Financial Literacy

We are committed to helping Miles College students with more than just academics. The physical, emotional, and financial wellness of our students is essential to us. Our goal is to provide tools and resources to help students become financially fit.

Miles College is committed to keeping you updated with changes to the student loan program. The Department of Education recently announced a new one-time student loan cancellation based on income, as well as extending the payment and interest pause on federal student loans. We have created a document with information to help you plan out next steps and to keep you informed.

• Don't put it off. Education loans have a variety of deferment and forbearance options that can help you if you truly need a break from payments. By keeping these options to a minimum, you can reduce the cost of your loan and shorten repayment periods.
• Stay connected. Borrowers who track their progress tend to be more successful in loan repayment. Regularly logging in to your student loan account online ensures you’re up to date on your balance, makes it easy to explore or renew payment plans, and provides information for tax time or other needs. Also, keeping your contact information up to date ensures you and your servicer can reach each other easily.           
• Graduate. Graduation is the most important step toward realizing the value of your education. Six months after graduating, withdrawing, or dropping below half-time, your student loans will go into repayment. This “waiting period” after graduation and before repayment begins is known as a “grace period.”
• Stick with repayment. The longer you are able to make payments on your student loans, the more likely you are to succeed. Continuing to pay something, even if it is a small percentage of your income, plays a big factor in paying down the principal of the loan.
• Talk to your servicer. Student borrowers who reach out to their servicer when they have questions tend to be more successful in repayment.   

• Know your cash flow. People who budget typically do it monthly, but it makes more sense for students to build a spending plan around each academic period. First, tally up the money you expect to have for the semester. It’s likely to be “lumpy.” You may have a chunk from savings or refunds from financial aid (that’s money left over after loans, scholarships, and grants are applied to your tuition, room and board, and fees) at the start of the semester, as well as some regular income from your parents or a job.
• Track your spending. Next, figure out what you spend in a typical month. Look at your debit card, bank account, and credit cards over the last few months to see where your money is going and what big-ticket items popped up. Once you see what you've been spending money on, you may be surprised at how much is on non-essentials. 
• Identify your needs and wants. Now comes the hard part: categorizing your spending into two buckets, needs versus wants. Needs are staples like clothing, housing, school gear, food, and transportation. Wants are concert tickets, your second soy latte of the day, beer, and that spring break plane ticket.

1. Unless you sign up for text messaging, your loan provider will never text you about loan forgiveness or defaulting on your student loans.
2. It is probably a scam if you have to pay upfront or monthly fees to get help.
3. It is probably a scam if a company advertises on social media or the radio or shows up in search engine ads.
4. It is probably a scam if the company promises immediate loan forgiveness.
5. It is probably a scam if a company claims to be a law firm that will settle your student loan debt.