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Scholarships that I want to apply for are:

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Scholarships that I want to apply for are:

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1. Carl D. and Peggy G. Pursell Scholarship

2.Warren Scholarship

3.Dr. Irving A. Clark Endowment

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Unless otherwise noted on the application form, all scholarships for the 2019-2020 academic year are due by February 15, 2019. Click on the link below each application to apply. For more information contact the Dean's Office at 734.487.4344. See what scholarships are available through the Office of Financial Aid.

Graduate Scholarships

Bob Holkeboer Symposium/Graduate Research Fair Scholarship
Online Application
The graduate student recipient is a past presenter at the Undergraduate Symposium and a past undergraduate member of the Honors College. Minimum 3.5 GPA required.

Donald M. Loppnow Endowed Graduate Research Fair Scholarship
Online Application
The recipient is a graduate student and past presenter at Graduate Research Fair. Minimum 3.0 GPA required.

Stonewall Scholarship (Graduate or Undergraduate)
Online Application
The recipients are graduate or undergraduate students who demonstrate leadership and or involvement in organizations, activities or issues at EMU or the surrounding community that promote a positive environment for LGBTQ+ students and community members. Neither application nor acceptance of this scholarship indicates the sexual or gender orientation of the applicant.

Undergraduate Scholarships

Adelson-NSDAR Scholarship
Online Application
The recipient must be a female Native-American student with a minimum GPA of 2.0.

Richard Albrecht Memorial Scholarship
Online Application
The recipient must have a declared major in the College of Arts and Sciences, demonstrate involvement in extracurricular EMU or community activities and preferably be a graduate of a Livingston County high school.

Melvin and Hazel Cant Scholarship
Online Application
The recipient must have a declared major in the College of Arts and Sciences and demonstrate an interest and desire to work in the teaching profession. At the time of the award, the recipient must have a minimum GPA of 2.5, be enrolled for at least part-time and demonstrate financial need.

Lerner Family Scholarship in Jewish Studies
Online Application
The recipient is an outstanding undergraduate student who presented on a topic connected with Jewish Studies at the Undergraduate Symposium during the current academic year. Applications should include (1) a description of the Symposium project; (2) a statement about how the Symposium project contributes to our knowledge of Jewish peoplehood; (3) a resume/vita; and (4) a letter of support from the faculty sponsor. Please send application to [email protected] .

College of Arts & Sciences Endowed Scholarship
Online Application
The recipient must have a declared major in the College of Arts and Sciences, at least 12 credit hours taken at EMU and have a minimum GPA of 3.5.

Fred W. Johnson Endowed Scholarship
Online Application
This Endowed Scholarship is provided to provide merit scholarships to junior and senior level students in the College of Arts and Sciences.

Father Bernard J. O'Connor Endowed Scholarship in Civic Engagement
Online Application
The recipient chosen must have earned a minimum GPA of 3.20 and have successfully completed at least 18 credit hours at EMU. Students may be from any area of study as long as the chosen program of coursework highlights citizenship issues. Students must also possess a verifiable record of excellence in their contribution to this theme within their program of study as well as in co-curricular and/or extra-curricular activities.

Carl D. and Peggy G. Pursell Scholarship
Online Application
The recipient must have an undergraduate major within the College of Arts and Sciences and an overall GPA of 3.0 with 3.4 in their major. Eligibility requires that the student must be carrying at least 12 credit hours, have completed at least 30 credit hours and demonstrate leadership skills through community service or involvement in extracurricular activities at EMU.

Gregory W. Stevens Scholarship
Online Application
The recipient must have a declared major in one of the following departments: Communication, Media and Theatre Arts; History and Philosophy; or Political Science. Minimum 3.0 GPA and involvement in community- or school-based extracurricular activities are required.

Stonewall Scholarship (Undergraduate or Graduate)
Online Application
The recipients are undergraduate or graduate students who demonstrate leadership and/or involvement in organizations, activities or issues that promote a positive gay, lesbian, bisexual and transgender environment. Neither application for nor acceptance of this scholarship indicates the sexual or gender orientation of the applicant.

Warren Scholarship
Online Application
The recipients must be undergraduate, have an overall GPA of 3.0 with 3.4 in their major, and demonstrate financial need. Applicants must have completed 60 hours at the time of application and must be carrying at least 12 credit hours at EMU.

Undergraduate Symposium Scholarships

All symposium-related scholarships require students to present at the current year Undergraduate Symposium prior to application. For information regarding the Symposium and its related scholarships, visit the Undergraduate Symposium website. You may also contact Amy Bearinger ([email protected] ) for further information on these scholarships and deadlines.

Bruce K. Nelson Scholarship

This scholarship alternates between the Undergraduate Symposium and the Graduate Research Fair. The recipient must be a student presenter at the current year's event, have a minimum 3.0 GPA and attend EMU full-time.

John W. Porter Student Research Excellence Scholarship

The recipient must be a student presenter at the current year's Undergraduate Symposium in an art-related discipline within CAS, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Donald M. Loppnow Endowed Student Research Scholarship

The recipient must be a student presenter at the current year's Undergraduate Symposium with a demonstrated commitment to research, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Dr. Irving A. Clark Endowment

The recipient must be a student presenter at the current year's Undergraduate Symposium, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Robert Neely Endowed Scholarship for the Undergraduate Symposium

The recipient must be a student presenter at the current year's Undergraduate Symposium, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Dale and Gloria Heydlauff Undergraduate Symposium Student Excellence Scholarship

The recipient must be a student presenter at the current year's Undergraduate Symposium, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student. Also requires a demonstrated commitment to community service with priority to Symposium participant with travel abroad experience or global studies focus.

Bette Warren and Sally McCracken Endowed Scholarship for the Symposium

The recipient must be a student presenter at the current year's undergraduate Symposium representing either mathematics, or communication, media & theater arts, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Ronald W. Collins Scholarship

The recipient must be a full-time undergraduate student with a minimum 3.0 GPA and have participated in the Undergraduate Symposium in a previous year as well as the current year.

Undergraduate Symposium Silver Anniversary Scholarship Series

The recipient must be a student presenter at the current year's Undergraduate Symposium, have a minimum 3.0 GPA and attend EMU as a full-time undergraduate student.

