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What Is Financial Planning for Students?
Financial planning for students is the same as for everyone.
Financial planning is:
- Defining Goals
- Identifying Financial Resources
- Estimating Costs
- Developing Strategies to Meet Those Costs
As soon as college, graduate or professional school becomes your goal; you should take a comprehensive look at your financial situation. By analyzing your and your family's assets and liabilities you will be able to create a plan of action to:
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Organize your money matters
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Control your expenses
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Make better use of your resources
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Achieve your financial objectives
Getting Involved With the Process
You can start the process of financial planning by recognizing that your finances need the same quality of attention - though obviously not the same amount of time -as your academic work. Becoming knowledgeable about financial matters as early as possible will enable you to develop realistic financial expectations for the various phases of your education, future career and personal life. This is important to the financial aid process because it helps to assure that you are making informed decisions that support the pursuit of your goals.
How Do You Get Involved
Think About Financial Planning
- What are your personal financial needs now, and what will they be each year of college, graduate or professional school? See the Education Resource Center section Financial Planning & Debt Management -
Mapping Your Future.
- What steps must you take to handle these future financial needs?
- How will you plan for these needs, and manage your financial resources?
- What will be the impact of these financial planning decisions on your present and future life?
Keep Yourself Informed
- Read literature on financial planning and management.
- Obtain and review information on sources of financial aid. See the Education Resource Center section Paying the College Bill -
Scholarship Sources & Other Financial Assistance Sources.
- Become familiar with the processes for applying for financial support. See the Education Resource Center sections
Getting Started and Paying the College Bill.
Get To Know Financial Professionals
- Establish rapport with your financial aid officer, bank officer and other financial professionals to get the information and advice you need.
- Remember attitude counts!
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