Signing Off as a Smart About money Team Member

By Estela Suarez

Thank you clip art 4 - Cliparting.com

Three and a half years sure went by fast! I have been working at Smart About Money since my second semester of freshman year, and now I am about to graduate from UMass and close this chapter of my life. As part of this program, I have had the opportunity to learn, teach, grow, and lead. I have seen leadership changes, worked within two different departments, participated in campus-wide events, and been part of spaces within UMass that I wouldn’t have been able to otherwise. As part of my final blog post, I have decided to dedicate it to my Smart About Money co-workers. The ones who I currently work with, and the ones I have worked with in the past. You have all added to my life and taught me so much, and as I enter the “real” world I will take those lessons with me. 

Having an on-campus job has been a small blessing in disguise. In the past four years, so much has happened personally, on campus, and even globally. Throughout it all, this job has provided me with a level of consistency and reliability that I didn’t even realize I needed. When the entire campus was sent home in March of 2020, all of my classes went virtual and many professors were scrambling to adapt to this new mode of teaching, not knowing what the next two years would bring. In a time of so much uncertainty, my bosses at SAM worked to make sure I could still work, get paid, and made sure to schedule regular meetings with me and the rest of the team to make sure we maintained as much “normalcy” as possible. Not to mention the fact that through our remote semesters our team experienced leadership changes, graduating seniors, and new additions to the team. 

As the resident “non-financial” person on the team, I make a lot of jokes about not being “Smart About Money”. But, in reality, working at SAM has taught me a lot about finances and my own financial decisions. I have been made aware of things like the importance of saving for retirement and how to do so, the different factors that go into a credit score and how to maintain healthy credit, and the differences between a banking institution and a credit union, just to name a few. I still don’t have a working budget in place, but at least I know how to make one when the time comes.

All this being said, as I reflect on my time on this team, I am most thankful for the relationships I have made: the bosses turned mentors, the coworkers turned friends and everyone who has supported our team along the way. Making change is not a quantitative practice, it is something that requires a lot of time, patience, and creativity. This team has worked so hard and I could not be more proud of you all. I can’t wait to see all the great things you all do, whether it be at UMass or beyond. Thank you all for everything as I am forever grateful. 

Can You Afford A Pet In College?

By Julia Toler

Okay, imagine this. You’ve moved off-campus, have a job outside of school, and decide you want to complete your independent college experience by getting a pet. Sound familiar? Many college students decide to get pets when they move into their own space, whether it be a cat, rat, dog, hamster, etc. I bet you can probably think of a few friends here at Umass that decided to buy an animal on a whim; I know I can. Here’s the thing, though – animals are pretty expensive. The cost of purchasing and taking good care of an animal for its life is a huge financial responsibility and one that many college students don’t even fully understand when they decide to buy a pet. In this blog post, I will talk about how much it costs to have a pet, so if you ever find yourself considering getting your own, you’ll know realistically whether or not you can afford it. 

Aside from the impact taking care of an animal has on your time, they are also tough to afford- especially if you live on a tight budget as a college student. Buying an animal is not the end of your financial responsibilities, and while dogs and cats are two of the most popular domestic pets, they cost a lot of money to take care of. There are the day-to-day costs such as food, litter/toiletry expenses, living space necessities, vaccinations, and grooming supplies. On top of that, you should be ready for possible medication costs, pet insurance, and medical emergencies. Accreditedschoolsonline.org estimates that the total costs of caring for a cat can add up to $1,174, and for a medium-sized dog, $1779 in a single year. 

When it comes to living with an animal in college, students should be aware that most residential areas and dorms don’t allow pets, and if they it is limited to service animals or smaller animals like fish or hamsters. In off-campus apartments or houses, pets may be allowed, but an extra pet deposit could also be required. According to MyMoneyPurdue, a pet deposit can cost anywhere from $150-$300. 

