Okay, imagine this. You’ve moved off-campus, have a job outside of school, and decide you want to complete your independent college experience by getting a pet. Sound familiar? Many college students decide to get pets when they move into their own space, whether it be a cat, rat, dog, hamster, etc. I bet you can probably think of a few friends here at Umass that decided to buy an animal on a whim; I know I can. Here’s the thing, though – animals are pretty expensive. The cost of purchasing and taking good care of an animal for its life is a huge financial responsibility and one that many college students don’t even fully understand when they decide to buy a pet. In this blog post, I will talk about how much it costs to have a pet, so if you ever find yourself considering getting your own, you’ll know realistically whether or not you can afford it.
Aside from the impact taking care of an animal has on your time, they are also tough to afford- especially if you live on a tight budget as a college student. Buying an animal is not the end of your financial responsibilities, and while dogs and cats are two of the most popular domestic pets, they cost a lot of money to take care of. There are the day-to-day costs such as food, litter/toiletry expenses, living space necessities, vaccinations, and grooming supplies. On top of that, you should be ready for possible medication costs, pet insurance, and medical emergencies. Accreditedschoolsonline.org estimates that the total costs of caring for a cat can add up to $1,174, and for a medium-sized dog, $1779 in a single year.
When it comes to living with an animal in college, students should be aware that most residential areas and dorms don’t allow pets, and if they it is limited to service animals or smaller animals like fish or hamsters. In off-campus apartments or houses, pets may be allowed, but an extra pet deposit could also be required. According to MyMoneyPurdue, a pet deposit can cost anywhere from $150-$300.
If you want an animal, have a few tips and points that can help guide your decision-making. Firstly, if you a set on adopting a pet, you should know that start-up costs are much less expensive when you adopt from an animal shelter than a breeder, and it is more humane! Shelters typically charge around $100, while breeders can charge up to $3,000. There are multiple reasons to think about adopting a pet from a shelter first! If a cat or dog is too expensive for you to care for as a college student, remember there are smaller critters too! Small caged animals such as turtles, hamsters, fish, and bunnies make good pets too! These small animals are lower maintenance and less expensive to care for. Always research an animal’s temperament, maintenance, and needs before buying. Just because they are small does not mean they won’t take a lot of your time, attention, or money. You want to get an animal that is right for you and affordable.
In my opinion, one of the saddest things that can happen is adopting and forming a relationship with an animal, only to realize down the road that you cannot sustainably manage all of the financial burdens that come along with it. I hope that this blog post helps guide your decision-making process and helps you to think realistically about pet ownership so when you do get an animal, you can give them a forever home.
Speaking from personal experience, many of my peers and friends do not use a credit card. Before I learned about credit cards I also didn’t see the value in owning a credit card. I, and the people I spoke with, feared paying interest and was unsure of the difference between credit cards and debit cards. However, credit cards have massive benefits over using a debit card, and if you use your credit card responsibly, by paying off your credit card in full and on time, and ideally below 10% of your credit limit you can reap the benefits of credit cards!
Rewards
One advantage that credit cards have over debit cards is that credit cards rack up rewards. Everytime you swipe your credit card the merchant gets charged a percentage fee of whatever you bought, and those fees are what contributes to your rewards. If you were to pay in cash or use a debit card you’d be missing out on those rewards that you would’ve gained if you paid using a credit card. These rewards can vary from cashback to earning points that you can redeem for airline miles or goods like electronics. The rewards depend on the type of credit card you use.
Building Your Credit
Using a credit card responsibly will help build your credit score. Debit cards don’t contribute to your credit score at all. Responsible credit card usage will be reported to credit bureaus and this will develop your credit history which increases your credit score. Increasing your credit score can lead to lower interest rates on a car payment and credit cards or even on a mortgage! You can even get auto insurance and other types of insurance payments lowered with a good credit score.
Fraud Protection
Credit card companies protect their users from any fraudulent activity on their accounts. If someone were to make an unauthorized payment on your debit card, the money would be taken out of your account instantly and it could take months for them to file a claim and for it to be processed. With a credit card, no money has left your bank account and this process would only take a quick phone call to reverse the charge. Credit card companies often offer zero liability on unauthorized purchases.
Convenience
Credit cards offer a convenience that debit cards do not offer. They allow you to pay for things whenever you want, even if you don’t have the money to do so yet. For instance, if you want to buy something, but you don’t get paid until the end of the week you can do so with a credit card! However, it is important to pay it off before your statement balance is due.
