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FINANCIAL WELLNESS RESOURCE CENTER
transition! Encourage students to jot down their spending once a day or as they spend money – using a portable device such as a cell phone is an easy way to do this.
It may be that after a month or two at college, the spending plan will need to be adjusted. Perhaps you forgot an expense category, or some costs are more than you anticipated. If needed, adjust your spending plan early in the school year before too much spending has occurred. When expenses are higher than anticipated in one category, then spending in another area must be decreased or more money (income) must be found.
In summary, to help your student manage their money effectively at college, take time to:
1. List all anticipated costs.
2. Determine all sources of anticipated income.
3. Decide together who will be responsible for paying
which costs.
4. Develop a monthly spending plan.
5. Check how the spending plan is working and make
revisions as needed.
As more financial decisions arise, there are several resources on campus. Visit the Student Money Management Center website which has many resources including videos on budgeting tips at studentmoney.uillinois.edu.
Learning about finances is a lifelong process. While we can’t expect college students to be experienced money managers and not make mistakes, we can help them start out right with a little planning. Now is a good opportunity to talk to your student about finances. Don’t hesitate to contact University of Illinois Extension’s Financial Wellness for College Students program for help.
University of Illinois Extension’s Financial Wellness for College Students program helps students manage their money effectively and make wise financial decisions.
A wide variety of one-on-one assistance is available to students on topics such as budgeting, managing credit, and utilizing job benefits. Students can meet with a peer educator free of charge by appointment or during office hours. In addition, student-targeted financial education resources can be found on our website, web.extension. illinois.edu/financialwellness, and Facebook page, facebook.com/FinancialWellnessUIE.
Located in Activities and Recreation Center
Concourse Level
201 East Peabody Drive Champaign, IL 61820 217-265-9355
Email: ui-wellness@illinois.edu
Website: campusrec.illinois.edu/wellnesscenter
OFFICE OF FINANCIAL AID SCHOLARSHIP INFORMATION
The goal of the Office of Student Financial Aid (OSFA) is to assist families in securing the resources necessary to fund their student’s education. Last year, over $755 million in financial aid funds were administered, and 74 percent of University of Illinois at Urbana-Champaign students received financial aid.
The University of Illinois at Urbana-Champaign awards more
than 1,500 scholarships annually based on a variety of
factors including academic achievement, talent, leadership, geographical location, field of study, and financial need. Students are encouraged to search the scholarship database at osfa. illinois.edu/aid/scholarships/UIUC.html to review the scholarship opportunities that are available. Application procedures vary,
so it is important to follow the directions and apply by the dates indicated. These academic awards and merit-based scholarships are awarded through the departments and colleges on campus and are reported to OSFA.
OSFA establishes cost of attendance budgets that are used to determine financial aid eligibility. Students and their families are provided with a reasonable estimate of the cost of attendance, including allowances for tuition and fees, room and board, books, supplies, and other expenses. The tuition and fee amounts used in the cost of attendance budgets are based on full-time enrollment of twelve or more hours. Visit osfa.illinois.edu/cost for a complete explanation and list of tuition and fees.
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Illini Family Resource Guide IlliniFamilyResource Guid e