U of I Student Money

A9: Automate as much as possible! LBS Also keep track of my spending. Continue learning! #UIMONEY

A8: The best low-hanging fruit would be financial education related to saving for retirement: - Choosing a Financial Professional (incl. how they are paid since it impacts bias) - Time Value of Money (for compound interest impacts) - Diversification #UIMONEY

A7-3: @UofILSystem does a great job of supporting financial wellness alongside other dimensions of well-being with their System Office Wellness initiative hr.uillinois.edu/employeedev… #UIMONEY Disclosure: I'm on the committee. 😝

A3: Financial well-being can be described lots of ways, but I like that most definitions incorporate your perception of your ability to navigate financial choices both now & in the future. It's important to acknowledge it fluctuates based on where you are in life. #UIMONEY

A5: If your financial well-being is low, it can mean you don't have the capacity to handle choices related to your physical health, housing, and can even limit your career choices. #UIMONEY

A5: Well-being has many dimensions. Depending on which wellness structure you're looking at, financial well-being may affect your: - nutrition - occupational prospects - physical health - environmental well-being - etc. blogs.illinois.edu/view/7550… #UIMONEY

A7-2: During open enrollment (typically is annually), provide training or Q&A opportunities with experts. Provide educational support during times of financial transition, like during promotions, relocations, or when an employee adds a new member to their family. #UIMONEY

A6: Financial wellness in the workplace can help employees feel less stressed and help them better leverage their benefits in building wealth. #UIMONEY Financial stress can have negative impacts on health & many other aspects of life. blogs.illinois.edu/view/7550…

A7-1: There are so many things that employers can do to support employees' financial well-being! During recruitment, be transparent about salary ranges & benefits packages. During onboarding, be intentional training on benefits choices. #UIMONEY

A2: Financial literacy refers to financial knowledge that you have gained. In the world of financial education, this is one of the goals - to increase financial knowledge. Numeracy is part of it , but numeracy typically refers to mainly basic math #UIMONEY #YayForCalculators

A5. Top ways to minimize student loan debt while in school: - Apply for scholarships (early & often) - Work part time (<20 hrs is better for balance) - Pay interest as it accrues (only if you can) - Reduce your costs (borrow books, get roommate, cook) #UIMONEY

A4. It depends! Federal loans allow you to defer payments while in school at least part time + have a grace period of typically 6 months. Private loans may require repayment to begin immediately after disbursement but depends on lender! #UIMONEY

A3. Federal loans are often more accessible, especially to low-income domestic students. Federal loans also have more lenient repayment options and things like Public Service Loan Forgiveness. Private loans *may* have lower interest tho! studentaid.gov/understand-ai… #UIMONEY

A2. Most domestic students have access to federal student loans or private student loans. Federal loans currently available consist of DIRECT sub, unsub, Parent PLUS, Grad PLUS, and Consolidation. #UIMONEY