Money management

When your financial aid is disbursed, it will automatically pay any tuition balance on your account. If there are excess funds left over after this, the funds will be sent to you directly. The quickest and easiest way to access this money is to set up your direct deposit account. If you work on campus, your paychecks may also be sent to the same direct deposit account if you choose.

Scholarships may be granted by the University of Washington or another external source, and are often based on merit and financial need. Scholarship awards do not need to be repaid. In order to be considered for UW scholarships, you must have a FAFSA on file. For more information, visit the Scholarship Page.

Grants are similar to scholarships because you do not have to pay back the money awarded to you. Grants are typically funded by state or federal government and eligibility is determined by financial need. To be considered for grants, you must have a FAFSA on file. For more information, visit the Grants Page.

There are many types of loans both students and parents can borrow to help finance your education. There are also a number of repayment plans when you start repaying loans, as well as consequences for late repayment. To be considered for federal and institutional loans, you must have a FAFSA on file.

Part-time jobs for college students are very common and provide a number of benefits including earning extra income to spend or save, using wages as an alternative to loans, exposure to professional careers and skill building, and finding friends and mentors.

Work Study

For those students who show financial need, they may qualify for Federal or Washington State Work Study which is a type of financial aid award. These work positions are paid for in part by the federal or state government, which means that the employer only contributes part of a worker’s wage, making it easier for them to hire employees.

Positions range from research assistants, to office assistant, to event planner and more! You may search for a Work Study position on all three campuses, here.

Husky Jobs

For those students not awarded a Work Study position, there are plenty of jobs on campus that provide the same benefits. To find a part-time position, you may check Husky Jobs (all campuses, NetID and password required), or campus postings on Bothell and Tacoma’s webpages.

Budgets serve as a helpful tool when it comes to knowing where your money is going and help you from spending beyond your means. Student budgets are unique because you must account for expenses such as tuition and textbooks, and your “income” may come from a number of sources including your financial aid offers, part-time job wages, and parental contributions.

A budget is one of the most important financial documents you can have. Not only do budgets help you from spending beyond your means, but they serve as a helpful tool when it comes to knowing where your money is going. When budgets are used properly, they help you identify where you are spending too much and draw your attention to where you can make changes.

Budgets can come in a number of forms. It is important to figure out what is a good fit for you so that it becomes something that is easy for you to use. Mint.com is a free online program (also available for your phone) that will track and display your income and expenses in a graph.

Identify what your income and expenses are; which expenses are fixed (rent, utilities, insurance) and variable (groceries, clothes, entertainment). Also determine which of your expenses are for items that are needs (housing, food) versus wants (entertainment, travel).

Plan for vacation and special occasions spending – make a list and figure how much money you can reasonably spend and stick to it.

If your expenses are greater than your income you will need to generate more income, cut expenses or a combination of both. When cutting expenses, look at your wants first and items such as coffee on the way to work, eating lunch out or stopping at a fast food place for a quick dinner.

Monitor your budget periodically and make changes when necessary.

Prioritize your debt – pay debts on time to establish good credit; consolidate student loans to help lower monthly payments; change your federal student loans from fixed term to income-based repayment (IBR); pay more than minimum on credit cards; pay off credit cards with highest interest rate first.

Review insurance coverage – rental insurance for personal property, health insurance if not covered by parents, car insurance, if married or you have dependents life insurance to help protect them if something happens to you.

Plan for future – make it a habit to save regularly, try to have savings to cover at least three to six months’ worth of expenses in case of an emergency, take advantage of any employer-sponsored retirement plans you can participate in.

Cost of attendance for students depends on what campus you are enrolled at, whether you are an undergraduate or graduate student, state residency, your living arrangements, and more. You may see the estimated cost of attendance for Seattle, Bothell, and Tacoma, or use the Net Price Calculator tool for undergraduates.

