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Monday, September 29, 2008
By Kelvin Wing, Student Commissioner
Illinois Student Assistance Commission (ISAC)
September, 2008
On behalf of the Illinois Student Assistance Commission (ISAC), welcome back to campus!
As a fellow student (I’m a DePaul University senior), I know the sticker shock you’ve been feeling the past few weeks. Tuition, textbooks and room-and-board have never been higher. Maybe you’re working part-time or in work-study to make ends meet. (I’ve been a video store clerk and locksmith to help pay for college.) While many of you have received scholarships or grants from my agency, more than half of you have taken out loans.
As your voice on the state agency responsible for making college affordable, let me offer a few money-saving tips, which are even more relevant in light of the financial crisis facing consumers everywhere:
- Make a budget and stick to it. Keep ATM receipts. Balance your checkbook. If you’re off-campus, track household expenses and have honest “budget talks” with your roommates.
- Limit the number of credit cards you use. Pay credit card bills in full and on time.
- Control spending. Skip that fourth meal at midnight. Share a textbook or visit half.com for textbook bargains. Reconsider your Spring Break plans.
The college experience is one to be savored. Now is the time to focus on your studies, extracurricular activities and new friends, not whether you’ll have enough cash to cross the finish line. Watch your pennies now so you don’t have to later! For advice about financial literacy, visit ISAC’s website, collegezone.com. Good luck this semester!
Sincerely,
Kelvin Wing (DePaul University ’09)
ISAC Student Commissioner
Confirmation Contact: Claude Walker 312.814.4455
Contact
Illinois Student Assistance Commission (ISAC)
100 W. Randolph Street, Ste. 3-200
Chicago, IL 60601
312-814-3679
About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.
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