Barry A. Fish Scholarship

The recipient must be a student presenter at the current year's Undergraduate Symposium. In addition, eligibility requires at least a 3.0 GPA, a declared major or minor in the College of Arts and Sciences, and attendance as a full-time undergraduate student.

Elwood John C. Kureth Scholarship

The recipient must be a full-time undergraduate student with a declared major or minor in the College of Arts and Sciences, have a minimum GPA of 3.0 and be a presenter at the current year's Undergraduate Symposium.

University Fellowship Award for Symposium Participants

The recipient must be a student presenter at the current year's Undergraduate Symposium. In addition, eligibility requires completion of an undergraduate degree by August of that year, minimum cumulative GPA of 3.0, application and admission to a graduate degree program at Eastern Michigan University and enrollment as an EMU graduate student for the following fall.

Department Scholarships

Please contact the departments directly for information regarding their scholarships and deadlines.

Phone: 734.487.1268

Aprill Memorial Scholarship

Dennis Baggaley Memorial Endowment

Byron Bakalis Scholarship

Sandra Braun and Sharon Harrison Art Travel Endowed Scholarship

Barbara E. Scott Brundage Scholarship

Kingsley Calkins Endowed Scholarship

Iris Ann Cody Scholarship

Helen I. Kuehn Scholarship

Dorothy Lamming Scholarship

Judy Loeb Scholarship

Lucie Ann McCall

J & J Morris Endowed Sculpture Studio Fund

Oren/Sarosik Fine Arts Scholarship

Adnee Palmer Pearson Scholarship

Arthur Rockall Scholarship

Anne Taubitz Townsend Memorial Endowed Scholarship

Thomas K. Venner School of Art & Design Endowed Scholarship

Emil and Juanita Weddige Scholarship

Ellen Wilt Endowed Scholarship

Phone: 734.487.4242

Fred C. and Ford R. Bryan Scholarship for Teaching

Richard A. Giles Botany Scholarship

Mary Goddard Scholarship

Meta Hellwig Scholarship

Bert Johnson Scholarship

Stephen and Christine Liu Endowed Scholarship

Minnie Neary Scholarship

Grace E. Wertenberger Scholarship

Phone: 734.487.0106

Perry S. Brundage Scholarship

Collins Endowed Scholarship in Chemistry

Martin and Antoinette Gorski Radio and Nuclear Chemistry Scholarship

Sandra J. Lobbestael Scholarship

Elva Mae Nicholson Organic Chemistry Endowed Scholarship

Bert W. Peet Award

Donald B. Phillips Memorial Scholarship

Ronald M. Scott Memorial Scholarship

John M. Sullivan Memorial Research Initiation Scholarship

Phone: 734.487.3131

Dennis Beagen Endowed Scholarship

George P. Bird Endowed Scholarship

Gail W. Compton Scholarship

Dramatic Arts Scholarship

Mark S. Gallup Memorial Endowed Scholarship

Nancy Ford and Gretchen Cryer Theatre Scholarship

Ann Thompson Hubbell Theatre Scholarship

Worth H. Kramer Memorial Endowed Scholarship

Helen I. Kuehn Freshperson Scholarship

Dr. Everett L. Marshall Forensics Scholarship

Frederick B. McKay Forensics Scholarship

Julia Catherine Niswender Endowed TWIN Scholarship

Dr. John W. Porter Endowed Scholarship

John W. Sattler Participation Scholarship

Harold E. Sponberg Scholarship

Robert Edward Taylor Scholarship

Daniel L. Vice Participation Scholarship

Parker Zellers Scholarship

Phone: 734.487.1063

Charlie Jones Memorial Scholarship

Finlan Computer Science Scholarship

Phone: 734.487.3395

Bruce C. Gockerman Scholarship

Gary E. Murg Scholarship

Donald W. Pearson Endowed Scholarship in Economics

Phone: 734.487.4220

JNT English Literature Endowed Scholarship

Mariam Turbin Scholarship

Irene Little Wallace Scholarship

Phone: 734.487.0218

Michael D. Brown Historic Preservation Scholarship

Marilyn Larson Jacob Historic Preservation Scholarship

Mark Jefferson Scholarship

The Robert Ward Urban and Regional Planning Program Scholarship

Phone: 734.487.1018

Richard Henry "Hank" Abbott Scholarship

Elizabeth S. Adams Endowed Scholarship

Esther Walker Barnard Scholarship

Fred J. Ericson Scholarship

Friends of History and Philosophy Scholarship

Richard Davis Goff Scholarship

Marilyn R. Hill Scholarship

Neil McLarty Scholarship

George Rhodes Scholarship

Elizabeth Warren Scholarship

George R. York Scholarship

Sophia Philosophy Scholarship

Phone: 734.487.1444

Dr. Donald A. Buckeye Scholarship

Doc. M. Mathematics Scholarship

James L. Eisele Scholarship

Carl M. Erikson Scholarship

Hilton G. Falahee Scholarship

Bradley M. Harris Scholarship

Mabel Jarvis Leib Scholarship

Sandra J. Lobbestael Scholarship

Thomas H. Stark Scholarship

Phone: 734.487.4380

Dr. Earl L. and Charlotte S. Baker Scholarship

O. Blaine Ballard Scholarship

Band Scholarship

Barbara Elizabeth Scott Brundage Scholarship

Jessie Dillman Scholarship

EMU Trumpet Studio Scholarship

Fitch/Meretta Scholarship

Marius E. Fossenkemper Scholarship

Erich Goldschmidt Scholarship

Gurt-Kaslow Scholarship

Linda Hemmelgarn Scholarship

Barbara E. and Elaine Jacobson Scholarship

Dorothy James Scholarship

Dr. Harlow E. Laing and Leela Linder Laing Scholarship

Carl Lindegren Scholarship

Elisabeth Morgan and Dave Woike Endowed Scholarship

Barry Manilow Scholarship

Mason/Rigsby Organ Scholarship

Haydan Morgan Scholarship

Lisa & Mary Newell Scholarship

Alberta Blanche Mullen Scholarship

Marian and Fred Olmstead Scholarship

Mary F. Phipps Scholarship

James E. Pietrzak Scholarship

Alfio Pignotti Scholarship

Janice Rasmussen Scholarship

Joseph Remington Scholarship

Leonard Riccinto Music Memorial Scholarship

Daisy V. Riley Scholarship

Fred Shure and Robert Farrell Collegium Musicum String Endowed Scholarship

Grace M. Sponberg Scholarship

Al Townsend Scholarship

Thomas Tyra Scholarship

Juanita Weddige Scholarship

Phone: 734.487.4144

Floyd Leib Scholarship

Harry L. Smith Scholarship

Mark Daniel Trochet Scholarship

Crystal L. Tucker Scholarship

Kenneth and Rosemarie Williams Scholarship

Phone: 734.487.3113

John Barson Fellowship

James H. Brickley Scholarship

Richard Fierens Memorial Scholarship

David Hortin Scholarship

Robert O. McWilliams Scholarship

Father Bernard O'Connor Scholarship

Joe Ohren Student Internship Fund

Political Science Study Abroad Scholarship

Symposium Undergraduate Research Fellowship

Phone: 734.487.1155

Robert Anderson Scholarship

Everett Marshall Psychology Scholarship

Androulla Youssef Scholarship

Phone: 734.487.0012

Patrick C. Easto Endowed Scholarship

Helena A. Grzadzinski Dementia Care Education Endowed Scholarship

J. Hall and L. Washington Scholarship

Marilyn of Monroe Scholarship

Sociology, Anthropology, and Criminology Scholarship

