Introduction to Student Finances

Introduction to Student Finances
Post Graduate Finances

As the elation and excitement of graduations fades away, the urgency of knowing its time to enter the “real world” begins to sink in. “What do I do next?” is the mind boggling question a lot of new grads have to be begin searching the universe to answer. Often times, while still in mid-thought a NOTICE OF REPAYMENT somehow finds its way into the mailbox. That is when it becomes clear that all those nice people who lent money the past few years actually want to be paid back! While figuring out the purpose of life or finding that dream job might cause a headache from the mere thought of it, paying back your school loans does not have to be a painful experience. These four simple steps will help you take control of your school debt. First, determine who and how much. Second, consider consolidating. Next, look into loan forgiveness options and payment options. Finally, there is the option of delaying your payment if need be.

The first step in this process is probably the easiest. Chances are, if you owe someone and its time to start paying back, then they will find you. If you were the responsible student that I know you were, then you should have copies of all the promissory notes that you have signed over the years. They would have it all spelled out in black and white how much you owe. If not, then your university should have it on file. In the event that you attend Tennessee State University and you don’t want to waste your time in the records office, you can pull your credit report from one of the credit bureaus and it should be listed there.

Since there are several types of loans available for students to take advantage of such as Staffords, Perkins, Heal and Plus, most graduates have taken out loans from numerous lenders. This means that you will be repaying a bunch of different loans with different interest rates back to different people. Instead of going through this hassle, you can solicit a third party company to consolidate your loans for you. In other words, they will combine all of your little loans into one big loan from one source. Aside from the obvious advantage of writing one check each month, you can also lock in at one interest rate, and possible lower monthly payments.

Student/New Military Personnel Financial Information

New Investors with Bank of America

	Financial Advisors can guide you through the process of deciding how stocks and bonds may fit into your portfolio.

Stocks represent ownership shares in a publicly traded company. When you buy shares of a stock, you own a part of the company. As a shareholder, your investment will rise or fall with the price of the stock. Your investment may also appreciate over time as the value of a company appreciates or depreciates as the value of the company decreases.

	Bonds are essentially "IOUs" for money loaned by an investor to the bond's issuer. In return for the use of that money, the investor typically receives regular interest income along with the promise that the loan will be repaid at a designated "maturity" date. There are many types of bonds - corporate, government, municipal, etc. - each bringing different benefits, risks, and tax considerations to an investor's portfolio.

	Mutual funds are a part of many diversified portfolios. Yet with thousands of different funds to choose from, finding the appropriate ones for your needs requires solid research and a thorough understanding of the industry. Our Financial Advisors have the experience and resources to help you make mutual funds a part of your investment portfolio.*