Money Management for Graduate and Professional Students

Money Management 601

This online course, developed by Adventures in Education,  will help you develop money management knowledge and skills, so that the decisions you make now will lead to a bright future. Whether we’re talking about building a good budget, getting the most value out of what you spend, or keeping your borrowing to a minimum, a solid understanding is the first step to success. Some of the topics in this session include:

• Creating a budget,
• Distinguishing between “wants” and “needs,”
• Making good choices with credit cards,
• Investing in your future, and
• Keeping good financial records

You can take this online course at your convenience. When you’re done, answer the quiz questions to see how much you learned.  Then, when you’ve mastered these important skills and concepts, you can even print a certificate.

American Recovery and Reinvestment Act

President Obama signed the American Recovery and Reinvestment Act (ARRA) into law on February 17, 2009. The purpose of the Act (known as the Stimulus Bill) is to preserve and create jobs; promote economic recovery; assist those most impacted by the recession; provide investments needed to provide long-term economic benefits; and to stabilize state and local government budgets.

The stimulus bill is notable not just for funding increases for student aid, but for a significant increase in refundable tax credits for 2009 and 2010. Refundable credits mean taxpayers may receive refunds even when they do not owe any tax, allowing low income students who have no tax liability to benefit.  Read more about these changes

Keep these figures in mind when planning your graduate education!

College seniors who graduated in 2008 carried an average of $23,200 in student loan debt.  SOURCE: The Project on Student Debt, Student Debt and the Class of 2008 (December 2009)

• Detailed state by state data
• Average undergraduate cumulative student loan debt for the class of 2009 at Loyola University (includes federal, institutional AND private loans certified by the institution. Parent PLUS Loans are not included in this calculation)
• Average debt uncurred by 2007 grads while attending law school (Includes federal, institutional, and private loan debt but excludes bar study loans and debts from prior institutions. SOURCE: 2007-2008 ABA Annual Questionnaire
  • Public: $57,170
  • Private: $87,906
• Average debt incurred by 2009 medical school graduates (Includes pre-medical /college education debt) 
• Benefits and Futue Value of A Graduate Business Degree

• National median starting salaries for the law school class of 2008-SOURCE: National Association for Law Placement, Class of 2008 National Summary Report
  • "For the Class of 2008, the median starting salary... was about $72,000 and the mean starting salary was about $92,000. It is important for anyone considering a legal education to understand that half of all starting lawyer salaries are less than $72,000 and in fact 42% of them are between only $40,000 and $65,000. By contrast, 23% of all salaries reported were $160,000. "

Credit Cards and Credit Scores

Most provisions in the Credit CARD Act of 2009 are effective February 22, 2010. The reform legislation, signed by President Obama in May 2009, place new restrictions on credit card fees and interest rate policies. Read More about these changes

What are "credit scores" and why are they important? Check this page for more information

Other Interesting Web Sites:

• Money Management Tips for Young Alumni
• Paying for Graduate School - from U.S. News and World Reports
• http://www.aamc.org/students/financing/md2/ - (MD) 2 : Monetary Decisions for Medical Doctors is a comprehensive, three-part program developed by the AAMC to assist premedical and medical students in their planning for the financial aspects of their medical education. Divided into three sections—The Premedical School Years, The Medical School Years, and Residency and Early Practice Years—(MD) 2 provides practical and comprehensive information specifically tailored to students throughout their medical education. This online resource contains information about making a successful transition to medical school, credit and consumer debt, types of financial aid, the financial aid application process, and relevant reference materials.
• Financing Medical School - This is the web site of the AAMC (Association of American Medical Colleges) for AspiringDocs.org
• Financing Graduate Education: A Guide for Prospective Students - this is a publication from the National Association of Student Financial Aid Administrators ("NASFAA")
• Financial Aid for Law School - This is the web site of the Law School Admissions Council
• http://www.accessgroup.org/wiseborrower/index.htm -The "Wise Borrower" Curriculum is designed to help increase your understanding of personal finance and debt management.
  • Loan Talk - receive monthly e-mail messages with financial tips from the Access Group
• http://www.myfico.com/ - Information about credit scoring and credit reporting as well as calculators.
• Financial Literacy Websites - this is a 3 page list compiled by the National Association of Student Financial Aid Administrators.

Updated March 12, 2010