When Should You Not Use a Credit Card?
If you have trouble paying off your credit card in full on time every month, perhaps a credit card isn’t the right choice for you. This would lead to racking up credit card debt and lowering your credit score.
If you find yourself spending more than you can afford, owning a credit card can exacerbate that problem. Paying off any expense you may have with a debit card will make sure you don’t spend more than you have.
To sum everything up, you should use a credit card because they earn rewards like airline miles, they build your credit score, they protect you from any fraudulent activity, and they offer convenience. It is critical that you pay off your credit card in full and on time every month.
The 2022 Tax Season is here, and if you are an international student, keep reading, because this step-by-step guide will assist you in navigating the tax return preparation process and point you to the right resources.
Disclaimer: Legally, Smart About Money is not permitted to provide advice for any personal tax circumstances. Please refer to the resources below or contact a tax professional for any personal tax concerns.
Step 1: Know Your Obligation
The most important thing to know before we dive into taxes is that EVERY international student is required to file a U.S. tax return each year, including students with no U.S. source income.
So if you were present at UMass anytime in 2021, you are required to file a tax return! Taxes are filed for the previous year, so if you arrived for the first time anytime during this year, you will be required to file a tax return the following year.
All international students are obligated to file a return regardless of your income status, and failure to do so can result in penalties and may negatively impact your immigrant status.
Step 2: Determine Your Tax Residency Status
Your Tax Residency status is independent of your Immigration or Academic status and is determined based on your physical – not academic – presence in the U.S.
Non-resident aliens are generally taxed more on U.S. source income than resident aliens or citizens, and most international students and scholars on F, J, M, Q visas are considered non-resident aliens for tax purposes if they are:
International students on F1/F2 and J1/J2 visas during their first 5 calendar years.
Scholars/Researchers on J-1/J-2 visas during their first 2 calendar years.
Keep in mind that every visit to the U.S. counts toward your tax residency status. You can determine your status by taking the substantial presence test or simply file your taxes.
Step 3: Know Your Deadline
Tired of chasing those deadlines? Here is another one!
The Federal tax-filing deadline is April 18th, 2022.
By this date, you should have submitted or mailed in your federal and/or state tax returns to the IRS. However, if you have no income from outside states and only file from Massachusetts, the MA tax-filing deadline is April 19th, 2022.
Step 4: Tax Preparation (the most daunting simple step of all)
Having all documents on hand when filing your taxes will ensure you make no errors in your tax returns and can shorten the process to around an hour!
Forms to prepare:
Common forms:
Form W-2: wages/salaries; from your employer
Form 1042-S: money award/stipend/treaty-exempt income; from GLACIER
Form 1099-INT, 1099-DIV, 1099-MISC: interest from savings, dividends, other miscellaneous income; from respective agencies
Form 1098-T: educational expenses and transactions; from the Bursar’s Office
MA 1099-HC, 1095-B, 1095-C: healthcare insurance information
Form 1040NR (for non-residents) or 1040 (for residents): for any taxable income received in the U.S. (you should be filing this with a Form W-2 and/or 1042-S)
*Different filing softwares might have you fill in additional forms.
Tax Treaties: What to Know?
“Tax treaties are designed to decrease the likelihood that the non-resident will be taxed on the same income both in the U.S. and the country of tax residency.” – The International Programs Office
To determine and potentially claim a tax treaty, visit the UMass Payroll Office at 325 Whitmore Administration Building.
Step 5: Filing Taxes
Filing taxes as an international student, there are 3 main ways you can complete your tax returns:
*State return: REQUIRED if your MA income exceeds $8,000 or your employer claimed a state tax withholding in 2021 ? File to receive refund for your state withholding
**Please note that the free tax softwares offered by Mass.gov and the IRS are for domestic and resident alien taxpayers only, so DO NOT use them if you are a non-resident alien for tax purposes.
Have questions when filing your taxes? The Isenberg Volunteer Income Tax Assistance (VITA) Program and GLACIER provides drop-in information sessions where you can receive accurate advice for your tax situation:
Going to college is expensive and doesn’t leave much room for other needs in your budget. It’s a good thing that there are many established resources on campus here to help. The main resources that will be covered in this blog post is the Dean of Students Office (DOSO) and Single Stop Resources. DOSO is the central office to visit if you are concerned about where your next meal will come from or how to pay a big unexpected expense. DOSO does not help with tuition or UMass fees. If you are concerned about your tuition bill, visit the Bursar and/or Financial Aid office.
