How to Use Financial Tools in Navigator

This step has a link out to the FinAid Loan Payment Calculator. This calculator can be used in conjunction with the students preferred or selected school's average costs and expenses to calculate an estimated minimum monthly loan payment and time to pay-off expected after graduation.

This step has four different resources linked for students to explore scholarships and grants available to them. This can be done nationally, by state, by school and many other criteria.

An FSA ID is comprised of a username and password and can be used to login to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid (FAFSA®).

Students can create an account by following the link provided under this step. This is a great way to ensure that students are using the official website and not a fake or fraudulent site.

Students will need their Social Security Number and an email address to create their account.

This step walks student through what information they will need to complete the FAFSA.

This step informs students on the ways that they can apply for the FAFSA, by paper and electronically. The students can use the link provided in this section to go to the official FAFSA website to apply for Financial Aid online.

The student should then record the date they filled out the FAFSA by putting a note in the Financial Aid section of their portfolio.

The Student Aid Report (SAR) shows the information a student entered on the FAFSA. Students should review their SAR carefully to make sure it's correct and complete. The schools listed on the FAFSA will appear on the SAR, and they'll receive your SAR information electronically. The financial aid office staff at the schools will review the SAR and use that information to determine if they are eligible for federal – and possibly nonfederal – student aid funds.

The link provided in this step brings the student to instructions on how they can view their Student Aid Report (SAR).

This step instructs students make a follow-up call any school that haven't heard from after four to six weeks of submitting their financial aid application.

Identify the major types of insured financial institutions

Identify five reasons to use a bank

Describe the steps involved in opening and maintaining a bank account

Describe two types of deposit accounts

Identify additional bank services that come with deposit accounts

Describe the main functions of the bank customer service representative, teller, loan officer, and branch manager

Define credit and loan

Distinguish between secured and unsecured loans

Identify three types of loans

Identify the costs associated with getting a loan

Identify the factors lenders use to make loan decisions

Understand why installment loans cost less than rent-to-own services

Know why it’s important to be wary of rent-to-own services, payday loans, and refund anticipation loans

Describe how to guard against predatory lending practices

List the steps for setting financial goals

Track daily spending habits

Prepare a spending plan to estimate monthly income and expenses

Identify ways to decrease spending

Identify spending plan tools that will help you manage your bills

State the benefits of using a checking account

Determine which checking account is best for you

Identify the steps involved in opening a checking account

Add money to a checking account

Withdraw money from a checking account

Use an Automated Teller Machine (ATM)

Learn four types of electronic banking services

Understand how debit cards are linked to checking accounts

Record fees and transactions in your check register

Reconcile a check register with a bank statement

Understand overdraft fees and how they affect your checking account

Describe how to manage a checking account wisely

Understand why it’s important to save

Determine goals for saving money

Identify savings options

Determine which savings options will help you reach your savings goals

Recognize which investment options are right for you

List ways to save for retirement

List ways to save for large expense goals, including: a child’s college tuition, a car or home purchase, or a vacation

Recognize how federal deposit insurance protects deposits

Recognize how to guard against identity theft

Recognize how the various types of insurance will help you manage risks

Recognize the need to plan for unexpected death or disability

Describe the ways you need to be financially prepared for disasters

Define credit

Understand why credit is important

Describe the purpose of a credit report and how it is used

Order a copy of your credit report

Describe the implications of good and bad credit scores

Identify ways to build and repair your credit history

Identify various types of installment loans

Explain why installment loans cost less than rent-to-own services

Identify the questions to ask when purchasing a car

Understand the advantages and disadvantages of renting versus owning a home

Identify questions to ask to determine your readiness to buy a home

Identify the steps required to buy a home

Identify basic terms and required disclosures used in a mortgage transaction

Describe the advantages and disadvantages of different mortgage options

Describe how interest rates affect the amount of house you can buy

Explain how taxes and insurance affect a monthly payment and the amount of house you can buy

Explain why it’s important to be wary of rent-to-own, payday loans, and refund anticipation loan services

Identify how federal laws protect you when applying for a loan

Guard against predatory lending practices