Phone: 734.487.1177

Distinguished Leaders of Women's Studies Endowed Scholarship

Mr. and Mrs. C.C. Seetoo Endowed Global Travel Scholarship

Margaret Smith Award (pays for textbooks)

Lloyd-Russell Outstanding Paper Award

Christy Rishoi Outstanding Paper Award

Margaret Rossiter Outstanding Paper Award

Phone: 734.487.0130

R. Clyde Ford Scholarship

Florentine O. and Egbert R. Isbell Scholarship

John Hubbard Scholarship

Paul Adam Kozma Scholarship

J. Henry Owens Scholarship

Marie Schulz Rohde Memorial Scholarship

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Unless otherwise noted on the application form, all scholarships for the 2019-2020 academic year are due by February 15, 2019. Click on the link below each application to apply. For more information contact the Dean's Office at 734.487.4344. See what scholarships are available through the Office of Financial Aid.

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How To Budget And Save Money | Money Management Tips

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If I was to imagine that I am already 65 years old. At that time I would probably finishing up the work before I retire. I would be still working but it will so soon that I will be retiring. During my spare time I would want to walk around the neighbor, Watch Tv , and spend more time with the family. The dreams that I would see that become a reality is finishing college and build a family and have successful career. One goal that I want to later on visualized being able to work and save money for my children to go college since some families cant afford money for their children education.

S:I will make sure to spend my money wisely and save my children education.

M: As of now I will be focusing at my education and help my children on how to spend it and how use it effectively.

A: I will work harder to achieve this goal so they have a better education.

R: This relevant I have struggles with financial and it's been difficult to get in your dream college.

T: Around my 40's  my kids will be in college.

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The Budgeting Method That Changed My Life

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How Student Loan Hero Gets Paid

Advertiser Disclosure

Only 47% of Americans use budgeting methods to keep close track of their spending, according to a 2020 survey by the National Foundation for Credit Counseling. But as the most fundamental tool in the financial planning process, a budget can make it easier to achieve your financial goals.

Not only does a budget help you keep track of where your money is going, but it also gives you more control over that process. Without a clear plan for your cash flow, you could be spending against your own best interests without even knowing it.

Read on to learn...

How a proper budget can power your financial independence

Budgeting isn't always fun, but it's one of the most important things you can do to improve your financial health. Here are a few ways that living on a budget can make a difference.

It aligns your spending with your goals. By creating and following a budget, you can decide how you're going to spend your money each month based on what's most important to you.

It can improve your debt repayment strategy. If you're working to pay off student loans, credit cards or some other type of debt, having a budget can help you set aside more cash to become debt-free.

It can help you achieve your savings goals. Whether you want to save more for retirement, build your emergency fund or set aside cash for your next vacation, a budget can help you plan out how much you're going to save toward your goal at the beginning of the month.

5 budgeting methods to consider

Before picking a new or different budgeting method, you might want to figure out where your money is going so that you know what areas need your attention.

"An easy way to get things started is to collect all of your receipts for a month or two for every penny you spend," said Megan Luke, a chief operating officer at PNC Bank. "At the end of the month, sort the receipts into piles for food, gas, entertainment and so on. This will give you a good picture of your current spending and provide opportunities to find ways to adjust and perhaps save."

You can also use your online checking or credit card account to view your transactions and do the same.

Once you have an idea of your spending habits and where you can make changes, five different budgeting methods can help you make it happen. No single budgeting method is best for everyone, so it's important to compare each and determine what works best for you.

1. Zero-based budget

The concept of a zero-based budgeting method is simple: Income minus expenses equals zero.

This budgeting method is best for people who have a set income each month or at least can reasonably estimate their monthly income. After calculating your monthly income, add up your monthly spending and savings to equal that income amount.

It's important to plan out all your expenses as accurately as possible. If you go over on one spending category, you'll need to take cash from another category to make up for it. And if you forget a large expense, it could throw your budget off.

"[Zero-based budgeting] is the most time-consuming method because you have to dig into the details behind each line item," Luke said.

Since there's less room for error with a zero-based budget, it might be a better option for someone who has already been budgeting for a while. Even then, it's a good idea to keep extra cash in your checking account as a buffer. Also, have at least a small emergency fund in case you incur a large unexpected expense.

2. Pay-yourself-first budget

The pay-yourself-first budget is another simple budgeting method that focuses primarily on savings and debt repayment.

Simply put, you set aside a specific amount every time you get paid for savings and debt payments, then spend the rest of your money however you see fit. By doing this, you can prioritize your savings and debt repayment goals and make do with whatever is left over.

For example, you may want to focus on paying off high-interest debt first while slowly building up an emergency fund. But as you get rid of your high-interest debt, you could focus on other savings goals.

Of course, it's important to prioritize your necessary expenses and bills. But you don't have to watch where you spend your discretionary income because you've already taken care of what's most important to you.