If you want an animal, have a few tips and points that can help guide your decision-making. Firstly, if you a set on adopting a pet, you should know that start-up costs are much less expensive when you adopt from an animal shelter than a breeder, and it is more humane! Shelters typically charge around $100, while breeders can charge up to $3,000. There are multiple reasons to think about adopting a pet from a shelter first! If a cat or dog is too expensive for you to care for as a college student, remember there are smaller critters too! Small caged animals such as turtles, hamsters, fish, and bunnies make good pets too! These small animals are lower maintenance and less expensive to care for. Always research an animal’s temperament, maintenance, and needs before buying. Just because they are small does not mean they won’t take a lot of your time, attention, or money. You want to get an animal that is right for you and affordable.

 In my opinion, one of the saddest things that can happen is adopting and forming a relationship with an animal, only to realize down the road that you cannot sustainably manage all of the financial burdens that come along with it. I hope that this blog post helps guide your decision-making process and helps you to think realistically about pet ownership so when you do get an animal, you can give them a forever home.

Traveling Smarter, Not Harder

By Leo Tavares

The long-awaited break is finally approaching. Professors are slamming you with projects, exams, and essays. The assignment that you put off for weeks is nearing its due date. After two long nights of cramming, you finish. Time for a well-deserved break. You have an amazing week traveling with friends. 

You look at your bank’s balance upon arrival back home to find Netflix, Amazon Prime, and Spotify fighting over the last $10 in your checking account at the end of the month.  

I myself have fallen victim to overspending during traveling. Before you hop on that road trip with friends or book a flight to your dream vacation, allow me to put some food for thought!

Be Realistic 

Though it might be self-intuitive, don’t spend money you don’t have! I don’t mean to be the downfall of your best life in Dubai but planning within your means of spending is essential for your long-term well-being. The desire to venture the world for new experiences and saving enough money for a rainy day can be a perpetual tug of war. Take a look at the Smart About Money Financial Road Map and ensure that the trip won’t be an obstacle towards your financial milestones! *****

Plan Early

The spontaneity of booking that awesome last-minute trip with your friends can be exhilarating in the spur of the moment but it comes at a cost – literally. Trips planned within 7 weeks to 3 months can find a significant decrease on the price of the plane ticket. Use this down time to assess where you will be residing during the trip, whether it be a hotel, Airbnb, or with family/friends. Timing plays a big role as well. January is known to be one of the cheapest months to travel in – keep in mind for those looking for winter break trips!  

Questions to ask yourself include…

  • How many friends are you going with?
    • Who might be handling the bills that you can’t split? (Nobody likes chasing people around on Venmo or Cash App!) 
  • How many days can I afford to spend there?
  • Will I/we be buying food out every day?
  • What might travel costs look like?

Budgeting will be the name of the game here. Take moment to add up all the expected costs, always assuming an upper limit rather than lower for cushion incase prices are above what you had anticipated. 

Take Advantage of The Platforms You Shop With 

The same way you should use student discounts for purchases, be sure to take advantage of bundled trips. Plane ticket outlets will often offer bundled prices when you purchase other services alongside the ticket as a member (at no additional cost). In my experience, I was offered a 20% discount on the price of my hotel per night when I bought it with Travelocity. Dig around and see where you can get the best of deals; tis the beauty of the Internet.

Beware Of Exchange Rates

What is the real cost of your dollar? We all want to enter a beautiful landscape with a single print of a green George Washington and have the purchasing power of a million dollars. Unfortunately, rates will vary by country. The dollar worth 3,743 Columbian Pesos is also only worth 0.783 Pounds in the United Kingdom. Consider countries where the cost of living might be particularly low to get a true bang for your buck, highlighting domains that have a high exchange rate against the dollar. (Foreign currency/$)

Activities and Transportation 

What you do during your time of leisure is what will truly make or break your bank account. Take an hour or two to research the activities that can make highlights of your trip and how far they all are. In doing so, you can determine the best modality of transportation in the given country. Constantly using Uber can get stack up on you before you know it. If possible, think about renting a car if you plan on traveling deep into the country. I recently rented one for the first time in Puerto Rico and it made some farther travels at a much cheaper rate than that of Uber/Lyft. 