DOSO offers short term loans and microgrants. Short term loans are available for students experiencing temporary financial emergencies, hardship, or unforeseen personal and family emergencies. You must apply for the loan and meet with a DOSO staff member in order to ensure that you meet the eligibility requirements and are able to pay back the loan in 30 days. UMassFive also offers short term personal loans for those in financial crisis. In addition, microgrants are available for students experiencing the same hardships, except they do not have to be paid back. Refer to the table below to learn more about the differences between the two.
In the table, you will also find more information about Student Care Supply Closets and Food Security on campus. There are 5 Supply Closets on campus offering free household items. You can find them in Whitmore, Wilder Hall, Bartlett, Crampton Hall, and Dickinson hall. UMass Dining has partnered with DOSO to provide emergency supplemental meals through Spire and a meal plan scholarship fund. There are WIC and SNAP benefits available for students and non-students alike.
DOSO also created this website as a starting point for assistance with food, shelter, utilities and internet, healthcare and more.
Another great central resource online is the Single Stop Resources for anything you may need. On the website you will find resources for housing, food, legal advice, employment, and more. The most relevant page is the single stop for students who need money. There you will find campus resources such as Financial Aid and Smart About Money, and also banking services, emergency relief, and tax prep help, to name a few.
If you are looking for a source of income to keep up with the flow of expenses, check out “I Need Employment.” There you will find the UMass Student Job Board, career prep, and more. Moreover, all schools have their own Career Office, make sure to check out the one that you are in.
One last thing to be aware of is the housing information. If you are looking for off campus housing, make sure to speak with Off Campus Student Life to check out your options. If you or someone you know is at risk of homelessness, check in with DOSO as soon as possible. Here you can find shelters in the area. The Family Outreach of Amherst is also here to help.
Student loans have been in the news again, although this time not about forgiveness efforts like they were this time last year. Rather the extension of forbearance, or the freezing of payments on Federal Student Loans (issued by the government) has been extended, again.
Again? Yes! Under the Trump administration in August 2020 federal student forbearance was introduced that froze payments on student loans, and alongside the CARES ACT, placed interest rates at 0% and expanded more benefits to borrowers. The Biden Administration has continued the forbearance on federal student loans until May 1, 2022.
This is surprising because the past administration and the current both kept pushing the deadline for the program to initially end. At the moment it has been extended again as it was supposed to expire on January 31, 2021. The program includes the following specifications:
A suspension on loan payments
A 0% interest rate
Stopped collections on defaulted loans
If you are a student with federal student loans it is a good time to take advantage of zero percent interest rates and no mandatory payments. Students who may be working or have money to put towards their loans should make payments during this time, if they are able, to reduce their balances.
When the forbearance period ends loans will return to their original interest rates before the announcement of forbearance in August 2020. Visit studentaid.gov for FAQs that dive into the specifics of when repayment will start again.
So what are the chances the Federal government will extend this forbearance period again?
It is hard to speculate, nevermind say if they will or will not. The Biden administration has announced it would not extend again and then pushed it to March 1, 2022. Depending on the pandemic it could be extended again, or loans could resume repayment.
An important note, if you are still enrolled and maintaining the requirements of being a full-time student, even when forbearance ends, you will not be expected to make payments. This is only for students who have graduated or used their grace period. Upon graduation you will have a six month grace period before payment is required.
What are the chances of Student Loan Forgiveness?
It is impossible to say what the chances really are for student loan forgiveness. The congressional landscape is always changing and many other factors would impact such a decision. It is best to figure out a solution that works best for you with addressing your loans then waiting on a definitive decision.
At the moment take advantage of the forbearance period, coupled with zero percent interest rates, and go from there.
One last note
Nothing right now is certain except the extension of the forbearance period until May 1, 2022. If you have specific questions about your loans, or do now know where to go to learn more, set up an appointment with SAM via Navigate umass (link below).
Before graduation, and even before then, figure out who your loan service provider is because federal loans do not get paid back to UMass. Setting up an account on your loan service provider’s website to determine how much you owe can give you peace of mind when you are planning your financial future.
So you want to study abroad! But, that’s expensive. Well, at Smart About Money, we are here to help! One of the most common questions the Education Abroad office gets asked is “How do I pay for Study Abroad?”