A simple budget compares your expenses to your available funds from sources like income, financial aid awards, and parent contribution. This worksheet allows you to track your direct and indirect costs in comparison to your financial aid award. Direct costs are paid when your financial aid is disbursed. If you have financial aid award money left over, you will receive a reimbursement via direct deposit or a check. This reimbursement is intended to be used to pay for your indirect costs.

Many students receive funds directly to their bank account each quarter after their tuition and fees are paid. Other students may earn an income through employment while attending school. It is important that students prepare a budget for this money, as it often needs to last the entire quarter and be spent wisely. Use the UW Budget Excel sheet to help you budget your money.

Defining what costs are needs (i.e. housing/rent, food, tuition payment) and what are wants (i.e. clothes, vacations, entertainment) can help you prioritize your spending. If you find yourself going over budget and coming up short, take a look at your purchases and decide where you may be able to cut back.

Housing

Bothell

On the Bothell campus, there are three options and price points for students who live on campus.
The rates and room types, and information on billing, can be found here. As with most rates, it is less expensive if you choose to live with one or more roommates on campus. When choosing housing, you should take into account how much you want to spend on housing and then match your housing choice with the room type that best fits your financial situation.

Seattle

If you live in Seattle in campus housing provided by Housing & Food Services, you will have many options for housing, all with varying costs. When choosing housing, you should take into account how much you want to spend and then match your choice with the location and arrangement that best fits your financial situation. For example, choosing a double room in Haggett Hall can save you almost $5000 compared to a studio in Alder Hall.

As an on-campus housing resident, you may opt into having your housing bill paid directly by your financial aid award. To do this, you may choose this option when filling out your housing application, or emailing hfsinfo@uw.edu. If you choose not to do this, you will need to pay your HFS bill every quarter online using the HFS billing portal with funds that come from your bank account.

Tacoma

Tacoma students who choose to live on campus may select from a variety of living arrangements at varying costs. As with most rates, it is less expensive if you choose to live with one or more roommates on campus. When choosing housing, you should take into account how much you want to spend on housing and then match your housing choice with the room type that best fits your financial situation.

Off-campus

If you live off-campus and pay for an apartment, rental, or other housing arrangement, you will need to calculate the approximate cost of rent and utilities for one quarter, or 3 months. This is the minimum amount of money you should set aside or plan to have saved so that you have stable housing throughout the quarter.

Dining plans & food

Seattle-campus students who live in select residence halls are required to have a dining plan. There are 6 different levels of plans to choose from. Keep in mind that the cost will increase the higher the plan you pick. This cost should be accounted for in your budget.

For those students who do not have a dining plan, or have a dining plan but eat off-campus occasionally, a budget for food and meals is very important. While eating out at restaurants is convenient and tasty, it can also be costly. To save money, buy groceries and cook your own meals.

There are a few aspects of transportation to consider, including having a car, using public transportation, and bigger expenses like traveling home during the quarter breaks.

Calculate the cost of having a car while in school and decide whether you need a car or if you could get by without one. You may need to make monthly car payments, plus insurance, gas, a parking pass, and potential parking tickets. To save money, you may consider using car-sharing programs or ride sharing programs if you only need a car now and then.

• A single room is usually priced higher than a shared room – consider getting roommates to save money.
• Rooms in newer buildings or buildings with more amenities tend to be priced higher than legacy buildings.
• It’s important to choose wisely the room type and location that fits your budget best. For room rates, choose your campus: Bothell, Seattle, and Tacoma.
• If you have a passion for building community, you may want to consider applying to be a resident adviser or community assistant; both positions offer coverage for room and board costs.

• If you live with roommates, the cost is often less, especially if you split bills like cable, WiFi, electricity and water.
• If you’re trying to furnish an apartment or rental, you can often find gently used furniture for free or low-cost. Social media sites, online groups and other sites often have postings for used furniture.
• If you already qualify for government benefits like SNAP (food stamps), SSI, or TANF, you may be eligible for the Low Income Home Energy Assistance Program (LIHEAP) to help pay your housing utility bill.

