The Golden Path to Financial Success

If you're curious about what is happening with student loan repayment or where to get help, the Office of Financial Aid & Scholarships has a team ready and willing to assist! The student loan payment pause is extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June, 2023 — payments will resume 60 days after that. We will notify borrowers before payments restart. 

Here are some suggestions to prepare for repayment to resume:

• Update your contact information with your loan servicer and in studentaid.gov for your FSA ID.
• Review your auto-debit enrollment or sign up for the first time. To do so, log into your loan servicer’s website or contact your loan servicer directly.
• Check out the Loan Simulator to find a repayment plan that meets your needs and goals.
• Consider applying for an income-driven repayment (IDR) plan to make your payments more affordable.

Visit the Office of Financial Aid and Scholarship's loan repayment site or contact your federal loan servicer with questions and more information on how to get started making a plan that's best for you.

The courts have issued orders blocking the student debt relief program. As a result, Federal Student Aid is not currently accepting applications. If you've already applied, Federal Student Aid will hold your application. Subscribe and check back here for updates.

• Student debt relief information
• Protect yourself from scams

Thanks to several Class of 2022 UNI Presidential Scholars for creating the resource below as part of a year-long service-learning project.

Consumer.gov lays out a clear explanation of what is necessary to know for budgeting and saving. Additionally, this website provides links to information about opening a bank account, your paycheck, using debit cards and many more budgeting and saving topics.

Federal Student Aid gives advice for budgeting money. It highlights understanding the difference between needs and wants, managing a budget and expecting the unexpected.

The Consumer Financial Protection Bureau addresses the issue of getting started when creating a budget and gives readers a few basic steps to break down the process. These include simple questions such as:

• Where does my money come from?
• Where does my money go?
• What are all my bills and when are they due?

Additionally, the site gives tips for not only starting a budget but also sticking to it.

The U.S. Department of Labor (PDF) provides a thorough guide to managing one’s money and financial future. By comparing a financial journey to a fitness workout, it goes through each step to consider when preparing for one’s financial future. The end of the article also includes financial worksheets to aid in planning future savings.

These budgeting worksheets are simple tools for planning spending, saving and setting up a successful financial future.

• Monthly budget worksheet
• Budget worksheet

USA.gov describes credit cards and various terms associated with credit card usage, including annual percentage rates, periodic rates, annual fees and grace periods. There are several laws that protect credit card holders that are explained on the website as well. Lastly, this article contains information about what to do if a credit or debit card is ever lost or stolen.

Consumer.gov includes an abundance of information about finances. There are various explanations about paying off credit cards, taking out a loan, handling identity theft and understanding a credit report. In order to keep all the information organized, each topic includes three categories: What it is, What to know and What to do.

The Federal Trade Commission has outlined all of the steps to take if a credit, debit or ATM card is lost or stolen. There is also information about how much of the fraudulent charges consumers are responsible for paying in several different situations. Lastly, the website discusses tips for avoiding credit, debit or ATM card fraud.

The Federal Reserve System (PDF) discusses credit reports and credit scores. Within this document, one can find information about what credit scores and reports are used for, who can access them and what information is used to build them. Additionally, there are tips included to help dispute any incorrect information that may be found in a credit report.

USA.gov gives some tips on evaluating insurance companies and finding the best rates for coverage. It also includes instructions on how to obtain information about one’s insurance policy and how to file insurance complaints if necessary. To conclude, this link also describes a few of the federal insurance programs available to the public.

Nationwide Insurance has laid out the different types of coverages that are available within auto insurance. Each link of coverage gives a description of what events/situations are covered. If needed, the type of coverage also outlines what damage one would be responsible for, most likely a deductible.

The U.S. Small Business Administration assists individuals with questions they may have about acquiring business insurance. Six different types of business insurance are outlined, describing what type of business it would be best for and what each policy covers. Towards the end of the website, the U.S. Small Business Association also includes four basic steps when it comes to buying business insurance, including assessing your risks and shopping around.

The Investor.gov provides complete information about all types of financial investments. It includes links to information about stocks, mutual funds, corporate and municipal bonds, annuities, exchange-traded funds (ETFs), money market funds and U.S. Treasury securities (bonds). Additionally, there are various tabs to learn more about how to maximize investments in a personal way, for example, gauging your risk tolerance, diversifying your investments and more.

