Open Letter from Student Commissioner

By Kelvin Wing, Student Commissioner
Illinois Student Assistance Commission (ISAC)

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:

1. 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.
2. Limit the number of credit cards you use.  Pay credit card bills in full and on time.
3. 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.

Confirmation Contact: Claude Walker 312.814.4455