Why You Should (Responsibly) Use a Credit Card

By Kevin Sathapornchaisit

Hand Hold Credit Card Icon Of Payment Concept Of Bank Money Pay Comfort  Shopping Without Cash Customer Buy In Store Online Purchase Transaction  Chip In Debit Card For Identity Swipe Vector Stock

Speaking from personal experience, many of my peers and friends do not use a credit card. Before I learned about credit cards I also didn’t see the value in owning a credit card. I, and the people I spoke with, feared paying interest and was unsure of the difference between credit cards and debit cards. However, credit cards have massive benefits over using a debit card, and if you use your credit card responsibly, by paying off your credit card in full and on time, and ideally below 10% of your credit limit you can reap the benefits of credit cards!

Rewards

One advantage that credit cards have over debit cards is that credit cards rack up rewards. Everytime you swipe your credit card the merchant gets charged a percentage fee of whatever you bought, and those fees are what contributes to your rewards. If you were to pay in cash or use a debit card you’d be missing out on those rewards that you would’ve gained if you paid using a credit card. These rewards can vary from cashback to earning points that you can redeem for airline miles or goods like electronics. The rewards depend on the type of credit card you use.

Building Your Credit

Using a credit card responsibly will help build your credit score. Debit cards don’t contribute to your credit score at all. Responsible credit card usage will be reported to credit bureaus and this will develop your credit history which increases your credit score. Increasing your credit score can lead to lower interest rates on a car payment and credit cards or even on a mortgage! You can even get auto insurance and other types of insurance payments lowered with a good credit score.

Fraud Protection

Credit card companies protect their users from any fraudulent activity on their accounts. If someone were to make an unauthorized payment on your debit card, the money would be taken out of your account instantly and it could take months for them to file a claim and for it to be processed. With a credit card, no money has left your bank account and this process would only take a quick phone call to reverse the charge. Credit card companies often offer zero liability on unauthorized purchases.

Convenience

Credit cards offer a convenience that debit cards do not offer. They allow you to pay for things whenever you want, even if you don’t have the money to do so yet. For instance, if you want to buy something, but you don’t get paid until the end of the week you can do so with a credit card! However, it is important to pay it off before your statement balance is due.

When Should You Not Use a Credit Card?

If you have trouble paying off your credit card in full on time every month, perhaps a credit card isn’t the right choice for you. This would lead to racking up credit card debt and lowering your credit score. 

If you find yourself spending more than you can afford, owning a credit card can exacerbate that problem. Paying off any expense you may have with a debit card will make sure you don’t spend more than you have. 

To sum everything up, you should use a credit card because they earn rewards like airline miles, they build your credit score, they protect you from any fraudulent activity, and they offer convenience. It is critical that you pay off your credit card in full and on time every month.

Tax Filing for International Students: An Introductory Guide

By Van Le

The 2022 Tax Season is here, and if you are an international student, keep reading, because this step-by-step guide will assist you in navigating the tax return preparation process and point you to the right resources. 

Disclaimer: Legally, Smart About Money is not permitted to provide advice for any personal tax circumstances. Please refer to the resources below or contact a tax professional for any personal tax concerns.

Step 1: Know Your Obligation

The most important thing to know before we dive into taxes is that EVERY international student is required to file a U.S. tax return each year, including students with no U.S. source income.

So if you were present at UMass anytime in 2021, you are required to file a tax return! Taxes are filed for the previous year, so if you arrived for the first time anytime during this year, you will be required to file a tax return the following year. 

All international students are obligated to file a return regardless of your income status, and failure to do so can result in penalties and may negatively impact your immigrant status.

Step 2: Determine Your Tax Residency Status

Your Tax Residency status is independent of your Immigration or Academic status and is determined based on your physical – not academic – presence in the U.S. 

Non-resident aliens are generally taxed more on U.S. source income than resident aliens or citizens, and most international students and scholars on F, J, M, Q visas are considered non-resident aliens for tax purposes if they are:

  • International students on F1/F2 and J1/J2 visas during their first 5 calendar years.
  • Scholars/Researchers on J-1/J-2 visas during their first 2 calendar years. 

Keep in mind that every visit to the U.S. counts toward your tax residency status. You can determine your status by taking the substantial presence test or simply file your taxes.

Step 3: Know Your Deadline

Tired of chasing those deadlines? Here is another one!

