Federal Aid - Understanding Financial Literacy
What is Financial Literacy?
- The ability to understand financial information and make informed decisions using various financial information. It involves understanding financial principles, including managing your financial resources effectively and responsibly. It includes an understanding of budgeting and investing concepts. Such knowledge will increase your chance for financial success.
What are Some Key Concepts of Financial Literacy?
- Time value of money
- Cost of debt, including compound interest
- Managing debt
- Financial planning
What can you do to be financially literate?
- Learn how to budget your finances (weekly, monthly, annual)
- Track your spending habits
- Learn the difference between something you “need” and something you “want” to prevent overspending.
- Learn the ABCs of debt: Always Borrow Conservatively
- Understand the cost of using credit cards
- Learn techniques to pay off debt
- Open a savings account
- Establish an emergency fund to plan for unexpected expenses
- Build and establish credit
- Start planning for retirement by researching different types of retirement accounts and any associated risks.
- Protect your assets through insurance
- Protect yourself from fraud
Financial Literacy in Paying for College
- Visit Cash Course
- Start thinking about budgeting for future college expenses.
- Financial aid is also an option to help you pay for college. To determine your eligibility for federal, state, and institutional aid (scholarships), you will need to complete the FAFSA.
If you must pay for courses out of pocket without financial aid assistance, Amridge University offers payment plans through TFC Tuition. Contact us at email@example.com for more information.
Contact us Today!
Financial Aid Director – Military Point of Contact and VA Certifying Official
1.800.351.4040 Ext 7523 or 334.387.7523
Financial Aid Officer
1.800.351.4040 Ext 7527 or 334.387.7527 334.387.3878