Financial wellness is a part of wellness that gets pushed under the rug from time to time. With our holiday season coming up and people spending on presents and Black Friday deals, it is the perfect time to discus how to be financially well throughout your time in college, as well as beyond graduation.
It is important now more than ever for students to manage their finances well. It is becoming tougher and tougher to pay for an education with the price of tuition rising above the rate of inflation and the amount of state support falling below. Based on calculations, it would take someone 1,866 hours of work to pay for one year of school at a UW university compared to 809 hours in 1978. Because of this, students graduate with high amounts of student debt. According to the Office of Student Financial Aid (OSFA), as of 2013, students in Wisconsin had an average of $28,102 in debt at graduation and the number continues to rise.
There are a lot of recourses available through UWEC for people who are having trouble with money management, or people who just want to better their financial situation. According to the Office of Financial aid, there are 3 types of aid financial aid for university students, they are gift aid, loans, and employment. Gift aid includes financial aid that you don’t have to pay back; such as, scholarships, grants, and tuition wavers. There are scholarships that you can apply for through the Office of Financial Aid page on the UWEC website. Most people don’t apply for scholarships after their first year, but UWEC has scholarships offered every year for students until they graduate.
Also on the Office of Financial Aid page though UWEC, you can register for websites that help you manage your finances. On the home page there is GradReady, which helps in the 3 areas of paying for college, money management, and student loan repayment. Another link on the home page is for CrashCourse which helps students with the basics of finance, paying for college, college life, and employment.You can also check out CashCourse by clicking here and GradReady by clicking here!
Lastly, if your financial situation is taking its toll on you, you can always go to Student Counseling Services for an appointment. It is free for students through tuition and can be an excellent recourse for people in need.