The Federal tax-filing deadline is April 18th, 2022

By this date, you should have submitted or mailed in your federal and/or state tax returns to the IRS. However, if you have no income from outside states and only file from Massachusetts, the MA tax-filing deadline is April 19th, 2022.

Step 4: Tax Preparation (the most daunting simple step of all)

Having all documents on hand when filing your taxes will ensure you make no errors in your tax returns and can shorten the process to around an hour!

Forms to prepare:

  1. Common forms:
  • Form W-2: wages/salaries; from your employer
  • Form 1042-S: money award/stipend/treaty-exempt income; from GLACIER
  • Form 1099-INT, 1099-DIV, 1099-MISC: interest from savings, dividends, other miscellaneous income; from respective agencies
  • Form 1098-T: educational expenses and transactions; from the Bursar’s Office
  • MA 1099-HC, 1095-B, 1095-C: healthcare insurance information
  1. Immgration documents:
  • Passport
  • Visa
  • Form I-94 and Travel History 
  • Form I-20 (for F visas) or DS-2019 (for J visas)
  • SSN or ITIN ? Required when you have earned income

*Different filing softwares might require additional documentation.

Form to file:

  • Form 8843: every international student
  • Form 1040NR (for non-residents) or 1040 (for residents): for any taxable income received in the U.S. (you should be filing this with a Form W-2 and/or 1042-S)

*Different filing softwares might have you fill in additional forms.

Tax Treaties: What to Know?

  • “Tax treaties are designed to decrease the likelihood that the non-resident will be taxed on the same income both in the U.S. and the country of tax residency.” – The International Programs Office
  • To determine and potentially claim a tax treaty, visit the UMass Payroll Office at 325 Whitmore Administration Building.

Step 5: Filing Taxes

Filing taxes as an international student, there are 3 main ways you can complete your tax returns:

FormatAvailable return(s)Fee
GLACIER Tax Prep (GTP)Online: online-tax.net/glogin.aspFederalNone (mail in required)
SprintaxOnline: sprintax.com/Federal and *StateApprox. $40
Papermass.gov/info-details/dor-personal-income-tax-forms-and-instructionsFederal and *StateNone (mail in required)

*State return: REQUIRED if your MA income exceeds $8,000 or your employer claimed a state tax withholding in 2021 ? File to receive refund for your state withholding

**Please note that the free tax softwares offered by Mass.gov and the IRS are for domestic and resident alien taxpayers only, so DO NOT use them if you are a non-resident alien for tax purposes.

Have questions when filing your taxes? The Isenberg Volunteer Income Tax Assistance (VITA) Program and GLACIER provides drop-in information sessions where you can receive accurate advice for your tax situation:

Congratulations! You have completed your 2021 Tax Return!

Still have questions? Here are the resources that can assist your tax-filing process:

____________________________________________________________________________

Living on a Low Income at UMass Amherst

 By Elana Sadok

Going to college is expensive and doesn’t leave much room for other needs in your budget. It’s a good thing that there are many established resources on campus here to help. The main resources that will be covered in this blog post is the Dean of Students Office (DOSO) and Single Stop Resources. DOSO is the central office to visit if you are concerned about where your next meal will come from or how to pay a big unexpected expense. DOSO does not help with tuition or UMass fees. If you are concerned about your tuition bill, visit the Bursar and/or Financial Aid office. 

DOSO offers short term loans and microgrants. Short term loans are available for students experiencing temporary financial emergencies, hardship, or unforeseen personal and family emergencies. You must apply for the loan and meet with a DOSO staff member in order to ensure that you meet the eligibility requirements and are able to pay back the loan in 30 days. UMassFive also offers short term personal loans for those in financial crisis. In addition, microgrants are available for students experiencing the same hardships, except they do not have to be paid back.  Refer to the table below to learn more about the differences between the two. 

In the table, you will also find more information about Student Care Supply Closets and Food Security on campus. There are 5 Supply Closets on campus offering free household items. You can find them in Whitmore, Wilder Hall, Bartlett, Crampton Hall, and Dickinson hall. UMass Dining has partnered with DOSO to provide emergency supplemental meals through Spire and a meal plan scholarship fund. There are WIC and SNAP benefits available for students and non-students alike. 