This budget is best for someone who struggles with saving each month or doesn't want to focus too much on budgeting each expense.

3. Envelope system budget

This budgeting method is similar to the zero-based budget but with one big difference: You do it all with cash. In an envelope budgeting system, you plan out how you're going to spend your money each month and use an envelope for each spending category. Then you withdraw as much cash as you need to fill each envelope based on your budget.

As you go grocery shopping, for instance, take your grocery envelope and pay for your items with cash. If you run out, that's all you can spend in that category for the month unless you want to take cash from other envelopes. Avoid raiding other envelopes too often, though, because it can cause a snowball effect and you can run out of cash before the end of the month.

Financial expert Dave Ramsey is the biggest proponent of the envelope system, so it's a great option for people who espouse his beliefs about money, which focus heavily on paying down debt quickly and using cash, not credit cards.

But it's not a good budgeting method for someone who doesn't feel comfortable having that much cash on hand or prefers using credit cards or debit cards.

4. 50/30/20 budget

The 50/30/20 budgeting method is straightforward and requires less work than the zero-based and envelope budgets. The idea is to break down your expenses into three categories:

1. Necessary expenses (50%)

2. Discretionary expenses (30%)

3. Savings and debt payments (20%)

This budgeting method is a great option for newbie budgeters because it doesn't require meticulous tracking of all your expenses. You can succeed with this budget as long as you know what counts as a want versus a need and put enough money toward savings and debt.

The main drawback is that the 50/30/20 rule might be unrealistic for people who have a lot of debt or have big savings goals because 20% isn't a lot.

But the good news is that you can customize it to fit your needs. For example, you may want to consider increasing the savings and debt repayments category and decreasing the discretionary or necessary expenses categories.

In other words, don't get stuck on the 50/30/20 proportions. Tailor the concept to your needs.

5. The 'no' budget

As the name suggests, this different budgeting method consists entirely of not spending money that you don't have. Rather than create a budget:

Keep an eye on your checking account balance. Use a budgeting app or your bank's online banking or mobile app to help you track this.

Know when recurring bills hit your account. One way you can do this is to keep a list handy in a spreadsheet, Microsoft Word document, or on a piece of paper.

Set aside cash for savings and extra debt payments. When you can, use automatic transfers from checking to savings and increase your automatic monthly debt payments.

Spend what's left over without overdrawing your account. Again, by keeping an eye on your account balance, you're better able to know how much money is available after core expenses.

While the "no" budget sounds easier than the other methods we've listed, it's not always easy to tell yourself "no." This budgeting method is best if you've demonstrated spending discipline in the past and are confident that you can continue that streak.

Also, it's best if you use only a debit card with this budget because it's tied directly to your checking account and automatically updates your balance.

Why you shouldn't give up on your budgeting method

Even if you pick the right budgeting method, it can still take a few months to get used to the system, especially if you've never budgeted before. But like any habit, the more you do it, the easier it becomes.

Think about why you want to take more control over your money management. Consider your goals and why you want to achieve them. Doing this can help you regain your motivation to keep working to improve your budgeting skills.

Also, don't be afraid to make changes to your budgeting strategy to make it more effective. For example, try a different budgeting method if one isn't working for you, or make adjustments to one to tailor it to your needs. And consider using a budgeting app to help make the process easier.

Whatever you do, the important thing is that you develop the habit of managing your money in a way that helps you improve your financial health and achieve your goals.
Andrew Pentis contributed to this report.
Interested in refinancing student loans?

Here are the top 6 lenders of 2020!

Check out our reviews!
¹ .

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner's underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of October 1, 2020.

² .

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation's largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term "Lender" refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.

2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.

3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower's economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.

4. Automatic Payment ("AutoPay") Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower's bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate ("APR"): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate ("LIBOR") and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of December 1, 2020. Information and rates are subject to change without notice.

³ .

Student loan Refinance: Fixed rates from 2.99% APR to 6.09% APR (with AutoPay). Variable rates from 2.25% APR to 6.09% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan.See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

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To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected] , or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

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Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.

As of 11/13/2020 student loan refinancing rates range from 1.97% to 8.54% Variable APR with AutoPay and 2.95% to 8.77% Fixed APR with AutoPay.

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5 Simple Budgeting Methods to Help You Live Your Best Life

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How Student Loan Hero Gets Paid Advertiser Disclosure Only 47% of Americans use budgeting methods to keep close track of their spending, according to a 2020 survey by the National Foundation for Credit Counseling. But as the most fundamental tool in the financial planning process, a budget can make it easier to achieve your financial goals.

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What you pay for a house, a car, clothes, even groceries, will likely depend on three digits you probably don't even know. Your credit score, explained.

You know your Social Security number, your PIN, an access code here, a password there. But do you know the number that will cost-or save-you thousands of dollars? Your credit score is a number that banks use to determine whether you qualify for credit-and if so, how much interest they'll charge you. Insurance carriers and phone companies rely on the scores to decide if you're a good credit risk. A prospective boss or landlord may turn you down if your score doesn't measure up.

Torrey Shannon and her husband, Dan, filed for bankruptcy in 2002. "We've cleaned up our act," she says, "but if you look at our scores, you'd assume we're deadbeats. Not a day goes by that it doesn't affect us. We weren't able to get a home until 2012."

How your score is calculated may seem mysterious, but it's essential to know your number and how to make it work for you. Try these ways to improve your credit score.

Q: What is a credit score?

A: Your credit score represents your creditworthiness: how likely you will pay your bills and pay them on time.

The Minneapolis-based Fair Isaac Corporation (better known as FICO) was the first to boil down your credit history, a detailed report on how you borrow and repay your debts, into a single three-digit number.

The FICO scale ranges from a low 300 to a high 850. The higher your score, the more likely you will qualify for the lowest interest rates. FICO gives its formula to the three credit bureaus-Equifax, Experian, and TransUnion-and they apply the math to your credit reports. Each pulls information from a slightly different network of lenders to compile its own report on you. (FICO earns a small royalty for each score the bureaus sell to lenders.) Because of this, you actually have three FICO scores, one from each of the bureaus, and they can vary by as many as 50 points.

