Finances in College

Activity & Discussion: The Cost of Missing Class

What does it cost, in real money, to miss a class at FSC?

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Directions:

1. Calculate the cost per class: cost per credit ($295) x # of credits
2. Calculate the number of times that the course meets
3. Cost per class: (cost per class / # of class meetings)

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Example: FYE 101($295 x 1 credit)/14 class sessions = $21.07

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Would you flush $21 down the toilet?

Would you flush $31 down the toilet?

The Cost of Higher Education: Public

All of the data in the next few slide comes from: https://educationdata.org/ an independent research group that aggregates educational data

The Cost of Higher Education: Private

Farmingdale State College�Costs

Total Cost for a Farmingdale State College �4-year Bachelor’s Degree:

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• NYS resident, non-residential: $34,220 (2-year: 17,108)

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• NYS resident, on campus: $ 57,060 (2-year: 28,530)

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• Out of State, non-residential: $73,824

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• Out of State, on campus: $96,700

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Total cost includes room and board

Student Loan Debt

• The average federal student loan debt is $37,338 per borrower.
• $38,139 in NY
• Private student loan debt averages $54,921 per borrower.
• The average student borrows over $30,000 to pursue a bachelor’s degree.
• 20 years after entering school, half of the student borrowers still owe $20,000 each on outstanding loan balances.

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Hanson, Melanie. “Average Student Loan Debt” EducationData.org, May 22, 2023,�https://educationdata.org/average-student-loan-debt

Student Loan Payment

• The average monthly student loan payment is an estimated $503 based on previously recorded average payments and median average salaries among college graduates.
• The average borrower takes 20 years to repay their student loan debt.
• The average student loan accrues $27,000 in interest alone over 20 years (at the rounded average interest rate of 6%).
• Up to 42% of the average borrower’s total cost of repayment is generated interest.

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Hanson, Melanie. “Average Student Loan Debt” EducationData.org, May 22, 2023,�https://educationdata.org/average-student-loan-debt

Making Financial Decisions for College: The Daily Podcast on Brightspace

Questions:

• How much will your degree/certificate cost?
• How much money can you afford to spend on

college?

• How much money can you afford for monthly

loan payments after graduating?

• How much money will you make upon graduation/entering your chosen profession?
• USE ONET to explore careers, career outlook, and important information like income potential

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Financial Resources for College

YOURSELF

Income

• Federal Work-Study Program
• Independent Employment

Awarded by:

Financial Need (Federal Work-Study Program)

Apply via:

FAFSA

Access through:

Financial Aid Office

LOANS

Federal Stafford Loans

• Direct Subsidized
• Direct Unsubsidized

Awarded by:

Financial Need

Credit Score (Private Loan)

Apply via:

FAFSA

Access through:

Financial Aid Office

FREE MONEY

Grants

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Scholarships

Awarded by:

Academics

Talent

Financial Need

Apply via:

FAFSA, Scholarship or Grant Application

Access through:

Sponsor or Financial Aid

FAMILY

Federal Stafford Loan

• Direct Plus

Federal Tax Programs

• AOTC
• LLC

Awarded by:

Financial Need (Loan)

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Apply via:

FAFSA

Access through:

Financial Aid Office

Farmingdale Financial Aid: Resources

Financial Aid Office Tools and Resources

Farmingdale Financial Aid: Scholarships

Scholarships

Farmingdale Financial Aid: Emergency Fund

Nader-Wolverton Student Emergency Fund

Budgeting and Saving�(Complete budgeting assignment)

"A budget is telling your money where to go instead of wondering where it went.”

John Maxwell (author)

WHAT DO YOU WANT TO DO OR BUY IN THE NEXT 5 YEARS??

Budget Breakdown

Income

• Income (net pay)
• Scholarship, grants, student loan money
• Monetary gifts from others

Savings

• Emergency fund
• Short-term goal: education, travel, car, etc.
• Investing: Thinking long-term

Expenses

• Bills, purchases, entertainment, gifts, etc.
• Categorize into:
• Fixed vs Variable
• Wants vs Needs

What are your fixed and variable expenses?

