[Fcs-grad] FW: July Newsletter

ASHLEY ANNE JOHNSON ashley.johnson at fcs.utah.edu
Wed Jul 1 10:41:31 MDT 2020


From: Personal Money Management Center <pmmc at sa.utah.edu<mailto:pmmc at sa.utah.edu>>
Sent: Wednesday, July 01, 2020 8:59 AM
To: Bobbi Davis <bobbi.davis at utah.edu<mailto:bobbi.davis at utah.edu>>
Subject: July Newsletter

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One of The Most Important Decisions of Your Life
By Jake Nixon
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When you think about some of the most important decisions that you’ll have to make in your lifetime, what comes to mind? Do you think about where you are going to go to college? Who you are going to marry? What kind of career you will want in the future? All of these questions are very important, but there is one question that traditionally students don’t really give much thought to. The question of taking out student loans, figuring out how much to take out, and planning to pay them back seldom are discussed. Why? I am not sure. Should it be talked about? Absolutely. This decision could impact your life just as much as the other typical important questions mentioned above.
To illustrate this point, I am going to share a story from a book that I have recently read that I really admired. Its title is “Student Loan Planning”, written by Ryan H. Law, who is an accredited financial planner and a certified financial planner. He mentions a student that he met with some time ago, and gave him the name Jake to keep his identify confidential. Jake had racked up $200,000 to get an unmarketable bachelor’s degree from a private university. He was living at home with his parents, making minimum wage at his job, and had not made a single payment on any of his student loans, all of which his grandmother had cosigned on. He was embarrassed that he had ruined his grandmother’s good credit and had virtually no plan on how to get out of this massive debt. Because of this debt, he had also made a huge strain in his relationship with his grandmother and hadn’t talked with her in over a year.
Jake later says in the book that he had no idea what he was doing, and not a single person advised him to stop taking out so many student loans. He said that there was no one available to consult with about financial matters at the school, and if there would’ve been that would have been a life-changer for him and his situation. Luckily for the students at the University of Utah, we have a safe place that you can go to where you can consult about things like student loans. It is called the Financial Wellness Center! We are one of the few schools that have a resource like this, and we are really lucky. If you are unfamiliar with our services, please reach out to our office email pmmc at sa.utah.edu<mailto:pmmc at sa.utah.edu>.

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Federal Student Aid
As you consider how to pay for school, and how much money you will need in student loans, it can help to have a long-term plan. Federal Student Aid recently released a loan simulator tool to get an idea of what your repayment may look like. You can find more information on studentaid.gov<https://utah.us14.list-manage.com/track/click?u=c1b98c64258449acfa1d24c40&id=e15dabcc61&e=bdb4b2d2e6> or on their YouTube channel here<https://utah.us14.list-manage.com/track/click?u=c1b98c64258449acfa1d24c40&id=6c24a53ea9&e=bdb4b2d2e6>.
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Financial Counseling
Want financial freedom? Visit our website for tips and tricks or schedule an appointment with our counselors.  https://financialwellness.utah.edu<https://utah.us14.list-manage.com/track/click?u=c1b98c64258449acfa1d24c40&id=d97f83f32f&e=bdb4b2d2e6>




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Feed U Pantry
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