For most college students, financial matters are foreign and unfamiliar. Except, of course, those that involve yellow one-hundred-dollar bills and bargaining for Boardwalk.
This is probably why, unlike a game of Monopoly, adult matters such as filing taxes, filling out the Free Application for Federal Student Aid and figuring a personal budget give students throbbing headaches.
Since it's FAFSA and tax time, students everywhere are stressing about their finances.
University of Nebraska-Lincoln students Allison Hout, a freshman history major, and Brock Workman, a freshman broadcasting major, both have different antidotes to numb their FAFSA-induced headaches.
"So far, I've had to take a lot of advice from my parents," said Hout.
Hout went home so she could fill out her FAFSA with her parents.
"It's stressful," she said. "They want so much information and the way the form is worded is frustrating to understand."
Even Workman, a self-proclaimed money-management pro, finds the FAFSA overwhelming. However, instead of getting help from his parents, Workman met with a FAFSA agent.
"It only took maybe a half hour," Workman said. "They made sure I had all the right forms printed out. I just had to look the answers up and fill in the blanks," he said.
Students can find similar help on UNL's campus.
The Office of Scholarships and Financial Aid would love to help students with their forms, said Craig Munier, director of the office.
"We just whip right through that process, because we do it so often," he said.
Munier insists the FAFSA is the single best source of funding a college education, but many students apply too late or not at all.
Students should never assume they're not eligible for financial aid and should keep a FAFSA on file to serve as a sense of assurance against unforeseen financial hardships, he said.
Munier is well aware that students dread filling out the form, but said students need to get it done early.
The best time to file the FAFSA is between Jan. 1 and April 1, because the aid is given out on a first-come, first-served basis.
"It's not the most pleasant task that we do in life," he said. "It's one of those things that ushers us into adulthood. Filing taxes is one of them and maybe the FAFSA is too."
Hout and Workman felt differently.
Since many students don't make enough money to have to file taxes, it's not surprising that neither Hout or Workman filed this year. However, both admitted even after filing the FAFSA, they'd need help completing a tax form.
Maybe the FAFSA is a good start, but filing taxes and paying bills gets much more complicated, Workman said.
"It's as if, when we turn 18, adults expect this information to instantly pop in our minds," Hout said. "Like, poof, ‘Oh, I'm 18 now, I know how to file for deductions!'"
The Association of Students of the University of Nebraska developed the Peer Financial Education Center last semester for students who are feeling the financial weight of adulthood.
The program matches participants with a student advisor who has been trained to coach peers on managing credit cards, paying bills and tracking spending.
Some students may be hesitant to seek the help they need, said Katie Madsen, a senior business administration major and ASUN external vice president.
"Admitting that we all need help with something, and for some it's money management, is really the first step," she said.
The current state of the economy proves people aren't learning those valuable skills, Madsen said.
"The sooner we can learn that, the better off we're going to be."
SOLUTIONS FOR FINANCIAL WOES
FILING TAXES
With help from the World Wide Web, filing has never been easier.
- Sites like TurboTax.com and TaxACT.com offer free federal filing
- Most online services charge extra to file state taxes
- Deadline for filing is April 15, 2009
- For more tax resources visit the Internal Revenue Service's website: www.IRS.gov, where you can read about deductions and tracking your refund.
-Students can find free help filing taxes at the state and federal office buildings downtown
FILING FAFSAs
Filing the FAFSA is much simpler when prepared. Gather this information before filing:
- FAFSA Pin
- Social security number
- Parent's social security number
- Drivers license number
- Alien registration number if not a U.S. citizen
- Federal tax information (W-2)
- Parents' tax information
- Records of untaxed income
For more help filing call the Office of Scholarships and Financial Aid at 472-2030
MONEY MANAGEMENT
Managing money is an important life-long skill. Here are some resources than can help students master this skill:
Peer Financial Education Center: Visit www.unl.edu/asun or the ASUN office in the Nebraska Union and fill out the request form for a peer mentor who can plan a budget or manage debt. Meeting times are flexible.
Cash Course: Craig Munier, director of the UNL Office of Scholarships and Financial Aid recommends www.CashCourse.org/unl, a Website that advises on issues ranging from paying for spring break to planning for retirement. The site is not associated with any company or bank, so it doesn't bombard users with loan and credit card offers.
URLS:
http://www.Turbotax.com
http://www.TaxAct.com
http://www.irs.gov
http://www.unl.edu/scholfa/index.shtml
http://www.cashcourse.org/unl
http://www.unl.edu/asun
courtneypitts@dailynebraskan.com
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