One of the most daunting tasks that students face when coming to college is handling finances.
There are many steps that students can take to ensure they are prepared for the world of money, including asking for help from Integrated Resources for Information and Solutions (IRIS). The department consists of financial aid, registrar and admissions.
IRIS can give information about loans, scholarships and grants, as well as set up meetings for budgeting and other financial advice. They can be reached by email ([email protected]), phone (970.248.1177) or by walking into the first floor of Lowell Heiny Hall.
“The advice I have [for students] is don’t be afraid and don’t be nervous. If you have a question, come seek help. IRIS has financial planning meetings that they’re hosting right now for any student, incoming or continuing,” Coordinator of Student Employment and Student Cohorts Holly Daugherty said.
Director of Financial Aid Linsdey Campbell added that, while it may be difficult at first, it is important to create a budget. This means logging into your banking app and taking note of monthly expenses that have to be paid, and dividing the rest of the income between other spending and savings.
Budgeting also means making the hard decisions about what is affordable. That may mean missing out on a concert or not buying pizza in order to meet a quota.
“In my life, I’ve noticed that when I pay attention, money goes a lot further. I’m surprised at how much I can actually do when I pay attention to the budget, but it takes time. It takes attention, it takes effort and it takes trial and error. This could be saying ‘that month didn’t go well, or this week didn’t go as planned and I need to do something different next week,’” Campbell said.
Financial aid can go a long way in saving money for students. In some cases, filling out the FAFSA will open the door to grants for certain financial situations. All students can also apply for scholarships in the “Scholarship Application” found in MAVzone.
While meeting deadlines for those scholarships will boost the chances of receiving one, it is possible to be awarded even after the deadline. This is due to some recipients transferring or taking semesters off and the award being passed to the next chosen applicant.
Campbell recommended looking into scholarships found on the Colorado Mesa University Website as there are many opportunities. Other financial aid can be found through local businesses and clubs that often support students through school. Further scholarships can be found on Google, but students do need to be wary of scams in that case.
Some applications may require essays, which students can have proofread through the Writing Center (TLC) in Houston Hall or even through IRIS and financial aid. These resources are also available for loan advice.
Loans add up easily for students and this can be seen when doing Entrance Counseling. The program through FAFSA allows borrowers to see what their payments will look like when they graduate. Campbell recommended looking at the first year of pay from a job after college and not taking out more than that.
Daugherty pointed out that even though this can seem overwhelming, there is always help on campus.
The next date to be prepared for is October 1st, when the 2023-2024 FAFSA opens. Students can potentially receive competitive grants by completing their tasks early on.
