By KIRSTEN TRAUNTVEIN
For students who just can't seem to make ends meet, there is a seven-step solution: Creating Your Financial Path to Graduation.
The Office of Financial Aid developed the program to help students chart a realistic way to pay for their education.
'We initiated this program to help students define a reasonable debt limit for their personal situation,' said Director of Financial Aid Norm Finlinson.
In order to receive financial-aid checks, new borrowers are required to attend entrance counseling. The new process of developing a financial plan is now part of this training.
Finlinson said students will be required to submit their financial path plans before they can receive their second disbursement of loan monies.
The information for the plan is easy to access. Students can find the planning guides by attending a personal-financial counseling session from a qualified counselor, reading through help booklets, watching an instructional video or checking out the website.
This is all done to better inform students and help them become more 'pro-active in planning their financial aid,' Finlinson said.
BYU wants students to know there are qualified people to help plan individual financial decisions.
'Our concern is for our students here. We have trained counselors in personal financing. We offer that service to help students come up with a strategy for developing financial aid,' Finlinson said.
The booklet created by BYU outlines the seven-step process and emphasizes the planning involved in securing a realistic path for paying educational costs.
The first, and most crucial step, is planning an academic map, meaning all classes need to be charted up to the date of graduation, Finlinson said.
From there, the process involves estimating costs, resources and other monetary needs and then analyzing the unmet needs.
Student borrowers will also be required to establish a reasonable, personal debt limit, identify the costs of borrowing and make a commitment to the decided path, according to the seven-step process booklet.
After a commitment has been made, BYU financial aid counselors will monitor each student's financial aid pattern.
This way, when students start approaching the loan limits set for themselves, a financial aid counselor will call them in and discuss the financing problems, Finlinson said.
'That way you'll stay in control of your education and your financial future,' according to the workbook.
For more information or questions, talk to the financial aid office at A-41 ASB or check the website at ar.byu.edu/financialpath.