DOSO also created this website as a starting point for assistance with food, shelter, utilities and internet, healthcare and more. 

DOSO Resources

Short term loan application Microgrant applicationStudent Care Supply ClosetsFood Security
Must be paid back within established due dateDo not need to be paid back Free toiletries and household items for any student in needAmherst Survival Center – for many resources, but mostly food
Cannot be applied to outstanding bursar bills or previous DOSO emergency loanCannot be paid towards tuitionBaby care products for student parentsUMass Dining – Emergency Supplemental Meals (3 days of meals)- Meal plan scholarship fund
Max loan amount for undergraduates: $500Max loan amount for graduates: $1000Maximum amount is $500Partnered with Project Period to provide free menstrual products around campus– WIC, SNAP, other governmental benefits 
Must be enrolled in classesInternational students are eligible to applyStudent Food Pantry

.

Single-Stop Resources

Another great central resource online is the Single Stop Resources for anything you may need. On the website you will find resources for housing, food, legal advice, employment, and more. The most relevant page is the single stop for students who need money. There you will find campus resources such as Financial Aid and Smart About Money, and also banking services, emergency relief, and tax prep help, to name a few.

If you are looking for a source of income to keep up with the flow of expenses, check out “I Need Employment.” There you will find the UMass Student Job Board, career prep, and more. Moreover, all schools have their own Career Office, make sure to check out the one that you are in. 

One last thing to be aware of is the housing information. If you are looking for off campus housing, make sure to speak with Off Campus Student Life to check out your options. If you or someone you know is at risk of homelessness, check in with DOSO as soon as possible. Here you can find shelters in the area.  The Family Outreach of Amherst is also here to help. 

An Update on the Forbearance Period of Federal Student Loans: Again!

By William Wright

Student loans have been in the news again, although this time not about forgiveness efforts like they were this time last year. Rather the extension of forbearance, or the freezing of payments on Federal Student Loans (issued by the government) has been extended, again. 

Again? Yes! Under the Trump administration in August 2020 federal student forbearance was introduced that froze payments on student loans, and alongside the CARES ACT, placed interest rates at 0% and expanded more benefits to borrowers. The Biden Administration has continued the forbearance on federal student loans until May 1, 2022. 

This is surprising because the past administration and the current both kept pushing the deadline for the program to initially end. At the moment it has been extended again as it was supposed to expire on January 31, 2021. The program includes the following specifications: 

  • A suspension on loan payments
  • A 0% interest rate
  • Stopped collections on defaulted loans

If you are a student with federal student loans it is a good time to take advantage of zero percent interest rates and no mandatory payments. Students who may be working or have money to put towards their loans should make payments during this time, if they are able, to reduce their balances. 

When the forbearance period ends loans will return to their original interest rates before the announcement of forbearance in August 2020. Visit studentaid.gov for FAQs that dive into the specifics of when repayment will start again. 

So what are the chances the Federal government will extend this forbearance period again? 

It is hard to speculate, nevermind say if they will or will not. The Biden administration has announced it would not extend again and then pushed it to March 1, 2022. Depending on the pandemic it could be extended again, or loans could resume repayment. 

An important note, if you are still enrolled and maintaining the requirements of being a full-time student, even when forbearance ends, you will not be expected to make payments. This is only for students who have graduated or used their grace period. Upon graduation you will have a six month grace period before payment is required. 

What are the chances of Student Loan Forgiveness? 

It is impossible to say what the chances really are for student loan forgiveness. The congressional landscape is always changing and many other factors would impact such a decision. It is best to figure out a solution that works best for you with addressing your loans then waiting on a definitive decision. 

At the moment take advantage of the forbearance period, coupled with zero percent interest rates, and go from there. 

One last note

Nothing right now is certain except the extension of the forbearance period until May 1, 2022. If you have specific questions about your loans, or do now know where to go to learn more, set up an appointment with SAM via Navigate umass (link below). 

Before graduation, and even before then, figure out who your loan service provider is because federal loans do not get paid back to UMass. Setting up an account on your loan service provider’s website to determine how much you owe can give you peace of mind when you are planning your financial future. 

Useful links: 

  • studentaid.gov
  • studentaid.gov/announcements-events/covid-19
  • www.umass.edu/it/general/university-massachusetts-amherst-student-success-collaborative
  • www.umass.edu/financialaid

How to be Smart About Money while Planning your Study Abroad

By Lana Sadok

So you want to study abroad! But, that’s expensive. Well, at Smart About Money, we are here to help! One of the most common questions the Education Abroad office gets asked is “How do I pay for Study Abroad?”

If you are thinking about studying abroad and it is a huge possibility for your schedule, but money is the only thing holding you back, then you have come to the right place! This article will cover all the financial considerations when planning your trip. 

Program Costs

The program cost will be your biggest expense. Program fees are not regular UMass tuition fees. The program fee includes academics, housing and sometimes meals. It does not include any personal expenses. It will be billed through an outside provider. 

The only UMass fee associated with study abroad is the education abroad fee of $910. However, if you are thinking about domestic exchange, then that will have the same tuition cost as UMass. Talk to Sheila Brennan in the student success office to learn more!

Scholarships

There are many options for scholarships! Through the IPO, scholarships are awarded based on merit or need. The application for a merit based scholarship includes an essay about who you are and why you want to study abroad. 

Alternatively, pell grant receivers are eligible for the Gilman scholarship. It is a significant scholarship for underrepresented groups to visit destinations that are less common. The application for this scholarship is a lot more competitive since it is awarded nationally. There is an office that helps to assist students in the application process, which is also an essay. Specific programs have scholarships you can apply to depending on the program you choose. 

Note: Athletic scholarships that apply to UMass tuition sometimes aren’t eligible for study abroad programs. Similarly, tuition credits such as the John and Abigail Adams scholarships are invalid.

Financial Aid

If you are eligible to receive financial aid, grants, or awards, then they can be used to study abroad. There are specific scholarships awarded through the FAFSA that can be applied. 

Additional Loans/Grants

Logically, work study is forfeited because on campus work cannot be completed abroad. There are alternative loans available like Sallie Mae private loans and parent plus federal loans if needed.

Regional Costs

Depending on the continent you want to visit, there can be variability in costs. Generally, Latin America is cheaper than Europe which is cheaper than Australia which is cheaper than Asia. Some countries have better conversion rates where the US dollar is worth more. This makes living expenses a lot cheaper. Egypt and Morocco are great examples of this, where you could live on around $5 a day (excluding housing). 

Depending on the area within the country you are studying in, housing costs could be cheaper. For example, homestays are much less expensive and also include food, so the overall cost of food goes down. Moreover, in the bigger cities, the cost of living will be higher. Whereas, on the outskirts, the cost of living is cheaper. USAC is a great option for finding cheap programs since housing is mostly located in the outskirts of the major cities.

For further questions, you can set up a meeting on Navigate with a Peer Financial Coach or the International Programs Office. 

Financial Tips When Searching for Off-Campus Housing

By Julia Toler

As students here at Umass Amherst go through their college career, many decide to move off campus as upperclassmen. In Fall of 2020, almost 40 percent of Umass students resided in off campus housing. That is a huge portion of Umass Students! It may seem like a daunting thing to lease your own apartment for the first time and there are many things to consider before making an important financial decision such as this. However for some, there are lots of benefits to living off campus. If you decide that this might be the right decision for you, finding an apartment or house can be much easier than you think! There are many resources and financial tips to help make this process easier, and help you to feel confident in making this big financial decision. In this blog, I have compiled what I think are the most important financial tips and knowledge to keep in mind when you are searching for off campus housing for the first time. 

Having Realistic Expectations: 

Off campus housing can turn out to be cheaper than living in the dorms, if you find the right place. But prices can vary and paying monthly rent to a realtor is different from lumping in campus living expenses with your tuition bill. Therefore, it is so important to keep realistic expectations when searching for off campus housing. Are you planning on sharing the cost of rent with your parents? If not, do you have a job or enough loans to cover the expenses of living off campus? These are the things you should think about before you start your search. How much rent can you afford to pay every month? Answering these questions will help set a realistic budget for what you can afford. If you still think moving off campus is the right decision after regarding your financial standing, don’t go for the first apartment available. Rent per person in the Amherst area usually ranges for around 600-900$ a month, give or take some. So shop around and compare rates! 

