GSP Thrive Booklet 4 Student Finances 101 [AY 2024-25]

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STUDENT FINANCESGuide

TABLE OF CONTENTS JOBS

Jobs

Campus Resources

Budgeting

Banking

Many students seek out work to help cover personal and out-of-pocket expenses. In GMS you will be able to search for on-campus roles Students tend to search by categories like: FWS or non-FWS, on-campus or offcampus, by department, & more! Some jobs are only for students with a Federal Work-Study (FWS) award: check your aid package! This doesn't necessarily mean that you have to work but if you choose to, you have access to those roles! Paychecks for your FWS role will be directly deposited to your bank account (your pay doesn't automatically go toward tuition).

Some offices offer fellowship opportunities for students who cannot complete an I-9 due to status. Check with the Dr. Jenn Crewalk for more information!

We encourage you to settle into college life before looking for a job!

Not all jobs have the same time commitment: some jobs, like front desk jobs, allow you to do homework on the job during slow hours!

The Cawley Career Center can help you review & polish your resume!

There are also student-run businesses on campus (such as GUASFCU and The Corp). Think about applying! Oftentimes these roles are ways to make some money and find new friends!

CAMPUS RESOURCES

Financial Aid

For questions about your aid package, directly contact your financial aid team first! Find your team's contact information here

Explore the Student Account Services site & your Financial Aid Award Breakdown (both accessible on GU Experience) to understand your aid & bill!

You may be eligible for two additional scholarships: the Student Health Insurance Scholarship & one-time laptop scholarship! Check with your financial aid team. Check this calendar for refund and withdrawal deadlines.

Don't be afraid of loans! Subsidized loans can help you avoid taking on credit card debt or having to work too many hours. You do not need to accept the full loan offered - speak with your aid team for more guidance! Loans can be a great resource for those out-of-pocket expenses like travel to and from campus at the beginning and end of each semester.

Refunds

A refund is something you will see in your Student Account balance as a negative number (balance with a (-)).

If you have a refund, use those funds for books and supplies!

You can transfer your refund to your bank account. Make sure to set up direct deposit with Georgetown for easy and faster access.

Additional Resources

Don't forget about the GSP Necessity Fund, especially grants for first-year students such as our winter attire, first-year travel, and summer storage grants! While it cannot cover anything calculated into the cost of attendance (e.g. tuition, room and board, supplies, and travel at the beginning and end of each semester) we have various categories like eye care, emergency medical, and more!

Campus Funding

PRO TIP: Each year, as you engage in experiential learning opportunities like internships and more, keep your eye out for various funding opportunities around campus!

MSB students: look into the McDonough Success Fund! It can cover academic expenses, global opportunities, professional development costs, and more. Look for scholarships from the CMEA and The Corp! Common $ense is a financial literacy organization that posts resources and hosts informative workshops! The Hoya Hub Food Pantry is a useful resource for students on campus experiencing food insecurity.

BUDGETING

Budgeting is just a spending plan based on how much you earn and how much you spend! Don't think of it as a restriction, but rather as a helpful way to see where your hard-earned money is going!

Calculating Expenses

When thinking about budgeting you must think about your expenses There are different expense types (wants, needs, unexpected). It is helpful to separate wants and needs to plan for what should be funding these items

Needs - Books, supplies, and travel to/from campus at the beginning and end of the semester.

Funding source: Refunds (if you have one), loans, or income from job(s).

Wants - Going out, shopping on M St, ordering takeout, any extra expenses that are nice to have but not need to have

Funding source: Income or savings from job(s).

Unexpected Expenses - Passport application fees for study abroad or an emergency medical bill.

Funding source: This is exactly what the necessity fund is for! This resource is available to ensure you can focus on your studies and thrive at Georgetown when something unexpected comes up.

SAVVY SPENDING

Sign up for free rewards or loyalty programs at places you frequent to help you access more sales and deals!

Ask for a student discount. Many places on M St (and in general) as well as subscriptions services offer them for students. Use this to your advantage!

Buy used - be it books, clothing, or decor! Many students tend to thrift, use apps, or stop by GUREUSE pop ups to be more sustainable (plus items are typically lower priced if not buying new)

The Georgetown area is expensive and so are a lot of the stores nearby. Some stores like Target (in Rosslyn) and TJ Maxx (on M St) are less expensive and convenient options for supplies, decor, and clothing! The campus has various Amazon locker stations if you order supplies online for convenience

CVS on Wisconsin Ave is the closest drugstore (and pharmacy for presecriptions that may not be able to be filled at the GU Hospital Pharmacy)

On Wisconsin Ave, Trader Joes and Safeway (when stacking deals) are affordable options for groceries and snacks

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BANKING

We recommend opening a bank account and setting up direct deposit as soon as possible

Keep in mind that setting up direct deposit for refunds and grants is a different process than setting up direct deposit for paychecks (through the Georgetown Management System).

If opening a new account, ask about special deals for students!

Make sure your bank has a DC branch (preferably near campus for convenient access)! Georgetown is a PNC campus: all campus ATMs are for PNC Bank

Another option is to open an account with GUASFCU, Georgetown's student-run credit union They also have a credit builder program available to students. Look into opening a high-yield savings account!

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