How can the Money Education Center help my student?
The Money Education (ME) Center provides Aggie students with the education and resources they need to make smarter personal finance decisions during college so that they can lay a foundation of financial success for a lifetime. Through presentations, walk-in advising, private appointments, online resources, and the 3 credit hour Foundations of Money Education course, the ME Center teaches Aggies about budgeting, saving and banking, building credit, investing, buying a car and home, and more.
When should my student make an appointment with the Money Education Center? (freshman year, right before graduation, etc.)
The ME Center assists students with a variety of financial decisions they face during and after college. For instance, Freshmen might schedule an appointment to learn how to budget their money in a way that allows them to afford college through graduation while minimizing their student loan debt. Sophomores and Juniors might schedule an appointment to learn how to start building their credit. Seniors on the other hand, may want to schedule an appointment to learn about student loan repayment, car and home buying, or investing.
What are some of the most common money mistakes students make during college? How can they be avoided?
One common mistake made by students is taking out the maximum amount of student loan funds possible without first creating a budget to determine how much student loan money they actually need. Students are provided an Estimated Cost of Attendance by Scholarships & Financial Aid, but this figure does not represent each student’s actual cost to live and attend college and so it’s important for each student to determine exactly what their personal expenses are before borrowing. We highly recommend that interested students schedule an appointment with our Center to sit down and create a budget that works for them. Another common mistake students make related to student loans is waiting until graduation to log into nslds.ed.gov to find out exactly how much federal student loan debt they owe and which servicers they owe it to. If students know their total student loan debt, they will actively work to minimize any new debt they take on, so we suggest that students review their student loans on nslds.ed.gov at least once a year.
Where can I find the Money Education Center? What are your hours and how can my student schedule an appointment?
The Money Education Center is located on the first floor of the Pavilion. We are open Monday-Friday, 8am-5pm. We provide walk-in advising in our lobby as well as scheduled appointments in private. To schedule an appointment, visit money.tamu.edu. There is no limit to the number of appointments a student can attend and, as with all of our other services, appointments are free of charge.
As a family member, how can I help my student become more aware of the need to manage their finances well?
Almost everyone has deep-rooted attitudes and habits when it comes to how they handle their money. For most people, a lot of what shapes this is how their family and friends behave. As a money role model for your student, you should encourage them to create and stick to a spending plan but also encourage them to research different money decisions they might make throughout college. Our website (money.tamu.edu) is a good place to start, but we’d also recommend that they come meet with one of our advisors, as well.
Does the Money Education Center offer any resources designed specifically for family members?
The Money Education Center’s services are primarily intended for prospective, current, and former students, but family members may also find our online resources useful (money.tamu.edu).