By Estela Suarez

Three and a half years sure went by fast! I have been working at Smart About Money since my second semester of freshman year, and now I am about to graduate from UMass and close this chapter of my life. As part of this program, I have had the opportunity to learn, teach, grow, and lead. I have seen leadership changes, worked within two different departments, participated in campus-wide events, and been part of spaces within UMass that I wouldn’t have been able to otherwise. As part of my final blog post, I have decided to dedicate it to my Smart About Money co-workers. The ones who I currently work with, and the ones I have worked with in the past. You have all added to my life and taught me so much, and as I enter the “real” world I will take those lessons with me. 

Having an on-campus job has been a small blessing in disguise. In the past four years, so much has happened personally, on campus, and even globally. Throughout it all, this job has provided me with a level of consistency and reliability that I didn’t even realize I needed. When the entire campus was sent home in March of 2020, all of my classes went virtual and many professors were scrambling to adapt to this new mode of teaching, not knowing what the next two years would bring. In a time of so much uncertainty, my bosses at SAM worked to make sure I could still work, get paid, and made sure to schedule regular meetings with me and the rest of the team to make sure we maintained as much “normalcy” as possible. Not to mention the fact that through our remote semesters our team experienced leadership changes, graduating seniors, and new additions to the team. 

As the resident “non-financial” person on the team, I make a lot of jokes about not being “Smart About Money”. But, in reality, working at SAM has taught me a lot about finances and my own financial decisions. I have been made aware of things like the importance of saving for retirement and how to do so, the different factors that go into a credit score and how to maintain healthy credit, and the differences between a banking institution and a credit union, just to name a few. I still don’t have a working budget in place, but at least I know how to make one when the time comes.

All this being said, as I reflect on my time on this team, I am most thankful for the relationships I have made: the bosses turned mentors, the coworkers turned friends and everyone who has supported our team along the way. Making change is not a quantitative practice, it is something that requires a lot of time, patience, and creativity. This team has worked so hard and I could not be more proud of you all. I can’t wait to see all the great things you all do, whether it be at UMass or beyond. Thank you all for everything as I am forever grateful. 

With the many stressors that students juggle throughout the semester, breaks allow students the much-needed time to recollect themselves. Whether you look forward to catching up with friends and family over holiday dinner or remaining stationed on campus, what’s certain is that breaks should be a period where you can set aside the weight of academia and breathe. In a time that is supposed to alleviate burdens, let’s not permit finding break housing to grow into one and break down what you need to know!

What is Temporary Housing?

Temporary break housing, as the name suggests, describes buildings that UMass Students can reside in during Thanksgiving week, Winter Session, and Spring Break. They are the only residence halls that remain open during these times. 

Break residence halls include…

• Central: Brett Hall, Gorman Hall* 
• Southwest Area: Prince Hall
• North Apartments: All North Apartments
• Sylvan Area: Cashin

*Please note that Gorman Hall is reserved for first year students only

Thanksgiving Break housing

Residence halls this Thanksgiving are set to close at 10 am on Wednesday,  November 24^th, and reopen exactly 4 days later at 10am on Sunday, November 28^th

Housing for Thanksgiving has been filled at this point in time, but students are encouraged to consider living with family, friends, hotels, or an Airbnb throughout the 4 days. If you are facing dire circumstances, please visit the Residential Life Student Services office to discuss potential availability.  

Gorman residents who wish to stay on campus must contact Residential Life Student Services and be approved before November 22^nd.

Winter Housing

Residence halls for winter sessions are set to close at 10 am on Friday, December 17^th, and reopen at 10am on Sunday, January 23^rd

Requests for Winter housing begins Monday, November 1^st on a first come first serve basis. Students looking for housing during the winter session are to email living@umass.edu, where they will provide you an application as well as more information. It will cost $1,425 for the entirety of the winter session. 

Spring Break

Residence halls close 10AM on Sunday, March 13 and reopens 10AM, Sunday, March 20^th for Spring Break

The cost associated with 2022 spring break has yet to be finalized, but it is estimated to be a bit over $200. Specific rates will be determined once residence halls open in the spring semester. 

Gorman residents who wish to stay on campus must contact Residential Life Student Services for approval before March 11, 2022.

What can I do if temporary break housing is too expensive?

While there is typically no financial aid granted for break housing, students may consider permanent reassignment to a break housing for a lower cost. Living in a break housing would incur an addition $300 to their room and board fee each semester, totaling to $600 as opposed to $1425 over the duration of the winter. Walk into the Residential Life Student Services office to discuss availability!   

However, if you are only looking for housing over the course of spring break, it may be in your best interest to remain in your residential building and simply pay the temporary break housing cost for spring break. Assuming the cost of temporary Spring Break housing holds up to its expectation of just above $200, students are better off paying that amount rather than the $300 additional cost of permanent break housing for spring semester. I advise students to stay vigilant of the Spring Break housing cost though, as we never know if prices may unexpectedly increase once finalized. 