• Coffee and snacks on the go may seem cheap, but the cost can add up! Invest in a coffee pot and thermos, or buy snacks in bulk from the store instead.
• Buying groceries and cooking meals can be cheaper and healthier than going out to restaurants.
• All three UW campuses have a food pantry to help students make ends meet and keep their plates full. Check out your campus’s resources: Bothell, Seattle, Tacoma
• For UW-Seattle students with a dining plan, make sure the plan is right for you. If you have a lot of extra dining dollars left at the end of the quarter, consider changing your dining plan.

• Leave your car at home! With the U-PASS, bike and car sharing programs, and a number of cities in close proximity, you could save a lot by not adding car expenses to your budget.
• With your U-PASS, public transportation is more accessible! Seattle students are automatically enrolled in the U-PASS, but Bothell and Tacoma students may purchase a subsidized U-PASS as well.
• The One Bus Away app for Puget Sound Metro systems is helpful to find out when the next bus is coming.
• Biking can be a great, cheap way to get around campus and commute to class if you live close by.
• Plan your trip by using all forms of public transportation. Metro’s Trip Planner finds the quickest, most convenient route for you.
• If you must have a car on campus, try saving money by parking in free street parking spots. UW campuses also have a number of options for parking passes depending on your needs: Bothell, Seattle, Tacoma.
• Car sharing programs, like Zipcar, are good alternatives if you don’t always need a car, but occasionally require one.

• Campus libraries may have a copy of textbooks you need for your classes. Check to see if it’s there, but be warned, someone else may be using it when you need it.
• Used textbooks from the bookstore or other retailers can help you save a pocketful on textbooks and supplies.
• Many stores including the UW bookstore offer seasonal student discounts on laptops and other supplies throughout the year. Remember that if you receive financial aid, you may request a revision to use federal student loans to help you purchase a computer: Revision Request for Additional Expenses (see Undergraduate forms or Graduate forms)
• Instead of buying new notebooks for every class, consider getting a reusable binder with loose-leaf, or even better, take notes on your computer.

• Many places offer student discounts if you have your school ID, including movie theaters, sporting companies and even hair salons.
• Lots of student clubs and departments on campus free and low-cost events like fitness classes and movie nights!
• TV streaming services could replace your cable bill. Netflix, HBO, and Hulu, among others, offer popular TV shows at a low cost.
• Students get a one-year subscription to Amazon Prime when they use their “.edu” email to register. You can save on shipping, plus access free movies, shows and music.

Bank accounts are a great way to exercise effective cash management. But with so many options out there, identifying the best type of account can be difficult and sometimes overwhelming. It is important that you research and find the best type of account for you.

Here are some things to think about as you research various types of banking accounts:

• Interest rates
• Online banking features
• ATM fees
• Deposit options
• Fees and requirements
• Convenience of locations
• Overdraft protection
• Reward points for card use

For help determining the best type of account for you, download the Basics to Banking worksheet.

When used correctly, credit can be a great tool in financial planning when it comes to reaching financial goals. When used incorrectly, poor credit can be devastating to your finances and your financial well-being. Credit is a contractual agreement whereby a borrower receives something of value in agreement to pay the lender at a future date. Once credit has been accepted it becomes debt. People acquire credit by making promises to pay in the future for something they receive in the present.

With maintaining a good credit score, the objective is simple – to show prospective creditors, employers, or anybody else who might look at your credit that you are responsible when it comes to your spending.

Ways to start building credit include:

• Open a savings and checking account so that you can demonstrate a history of deposits, withdrawals, and transfers.
• Have a utility bill put in your name. This can include a phone bill, an electric bill, or even your cable bill.
• Apply for a gasoline card. They are fairly easy to get and it is fairly easy to plan for how much you will need to pay each month.