You are entitled to one free credit report from each of the bureaus once a year to understand your credit score. You can get the FICO scores based on your TransUnion and Equifax credit reports from myfico.com for $15.95 each. Experian no longer sells its FICO scores to individuals. These are the sneaky things that affect your credit score.

Q: What is a perfect credit score?

This question is a little bit complicated. While a technically perfect credit score exists, actually getting one is often unrealistic. Under the FICO score model, the highest possible score you could get is 850 points. According to Experian, 1.2 percent of all FICO scores are at 850. But do you really need to worry about getting that high? Definitely not.

kikovic/Shutterstock

Q: What is considered a good credit score?

Since "perfect" isn't a very realistic goal, what is a good credit score anyway? A good score ranges from 670-739. Anything between 740 and 799 is considered "Very Good" and anything 800 and above is considered "Excellent". On the other side of good are two more categories. 580-669 is considered "Fair" and anything below 580 is considered a "Poor Credit Score."

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Q: How is your score calculated?

A: Your score reflects how well you've managed your debt. Black marks such as late payments remain on your record for seven years. (For some forms of bankruptcy, it's ten years.) There are factors that don't affect your score: employment status, income, debit card habits, savings, bounced checks, overdraft fees, utility bills, and late rent (if the issue hasn't gone to court). Credit score calculations can get complicated, and there are some myths about what will hurt your credit score, but actually don't.

Here's what the bureaus use to calculate your score.

Payment history (35 percent)

The lowdown: The bureaus factor in when you last paid an account late, how often you pay late, and by how many days.

The strategy: Set up automatic payments to guarantee you're never late. If you have a 760 FICO score, for example, you could probably qualify for a 4.9 percent mortgage. Drop 100 points (after one skipped or late credit card payment) and you'd be lucky to get 5.5 percent. Pay bills on time and you'll improve your score within months.

Total debt (30 percent)

The lowdown: In general, higher debt loads work against you.

The strategy: Lenders look at your "usage ratio"-how much debt you owe on your credit cards compared with the total amount you could borrow. To keep your ratio low, don't max out your cards, and don't cancel cards you don't use.

Say you owe $100 apiece on five credit cards, each of which would let you borrow up to $1,000. Your overall usage ratio-debt ($500) divided by credit limit ($5,000)-is 10 percent. Cancel all but one card and your debt is still $500, but your available credit drops to $1,000. Your usage ratio is now 50 percent, enough to lower your score. A lot.

The people with the best scores tend to use no more than 9 percent of their available credit. Go above 50 percent, and your score is headed for a nosedive, says Steve Bucci of MMI Financial Education Foundation, a credit-counseling firm. This can cause your credit score meaning to get a lot more complicated.

Duration (15 percent)

The lowdown: The longer you've had an account, the better. A late payment on a two-year-old account will hurt your credit score more than if you'd had the card for two decades.

The strategy: Avoid opening new accounts unless necessary, and keep your oldest credit cards active (assuming you pay any new charges in full). "In this environment, if you don't use a card, you lose it," says Frank Remund of Seattle's Credit IQ, a fee-only financial advisory firm. "To demonstrate you're still using the card, sign up to have it automatically make one utility payment every month."

New credit (10 percent)

The lowdown: Multiple requests for credit mean you're a greater risk. FICO looks at the number of new accounts that you have opened as well as the number of requests, or inquiries (there are two kinds), for your credit score or report.

The strategy: "Hard" inquiries-when you actually apply for new credit-can ding your score. The best way to protect yourself is to squeeze your applications-whether for a mortgage or a car or student loan-into the same 45-day period so they'll count as a single inquiry.

Nowadays, banks and insurance companies routinely check account holders' credit reports. If your score has dropped, they might increase your interest rate, reduce your credit limit, or cancel your card. (As of February 22, 2010, credit card companies will no longer be able to raise your rate on old balances if you have a fixed-rate card.)

"Soft" inquiries don't count against you. For example: requests you make for your own credit report and those "preapproved" card offers that arrive, unsolicited, in the mail.

These are the 10 times you should never ever use your credit card for payment.

Types of credit (10 percent)

The lowdown: FICO looks at the number and "quality" of each type of account. For instance, a credit card from a national bank carries more weight than one from a department store.

The strategy: Revolving accounts (credit cards) tend to count more than installment loans (mortgages, car loans, student loans) because they're better predictors of your debt management. If your mix of debt is considered "off balance," it can hurt you. For example, it's possible to have too many credit cards but not enough of other types of loans (four or five cards is probably okay, says Adam Jusko of indexcreditcards.com, depending on how long you've had them).

apichon_tee/Shutterstock

Q: Can you improve your score?

A: If you've made mistakes, get back on track as soon as possible, says Careen Foster, director of scoring product management at FICO. "The longer you wait, the longer it takes to improve your scores." In today's brave new world of tighter credit standards, you need at least a 700 to qualify for a card you once could have gotten with a 600, says Adam Jusko. Improving your score can even save you hundreds.

Get the real free

Check all three of your credit reports at annualcreditreport.com, the only site authorized by federal law. This will help you better understand your credit score meaning. Don't be fooled by wacky commercials and computer ads for other "free" sites. You get one free report per bureau per year; pull a different one every four months to catch problems sooner.

Check for mistakes

Are there accounts you don't recognize, names that aren't yours, addresses where you've never lived, an incorrect birth date or Social Security number, inaccurate reporting of delinquencies? Has anyone stolen your identity? Have the bureaus combined your information with that of someone with a similar name?

Report errors

Laura Curley, who runs a charitable foundation in Chicago, was shopping with her husband, Dan, for an equity line of credit when they discovered that a disgruntled customer service rep had reported Dan as deceased on their mortgage file, a "fact" picked up by all three credit bureaus. "As a result," says Laura, "my credit scores were in the 780s. My husband's were zero. Official inquiries got the situation remedied."

One study found that 79 percent of all credit reports had mistakes; one in four contained errors serious enough to have a significant negative impact on scores. Report errors to the appropriate credit bureau. It has 30 days to investigate and respond. Singletons, you'll definitely want to make sure your score is accurate. Science shows that a good credit score is more likely to get you dates than being attractive.

