GSP PRESENTS
FINANCES 101 Guide
FINANCES 101
Guide
Thrive Guide Finance Booklet
GEORGETOWN SCHOLARS PROGRAM
table of contents
table of contents GEORGETOWN AID 101
STUDENT BANKING
SMART BUDGETING AND SPENDING
FINDING A JOB
Includes our interactive budgeting guide!
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GEORGETOWN AID 101
GEORGETOWN AID 101 STUDENT EXPENSES
Advocate for yourself – don’t hesitate to directly contact your financial aid team if you have any concerns! Find your team's contact information here. Do your best to book appointments early – they fill up fast! Spend time familiarizing yourself with the “Financial Aid” and “Student Account Services” tabs on GU Experience! You may be eligible for two additional scholarships: the Student Health Insurance Scholarship and a one-time laptop scholarship! Check with your finaid team for more information. Check this calendar for refund and withdrawal deadlines. Don't be afraid of loans, especially subsidized loans! These can help you avoid taking on credit card debt or having to work too many hours. FYI: you are not required to accept your loan offer’s full amount! Review your meal plan: Hilltop residents may change their assigned meal plans via the Hoya Housing portal from June 15-September 4. Capitol Campus residents may make changes from June 15-August 17.
CAMPUS RESOURCES The GSP Necessity Fund provides first-year specific grants for a winter coat, break travel (excluding winter and summer), and summer storage! While GSP grants cannot cover anything calculated into cost of attendance (e.g. tuition, room and board, textbooks, or travel), we have many other grant categories: eye-care, medical, tutoring, and more! MSB students: Check out the McDonough Success Fund! It can cover academic expenses, global opportunities, and more. SON students: Ask your dean about the Mosher Family Nursing Student Resource Endowed Fund! Look out for the CMEA’s scholarships and The Corp’s philanthropy scholarships during the semester! The Hoya Hub Food Pantry assists students experiencing food insecurity. 3
student banking (and refunds!)
student banking
(and refunds!)
LEVEL UP!
PROXIMITY
GUAFSCU
Make sure your bank has a DC branch – Chase, PNC, and Wells Fargo are the closest to campus. Georgetown is a PNC campus: all campus ATMs are for PNC Bank.
One option is to open an account at GUASFCU, Georgetown's studentrun credit union. They also have a safe Credit Builder Program for students!
AFFORDABILITY
CREDIT CARDS
When choosing a bank, consider monthly fees, minimum balance requirements, and overdraft fees/ protection. If opening a new account, always ask about special deals or bonuses for students!
Student credit cards often have special benefits (ex: Discover or Capital One)! Credit cards don’t have to be scary, but do your research (start with this Nerdwallet article!) and spend responsibly.
TYPE
HIGH-YIELD SAVINGS
We recommend opening both a checking and savings account! For convenience, you can open both at the same bank.
HYSAs will give you a higher annual percentage yield than an average savings account! Learn more in this American Express article!
REFUNDS
THE BASICS
A refund is the extra money left over if your financial aid award exceeds your tuition and additional fees. It’s important to set up a bank account and direct deposit with Georgetown to be able to receive refunds! Refunds show up in your Student Account balance as a negative number. If you have a refund, use it for books, supplies, or travel home! 4
Smart
BUDGETING & SPENDING
BUDGETING & SPENDING GROCERIES
NEARBY STORES
Safeway and Trader Joe’s are close to campus! For international grocery options, visit H-Mart in Falls Church or Panam International in Columbia Heights (keep in mind these are farther away though)!
CVS is a short walk away from campus, and Target is across the bridge in Rosslyn. Although M St shopping can be expensive, there is a TJ Maxx nearby that is more affordable!
CLICK HERE FOR OUR BUDGETING GUIDE (DOWNLOAD TO FILL OUT)!
Savings 20%
CLICK HERE TO ACCESS OUR AUTOMATED EXPENSE TRACKER!
Needs 50% Wants 30%
Alternatively: Use budgeting apps such as Albert or Rocket Money. The important thing is to find a method that you'll be consistent with!
Tip 1
Use secondhand sites like Facebook Marketplace, Depop, or Thriftbooks to buy used and save money!
Tip 3
Split subscriptions with friends! You can share a Spotify Family Plan or Amazon Prime Family!
Tip 2
Take full advantage of student discounts – create a UNiDAYS and StudentBeans account for codes!
Tip 4
Avoid impulsive spending! Wait at least 48 hours before buying items that aren’t necessities! 5
FINDING A JOB
FINDING A JOB Disclaimer: we strongly encourage first-years to settle into college life before looking for a job! With that being said, we fully understand that some students may need to work throughout college – here is what you need to know!
EMPLOYMENT PROCESS AT GEORGETOWN Some jobs are only for students with a Federal Work-Study (FWS) award – check your aid package! You are not required to work or use this award, but if you choose to, you will have access to FWS roles! Paychecks for your FWS role will be directly deposited to your bank account (your pay doesn't automatically go toward tuition). FWS roles are often more convenient – located on campus, more flexible scheduling, and may allow you to do homework when it’s slow! For on-campus jobs: visit the GMS website and click the “Student Jobs” tab. For off-campus jobs: visit the SEO website, click “Georgetown Students,” and navigate to “Off-Campus Student Positions: Search HoyaWorks”! Be sure to pack important documents for required I-9 verification.*
ON-CAMPUS RESOURCES The Cawley Career Center is an amazing resource for students that offers: Handshake appointments (and drop-in hours) for industry advice, practice interviews, and more. Navigate to “My Meetings” for these! Industry-specific guides for finding internships. Sample resumes, cover letters, and writing samples! Tailored email newsletters with career opportunities for everyone! Consider applying to student-run businesses on campus (such as GUASFCU and The Corp) to make money while still experiencing a club environment! *Undocumented Student Services offers guidance on non-employment-based opportunities like fellowships alongside legal resources. Reach out for more info! 6
WITH LOVE FROM
STAY IN TOUCH!
STAY IN TOUCH! gsp.georgetown.edu
(202) 687 - 7351
@gsphoyas
gsphoyas@georgetown.edu
Next Thrive Guide: MOVING IN 101!