When used responsibly credit cards can be a valuable tool to help you with managing your money and establishing credit. Credit cards provide short-term loans. When you use your card to purchase an item whether coffee, a quick lunch or a new pair of jeans, the credit card company pays the retailer right away then gives you time – usually a month – to pay them back. You are legally bound to pay back that loan or debt.

If you fail to pay the balance in full each month, your credit card issuer will charge you interest on the balance you have spent. If you pay your balance in full each month before the due date, the card can be used as an interest-free loan.

Advantages

• Convenience
• Credit card statements can help you track your spending
• Incentives and rewards earned
• Help build your credit score

Disadvantages

• Easy to spend beyond your means
• Fees if not paid on time or paid off each month
• If you only make the minimum monthly payment which is a small fraction of what you owe, the balance will accrue interest and cost you more over time
• Fees for cash advances
• High interest rates

Credit tips

• Create a budget and stick to it.
• Manage your accounts: keep your balances low and make your payments on time.
• If you are having trouble paying, contact your creditor. Don’t wait and hope it gets better.
• You can request a free copy of your credit report every 12 months.
• Credit cards don’t hurt your credit score as long as you make your payments on time.

The more you know about how your credit score is calculated, the easier it becomes to improve your score and build good credit. A higher credit score means that your credit applications are more likely to be approved, and with more favorable interest rates. In some states, credit scores can influence how prospective employers evaluate job applications, how insurance companies assess risk, and how landlords approve rental applications.

Many mortgage companies and lending institutions rely on the FICO® credit scoring system as a fast and reliable way to determine your credit worthiness. All three major credit reporting bureaus (Equifax, Experian, TransUnion) use the same basic formula to calculate your score, but with slight variations that can result in different numbers. This is why you should occasionally check your credit report with each of the major bureaus and investigate anything that doesn’t look right.

When you understand the basic formula, you can take simple steps that will ultimately result in a higher credit score, often within six-to-eight months. FICO® Credit Scores are calculated from information readily available on your credit report. The formula relies on five categories of credit data that varies in importance for different credit profiles.

The percentages below are based on the five categories for the general population.

• 35% Payment History
• 30% Amount Owed
• 15% Length of Credit History
• 10% New Credit
• 10% Types of Credit in Use

To obtain a free copy of your credit report from each of the major bureaus go to http://www.annualcreditreport.com. You are entitled to one free copy a year, after which a small fee applies for additional requests. Your credit report and your credit score are not the same thing. Your credit report is all the information that a credit reporting company has gathered about you. The credit reporting companies calculate your credit score by using the information in your credit report into their credit score formula. Federal law gives you the right to ask for a copy of your credit report from each nationwide credit reporting company every year for free. However, the law does not require the credit reporting companies to give your credit score for free.

There are many additional resources online to help you gain a greater understanding of financial literacy. Just a few are listed below.

• 360 Degrees of Financial Literacy – general financial topics from the American Institute of CPAs
• Banking on Our Future – a financial literacy program developed by U of Pittsburgh through the Operation Hope project.
• Budgeting – Federal Student Aid – learn how budgeting can help you manage your finances so you can complete your degree.
• Cash Course – Your Real Life Money Guide– your guide to making informed financial choices.
• College Reality Check – the Chronicle of Higher Education’s website on Your Education Your Investment.
• DallasFed.org – a personal finance education resource created by the Federal Reserve Bank of Dallas
• Love Your Money – provides you with the tools you need to manage money, set goals, save, and invest wisely.
• MyMoney.gov – the U.S. government’s website for the basics of financial literacy
• Student Debt Repayment Assistant – a student loan financial information/facts site to help you estimate your debt load at graduation and assess your options for repayment from the Consumer Financial Protection Bureau
• YouCanDealWithIt.com – a public service of PHEAA with practical money management, effective handling of credit cards, understanding student aid and the repayment of student loans