Money Management means keeping track of your spending and borrowing patterns. While you are in school, it is important to borrow only what you need to cover the costs you need to complete your degree. The Financial Aid Office at RMU is committed to helping students not only with assistance in the financial aid process but also with financial literacy.
Responsibly fund your education
Your education consists of both direct and indirect costs. Knowing how to limit your costs now will help you in the future after you graduate.
To help you budget your expenses for your education, you can explore the following budget calculator.
For more information about responsible borrowing, you can watch this video from the U.S. Department of Education.
Student refunds and credit balances on your student account at RMU
If you are receiving a refund, it is because you have more funding than needed for the semester. At this point you can either return the funds to your lender or use it for educational expenses. Educational expenses would include books, cost of living (if off campus), and transportation. For more information on estimates of non-direct educational expenses, please review RMU's Cost of Attendance. If you have questions about reducing your credit balance, please contact your Financial Aid Counselor.
Estimate your financial needs for the entire academic year to plan accordingly.
Understand your current student loan borrowing
To learn more about the various borrowing options, what you currently owe and the impact of that on repyament, you can use the following tool provided by the U.S. Department of Education. After clicking on the link, please click on the green "Log In" button to access your account. Then choose "Complete Counseling."
Private loans are an additional funding option but should only be used after using your maximum grant, scholarship and federal loan eligibility. Here are some questions to ask before applying for a private student loan.
- Is the interest rate fixed or variable?
- When does repayment begin?
- What repayment options are available?
- Can you qualify for any discounts?
- What are the loan fees?
- How can you access the loan information and how is their customer service?
Learn more about avoiding the dangers of using credit cards by exploring the following link.
Loan repayment and default prevention
Loan repayment can be overwhelming at times, especially with multiple loans to repay. Even after you graduate, feel free to contact us and we will help you understand the process. You can also view more information about loan repayment by clicking here.
If you have trouble repaying a loan, the important thing to remember is to always keep in contact with your lender. They may have options for you to lessen the burden of your repayment and prevent you from defaulting on your loan.