We can’t tell you where to bank, but we can help you narrow down your options by knowing what to look for in a financial institution (bank or credit union).
When choosing a financial institution, you’ll want to think about the following things:
Shop Around: For a list of questions to ask when shopping for a new financial institution, check out University of Illinois Extension Financial Wellness for College Students’ website.
You can check out the map below for brick & mortar locations of different financial institutions near the three main University of Illinois campuses, and you can watch our recorded webinar, Establishing Your Roots: Getting Started with Financial Services, if you’d like to learn more about choosing the right financial products and services for your needs.
Cash at College is a must-see webinar for all students headed to college. University of Illinois USFSCO’s Student Money Management Center and University of Illinois Extension have teamed up to offer this educational and engaging webinar for all University of Illinois students. This free webinar features lessons on:
how to effectively budget your money while in college
the basics of banking
options for paying your college tuition
and how to make the most of your college education
Cash at College offers an important guide to managing your finances, so don’t miss out! Watch it below or on YouTube now!
This is a Spending Badge eligible program, so make sure to take the quiz after watching to get credit!
By participating in three Spending Badge eligible events, you could earn a digital badge to enhance your online professional portfolio. Learn more about the Financial Literacy Badges Program by visiting: badges.illinois.edu/usfsco/.
Need help with organizing your finances? The University of Illinois Extension Financial Wellness program aims to help college students learn to manage money effectively and make wise financial decisions. Financial Wellness Peer Educators are trained volunteers to help students who want help with money management or financial related questions. It is FREE to meet with a Peer Educator. Peer Educators can help with: managing spending, organizing finances, increasing savings, goal setting/planning, credit/debit card questions, credit reports, student loans, and more!
All federal student loans have a variable or fixed interest rate that is set by Congress. The interest rate will vary depending on the type of loan you borrow and when the loan disburses. In most cases, if you have borrowed a loan since 2007, your loan will have a fixed interest rate. This means the interest rate will remain the same for the life of the loan or until it is completely repaid.
The amount of interest that accrues (accumulates) on your loan from month to month is determined by a simple daily interest formula. This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor. The interest rate factor is determined by dividing your loan’s interest rate by the number of days in the year. (Federal Student Aid)
Simple daily interest formula:
Outstanding principal balance
X number of days since last payment X interest rate factor
= interest amount
Interest will accrue while you are enrolled in school. However, if you have a Federal Direct Subsidized Loan, the government will pay the interest that accrues while you are in school as long as you are enrolled at least half-time.
If you borrow a Federal Direct Unsubsidized Loan or Federal Direct Grad PLUS Loan you will be responsible for paying the interest that accrues while you are enrolled in school. Students enrolled half-time or more do have the right to receive an in-school deferment from their loan servicer. Students are still responsible for repaying the interest that accrues, but the payments are not due during the deferment period. Interest that accrues during a student’s deferment will capitalize (be added to principal amount borrowed). Capitalization occurs at the time you enter repayment and results in a higher amount to be repaid.
Kick off the fall semester by connecting with Cultivating Currency’s campus partners on social media and online. Follow, like, and bookmark these units to learn about events, tips, tools, and more to help you navigate your finances: