UW-W Financial Literacy Center

As the holiday season approaches, the stress about the amount of money that will be spent during festivities only increases. Furthermore, the weight of this spending is felt even heavier by college students who often live on a shoestring budget. For many, excessive holiday spending feels almost necessary or expected of them. Considering this, how can you still do nice things for your friends and family this year – without breaking the bank?

Create a Budget

An extremely effective and simple way to reduce the amount of money you spend this holiday season is by creating a budget. Understand your personal financial situation and determine how much money, if any, you can comfortably set aside to use on gifts. As well, keep in mind that gifts aren’t the only avenue of increased expenses during the holiday season: holiday travel or other experiences you enjoy will stack on top of your typical monthly spending. Being aware of your personal financial situation and creating an informed holiday budget will allow you to enjoy the festivities – all while remaining financially secure.

Make a ‘Gift List’

Take a step back and assess each and every person who you would like to give a gift to this holiday season. Once this list is created, compare it to your gift budget and determine if you can afford to buy every individual you listed a gift. In addition, this process is also a great time to determine if everyone on the list will receive gifts of equal value or if some will be gifted items of more value than others. Furthermore, if you are finding it hard to afford gifts for everyone based on your budget, remember that you can make your own gifts as well! In conclusion, to avoid overspending this holiday season, you should be creating an informed gift list.

DIY Gifting

As discussed above, not every gift you give has to be something you bought at the store. In many occasions, DIY gifts are just as well received, if not preferred to store-bought gifts. Some common examples of DIY gifts include: home-made jewelry, baked goods, cookbooks, candles, ornaments and more! Often times, making gifts at home is cheaper than purchasing them, but feels far more personal and heartfelt to whoever receives the gift. Furthermore, the enjoyment you receive from creating the gift is far greater than buying it. Therefore, don’t forget that you can save money with DIY gifts during the holidays!

Savvy Shopping

When purchasing gifts for the holiday season, remember to be conscious of and take advantage of any coupons, sales, or special offers you can. To take even further advantage of this, pick out what gifts (within your budget) that each individual will receive far ahead of time, and watch for price decreases as the holiday season approaches. In addition, do not forget to stay within your budget, even when utilizing said sales. Savvy shopping can be a great way to decrease the amount of money you spend this holiday season.

Final Thoughts

With a bit of organization and creativity, celebrating the holidays doesn’t have to mean overspending. By budgeting early, shopping smart, and considering thoughtful DIY gifts, you can add more meaning to this holiday season – all while staying financially stress free.

You’ve probably heard people talking about the government “shutting down.” Here is what it actually means for students trying to pay for college using the FAFSA

You Can Still Fill Out the FAFSA

Even during a government shutdown, the FAFSA website usually stays open. It’s considered an essential service, so you can still go online, fill it out, and submit it like normal.

There Might Be Some Delays

Here’s where a shutdown could make things a little slower. Some Department of Education employees might temporarily not work or get paid.

If that happens, FAFSA applications could take longer to process. And if the IRS is also affected, the Data Retrieval Tool — the part that helps pull in your tax info automatically — might not work right away. That could mean more waiting or having to enter info manually.

Your Aid Money Should Still Come

If you’re already getting financial aid for college your money should still arrive. Schools can still give out funds that were already approved.

But if the shutdown lasts a long time, it might slow down the process for new payments or reimbursements. So, while most students won’t notice much at first, a really long shutdown could eventually cause delays.

Some Verifications Could Be Slower

FAFSA checks certain things with other government systems — like tax info from the IRS or your Selective Service registration (for guys). If those systems are short-staffed, those checks could take longer than usual. Which will again take more time.

What You Can Do

Here are a few ways to stay on top of things during this shutdown:

• Submit your FAFSA early. The earlier you apply, the better your chances of avoiding delays.
• Check your email. If your school or FAFSA needs more info, respond fast so nothing holds up your aid.
• Stay updated. Your school’s financial aid office will share any major updates if the shutdown starts causing problems.

In September 2025, the Federal Reserve trimmed interest rates by 0.25%. That kind of financial headline usually sounds like Wall Street talk — but if you’re paying off student loans, or planning to borrow soon, the Fed’s move may matter more than you think.