Don't get flipped

Say you owe $1,000 on a revolving account and have a limit of $5,000. The bank might mistakenly say you owe $5,000 and have exceeded your limit of $1,000 four times over. New York City consumer advocate Mathew Sheldon says his score had dropped to 620 before he realized one of the card companies was improperly reporting the numbers. He got it fixed, he says, and he's back up to 730. If this happens to you, write to the consumer reporting company and the creditor that provided the information, detailing the inaccuracy.

Time your inquiries

You don't actually have a "permanent" credit report. All you have is some numbers stored in a computer file that changes constantly as lenders send in updates. If a bank asks for your score the day before you pay your credit card bills, it will get a different number than it would a few days later.

If you're in a hurry to get a loan and your report doesn't show recent transactions (paying off a balance, for example), ask your mortgage broker to get a "rapid rescore." This will ensure that the lender sees you at your best, but it costs about $30 to $90 per account. If you can wait a month, your report will update automatically.

DIY improvements

You don't need to pay "experts" to improve your score. You don't need to pay $15.95 a month for credit monitoring services. And you don't need to pay "dispute mills" to argue against every black mark on your credit report. "These companies don't tell you that a negative factor might disappear for a while because the lender didn't respond to a letter in 30 days," says Candy Marshall of Suite Solutions, in Los Alamitos, California, which sells credit reports to bankruptcy lawyers. "But if it really belongs on your report, it will just reappear in a month, when the lender reports to the credit bureau again."

Your best strategy: Improve your financial habits so your score goes up and stays up.

Better score, cheaper house

If a family put a 3.5 percent down payment on a $172,900 four-bedroom house in Greenville, South Carolina, they would take out a loan for $166,850. Here's what their true bottom line would look like.

Score Rate Payment Cost
760+ 4.981% $893.75 $326,900
700-759 5.203 $916.50 $335,090
680-699 5.380 $934.83 $341,689
660-679 5.594 $957.22 $349,749
640-659 6.024 $1,002.93 $366,205
620-639 6.570 $1,062.30 $387,578
Less than 620: It will be tough to get a loan at all.
Better score, cheaper car

A buyer puts $3,000 down on a $25,605 2009 Honda Accord EX-L sedan and finances the rest over 60 months. Here's his true bottom line.

Score Rate Payment Cost
720+ 6.42% $441.45 $29,487
690-719 7.88 $457.05 $30,423
660-689 9.86 $478.73 $31,724
620-659 12.79 $511.91 $33,715
590-619 17.64 $569.60 $37,176
500-589 18.43 $579.32 $37,759
Less than 500: It will be tough to get a loan at all.
What's your score?

Print this quiz for a quick estimate of how lenders are likely to rate your credit.

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What Is a Credit Score? The Secret Formula Behind That Magic Number

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What you pay for a house, a car, clothes, even groceries, will likely depend on three digits you probably don't even know. Your credit score, explained. You know your Social Security number, your PIN, an access code here, a password there. But do you know the number that will cost-or save-you thousands of dollars?

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If you only have 15 seconds to learn how credit works, memorize the graphic above. It shows you the six key factors that make up your credit score, the three-digit number that summarizes the entire US credit reporting system and determines whether you can get approved for a loan or a credit card.

The keys to a good credit score are paying your bills on time, having a mix of accounts (credit cards and loans), and keeping these accounts in good standing for many years.

But, have you ever wondered: How does credit work? Why do you need a credit report, anyway?

Why do we have credit reports and scores?

The credit history reporting system helps banks avoid lending money to customers who are already overextended or who have a history of not paying their debts.

Less than 100 years ago, banking was a very personal experience. If you wanted to borrow money, you would need to walk into a local bank and personally convince a loan officer to give you the loan. You would have needed to show proof of employment and, quite possibly, personal references who could vouch for your character.

Back then, nearly all lending was secured, meaning you would need to put up collateral in order to take out the loan. The most common example of a secured loan is a home mortgage in which the bank takes an interest in the property.

Since then, the rise of credit cards as a convenient, electronic purchasing tool has made unsecured lending quite common. And although unsecured lending can be more profitable for banks, it's also highly risky because there's no collateral for the bank to repossess if the debtor doesn't pay back the loan.

As a result, the credit report system was created to give banks a centralized source of information about potential borrowers.

When did credit reporting start?

By the late 1950s and early 1960s, banks began collaborating to share customer credit data including account balances and payment histories.

These early "credit bureaus" were small and limited to individual communities. By 1970, however, a few large companies emerged as leaders in credit reporting. These companies would become the three credit bureaus we know today: TransUnion, Experian (with enrollment in Experian CreditWorksSM), and Equifax.

In 1970, Congress first passed the Fair Credit Reporting Act (FCRA) to regulate how credit reporting companies handled consumers' personal information, but credit reporting was still primitive compared to the comprehensive reports we have today. By the early 1980s, credit bureaus began to electronically store the detailed personal information (Social Security numbers, addresses, dates of birth) as well as the loan, inquiry, and payment data that still comprise our credit reports today.

What information is on your credit report?

Your credit report contains information that identifies you, such as your name, address, and Social Security number and information about your borrowing activity, such as loan applications, balances, and payment histories.

In addition to your name, Social Security number, and date of birth, your report may also contain previous addresses and employment information. Despite all of this unique information, credit report mix-ups are still quite common, especially if you have a common last name like Jones or Brown.

The bulk of your credit report contains detailed information about recent activity on your financial accounts. This includes:

Credit inquiries: Any time you apply for credit-whether or not you are approved.

Open loans: Data will include the bank, the loan amount, the date you opened the loan, your monthly payment amount, and your payment history.

Open revolving accounts: These are your credit cards. Data includes the bank, your credit limit, the date you opened the account, your payment history, and the balance on the account as of your last statement date.

Closed accounts: Accounts will remain on your report even after they are closed for up to seven years.

Collections accounts: In the event you have a bill sold to collections, this account will appear on your credit report. This can happen even if the original debt wasn't included on your credit report, such as a medical bill.

Public records: These include tax liens, court judgments, and bankruptcy filings.

Comments: Credit bureaus give you the ability to add comments to your credit report to explain records. Creditors can also add comments.

How do banks use your credit report?

