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Financial Character  & Common Sense

2/13/2017

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What does your character say about you? What does it say about your finances? So often what we spend, what we save, and what we owe are reflections of who we are personally. When students receive financial aid refunds, how they proceed with large amounts of funds can lead to either long-term financial advantage or disadvantage.

Often, the refund includes grant, scholarship, and loan amounts after tuition and fees have been paid. While grant and scholarship funds do not require repayment, loans do. Subsidized loans withhold interest until after graduation, while unsubsidized loans begin compounding interest upon receiving funds. So what should students do with all of that refund money?

Students who think in short-term sense will feel like they have plenty of time to repay back loans, so spending a little (or a lot) on oneself now cannot be so bad. Students who think in the long-term sense will feel like they should prioritize spending habits. Maybe they should save some for potential hard times, or pay rent through the semester, or save for the next semester's expenses.

The latter option can lead to another choice that some students may not know. Just because a student is eligible for aid doesn't mean they have to accept it. Students get award letters or statements revealing the grants, scholarships, or loans they have applied for, or qualified for, and received. There is the option to accept portions as well as reject portions. So by saving some money, students may not need the money they are awarded, which means that if student loans are rejected in following semesters, students will have less to repay.

When it comes to money, moderation must be exercised. Students may need new clothes or professional attire for events, but that doesn't mean "overspend." Students may need a new computer, but maybe not the most expensive one. Some students may need a car, but necessity should say one needs a "work-school-home" car, not the absolute latest car with every amenity and bonus feature. Instead of pursuing lavishness, build emergency savings in the event that eligibility changes for one's scholarship or grant, grades slip below requirements, that student falls ill, etc. That's showing financial common sense, and great financial character.

I hope this post helps you in your academic pursuits. Be blessed!

-T. A.

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Final Exams: Finishing Strong

12/4/2016

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Well, it is that time of the semester. Yes, it is time for Final Exams. For some, this is just another test to cement their A+ grade already obtained throughout the term. For others, this last examination can make or break the passing grade. Students feel pressured to do well. But instead of feeling pressured, maybe they can feel motivated. Here are a few suggestions:
  • ​Be realistic. If you weren't making an A throughout the semester, then don't look at the Final as a way to obtain one. You want to pass, period. If you were making a C, making a B is ideal, but you want to make a grade no lower than your average currently to maintain where you are.
  • Do not wait too late to begin studying. If your instructor gives a review guide, then you need to make a plan for studying. Your job, your children, your other activities, etc., cannot be excuses for why you lacked time to study. Chances are you have more than one final exam, so time management is a must.
  • Study in small increments. You cannot study too much for too long. If your final exam covers multiple chapters ot concepts, study one part at a time. Also, study in 15-20 blocks. Take a break after each block. This allows your mind to process the information studied effectively and you will be able to remember and apply information better.
  • Try not to study on the day of the exam. If you give yourself plenty of study time beforehand, then you should use the exam day as a moment to relax, remain calm, and have peace of mind. If you must look at something, then let it be a small outline ONLY. Studying too much information will only cause you to remember the last thing(s) studied. You should not be flipping chapter pages and several notes just hours before an exam. It creates pressure that will not help you. 
I hope these tips help finish your semester in a strong fashion. If you do not obtain the grade you desire, feel encouraged by knowing you tried your best. Use this as a learning moment to do great in the next semester. Make changes where needed -- lighter course load, better study habits, less hours at work, etc. I wish you the best! You got this!! 

-T. A. 

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Prioritize (Know why you're there.)

10/29/2016

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     College is a place of higher learning, where students attend courses in the pursuit of a career. College is also the place where people meet and become friends, or build connections and networks that last years beyond completion. In the effort of enjoying the new atmosphere, students can easily lose sight of why they are there. So many events take place that can control a student’s time, leaving very little for the academics. I know that some students attend school for athletic reasons or because they were awarded scholarships for arts and music. Sometimes, their extracurricular activities are included in their curriculum. Nevertheless, students must establish priorities early and continue them throughout their time in college.
     I remember attending many social events on campus—movie nights, parties, cultural events, and there was even a Spades tournament where my friend and I won second place. I can also recall the numerous events I missed. Because I worked part-time and had a rigorous course schedule, I had to learn to balance my social life with my academics. With each year, I found myself more and more busy with school work. By the time I started attending clinical education for my major (Radiologic Sciences), my friends barely saw me. They knew that every semester for 7 weeks (either the first half or second half of the semester) I was unavailable. Between courses on campus, clinical education, and my job, spending time with friends on or off campus was impossible.
     My overall point: Remember why you are there. You chose to attend that college or university hopefully because of a combination of the following reasons:
  1. it offers your major or career choice path;
  2. you earned a scholarship there / you could afford to go there,
  3. wanted to be there, or
  4. it has some cultural, family, or historical significance (like Historically Black Colleges or Universities or HBCUs).
While joining organizations, running for student government, or attending parties and other social events will attract even the most dedicated students, be careful. The wrong distraction can disrupt and negate your purpose for being there.
Some key points to consider:
  • While it isn’t about how long it takes to finish, college is a temporary stage. You attend, you perform, and you graduate. Remember that.
  • Keep real friends in your corner. My friends respected my schedule, and never treated me differently for my decisions to not attend something or join something with them. Each person is different, and true friends wish you well. I did the same for them. If we were going bowling, and someone couldn’t attend because of school, work, etc., then we all understood.
  • Know what takes higher priority. To piggyback off the previous point, certain things hold lesser priority and setting your list of priorities will not favor everyone. If your priority flows from school/studying, work, and then family, then friends, boyfriends/girlfriends, organizations, etc. must accept the time you are willing to give or their place in your life can diminish or cease to exist. It’s not about disrespect, but about importance.
  • You can’t do it all. College wasn’t set up for you to do everything. It gives options. Pick what applies to your life.
  • Consider money. If you choose to join certain organizations, you’ll need money for some. If you have to take additional courses or attend an additional semester, you’ll need money too. You can have fun in your social life and have a great academic life, but it will require planning, budgeting, sacrifice and discipline to know when enough is enough.
I hope this week’s post has helped you in your endeavors. Share with someone you know! Thanks. God Bless.
-T. A.


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    T. A. Acker

    Just sharing what I know to help students become great.

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