Where is the best place to bank on campus?

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:

  • Convenience
  • Services
  • Security
  • Costs

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.

To learn even more about how to manage your finances while in college, including what to look for in a financial institution, you can watch another recorded webinar, Cash at College: Spending, Saving & Student Loans.

Cash at College: Spending, Saving & Student Loans (Recorded Webinar)

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
  • understanding credit
  • 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!

Test your knowledge. Take the quiz!

Spending badgeThis 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/.

My account is in collections. What should I do?

When your account goes past due and is now in collections, be proactive! These tips can help you cope with and resolve accounts in collections.

OWN IT/ DON’T IGNORE IT. Contact your creditor and tell them what happened. You do not need to divulge personal information; just be truthful and give the basic facts. Most accounts receivable specialists, or “collectors,” will welcome this approach, have worked with many people in similar situations, and probably have options available.

HAVE A PLAN. The collectors don’t know what your resources are, so be prepared to offer some alternatives. Can you pay interest only for a few months or make a partial payment on the past due balance? Ask your representative for advice and what they recommend during times of temporary financial distress.

FOLLOW THROUGH. Do what you have agreed. Do not hesitate to contact the company again if your plans or resources change. Stay in continuous contact until you are able to bring your account up to date.

Written by Mark Austin, Collection Manager, University Student Financial Services & Cashier Operations

Navigating Life’s Financial Transitions (Recorded Webinar)

Whether it is going to college, moving, dating or getting a new job, all of these major life changes can cause periods of financial transition. How you deal with these transitions can seriously impact your finances in the long run. Do you have the necessary tools to manage life’s financial transitions?

University of Illinois Extension, along with the University of Illinois’ Student Money Management Center, hosted the webinar “Life Transitions” on January 27, 2015. The FREE webinar focused on resources for making major financial decisions at various points throughout your life and the tools necessary to stay on track towards your goals. Watch it below!

Spending badgeThis is a Spending Badge eligible program, so make sure to take the quiz after watching to get credit!

“Life Transitions” is part of the Get $avvy: Grow Your Green Stuff webinar series.

 

Written by Andrea Pellegrini, University of Illinois USFSCO Student Money Management Center

Spotlight on Library Resources: Spending

CliffsNotes Graduation Debt [electronic resource]: How to Manage Student Loans and Live Your Life by Reyna Gobel

CliffsNotes Graduation Debt: How to Manage Student Loans and Live Your Life is a guidebook for managing a significant debt load after college, yet the author takes a positive approach to personal finance, emphasizing frugality and spending money wisely in order to still live well while paying off debt. It is possible to take vacations and have extra spending money even while repaying loans! The book even ends with sections on Eating Out, Moving into a Nicer Place, and “Earning” a New Car.

The focus of this ebook is not exclusively spending. However, as it does take a positive approach to personal finance and gives serious attention to spending as a part of living your life, this book can be read at least in part as a manual on budgeting and spending wisely. Chapter 5, “Budgeting for Your Lifestyle and Your Loans,” and chapter 9, “Budgeting During Inflation,” contain practical advice about spending and budgeting, including such tips as keeping a financial diary and choosing budgetary cutbacks. The book even provides, in a sense, “financial self-help” throughout by, for example, reminding the reader not to dwell on past financial mistakes but instead problem-solve when mistakes or overspending are discovered.

The ebook is divided up into many small subsections making it easy to read. In typical CliffsNotes-style, the book is effectively a “cheat sheet” for personal finance, making the topic accessible to readers least inclined to seek out resources on personal finance otherwise. The rewards it promises, too, are enough to make this resource enticing to any new grad knee-deep in debt!

Note: this ebook can only be accessed on campus or off campus with your University of Illinois at Urbana-Champaign net ID. If you do not have access to this ebook, please request a print copy through your local public library.

Written by Heidi Johnson, University of Illinois Library