Financial Wellness

Three essential topics about money for RIT first-year students.

RIT financial health wellness team

Financial literacy is important because:

  • Money touches all areas of life
  • It equips us with the knowledge and skills we need to manage money effectively
  • A lack of it doesn't allow us to maximize our success
  • With it, we can transition from surviving to thriving

Topic 1: Financing your college education

Student Loans

Student loans are good debt, with some of the lowest interest rates available. They are the second-largest component of household debt and they are an investment in your future.

Visit RIT's Financial Aid office here.

Interest Rates

Be a responsible borrower and know your loans and interest rates.

FAFSA

Complete your FAFSA (Free Application for Federal Student Aid) every year. Deadlines found here.

Know Your Need

Only borrow what you need. You will have to pay it all back later.

Repayment

Research your loan grace periods and repayment, consolodation, and forgiveness options.

Default

Student loans must be repaid. Failure to repay (default) can have severe consequences, including seized tax refunds, garnished wages, property liens, damaged credit, and impact of ability to secure a job. Student loan debt is not discharged in bankruptcy.

Topic 2: Focus on what you can do in the present

Budget

Create a spending plan for your money, including both income and expenses. This ensures you will have enough money for the things you need and the things you want.

Track what you spend - in an app, on paper, in spreadsheets - just be sure you do it!

To avoid debt, reduce expenses or increase income.

Learn More

Build Your Credit

Your credit report and credit score reflect how well you managed your financial responsibilities over a certain period of time.

Credit cards aren't the only way to do this (student loans, auto loans, secured loans)

With credit cards:

  • Open your first account
  • Get a secured credit card
  • Open a joint account or become an authorized user

Shop around for the best credit cards (BankRate.com)

Establish good payment history – pay your balance off monthly; don't miss payments

Learn More

Manage Your Credit

The key to having credit work for you is responsible management.

  • Know your credit score
  • Request FREE copies of your credit report (annualcreditreport.com)
  • Review your statements – promptly address any discrepancies
  • Consider freezing your credit to avoid being a victim of identity theft

Learn More

Topic 3: Plan for your future

Starting now for a financially stable future

Saving is an important tool that can help you to have financial security for the future. Investing ensures present and future long-term financial security.

Save
  • Emergency cushion
  • Longer life expectancy
  • Volatility of Social Security
  • Rising costs of education
  • In retirement, savings takes the place of income

Desire for financial independence

Invest
  • Start early – you can never get back time
  • Options exist for young people such as Roth IRAs and stocks
  • Power of compounding interest
  • Never leave free money on the table – if your employer matches your contribution, CONTRIBUTE!
  • Know your risk tolerance
  • Diversify
  • Educate yourself

RIT Financial Health Wellness Team

Responsible for developing educational opportunities for RIT students related to:

  • College financing
  • Budgeting, saving, and investing
  • Understanding and managing credit
  • Insurance
  • Identity theft
  • Renting vs. leasing vs. buying (cars, apartments, homes)

Contact us!

Facebook: https://www.facebook.com/RITFinancialHealth/

Twitter: https://twitter.com/ritfinwell

Website: https://www.rit.edu/studentaffairs/wellness/financial-health

Email: financialhealth@rit.edu