While a Fed rate cut doesn’t directly change your federal student loan interest rate overnight, it can impact:

• Future federal loan interest rates
• Private student loan costs
• Refinancing opportunities
• Overall borrowing conditions

Let’s break down how this could affect you — whether you’re in school, repaying loans, or considering refinancing.

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1. Current Federal Student Loans: No Immediate Change

If you already have federal student loans (like Direct Subsidized, Unsubsidized, or PLUS loans), they come with fixed interest rates. That means the rate you got when you borrowed is locked in for the life of the loan.

So even though the Fed just cut rates, your federal student loan payments won’t change as a result.

However, the Fed’s actions can still impact things down the line — especially for future borrowers and anyone with private loans.

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2. Future Federal Loan Interest Rates Could Trend Lower

The U.S. Department of Education resets interest rates for new federal student loans each May, based on the 10-year Treasury note yield — which tends to move in the same direction as Fed policy.

What that means: If Fed rate cuts continue and bring Treasury yields lower, interest rates on next year’s federal student loans may go down.

This won’t change rates for anyone who’s already borrowed, but if you’re taking out loans for the 2026–2027 school year, this could mean cheaper borrowing.

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3. Private Student Loans Could See Lower Rates Sooner

Private student loans — the kind issued by banks or credit unions — are more sensitive to Fed rate changes.

• Many have variable interest rates tied to benchmarks like the prime rate or SOFR, both of which move with the Fed’s rate decisions.
• When the Fed cuts rates, variable-rate private loans often get cheaper — either right away or within a billing cycle.

If you have a private student loan, you might notice slightly lower payments in the coming months.

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4. Refinancing Federal Loans? It Could Get More Attractive — But Be Careful

Fed rate cuts sometimes open the door to lower rates for student loan refinancing, especially through private lenders.

If you’re someone with high-interest federal loans (especially Grad PLUS or older loans above 6–7%), this might sound appealing.

A lower rate = lower monthly payment or faster payoff.

BUT:
Refinancing a federal loan with a private lender means giving up all federal protections, including:

• Income-driven repayment plans
• Deferment and forbearance options
• Public Service Loan Forgiveness (PSLF)

Only consider refinancing if:

• You’re in a strong financial position
• You don’t need those federal protections
• You can qualify for a significantly lower rate

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Bottom Line

The Fed’s recent rate cut doesn’t change your existing federal student loan, but it may help in several other ways:

• New federal loans next year could come with slightly lower rates
• Private loan borrowers may see modest rate drops
• Refinancing could become more affordable — but be cautious
• Your overall financial picture could improve with lower interest on other debts

If you’re a current borrower: Stay on top of your options and don’t rush to refinance.

If you’re still in school: Pay attention to the next round of interest rate announcements in May — you may get a slightly better deal.

When you’re in college, it’s easy to think you’re too broke, too busy, or too early in life to even think about investing. Between classes, ramen dinners, and trying to survive finals week, money stuff can feel like it belongs in your “someday” file.

But here’s the truth: college is actually the perfect time to start investing—and starting now can seriously change your future.

Time Is on Your Side (and It’s a Big Deal)

If you only take one thing away from this post, let it be this: the earlier you invest, the more your money grows. This is thanks to something called compound interest—aka, money making money on money.

Here’s a quick example that might blow your mind:

• You invest just $50 a month starting at age 19.
• Your friend starts at 30, investing $100 a month.
• Even though your friend invests twice as much, you’ll likely end up with more money by the time you both hit retirement age—just because you started earlier.

Time is basically free money. And right now, you have more of it than anyone.

You Don’t Need to Be Rich to Get Started

Gone are the days when you needed thousands of dollars to invest. Thanks to apps like Robinhood, Fidelity, Schwab, and Acorns, you can start with as little as $5.

A few low-cost, beginner-friendly options:

• Index Funds – great for passive growth
• ETFs – kind of like the snack packs of investing: diversified and low-risk
• Stocks – own pieces of big companies like Apple or Amazon without shelling out hundreds

Starting small is 100% okay. What matters most is just starting.

Inflation Is Real (and It’s Stealing From You)

If your money’s just sitting in a savings account or Venmo balance, you’re actually losing buying power every year. That $10 burrito today might cost $12 in a few years. Investing helps your money keep up with inflation so it actually grows, not shrinks.