If you are thinking about studying abroad and it is a huge possibility for your schedule, but money is the only thing holding you back, then you have come to the right place! This article will cover all the financial considerations when planning your trip.
Program Costs
The program cost will be your biggest expense. Program fees are not regular UMass tuition fees. The program fee includes academics, housing and sometimes meals. It does not include any personal expenses. It will be billed through an outside provider.
The only UMass fee associated with study abroad is the education abroad fee of $910. However, if you are thinking about domestic exchange, then that will have the same tuition cost as UMass. Talk to Sheila Brennan in the student success office to learn more!
Scholarships
There are many options for scholarships! Through the IPO, scholarships are awarded based on merit or need. The application for a merit based scholarship includes an essay about who you are and why you want to study abroad.
Alternatively, pell grant receivers are eligible for the Gilman scholarship. It is a significant scholarship for underrepresented groups to visit destinations that are less common. The application for this scholarship is a lot more competitive since it is awarded nationally. There is an office that helps to assist students in the application process, which is also an essay. Specific programs have scholarships you can apply to depending on the program you choose.
Note: Athletic scholarships that apply to UMass tuition sometimes aren’t eligible for study abroad programs. Similarly, tuition credits such as the John and Abigail Adams scholarships are invalid.
Financial Aid
If you are eligible to receive financial aid, grants, or awards, then they can be used to study abroad. There are specific scholarships awarded through the FAFSA that can be applied.
Additional Loans/Grants
Logically, work study is forfeited because on campus work cannot be completed abroad. There are alternative loans available like Sallie Mae private loans and parent plus federal loans if needed.
Regional Costs
Depending on the continent you want to visit, there can be variability in costs. Generally, Latin America is cheaper than Europe which is cheaper than Australia which is cheaper than Asia. Some countries have better conversion rates where the US dollar is worth more. This makes living expenses a lot cheaper. Egypt and Morocco are great examples of this, where you could live on around $5 a day (excluding housing).
Depending on the area within the country you are studying in, housing costs could be cheaper. For example, homestays are much less expensive and also include food, so the overall cost of food goes down. Moreover, in the bigger cities, the cost of living will be higher. Whereas, on the outskirts, the cost of living is cheaper. USAC is a great option for finding cheap programs since housing is mostly located in the outskirts of the major cities.
For further questions, you can set up a meeting on Navigate with a Peer Financial Coach or the International Programs Office.
As students here at Umass Amherst go through their college career, many decide to move off campus as upperclassmen. In Fall of 2020, almost 40 percent of Umass students resided in off campus housing. That is a huge portion of Umass Students! It may seem like a daunting thing to lease your own apartment for the first time and there are many things to consider before making an important financial decision such as this. However for some, there are lots of benefits to living off campus. If you decide that this might be the right decision for you, finding an apartment or house can be much easier than you think! There are many resources and financial tips to help make this process easier, and help you to feel confident in making this big financial decision. In this blog, I have compiled what I think are the most important financial tips and knowledge to keep in mind when you are searching for off campus housing for the first time.
Having Realistic Expectations:
Off campus housing can turn out to be cheaper than living in the dorms, if you find the right place. But prices can vary and paying monthly rent to a realtor is different from lumping in campus living expenses with your tuition bill. Therefore, it is so important to keep realistic expectations when searching for off campus housing. Are you planning on sharing the cost of rent with your parents? If not, do you have a job or enough loans to cover the expenses of living off campus? These are the things you should think about before you start your search. How much rent can you afford to pay every month? Answering these questions will help set a realistic budget for what you can afford. If you still think moving off campus is the right decision after regarding your financial standing, don’t go for the first apartment available. Rent per person in the Amherst area usually ranges for around 600-900$ a month, give or take some. So shop around and compare rates!
Starting Early!
The housing market can get very competitive every fast, especially in the Amherst area with so many students searching for a place to live each year. From a financial standpoint, it’s so
important to begin your search for off campus housing early, so you can get the best for your buck! Ideally, you should start your search in September/October of the year before you plan to lease. Many real estate companies require all you and your intended roommates to be in attendance for tours, So you should also be planning who you will room with around this time as well. Keep in mind that most properties only allow up to four people per apartment.
Will moving off campus affect my financial aid?
Housing is not guaranteed to students after their first year of college. For this reason, it is unlikely that your financial aid would be majorly impacted by living off campus as opposed to in a dorm. However, everyone’s personal situation is different with financial aid, so you should always double check with Umass Financial Aid services about how this might affect you personally.
