Financial aid plays a role in shaping your college experience, and understanding how it works helps you support informed decisions every step of the way. 

• Undergraduate Tuition and Fees
• Graduate and Professional Tuition and Fees
• Cost of Attendance
• Types of Aid
• Apply for Aid
• Scholarships
• Financial Aid and Eligibility
• Annual and Lifetime Limits
• Financial Aid Appeal Forms

A refund happens when your financial aid is greater than the direct charges on your student account, such as tuition, fees, and university housing. These funds can help cover other education-related expenses, including books, supplies, transportation, or off-campus living costs. Because a refund may come from different types of aid, it is important to review your financial aid offer and student account to understand where the money came from.

Before you spend a refund, take time to assess your current needs and make a plan for how to use it. 

• If your refund includes loan funds, consider using only what you need, since borrowed money must be repaid with interest.
• If you do not need the funds right away, you may want to save them for future education expenses, build an emergency fund, or repay part of your loan early.  

Direct costs are costs paid to an institution for educational expenses. 

Indirect costs are those students pay while in college, but not directly to the institution. Here are tactics students can use to reduce their indirect costs:

Students can utilize the Landing Page’s resources to browse websites that can save them even more money.

Learn more about housing options in the FATV video: How to Research Housing Options
 

Demon Discounts provide discounted products to the university community. All students have access to on-campus gyms, the career center, resource centers, the library, the Genius Squad, and tutoring services. During the school year, there is a host of free or low-cost events available, found through the DeHub calendar.

Students can also learn about other ways to reduce their costs on the Managing Costs page.

Students facing housing and/or food insecurity can utilize a host of resources at DePaul, including:

• Community Resources
• The Basic Needs Hub
• The Dean of Students Office
• The Vincentian Assistance Fund

When considering working in college, students should carefully weigh the pros and cons. Below are a series of factors to consider: 

When possible, students should ensure that their work hours do not conflict with class times, and give themselves time to study and work on projects. Students who work full-time should reach out to their academic advisor to see what resources are available to ensure they stay on track with their studies.

Learn more about working as a student in the FATV video: Benefits to Working as a Student 

Federal work study is a program offered by completing in the FAFSA, in which students get on-campus part-time jobs while attending school. Students can learn more about the program through this website.

Learn more about Federal Work Study in the FATV video:What is Federal Work Study

DePaul offers its students a variety of employment opportunities. To see what jobs are available, and apply to positions, students should visit the DePaul job board. Hourly rates and hours available per week vary, but student jobs typically do not exceed 20 hours per week. Students can also utilize the Career Center to work on their resume and interviewing skills.

A credit score is a number ranging from 300 to 850 that determines a student’s creditworthiness. In general, a higher score can improve your access to financial opportunities such as private student loans, apartment rentals, and car financing with better terms. There is no one single credit score for an individual;  the two most common are FICO scores and VantageScores.

Learn more about credit scores in the FATV video: What is a credit score?
 

Here is a comparison of the factors that go into Fico Scores and VantageScores: 

• Payment history (both): have payments been made on time?
• Amounts Owed (FICO) / Credit Utilization: how much of available credit lines are being used, ie your credit utilization ratio. A lower credit utilization ratio (below 30%) is seen better than a higher ratio.
• Length of Credit History (FICO) / Depth of Credit: how long someone has had their credit accounts open? The longer credit has been open, the more creditworthy they are seen.
• New Credit (FICO) / Recent Credit (Vantage): Number of credit accounts recently opened. More recently opened accounts is seen as reckless.
• Credit Mix (FICO): Does the individual have a mix of credit types. Different credit types include student loans, mortgages, credit cards, and car notes.
• Balances (Vantage): How much of a balance on credit lines do individuals have?
• Available Credit (Vantage): How must available credit is on each credit line?

Students should focus on the higher percentage factors when trying to increase their credit score, such as payment history and amounts owed.

Learn more about building your credit in the FATV video: What can I do to build my credit?

The most effective way that students can increase their credit scores is by paying all of their credit lines in-full and on-time every month. For repayment plans, this means not missing payments or making partial payments. For credit cards, this means keeping a low balance on cards- carrying no balance looks the best for credit scores, and can help students avoid paying interest and fees. By making consistent payments and borrowing only what you can manage, you can build stronger credit and improve your financial options in the future.

Learn more about improving credit in the FATV video: What can I do to improve my credit score?

Credit scores can be accessed in a variety of ways. Many financial institutions offer their clients free credit scores on a monthly or weekly basis. When applying for new lines of credit, students can also request for their credit score to be shared with them. 

Learn more about obtaining credit reports in the FATV video: How do I obtain and read my credit report?

A credit report is a document that outlines your credit usage, debt history, and bill payment trends. Credit reports are separate from credit scores, but can help inform why someone’s credit score is what it is. Credit reports are created by the three credit reporting agencies: TransUnion, Equifax, and Experian.
You can receive 1 free credit report from each of the credit reporting agencies a week. The only way to access these free credit reports is through annualcreditreport.com. Students will need their personal information like legal name, Social Security Number, and current address to look up their report.
 

Credit reports include information regarding the following topics: 

Employers, lenders, and mortgage/rental dealers may pull your credit report when deciding whether to hire or lend to you.

Learn more about fixing incorrect credit information in the FATV video: How can I fix incorrect information on my credit report?

Unlike most federal student loans (except for PLUS loan funding), private lenders review your credit history to help decide whether to approve your application. The credit check done during the private loan process may appear in your credit report. 

Your credit score can affect whether you are approved for a private loan, how much you are allowed to borrow, and the interest rate you receive. 

