statements (if applicable)

I know it's a lot but it is all neccesary to be able to successfully complete the process.

The priority deadline for filing your FAFSA to attend the University of Texas at Tyler is April 1. For UT-Tyler the average financial aid package is $9,062 which covers almost all of your schooling because to attend UT-Tyler and live on campus it costs about $9,927.

For any questions you may have about financial aid at UT-Tyler you can visit the Financial Aid homepage! For any FAQs about the FAFSA you can click here!

GOOD LUCK with your filings!