Income & Financial Aid
Income = Money Earned
The first step in managing your finances is to follow how much money you have coming in. Sources of income include earnings received as wages, salaries or the money made from last weekend's garage sale. Even an allowance from parents can be considered income.
Some students will work while they are in school with a part-time job on- or off-campus or a work-study program. For help finding a job while in college, check out Career Services for KU Students.
Other job resources include the local newspaper, such as the Lawrence Journal World and University Daily Kansan, and dedicated job boards, like CareerBuilder.com and Monster.com. And don't forget to reach out and talk to friends, family, instructors, and administrators to build your own network of job contacts.
Just remember, taxes and other withholdings will automatically be deducted from your paycheck so your take home pay, or "cash in your pocket" will likely be less than the hourly wage earned.
Grants & Scholarships = Money Awarded
Many students will pay for their schooling and cover living expenses through grants, scholarships, and/or student loans. Typically, you do not need to pay back money received from a grant or scholarship. (Don't forget to send a letter of thanks to the donor!) However, you will need to pay back student loans after graduation.
So why not start with "typically free" money?
Student Loans = Money Borrowed
If savings and a job does not cover your college expenses and a scholarship isn't for you, you will likely need to borrow money for school. Student loans usually have low interest rates and do not require payments until after you leave college. In fact, if you are eligible for a subsidized loan, the U.S. government will pay your accrued interest while you are earning a degree. Just remember this is a loan and all loans need to be repaid.
The University of Kansas has an excellent office to guide students though the student loan process.
Remember to read the statements received from your lender, keep a file for your records, and call your lender if you do not understand the terms!
How can Student Money Management Services can help?
SMMS can help educate KU students on income and financial aid options.