Frequently Asked Questions
- Is it better to pay your monthly credit card balance in full, or just the minimum?
- How can I build credit without a credit card?
- Can I get a credit card if I don’t have credit or a job?
- What do I need to know about the borrowing process?
- What is the difference between federal and private loans?
- What should I know about student loans if I want to be considered a responsible borrower?
- What should I know and expect about repaying my loans?
- What information should I consider before borrowing a student loan?
- What happens to the interest on my federal loan while I’m in school?
- What are the different types of credit cards?
- Why is building good credit important?
- Why do credit card companies offer reward programs?
- How can I manage my credit and debt? (recorded webinar)
- Where can I get a copy of my credit report?
- What happens if I get declined for credit?
- Credit Card vs. Debit Card: What are the differences between them? What are their pros and cons?
Resources on Campus
- University of Illinois at Urbana-Champaign Office of Student Financial Aid: Search for resources to help pay for your education, consider what costs are involved for Illinois students, and learn about the processes involved in applying for financial aid.
- University Student Financial Services & Cashier Operations (USFSCO): Understand your University account, learn about payment plans, and find answers to your billing questions.
- USFSCO Student Money Management Center (SMMC): Find resources, webinars, and workshops on improving spending habits and your financial knowledge from SMMC.
- University of Illinois Extension Financial Wellness for College Students: Learn to manage your money wisely and effectively in this program.
- Love Your Loan: Student Loan Repayment (SMMC Recorded Webinar): Learn to love your loan by becoming familiar with a repayment option that will work for you.
- Staying on Good Terms: Credit & Debt (SMMC Recorded Webinar): This webinar focuses on understanding credit, comparing costs of credit, and managing debt effectively.
Understanding the Mathematics of Personal Finance: an Introduction to Financial Literacy by Lawrence N. Dworsky: Highlighted by the University Library, this electronic resource is useful when considering day-to-day management of finances.
- Schedule an appointment with a Financial Wellness 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.
Resources in the Community
- Federal Student Aid: Learn about types of aid, student eligibility, the FAFSA, and loan repayment.
- GradSense – Loan Repayment: Find information about covering monthly loan payments on GradSense, a collaborative site from the Council of Graduate Schools and TIAA-CREF.
- FinAid: Private Student Loans: An in-depth source of information on student financial aid, loans, and scholarships.
- How to Manage Your Student Loans Video: Learn about changing repayment options and managing debt in this video from Federal Student Aid.