What are utilities, and are they included?
When you are comparing prices of different apartments or houses for rent, make sure to check if utilities/amenities are included in the monthly rent, and if so which ones. Many listings will show you the base cost of monthly rent but specify that amenities are not included in that. If that’s the case, expect to pay around a hundred dollars more than the specified rent each month. When you begin to tour houses and apartments, make sure you ask about every amenity you will need to live comfortably. Some apartments and houses may or may not offer certain utilities and have certain requirements, such as whether pets are allowed or not. All of this can affect your decisions when choosing housing, and whether it is worth it for you monetarily. Questions to ask about utilities and amenities:
– Is Wifi included in the Rent?
– What do you offer in terms of heat and air conditioning?
– Does this place have a laundry?
– How about a dishwasher?
– Is electricity included in the rent?
– What’s the story with snow removal?
– Does this rental have enough parking? (How much?)
– Is subletting allowed?
Keep in mind that a Landlord/Landlady can’t charge you for water or trash if you live in a building with three or more apartments!!!
Parking and Transportation:
As a Umass Student, you have free unlimited access to the PVTA bus system. When looking for off campus transportation remember to check location. Is it possible to use the bus system to get to and from campus from my apartment? Using the buses is a great way to save money living off campus, but not all available rentals are in a location near a bus route. If you’re planning on using your car off campus, you won’t have to worry about bus routes, but keep in
mind that having a car is an added expense to living off campus. There’s gas, and you may have to purchase a parking pass to park on campus for your classes.
Signing a lease:
When you are signing a lease, you are signing a years worth of commitment to paying rent and utilities to your landlord. Therefore, there are some very important things to keep in mind that can help when making this big financial decision. Firstly, know that most landlords require you to pay a security deposit. On average, these are about $500, so make sure you budget for that extra out of pocket expense. If you are worried about being able to pay a security deposit, there are micro grants available to students in good standing that you can take out to help pay for the down payment. Most micro grants for students don’t have many requirements in order to receive them, so if you think a micro grant is the right option for you, contact Umass DOSO (Dean of Students Office) and they can help you access these resources as well as aid in financial crises and housing insecurities.
Another thing to keep in mind when signing a lease is that there are some predatory landlords in the Amherst area. To ensure that there is nothing sketchy in the fine lines of your lease, you can get it reviewed for free by Student Legal Services. I recommend making an appointment to do this as early as possible, since it is a great resource to take advantage of when moving off campus.
Finally, know that as far as late fees are concerned when paying your monthly rent, a landlord cannot charge you a late fee until thirty days after that month’s rent is due. This is good to know in case you are waiting on a paycheck to pay your rent. While it’s always good to stay on top of financial deadlines, sometimes unexpected things happen financially, and so it’s important to know your rights as a tenant!
How Much Does Living Off Campus Cost Roughly?:
Here is an average breakdown of living off campus:
Rent: about $600/mo
Security Deposit: $500 ? most rentals require them!
Utilities, electricity, internet: $150/mo
Food: $200/mo ? groceries/dining plan?
Transportation: $150/mo ? gas/car
Total: 1,100 (not including initial security deposit) ? so save money where you can! Ask for Help and Seek A Second Opinion!:
Know that you are not alone in your search for finding off campus housing. Many students go through this process each year, and so there’s many resources to help you make the right decision. Umass Amherst has an on campus organization called Off campus Student Center that is dedicated to help students with any questions about living off campus, and connecting students with resources to help them feel secure in their housing and off campus community. You can also go online to find reviews about the places you are considering renting. Using the internet to find reviews of housing in the area is a good way to address any questions you might have about the safety of the location, or what it’s “really” like to live there.
Finally, your team of peer financial advisors here at SAM are always available to answer any questions you may have about the financial aspect of finding off campus housing. This process requires you to make many conscientious financial decisions, but taking the time to learn about financial planning, or even reading this blog post puts you in a better position to be smart about money when leasing an apartment/house! Good Luck 🙂
With what feels like endless options for credit cards, it can be hard to choose one that best fits your needs. From fees to varying reward bonuses there’s many factors that come into play for choosing a credit card, especially as a student. In this post I want to delve into the best credit cards that meet the needs of different students and the reasonings behind my picks. These cards all have a $0 annual fee! However, not all students need a credit card! If you aren’t sure if you can be responsible with your credit card or not make payments on time perhaps a debit card would be the best option for you.