What if I already live in a break housing residence?

The additional $300 per semester will be part of your tuition and you can remain within your room during the entire duration of the semester breaks. 

What can I do if all else fails?

Don’t panic! Both Residential Life Student Services and the Dean of Student services work to accommodate student needs the best they can. Take a visit to their office in Whitmore Building and see what can be worked out.

Contact Information

Residential Life Student Services

Email:  living@umass.edu  

Phone Number: (413) 545-2100

Dean of Student Services

Phone Number: 413-545-2684

By Van Le

“What IS a credit score?”

If you are like me, an international student, you would probably have the same question once during your time in the U.S. UMass Amherst has 7 percent of the student population who are international, and it would be a huge disadvantage for us to not be informed about CREDIT SCORE, a driving force behind numerous financial matters such as student loans, housing, or owning a vehicle.

To put it simply, a credit score is a three-digit number representing your trustworthiness to pay back loans on time and is assigned to you based on 5 factors:

1. Payment history: how on time you were with your past payments
2. Amount owed: how much you are owing compared to your credit limits
3. Length of credit history: how long you have been building your credit
4. New credit: how many new credit accounts you have recently opened
5. Credit mix: how diverse your credit types are

But we won’t go into the how-to-improve-your-credit-score stuff today. If you are an international student, you might have noticed that none of these actually makes sense. Your travel guidebook has no section on credit scores, your parents would never remind you to have a good credit score during your foreign education, so why bother? However, an important thing to remember is, if you ever consider taking out private loans, whether to cover education expenses, purchase expensive equipment (computer, car, an Xbox,…), or signing an apartment lease, a good credit score would guarantee a lower loan rate across, saving you so much money in the long run. This is especially crucial when you’re considering a longer stay outside of your bachelor’s degree.

Interesting yet? Here are some main ways to start!

• Apply for a credit card/ secured credit card: the most direct way to improve your credit score. With consistent payments and careful planning, you can steadily approach a “great” credit score within several months to two years!
• Being authorized on a family card: if your sibling(s) is studying in the U.S., they can authorize you on a family card, allowing you to establish your own line of credit before actually owning one.
• Making on-time payments: student loans, rent, utilities, you name it! Making on-time payments will significantly improve your payment history, and providers sometimes accept those records as supporting documents towards your creditworthiness.
• Manage your bank account: keeping a healthy balance between your savings and checking accounts as well as setting up automatic payments might not contribute directly to your credit score, but they are great demonstrations of your financial responsibility to potential loan/credit providers.
• Apply for a store credit card: store credit cards are generally easier to apply and can be used in certain stores to boost your credit score, but they often have a low credit limit, which might affect your credit utilization rate, and fees for late payments.

Have more questions? No worries! Schedule a 1:1 appointment with a Peer Financial Coach at Smart About Money or follow us on social media to learn more about credit building.

By Estela Suarez

It is now week four of classes and, although a bit delayed, Smart About Money would like to cordially welcome you back to campus! After 18 months of remote learning, the UMass campus is back to being filled with students. This year, SAM has welcomed six new team members who will be continuing the mission of providing financial literacy guidance to students across campus.

When it comes to what you can look forward to with SAM this semester, we are offering appointment-only office hours, which students can reach via Navigate. These hours are held Monday, Tuesday, and Wednesday 2:30pm – 4:00pm. We are offering both in-person and Zoom office hours, so make sure to specify your preference when making an appointment. If these hours don’t work for you, do not hesitate to email smartaboutmoney@umass.edu or direct message us on Instagram @umasssam to coordinate a time to meet with a Peer Financial Coach. On that same wavelength, we are offering walk-in hours in the Library Learning Commons in rooms O and P. Our PFCs are able to help you with budgeting tips, loan questions, banking questions, and so much more. They will also guide you to any campus resources they feel would be best for you to contact! Additionally, we are so excited to get back to our on-campus events like tabling at Family weekend or Cash Cab in the Spring! With new team members come new ideas and opportunities, and we can’t wait to see how our new team comes up with fresh and fun ideas for reaching students on campus.

To stay updated on all things Smart About Money, please stay tuned on this blog page which will be updated weekly. You can also follow us on Instagram or email us with any questions you may have. We can’t wait to see you all on campus and here’s to a great year!

During these difficult and uncertain times, we at Smart About Money have been hard at work trying to figure out the best way to continue being a reliable resource for all students. During the 2020-2021 school year, we will be holding virtual office hours and offering one-on-one appointments with Peer Financial Coaches (PFCs). We will also be hosting a variety of presentations and events over Zoom in order to reach as many students as possible. In addition to this, we have directed many of our efforts to social media, this blog, and other virtual tools that will help the UMass community keep up-to-date with tips and tricks as well as information on how to utilize our services. While many things may look different this semester, our drive and commitment to helping the UMass student body remain the same. We hope to “see” you all over Zoom! -The SAM Team