Take a few minutes and list them…we will discuss

Saving Strategies

• Pay yourself first!
• Create a detailed budget
• Cut down on meal costs
• Save on transportation
• Look for discounts/used items
• Scholarships

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BEWARE: SPENDING HAZARDS

• New spending responsibilities
• Using credit cards to excess
• Neglecting to pursue scholarships
• Fun that turns expensive (bars, clubs, friends)
• Not realizing you’re paying for something

Credit Cards: They help to build credit

How to use them:

• Pay the balance off completely each month
• Not just the amount due
• If unable to pay all, pay enough to cover all interest accrued
• To build credit, use it for what you would normally buy and afford in your budget
• Groceries, books, fuel, etc.
• Avoid using it as a loan for things you cannot afford

What to look for in a credit card:

• Low APR rate
• No annual fees or minimum usage reqs
• Low credit limit
• Try to keep it at 2 weeks take home pay

Credit Score

Credit Score

• reflects your willingness and ability to pay your debts on time
• Impacts your ability to rent, get loans or credit cards
• Determines interest rate and available credit

<580

Poor

580-669

Fair

670-739

Good

740-799

Very Good

800+

Exceptional

Score decreases with:

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• Late payments
• Balances over 30% of available credit
• Big balances, in general
• Credit defaults

Score increases with:

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• Ontime payments
• Lower debt to credit ratio
• Few credit accounts
• Checking your credit report and correcting errors

College Financial Aid Resources

Financial Aid

Laffin Hall, Room 324

Monday – Friday, 8:45 am – 4:30 pm

faoffice@farmingdale.edu

934-420-2578

https://www.farmingdale.edu/student-financial-services/financial-aid/

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Student Accounts

Laffin Hall, Room 226

Monday – Friday, 8:45 am – 4:30 pm

stuaccts@farmingdale.edu

934-420-2560

https://www.farmingdale.edu/student-financial-services/student-accounts/

Your Tuition Bill

How will I be billed at FSC?​

• Tuition bills are issued electronically ONLY (https://epay.farmingdale.edu/C21458_tsa/web/login.jsp) ​
• All Bursar notifications are only sent to your farmingdale.edu email address.  ​
• If your parent or another party pays the bill, they will not be notified of new charges unless you tell them​
• Tuition and fee rates are available at https://www.farmingdale.edu/student-financial-services/financial-aid/tuition-fees.shtml​

Paying your bill

Paying your bill

Electronic Options

• Credit Card
• International Wire Payment (https://payment.flywire.com/pay/payment)

�Mail-in Options 

• Personal, Bank Checks, and Money Orders (include RAM ID on the check or money order)
• Mailed to: Student Accounts Office - Laffin Hall, Room 226

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Payment Plan 

• Semester charges are divided into three payments
• First-payment is 34% of total amount due + $25 non-refundable payment plan set-up fee
• https://epay.farmingdale.edu/C21458_tsa/web/login.jsp

Holds, late fees, and other consequences of not paying your bill

Can I still attend classes and move into my dorm?

• Yes, you can attend classes. However, students will need to satisfy their bill prior to moving into the Residence Halls AND submit immunization docs to Health & Wellness

�Will I be charged late fees?

• Yes

�Will late payments impact my access to University services?

• Yes, late fees will result in a hold on your account a hold will be placed that will prevent you from making changes to your registration, transcripts being withheld, & account being turned over to a collection agency. 

Refunds of Credit Balances

Most FSC students receive some form of refund during their studies

• Refunds are processed once there is an actual credit on a student's account

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BankMobile

• http://bankmobiledisbursements.com/refundchoices/
• Deposit to an existing account (1 – 2 business days) OR
• Deposit to an BankMobile Vibe Checking Account (same business day)

Paper check

• Mailed to mailing address on file
• Only cut on Wednesdays (once per week)
• Takes much longer to reach the student
• No international checks issued (direct deposit or international wire only)

Class Activity – Play Spent

PlaySpent (https://playspent.org/): interactive online question-and-answer game where you make spending and financial choices; You’ll start with $1,000 and choose between housing, food, or healthcare to determine if you can make it through the month.

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