? These credit cards are not endorsed by the Smart About Money team! ?
These cards are just recommendations made by a student for students.
For international students
Deserve EDU Mastercard for Students
They use their own underwriting process to evaluate applicants so students who may not qualify for other cards have a better chance of approval
No social security number required for international students to apply
1% cash back on purchases
After spending $500 receive 12 months of Amazon Prime
However, you can only redeem rewards in statement credit and only after you have $25 in credit, equivalent to $2,500 in spending
For choice in cash back rewards
Bank of America Customized Cash Rewards Credit Card for Students
Many students are already familiar Bank of America as they are a popular choice for debit cards
These two cards use the same app and you can even make payments on the app from your Bank of America debit card to your credit card for added ease
3% cash back of your choice of: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases
$200 cash reward bonus after spending $1,000 in the first 90 days of opening account
For students with no to low credit score looking to build or rebuild their credit
Capital One Platinum Secured Credit Card
This card is a secured card which requires a refundable security deposit
Credit cards for people with no or low credit are notorious for high fees which is why a secured credit card may be a smart choice
Flexible security deposit
You can choose your deposit of $49, $99, or $200 to unlock a $200 credit line
However, you can increase your deposit to unlock higher credit lines of up to $1,000
However, this card earns no rewards
For students hoping to upgrade to a better card
Chase Freedom Student Credit Card
Earn 1% cash back on all purchases and 5% cash back on Lyft rides
However, the cash back comes in the form of Chase Ultimate Rewards points which can be redeemed for 1 cent per point
These reward points can be rolled forward if you are able to be approved for one of the premium chase cards such as the Chase Sapphire Preferred Card
If you can’t qualify for a premium Chase card right now, you can save up your points for better rewards such as redeeming them for travel
Earn a $50 bonus after your first purchase and a $20 statement credit each year for five years
Increases your credit limit after making five monthly payments within 10 months of opening your account
For students seeking simplicity
Discover it Student Chrome
Earn 2% cash back at gas stations and restaurants up to $1,000
Unlimited 1% cash back on all other purchases
Unlimited cash back match. Discover will match all the cash back you’ve earned in your first year with the card
Get a $50 statement credit whenever you refer a friend
0% intro APR for the first 6 months, afterwards standard rates apply
As a child of immigrants and the first of my family to receive a higher education in the US, I came into college without a clue as to how to go about my personal finances. The goal was simply not to get buried in student loan debt. I didn’t have a financial road map, nor did I know anything about filing taxes or setting up a retirement plan. In fact, I’d only heard about Smart About Money last semester when I applied to work on the communications team. But now, as my final year at UMass Amherst quickly passes by, I realize that I’ve done a lot to achieve my simple goal.
While I’m not a peer financial coach who can impart sound advice on you readers, I do work in comms where storytelling is a primary skill. This is the story of my personal financial journey at UMass Amherst.
Saving Money on Courses
Perhaps the biggest weight off my shoulders on the financial front is the fact that I’m graduating in three years instead of four. I found out I could graduate early when all of my AP exam scores from high school transferred over, shaving off 26 credits and the majority of general education courses after only my first year.
Additionally, I took advantage of a winter course offering, which effectively allowed me to complete my gen eds. Although taking a course during the summer or winter sessions can cost a hefty amount, it’s still generally considered a money-saving technique in the long run as it can help you to get ahead with your requirements and bring you closer to graduation.
I want to stress that the decision to graduate early was entirely a personal decision—not one that everybody should make. Graduating early surely has cons and sacrifices involved. For instance, my college experience was already disrupted by the COVID-19 pandemic, and I’m choosing to shorten it even more by graduating early. Ultimately, I knew that this is what I wanted to do, and I want others who have the choice to know that it may be an option worth considering.
Making Money with Campus Jobs
My very first job on campus was at the café below the Newman Catholic Center. I was one of the people who made the sandwich wraps! Then, of course, the pandemic hit, we were all sent home, and I was focused more on watching TikToks and drinking Dalgona coffee than working. And that was good because the world needed a rest.
Come fall 2020, I was able to secure a remote job as a blogger for the UMass Office of Undergraduate Admissions. I loved this role as I got to interview and connect with a diverse student population and meaningful organizations that I wouldn’t otherwise have gotten to know. It also allowed me to build a portfolio of work that I believe to add my strengths when it comes to applying to other jobs.
