Publications & Newsletters
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When it comes to college expenses, personal finance experts suggest that you map out what you know. That includes your one-time income and your known expenses, including housing, cell phone and internet, travel, and books and course packs. Pay mandatory costs as soon as you can (pay rent, for example, to keep a roof over your head).
Also, pay attention to casual spending each day. What you spend casually can be a significant factor in helping you stick to your budget. And making a plan to budget will help you stay on track. You can use an app or online tool such as Student Budget Planner or mint.com.
Keep your budget plan on your smartphone, download the information to a spreadsheet, write the basics in a notebook – whatever works best for you. Then stick with it. Track income and spending using one of several methods:
Before borrowing through a private lender, we encourage students to:
Private student loans are offered through a variety of banks and other lenders. The best rates on private loans are generally offered to borrowers with good credit or who have a cosigner with good credit. When shopping, look for a loan that can be handled in both the short term and the long term.
You will be repaying it for several years after graduation.
The terms of federal student loan programs are often more favorable than those of private loans. You can compare typical private loans with the terms of the federal PLUS Loan.
A Caution to Private Loan Borrowers
Students and families should research carefully, compare rates and terms offered by lenders, and be sure they understand them. If possible, limit borrowing by reducing expenses.
“Loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards, and home mortgages. Private loans also can reduce eligibility for more desirable federal, state and college aid programs. To avoid these problems, read and understand the terms and conditions of all loans.”
– The Michigan Student Financial Aid Association
For more about budgeting, banking, peer pressure on campus, and other personal finance topics, visit “Your Money Your Life,” a personal finance website sponsored by the U-M Office of Financial Aid.
The U-M Go Blue Guarantee remains in effect for Michigan resident undergraduates with family incomes of $65,000 or less and with assets below $50,000.
For eligible students, financial aid packages for fall and winter terms will include a combination of scholarships and grants totaling at least the cost of tuition and mandatory university fees assessed each semester for up to four years for students who meet the income and asset criteria and who are:
Some students may see a “Go Blue Grant” line item if there is a gap between grants and scholarships and tuition/fee costs. To qualify for the Go Blue Guarantee each year, students must apply for financial aid and provide any additional requested documents by our deadline of March 31. Students who do not meet this deadline are not eligible for the guarantee.
Visit our website for eligibility and conditions.