Start Now, Thank Yourself Later

College is the best time to start investing. You don’t need to be a finance major or have a ton of cash. Just start small, stay consistent, and let time do the heavy lifting.

Even if it’s just $10 a week—that’s not even two Starbucks runs—your future self will be thankful you did.

Life as a college student is stressful. You have to balance many things at once and oftentimes your own finances get overlooked. Many college students are never taught how to take care of their own finances which adds further stress to their lives. I am going to give you some things you can start doing now to take control of your financial situation and set you up for success.

Budgeting

Creating a budget is simple and easy to do and will help you learn more about your money habits. Tracking the money you have coming in and the money you have going out will help you grasp how much you are really saving and spending. To create a budget track how much you spend in one month and how much you make in that same month. Then sort your spending into categories (Food, Housing, Entertainment, etc.). Use this information to set a budget of how much you are going to spend every month to ensure you are saving money. The most important part of a budget is sticking to it!

Savings/Emergency Fund

Once you have your budget down and can consistently save money, putting your money in a savings account is the next step. Even if you are saving a small amount at a time, getting into this habit is very important. It is recommended to keep 3-6 months worth of expenses in an emergency fund in case of unexpected costs such as car repairs or medical bills. After you have your emergency fund account, put the rest in a normal savings account that you will take spending money out of.

Pro Tip: I recommend looking into high yield savings accounts that will give you around 4% return on your money for just having it in the account.

Credit Cards/Credit Scores

Be mindful of credit cards. While they can help build credit, it’s crucial to use them wisely. Only charge what you can afford to pay off each month, and avoid carrying a balance to dodge high interest rates.

More information regarding the best credit cards for college students as well as how to build your credit is available on the Financial Literacy Center’s blog.

Link: https://blogs.uww.edu/financialliteracycenter/

Take advantage of Free Resources

The Financial Literacy Center offers free one-on-one coaching, workshops, and tools to help you make informed money decisions. We are Located in the University Center room 129 and make blog posts like this twice a month. We are always willing to help!

Student loans can be a burden after graduation, but with careful planning and smart financial decisions, college students can reduce or even avoid them altogether. By exploring alternative funding options and making cost-conscious choices, students can work toward earning their degree with minimal debt.

Step 1: Maximize Scholarships and Grants

• Apply for as many scholarships as possible, both from UW-Whitewater and external sources
• Complete the FAFSA early to qualify for need-based aid
• Research grant opportunities related to your field of study
• Check with local organizations, employers, and community foundations for additional funding

Step 2: Choose an Affordable School and Program

• Attending a public university like UW-Whitewater, which offers quality education at a lower cost compared to private institutions
• Completing general education requirements at a community college before transferring
• Exploring in-state tuition benefits
• Choosing a major with strong job prospects to ensure a return on investment

Step 3: Work While in School

• Part-time jobs: Consider flexible work options like tutoring, retail, or food service
• Side gigs: Freelancing, babysitting, or selling handmade items online can provide extra income
• Internships: Some internships offer pay while providing valuable career experience

Step 4: Live Frugally and Budget Wisely

• Living with roommates or at home to save on housing costs
• Cooking meals instead of dining out
• Using public transportation or biking instead of owning a car
• Buying used textbooks, renting them, or using library resources
• Taking advantage of student discounts for entertainment and shopping

Step 5: Pay Tuition in Installments

Some colleges, including UW-Whitewater, offer tuition payment plans that allow students to spread costs over the semester instead of taking out loans. Check with the Financial Aid Office for details.

Step 6: Only Borrow What You Absolutely Need

• Opt for federal loans over private loans, as they typically have lower interest rates and better repayment options
• Avoid borrowing for non-essential expenses like vacations or luxury items
• Research repayment plans and forgiveness programs before taking out loans

Student loan repayment can feel overwhelming, but understanding your options can make a huge difference. Whether you’re looking for a predictable plan, a gradual increase in payments, or an income-driven approach, there’s a repayment strategy that can work for your financial situation. In this blog, we’ll break down the three primary repayment strategies: Standard, Graduated, and Income-Based repayment plans.

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1. Standard Repayment Plan: The Fastest Route to Debt Freedom

The Standard Repayment Plan is the most straightforward option. If you have federal student loans, this is the default plan unless you choose another.