Today, companies use the data in your credit report to create credit scores, which most lenders will use in their underwriting as an alternative to manually reading your credit file.

That said, you can expect an underwriter to look more closely at your credit report when you're applying for a larger loan-such as a mortgage-or in cases where your credit score is "on the fence."

In addition to approving your loan, your credit may determine how much you'll pay for the credit. The higher your credit score is, the less interest bank will charge you for the loan.

Who cares? Well, you should if you care about saving money. For example, the difference in total interest payments on a $250,000, 30-year mortgage between a 5-percent interest rate and 8-percent interest rate is about $179,000. That is the cost of less-than-perfect credit.

Sometimes, companies will use your credit score for other decisions, too.

For example, you might be asked to submit to a credit check when renting an apartment or applying for a job that involves financial responsibility. (Some employers have used credit checks more broadly in their hiring process. I think that practice has dubious value, but it's yet another reason to take care of your credit.)

Finally, insurance companies often use a specific version of your credit score in determining how much you'll pay for car insurance.

What is a credit score?

A credit score is a three-digit number derived from the data in your credit report that indicates how likely you are to repay a loan on time in relation to other borrowers.

Different companies produce different credit scores under brand names like FICO Score and VantageScore.

Each of these companies may have several different versions of their score for different end uses (for example, one for mortgage lenders, one for credit card banks, another for car insurance companies).

Finally, each of these credit scores may differ depending on which of your three credit reports was used to pull the data. There are three credit bureaus: TransUnion, Experian with enrollment in Experian CreditWorksSM, and Equifax. Although most of your credit report will be the same across all three, there can be differences.

In general, however, all credit scores fall somewhere on a range between 350 and 900. The higher the score, the better your payment history and creditworthiness. A lower score means banks will consider you a higher risk customer.

What is a good credit score?

Although it depends on which score you're looking at, you can be confident that a score of 720 is "good" on most scales, while a score of 800 is "very good" on most scales.

If you have a score of at least 700, you'll have the best chance of getting approved for the best credit card offers, auto loan rates, and mortgage rates.

Scores in the high 600s aren't necessarily bad, but they won't qualify you for all loans or the best rates. With a sub-700 credit score, you could also still be declined for many of the best credit card offers.

Finally, it's important to note that once your credit score approaches the high 700s to low 800s, any further increases won't do much for you...banks will already give you the best rates. (It's like if a prof awards an A+ to numerical grades of of 97-100, once you hit 97 there's no additional benefit to getting a 98 or 99, etc.)

How do you get a good credit score?

There are three big components to a good credit score: establishing a healthy mix of loans and revolving accounts over time, paying bills on time (every time), and avoiding high levels of debt.

How long does it take to build a good credit score?

The first step- building credit by establishing a healthy mix of loans and revolving accounts -is often the trickiest, because it's a catch-22: You need to get credit before you have a credit history, but it's difficult get credit before you have a credit history!

There are several ways to establish credit for the first time, but it's arguably easier to do when you're young and either in college or still dependent on your parents. For example, you can:

Ask a parent to make you an authorized user on one of their credit cards.

Take out a federal student loan, which generally does not require a credit check.

Take out a loan with a cosigner.

Get a secured credit card, which works like a prepaid debit card except it builds credit.

Get a credit builder loan.

Use a free service like Experian Boost™, which allows you to benefit from on-time payments that otherwise wouldn't be included in your credit profile.

Once you have one open account, it becomes easier to get additional accounts after about six months. Over time, you'll get the best credit score when you have at least one or two credit cards and one or two loans (like student or auto loans). That said, having more accounts is not necessarily better.

Finally, a key part of credit scoring is time. It typically takes three years of responsible credit use to have an average credit score in the mid to high 600s and up to seven years to develop a very good credit score of 700 or more.

Why is paying your bills on time so important?

Your payment history accounts for approximately 35 percent of your credit score, more than any other factor. Making consistent on-time payments is the number one thing you can do to build a good credit score.

Not surprisingly, nothing will wreck your credit score faster than failing to pay these bills on time. The longer you take to pay them (and the more often you're late), the lower your credit score will fall.

An example: I've had fairly good credit all my life, but once many years ago I screwed up and paid two bills late (just by a few days). My credit scores fell by an average of 60 points and it took two years to fully recover.

How does debt affect your credit score?

Too much debt is bad for your finances and it's bad for your credit score, too. Your overall debt level accounts for 30 percent of your credit score.

Credit-card utilization (or how much of a balance you carry in relation to your credit limit) affects your credit score. The higher your combined balances in relation to your combined credit limits, the more your credit score will suffer. For the best credit score, you want to keep this "utilization ratio" as low as possible.

Keep in mind that even if you pay your balance in full every month, your credit report reflects your card balance on the last day of your billing cycle. If you frequently use most of your available credit each month, your credit score will suffer even though you're paying the balance in full every time. You can avoid this by paying off most of your balance on the day before your credit card billing statement closes. Your credit report will show a $0 balance-or close to it.

Other factors affecting your credit score

Other factors that affect your credit score include the average age of your credit accounts (credit file age), account diversity, recent credit inquiries, and public records. With the exception of public records, each of these factors make up about 10 to 15 percent of your credit score.

The longer you have had credit accounts open, the better. If you don't have to cancel an old, unused credit card, don't.

Your credit score won't be as good as it could be if you only have credit cards or only have loans.

Finally, try to limit credit applications to no more than two every six months. Checking your own credit score is known as a "soft inquiry" and does not count toward this limit.

Too many credit applications in a short period of time can cause your score to go down because it looks like your desperate for credit. There's an exception, however, for credit inquires of the same nature that indicate you're rate shopping. If these inquiries are within a month or so of each other, they will generally only be counted as one inquiry.

Public records are one thing you definitely do not want on your credit report, because it usually means that someone has taken you to court over a debt. Many, like tax liens or credit judgments, can drag your score down for years.

A bankruptcy filing can be the kiss of death to your credit score, at least for a number of years. Your credit score can recover from bankruptcy, but it will take between seven and 10 years. Like building credit from scratch, the hardest part will be getting your first one or two credit accounts after bankruptcy. With few exceptions, this usually means starting with a secured credit card.