The Investor.gov website covers five key questions to ask before investing:

• Is the seller licensed?
• Is the investment registered?
• How do the risks compare with the potential rewards?
• Do you understand the investment?
• Where can you turn for help?

These questions are important to determine the quality of certain investments. Additionally, there are tabs on this website about researching investments, allocating assets, understanding fees and more.

The U.S. Securities and Exchange Commission explores ten different things to consider before making financial investments. The website explains that investors should weigh all facts before making rapid financial decisions.

The Financial Industry Regulatory Authority contains quick informational tabs about all the different types of investments. These links will provide readers with knowledge on the investments’ general set of features, risk factors and how it can be used by investors. Along with these, there is a link to key investing concepts, which contains topics such as stocks, bonds, investment funds, bank products and much more.

CNBC Make It provides information on what to look for when considering if a potential job provides good benefits. It provides insight on five of the most essential benefits a company can offer. Under each benefit, the article gives a few prompting questions for one to consider in their search.

If wondering why receiving a retirement plan is a key benefit from an employer, an article from the Internal Revenue Service may be a helpful place to start. It provides insight into some of the primary benefits of having a good retirement plan put in place early. The four-step plan outlined on this website will help clarify the retirement planning process from start to finish.

While one of the most well-known retirement plans is 401(k), some companies offer different kinds of retirement packages. The Internal Revenue Service provides a list of over a dozen packages one’s employer may offer, as well as links to assist in understanding the pros and cons of all of them.

Through the Social Security Administration, one may qualify to receive monthly benefits from the government. These benefits are paid for through a tax that is taken out of paychecks to employees. Visit USA.gov for information about what other types of benefits the SSA offers, as well as how to apply to receive aid.

A Health Savings Account (HSA) is an account that one can contribute money to every month that can then be used to cover any qualifying medical expenses and may be useful to have around for those in tight situations after unforeseen accidents. Visit HealthCare.gov for more information on the basics of an HSA, as well as the maximum amounts that can be contributed in a given calendar year.

USA.gov provides basic mortgage information, from mortgage refinancing, reverse mortgages, FHA loans and HUD homes and generally how to obtain a mortgage. Also present on this website is insight on potential protections from predatory loans and lenders.  

 The Consumer Financial Protection Bureau hosts answers to common questions about mortgages. The responses to the questions include information on how to buy a home, find a housing counselor, submit complaints regarding mortgage application difficulty, maintain an existing mortgage and so on.

GovLoans discusses all types of (state or federal) government loan information. It informs individuals of the loans they may be eligible for, describes loan terms and loan application processes and supplies insight about government assistance. Users are given direct access to thousands of loan and assistance programs through this site as well as links to additional resources.

When planning to purchase a house, exploring interest rates is important. The Consumer Financial Protection Bureau provides a tool that takes one’s credit score and other various information to help explore viable rate options. It gathers data from banks and credit unions, and the site updates projected rates biweekly, so a user knows what to expect. Other factors beyond interest rate, such as fees, points, mortgage insurance and closing costs are addressed on this site as well.

If deciding whether to buy or rent, the MyCreditUnion.gov gives insightful comparisons of the common advantages and disadvantages one might deliberate. It addresses questions such as, “Do you prioritize having the freedom to change decor and landscaping or would you rather possess less responsibility for the home’s maintenance?” and many other relevant considerations.

USA.gov provides the documents necessary to be able to file a tax return in a printable form. Additionally, it provides resources to request past tax returns. For small business owners, it gives directions on how to file taxes for small businesses.

USA.gov also explains how taxpayers with special circumstances, including senior citizens, military personnel and families and low-income families, can find tax assistance. This resource includes several articles that may help, as well as locations to receive assistance in person.

The Internal Revenue Service website provides information about the IRS Volunteer Income Tax Assistance program, a program that allows lower-income families and individuals to get free assistance with their tax return. It outlines the basic requirements for VITA assistance, how to find a VITA center and what to bring with.

The Internal Revenue Service website is useful for those in situations where they are facing a tax, or tax-related debt, with the IRS. It explains how to pay off any tax debts may have. In addition, it provides a link and support for the form needed to request a payment plan for tax debts.