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Dual Enrollment Student and Faculty Resources: Financial Literacy

Dual Enrollment Support at Learning Resources

Funding Your Education

Financial Aid

The first step is filling out the FAFSA application, which will inform you of what types of aid you are eligible for based on the information provided. The FAFSA application is completely free and have deadlines to meet in order to receive funding on time.

Application eligibility:

  • U.S. citizen Or
  • Have a valid SSN
  • Have a high school diploma or GED certificate
  • Enrolled or accepted in an eligible degree or certificate program

Grants

Grants are awarded to students with financial needs, and they can come from the federal government, state government, private or nonprofit organization. There are different types of grants and some mat have to be repaid.


Work Study

Work study provides part time job opportunities for students with financial need. It's a great opportunity for students to engage on campus and with their communities while also repaying their educational expenses. Start your search here.


Scholarships

Scholarships are essentially free money. Unlike grants, scholarships do not have to be repaid, and they don't necessarily have to be academically driven--simply put there are scholarships for everyone and everything. Check out the following scholarships resources:

MDC Scholarships

Free Scholarship Finder

10 Sites to Kick Off your Search

Financial Literacy

The President's Advisory Council on Financial Literacy defines personal financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." (2008 Annual Report to the President)

Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.

In the US, we make great efforts to teach children to read and write, but we don't give their financial literacy the same attention. As a result, few young people know how to to manage their personal financial lives. Your Life, Your Money tries to change that by telling dynamic, culturally aware (and true) stories of young adults in financial trouble. As their stories unfold, viewers learn how and why they ended up in trouble and how they got out.

These compelling and relevant stories help viewers understand the issues. They also show viewers how to improve their own financial literacy. Bolstered by the wisdom and experience of experts, these young people take control of their lives, providing powerful examples of what it means to "manage your money and not be managed by your money."

Source: PBS Your Life, Your Money

Image courtesy of MorgueFile


Budgeting & College Expenses

"While you’re in college or career school, you’ll need to learn how to manage your finances, plan for changes, and prepare for the unexpected. Budgeting will help you build decision-making skills and reach your financial and academic goals."

From Federal Student Aid, Prepare for College: Budgeting


College expenses can be broken down into the following categories:

  • Tuition
  • Fees
  • Books and supplies
  • Transportation
  • Living expenses
  • Personal expenses
  • Opportunity cost

Read the full chapter, Beyond Tuition: Understanding College Expenses by Alise Lamoreaux.

"'Once upon a time in America,' says professor Sajay Samuel, 'going to college did not mean graduating with debt.' Today, higher education has become a consumer product -- costs have skyrocketed, saddling students with a combined debt of over $1 trillion, while universities and loan companies make massive profits. Samuel proposes a radical solution: link tuition costs to a degree's expected earnings, so that students can make informed decisions about their future, restore their love of learning and contribute to the world in a meaningful way."

Reading List: Finances