How It Works:

• Fixed monthly payments
• 10-year repayment term (up to 30 years for consolidation loans)
• Lower overall interest paid compared to other plans

Best For:

• Borrowers who can afford consistent payments
• Those looking to minimize total interest costs
• Individuals with stable incomes

Pros & Cons:

Pros: Lower interest costs, faster debt payoff
Cons: Higher monthly payments compared to other plans

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2. Graduated Repayment Plan: Start Low, Increase Over Time

The Graduated Repayment Plan is designed for borrowers who expect their income to grow over time.

How It Works:

• Lower initial payments that increase every two years
• 10-year repayment term (up to 30 years for consolidation loans)
• Payments start low but gradually rise

Best For:

• Recent graduates with lower starting salaries
• Those expecting steady income increases over time
• Borrowers who want predictable increases in payments

Pros & Cons:

Pros: Easier entry-level payments, predictable increases
Cons: Higher total interest paid compared to the Standard Plan

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3. Income-Based Repayment (IBR) & Other Income-Driven Plans

For those with high student debt relative to their income, Income-Based Repayment (IBR) and other income-driven repayment (IDR) plans offer flexible options.

Types of IDR Plans:

• Income-Based Repayment (IBR): 10-15% of discretionary income, forgiveness after 20-25 years
• Pay As You Earn (PAYE): 10% of discretionary income, forgiveness after 20 years
• Revised Pay As You Earn (REPAYE): 10% of discretionary income, forgiveness after 20-25 years
• Income-Contingent Repayment (ICR): 20% of discretionary income or fixed payments over 12 years, forgiveness after 25 years

How It Works:

• Monthly payments based on a percentage of your income
• Payments can adjust yearly based on earnings
• Loan forgiveness possible after 20-25 years

Best For:

• Borrowers with fluctuating or lower incomes
• Those working in public service (who may qualify for Public Service Loan Forgiveness (PSLF))
• Borrowers who need flexibility in monthly payments

Pros & Cons:

Pros: Lower monthly payments, potential loan forgiveness
Cons: More interest paid over time, possible tax implications on forgiven debt

Building good credit is a key factor in achieving financial success. Whether you’re buying a home, leasing a car, or applying for a credit card, your credit score plays a significant role in your ability to access financial opportunities. Fortunately, building credit is a process you can control with a few smart steps. Here are five effective ways to build your credit and boost your financial standing.

1. Start with a Secured Credit Card

If you’re new to credit or rebuilding after a setback, a secured credit card can be a great starting point. With this type of card, you’ll need to make a deposit that serves as your credit limit. This deposit minimizes the risk for the lender, making it easier for you to qualify. Over time, as you use the card responsibly—paying off your balance on time and keeping your utilization low—you’ll build a positive credit history.

Make sure to choose a secured card that reports to the credit bureaus, as this ensures your efforts will be reflected in your credit report. After several months of responsible use, you may be able to transition to an unsecured card with a higher limit and more benefits.

2. Pay Your Bills on Time, Every Time

The most important factor in building and maintaining good credit is paying your bills on time. Late payments are one of the most significant negative factors that can damage your credit score. These late payments are reported to the credit bureaus and can remain on your credit report for up to seven years.

To stay on track, consider setting up automatic payments for recurring bills or setting reminders. The earlier you start making on-time payments, the quicker your credit score will reflect your positive habits.

3. Keep Your Credit Utilization Low

Your credit utilization ratio is a key component of your credit score. It’s calculated by dividing your credit card balances by your total available credit limit. For example, if your total credit limit is $5,000 and you’ve used $2,000 of it, your utilization rate is 40%. Ideally, you want to keep this ratio under 30%. This shows lenders that you’re responsible with credit and don’t rely too heavily on it.

To keep your utilization low, you can either pay off your balances in full each month or ask for a credit limit increase. Just make sure that you don’t increase your spending when your limit goes up.

4. Diversify Your Credit Mix

Lenders like to see that you can manage different types of credit responsibly. Having a mix of revolving credit (like credit cards) and installment loans (such as a car loan or student loan) can help improve your credit score. However, it’s essential to only take on credit that you can manage. Don’t apply for new types of credit just to diversify your mix if you’re not ready for it.

Opening new credit accounts should be done cautiously and strategically. Too many hard inquiries within a short time can lower your credit score, so be mindful of how often you apply for credit.