How do you fix bad credit?

The same way you build good credit! By paying your bills on time and staying out (or getting out) of debt.

Unless you've been the victim of identity theft or otherwise have errors on your credit report, the only way to "repair" your credit is to pay your bills, pay down debt over time, and limit applying for new credit.

Expect it to take between one to two years of responsible credit management to make an impact on a troubled credit score (longer in the case of bankruptcy), and be wary of anybody who tries to sell you shortcuts to a better credit score.

For more, read our article on how to repair your credit on your own.

How do you track your own credit?

These days it's easy to track your credit score with any number of free credit monitoring apps or paid subscriptions. Many credit cards even provide your FICO Score on monthly statements, too.

You can sign up for a monthly credit monitoring service. There are both free and paid credit tracking services. The free services will typically give you one version of your credit score and a limited look at your credit report. Paid services are more likely to give you access to all of your credit scores and/or complete access to your credit report.

In the United States, the best way to review all three of your credit reports for free is to go to annualcreditreport.com. The US government mandates that all consumers can receive each of their three credit scores from this site once a year for free. While checking your complete reports at least once a year is the bare minimum, I would also recommend using another free credit monitoring service to routinely monitor your score and get alerted to any problems.

Credit monitoring is also really helpful if you're getting ready to apply for a mortgage or you suspect you're susceptible to someone else trying to use your credit information.

To get an immediate idea of where your score is without creating any new accounts, use our simple credit score estimator tool.

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How Credit Works: Understand Your Credit Report And Score

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If you only have 15 seconds to learn how credit works, memorize the graphic above. It shows you the six key factors that make up your credit score, the three-digit number that summarizes the entire US credit reporting system and determines whether you can get approved for a loan or a credit card.

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As college decision deadlines draw near, students around the world now must do the math and calculate how they are going to finance their degree.

College has a bigger financial impact on students - both in terms of cost and earning potential - than ever before.

U.S. News and World Report estimates that over the past 20 years, the in-state cost of attending a public national university has increased by 237 percent. According to the Georgetown Center on Education and the Workforce, a bachelor's degree is now worth $2.8 million over a lifetime. Today, approximately 44 million Americans hold a total of $1.3 trillion in student loan debt.

Here are five ways students can help minimize the cost of attending college:

Completing the Free Application for Federal Student Aid, otherwise known as the FAFSA, should be the first step every student takes towards financing a degree.

Every year, the U.S. Department of Education gives over $120 billion in federal grants, loans and work-study funds to more than 13 million college students, making it the largest provider of student financial aid in the country. Federal grants do not need to be repaid, federal student loans have low interest rates and work-study programs can be a convenient way to simultaneously fund an education and build a resume.

"Aid is available for anyone with a household income below $250,000 a year," says Charlie Javice, founder & CEO of Frank, an online FAFSA platform. "So it's really important as FAFSA season comes up that people don't forget that there is no such thing as being too rich to file FAFSA."

"To students who don't think that FAFSA applies to them, wake up and smell the coffee. You should do it," says Javice. "It takes four minutes. You are probably going to get $10,000 to $30,000 worth of aid in your first year."

By not completing the FAFSA, NerdWallet estimates that the class of 2017 missed out on $2.3 billion worth of free college aid.

Your chance to maximize your college aid package doesn't end once you've submitted your FAFSA application.

"There is an appeal process," college admissions expert Danny Ruderman tells CNBC Make It. "Once you submit the FAFSA, be sure to submit supplements or new addendums."

The Department of Education allows families to appeal because, he says, "you can fill out the FAFSA in December, and by the time that your child is going [to college] the next fall, things can change."

Javice adds that families who have recently been affected by a natural disaster have much to gain from submitting supplements and addendums.

"To those who have been affected by [Hurricanes] Harvey and Irma, you should be negotiating your aid because of the natural disaster," she says. "You will likely be in a great position to negotiate and get free college aid because of the unfortunate events that happened."

Once you have been accepted by a college and been offered a financial aid package, students should negotiate with the school for more assistance.

"Most students don't know that they should never, ever, ever accept their first aid package," says Javice.

She says that across the country, schools offer around $80 billion in financial aid discounts to their students, "of which, $15 to 20 billion is reserved for aid appeals, and about half of that is usually not allocated, because people don't know that they should be doing this."

While federal student aid and college provided aid are often the best places to start financing your college degree, there are also thousands of outside college scholarships that students can apply for.

In fact, Ben Kaplan, CEO of PR Hacker and author of " How to Go to College Almost for Free," funded his undergraduate degree at Harvard with 24 scholarships totaling $90,000.

"I won two dozen of them and accumulated $90,000 in scholarship money, which at the time, combined with a year's worth of AP credit (which basically let me enter Harvard as a sophomore) covered the entire cost of Harvard for me," he explained to CNBC Make It.

In order to maximize their awards, Kaplan suggests that students look for scholarships in creative places, apply for many scholarships and fine-tune their applications over time.

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As college decision deadlines draw near, students around the world now must do the math and calculate how they are going to finance their degree. College has a bigger financial impact on students - both in terms of cost and earning potential - than ever before. U.S.

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Not sure what your offer means for your future? This tool helps you make a plan to pay for costs that your offer doesn't cover. If you're looking at student loans, it helps you decide how much you can afford to borrow. We also break down confusing jargon, give money saving tips, and point out pitfalls to be aware of.

Get to know your rights and responsibilities as a student loan holder. Investigate options for your specific situation, including income-based repayment, loan forgiveness, and consolidation loans.

If you're considering student loans to help you pay for school, you're not alone - many students need loans to cover their full cost of attendance. If you have to take out student loans, comparing your options can help you find the student loan best suited for your needs.

Unlike that first school ID photo, your first banking relationship could last long after you graduate. Making a smart decision now will mean fewer surprise fees that can add up later.

We teamed up with the Department of Education to create the financial aid shopping sheet to help students more easily understand and compare different financial aid packages.

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Paying for college | Consumer Financial Protection Bureau

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Not sure what your offer means for your future? This tool helps you make a plan to pay for costs that your offer doesn't cover. If you're looking at student loans, it helps you decide how much you can afford to borrow.

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How to Pay for College:  6 Best Ways to Help Pay for College