Over the years, I’ve also worked as an Admissions Diversity Fellow, a communications assistant for the School of Public Policy, and, of course, a member of the communications team for SAM. With SAM, I’m learning so much about how to make financial information digestible and accessible to the student body.
Campus jobs are a great way to earn money and gain relevant and/or transferable experience!
Earning Scholarships
Scholarship funding has helped me every single year of my college career, so I’m incredibly grateful for the donors who’ve helped me to finance my education! Every year in the fall, I fill out a general application on Academic Works—UMass Amherst’s scholarship database. From there, Academic Works creates a “recommended opportunities” list for me. Through this, I’ve received numerous awards from the College of Social and Behavioral Sciences (SBS), which is the college that houses my majors in communication and journalism.
It’s also worth looking into donor funded internship programs. I participated in one this past summer that gave me the opportunity to live and work in Washington, D.C. among a cohort of my peers! There, I completed an unpaid media internship with a refugee resettlement agency. I wouldn’t have had the opportunity to do an unpaid internship in a city like DC without the donors who fully funded our housing arrangements generously gave out scholarships.
An important thing to remember after receiving any sort of scholarship is to thank your donors! They want to know that they are making a worthwhile investment in your education, and a little thank-you goes a long way!
While I’m still learning how to be smarter about my money, it was a great exercise to sit back and reflect on all of the things I’ve done already to set myself up for success. With that said, please visit a PFC during their office hours! Either schedule an appointment or drop in at learning commons O and P at the W.E.B. Dubois Library. They’d be more than happy to tell you their stories and offer some advice along the way!
Discussions about student loans and the ultimate question: Will Student Loans Be Forgiven? still surround media conversation and students’ minds. There has been no concrete decision made on the idea that student loan forgiveness will happen under the Biden Administration. There has been many conversations about the amount– $10,000, or even $50,000, and income limits to qualify for the program. The entire debate on student loan forgiveness is complex and has not been decided on, at the moment.
So what can be done with student loans and has COVID impacted any of my student loans?
While the idea of student loan forgiveness is enticing to hear, it is best to focus on initiatives that currently have passed Congress and exist. There is a lot going on with student loans ever since COVID-19 started. The term ‘Forbearance’ is one term that encompasses many different meanings, but when talking about student loans it has many implications. Currently, as of October 2021, federal student loans qualify for COVID-19 forbearance.
Note: Private loans can sometimes be put into forbearance, but do not apply to the same government specifications.
Okay, but what are the actual specifications of ‘COVID Student Loan Forbearance?’
Forbearance means a few different things for your student loans. The following is an excerpt for the StudentAid.gov website.
‘On Aug. 6, 2021, the U.S. Department of Education announced a final extension of COVID-19 emergency relief for student loans until Jan. 31, 2022. The emergency relief includes the following measures for eligible loans:
a suspension of loan payments
a 0% interest rate
stopped collections on defaulted loans’
Breaking down each of these is important to understanding how it might apply to your situation. The first is a suspension of loan payments. During non-COVID times, students do not have to make loan payments until six months after graduation, as long as you have maintained half-time enrollment. However, under COVID forbearance this means students who currently have graduated or are enrolled do not need to make payments. If nothing has drastically impacted your ability to make payments (life circumstances, employment, etc.) it would be advantageous to keep or start making payments. If you are unable, then you can take advantage of no required payment.
Another important part of forbearance is the zero percent interest rate. This means that all federal loans you may have taken out thus far, and all new loans you take out while under forbearance, will have a zero percent interest rate. But, once forbearance ends, all federal loans will go back to having interest. Even if the loan originated during COVID, it will have an interest rate. However, the good news is that all loans are essentially accruing no interest and it would be as if your federal loans are similar to subsidized loans, at the moment. This is great because, if you are able, making payments to your loans will go towards your principal balance. It is important to pay down your principal balance so when interest rates resume, your payments will go less to interest.
Lastly, stopped collection on defaulted loans means that if you have defaulted there is no collection process taking place–at the moment.
After reading this you may be left with additional questions. I highly recommend using the StudentAid.gov website to learn more about forbearance, as this is a high level overview. Questions related to the following can all be found at the link below:
One final note is you can always reach out to Smart About Money, Financial Aid, or use the student aid website to learn more about all of this information. It is never too early to understand where your student loans are and prepare for how to make payments in the future.
For COVID forbearance related questions click on the link below.
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Chase Freedom Student Credit Card