5. Monitor Your Credit Report Regularly

It’s essential to keep an eye on your credit report to ensure that everything is accurate and up to date. Mistakes or fraudulent activity can negatively impact your credit score without your knowledge. You’re entitled to a free copy of your credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—once a year through AnnualCreditReport.com.

Take the time to review your credit report for errors, such as incorrect personal information, unfamiliar accounts, or wrongly reported late payments. If you spot an error, dispute it with the credit bureau immediately to have it corrected.

Conclusion

Building credit takes time, but the payoff is well worth it. By using these strategies, such as starting with a secured credit card, paying your bills on time, maintaining low credit utilization, diversifying your credit mix, and monitoring your credit report, you’ll be on your way to a strong credit score.

Remember, the key to building credit is consistency and patience. Stay disciplined in your financial habits, and your credit score will improve, unlocking better opportunities for your future financial goals.

Paying for college can be a challenge, but at the University of Wisconsin-Whitewater (UWW), there are plenty of scholarship opportunities to help ease the financial burden. Whether you’re an incoming freshman, a transfer student, or already a part of the UWW community, there are several unique scholarships specifically for Warhawks that you can apply for. These scholarships are offered by UWW departments, alumni, and local organizations, ensuring a variety of options for students from all backgrounds.

Here’s a guide to finding scholarships that are unique to UWW:

1. The UWW Scholarship Portal

The University of Wisconsin-Whitewater provides a centralized Scholarship Portal that offers a wide range of scholarships exclusive to UWW students. This portal is your one-stop shop for all UWW-specific scholarship opportunities, where you can apply for multiple scholarships with just one application. Scholarships here are offered by the university, individual departments, and even private donors.

How to Access:

• You can find the Scholarship Portal through your WINS account or access it at https://www.uww.edu/scholarships
• Make sure to check the portal every semester, as new scholarships become available on a regular basis.
• Be sure to follow any specific instructions for submitting documents or essays and adhere to deadlines.

2. Department-Specific Scholarships

Many academic departments at UWW offer scholarships specifically for students within their programs. Whether you’re studying business, education, science, or the arts, there’s a good chance that your department offers financial assistance to support your academic journey.

Examples of Departmental Scholarships:

• College of Business and Economics: This college offers a range of scholarships for students majoring in business disciplines, such as accounting, finance, marketing, and management.
• College of Education and Professional Studies: Students pursuing education, social work, or health-related programs can find scholarships through the College of Education.
• College of Arts and Communication: Scholarships for students in fields such as music, theater, and communication are available.
• College of Letters and Sciences: Many general scholarships are available for students in this college, which includes a wide variety of majors ranging from biology to political science to psychology.

How to Apply:

• Contact your department or check your department’s webpage for scholarship opportunities.
• Some scholarships may require a separate application, while others are part of the general scholarship application process in the UWW Scholarship Portal.

3. Club and Organization-Specific Scholarships

Many student clubs, fraternities, sororities, and campus organizations at UWW offer scholarships to their members. If you are involved in a student organization or club, there may be scholarship opportunities available specifically for members who demonstrate leadership, involvement, and academic success.

Examples:

• Greek Life Scholarships: If you’re a member of a fraternity or sorority at UWW, there may be scholarships offered by the Greek community or individual chapters.
• Honor Society Scholarships: UWW’s honor societies, such as Phi Theta Kappa or the National Society of Collegiate Scholars, often offer scholarships to active members.
• Club-Specific Scholarships: Many student organizations like the Student Government Association (SGA), International Student Organization, or the Warhawk Leadership Program provide scholarships to members.

How to Apply:

• Check with your club, organization, or Greek chapter for available scholarship opportunities.
• Most organizations will have a process for applying, which may involve submitting an application or a statement of involvement.

Final Thoughts

There are many unique scholarship opportunities for students at the University of Wisconsin-Whitewater, and it’s essential to explore all the available options to maximize your chances of receiving financial support. From the general UWW Scholarship Portal to department-specific opportunities, local community foundations, and alumni-backed funds, the resources available are vast and varied. Be proactive, check deadlines, and apply for as many scholarships as you’re eligible for. With the right approach, you can secure valuable funding to help you succeed as a Warhawk!