• A stronger credit score may improve your chances of approval and help you qualify for lower interest rates
• A lower or limited credit history may make approval more difficult and can lead to higher borrowing costs over time.

Many private lenders also require a co-signer. A co-signer is someone who agrees to take legal responsibility for the loan if you do not repay it. Having a co-signer with strong credit may improve your chances of approval and help you receive better loan terms. 

Before borrowing, it is important to understand how credit, interest rates, and co-signer responsibilities can affect the total cost of your loan. For more information about the private loan process, visit our Private Loans page. 

Learn more about cosigners in the FATV video: What is a Cosigner?

Choosing your first credit card is an important step in building credit and developing strong financial habits. The right card can help you make everyday purchases, establish a positive payment history, and avoid unnecessary costs. Before you apply, think about how you plan to use the card each month and what features matter most to you. Compare interest rates, credit limits, annual fees, and rewards can help you find a card that fits your needs and budget.

A secured credit card requires a refundable deposit, which usually sets your credit limit. These cards can be a good option if you have little or no credit history and want to begin building credit. An unsecured credit card does not require a deposit, but approval often depends on your credit profile. These cards may offer higher limits, lower rates, or rewards, but they can be harder to qualify for when you are just starting out.

You may also come across Buy Now, Pay Later (BNPL) services when making purchases online or in stores. These plans let you split a purchase into smaller payments, and some may seem easier to manage than a credit card. However, BNPL options can carry risks, including missed payment fees, fewer consumer protections, and the chance of taking on more debt than you can afford. While BNPL use does not always affect your credit, missed payments may still be reported in some cases. 

No matter which option you choose, using credit carefully and making payments on time can help you protect your finances and build a stronger credit history.

Learn more about applying for credit cards in the FATV video: Best Practices when Applying for a Credit Card
 

Understanding how money flows in and out of one’s accounts helps students build financial stability. Students should begin this process by looking back at a previous month’s worth of inflows and outflows, categorizing expenses. Students can utilize budgeting apps, Excel sheets, or even a notepad and pen to track such expenses.

Learn more about building budgets in the FATV video: How to Build a Budget
 

This budget describes how cash should be allocated to specific categories: 

• 50% of money should go towards needs, such as housing, groceries, utilities, and education costs.
• 30% of money should go towards wants, which includes entertainment, subscriptions, and eating out.
• 20% of money should go towards money moves, including savings, debt repayment, and investing.

Students can flex the categories to better suit their lifestyle; sometimes, more than 50% of income may go towards needs, and other students may put more than 20% of their money towards paying down debt or saving.

This method utilizes envelopes, which act as categories of spending for the month. Once one category is spent, no other money can be used for purchases within that category, unless money is taken from another envelope. This method is great for people who are paid in cash, or need help with reducing impulsive spending habits.

A zero-based budget’s goal is to give every dollar a student makes a job. Categories of expenses are more flexible than the 50/30/20 budget, but all money should be used for expenses, saving, investing, or other costs. Zero-based budgets work best for students who want to track every penny that comes in and out of their accounts.

This technique requires students to first budget for savings, investing, and debt repayment before budgeting for any other category. This allows students to prioritize saving, which can be difficult when a student is first starting out on their financial journey. 

Interest rates are predominately influenced by the Federal Reserve’s bank policies, inflation, and credit demand/supply fluctuations. The Federal Reserve sets federal interest rates, in an effort to balance inflation with keep the economy running. Interest rates on loans and credit cards are also influenced by a student’s debt to income ratio and credit score (link to credit score section).

Variable interest rates are interest rates that can change over the life of a loan or a savings account. Variable interest rates are common on private loans and savings accounts. Fixed interest rates are interest rates that stay the same throughout the life of a loan. Federal student loans always have fixed interest rates.

Learn more about variable interest rates in the FATV video: What is a Variable Interest Rate?
 

Simple interest is interest that is calculated only on the original amount owed or saved. Simple interest is easy to calculate: multiply the loan balance or amount saved by the interest rate, and that is how much interest accumulates.

Compound Interest is interest that is calculated on both the amount of the loan/amount saved, as well as the interest that has already accumulated. Compound interest calculations are more complicated, and may require the use of a financial calculator, which can be found on the Financial Literacy Landing Page.

Compound interest can be a powerful tool for saving, as it accelerates the amount of money you make through interest. See the below example of the power of compound interest: 

Let’s say you have $5,000 to invest, with a 12% APY. After ten years, here are the balances of simple vs compound interest payments:

Learn more about compound interest in the FATV video: What is Compound Interest?
 

The best way to reduce the interest you pay on student loans is by making payments on the loans while you are in school. While repayment on loans is not required until 6 months after a student ends their academic career, students can make additional payments at any point. Paying at least the amount of interest that accumulates on private and federal unsubsidized loans monthly can reduce how much is owed over the life of the loan. 

Protecting your personal data and financial information is one of the most important steps you can take to protect your financial health. Identity theft can occur when someone uses your personal information, such as Social Security number, or financial data, such as bank account information for nefarious purposes. 

Prevention

• Use strong passwords and two-factor authentication to protect your online accounts.
• Use your discretion when providing personal data, such as your social security number and banking information to ensure you are disclosing this to a trustworthy source.
• Monitor your bank accounts, credit cards, and credit reports to ensure that no one has unauthorized access to your accounts. 

If you suspect identity theft has occurred 

• Place a freeze on your card or bank account to prevent any additional money from being spent.
• Place a freeze or fraud alert to help protect your credit score.
• Be sure to report any identity theft to your credit card lender, banking institution and the FTC to receive assistance with recovering your information.

Sources: https://consumer.ftc.gov/articles/what-know-about-identity-theft

Learn more about identity theft in the FATV video: What can I do to prevent identity theft?