Starting Early! 

The housing market can get very competitive every fast, especially in the Amherst area with so many students searching for a place to live each year. From a financial standpoint, it’s so

important to begin your search for off campus housing early, so you can get the best for your buck! Ideally, you should start your search in September/October of the year before you plan to lease. Many real estate companies require all you and your intended roommates to be in attendance for tours, So you should also be planning who you will room with around this time as well. Keep in mind that most properties only allow up to four people per apartment. 

Will moving off campus affect my financial aid? 

Housing is not guaranteed to students after their first year of college. For this reason, it is unlikely that your financial aid would be majorly impacted by living off campus as opposed to in a dorm. However, everyone’s personal situation is different with financial aid, so you should always double check with Umass Financial Aid services about how this might affect you personally. 

What are utilities, and are they included? 

When you are comparing prices of different apartments or houses for rent, make sure to check if utilities/amenities are included in the monthly rent, and if so which ones. Many listings will show you the base cost of monthly rent but specify that amenities are not included in that. If that’s the case, expect to pay around a hundred dollars more than the specified rent each month. When you begin to tour houses and apartments, make sure you ask about every amenity you will need to live comfortably. Some apartments and houses may or may not offer certain utilities and have certain requirements, such as whether pets are allowed or not. All of this can affect your decisions when choosing housing, and whether it is worth it for you monetarily. Questions to ask about utilities and amenities: 

– Is Wifi included in the Rent? 

– What do you offer in terms of heat and air conditioning? 

– Does this place have a laundry? 

– How about a dishwasher? 

– Is electricity included in the rent? 

– What’s the story with snow removal? 

– Does this rental have enough parking? (How much?) 

– Is subletting allowed? 

Keep in mind that a Landlord/Landlady can’t charge you for water or trash if you live in a building with three or more apartments!!! 

Parking and Transportation: 

As a Umass Student, you have free unlimited access to the PVTA bus system. When looking for off campus transportation remember to check location. Is it possible to use the bus system to get to and from campus from my apartment? Using the buses is a great way to save money living off campus, but not all available rentals are in a location near a bus route. If you’re planning on using your car off campus, you won’t have to worry about bus routes, but keep in

mind that having a car is an added expense to living off campus. There’s gas, and you may have to purchase a parking pass to park on campus for your classes. 

Signing a lease: 

When you are signing a lease, you are signing a years worth of commitment to paying rent and utilities to your landlord. Therefore, there are some very important things to keep in mind that can help when making this big financial decision. Firstly, know that most landlords require you to pay a security deposit. On average, these are about $500, so make sure you budget for that extra out of pocket expense. If you are worried about being able to pay a security deposit, there are micro grants available to students in good standing that you can take out to help pay for the down payment. Most micro grants for students don’t have many requirements in order to receive them, so if you think a micro grant is the right option for you, contact Umass DOSO (Dean of Students Office) and they can help you access these resources as well as aid in financial crises and housing insecurities. 

Another thing to keep in mind when signing a lease is that there are some predatory landlords in the Amherst area. To ensure that there is nothing sketchy in the fine lines of your lease, you can get it reviewed for free by Student Legal Services. I recommend making an appointment to do this as early as possible, since it is a great resource to take advantage of when moving off campus. 

Finally, know that as far as late fees are concerned when paying your monthly rent, a landlord cannot charge you a late fee until thirty days after that month’s rent is due. This is good to know in case you are waiting on a paycheck to pay your rent. While it’s always good to stay on top of financial deadlines, sometimes unexpected things happen financially, and so it’s important to know your rights as a tenant! 

How Much Does Living Off Campus Cost Roughly?: 

Here is an average breakdown of living off campus: 

Rent: about $600/mo 

Security Deposit: $500 ? most rentals require them! 

Utilities, electricity, internet: $150/mo 

Food: $200/mo ? groceries/dining plan? 

Transportation: $150/mo ? gas/car 

Total: 1,100 (not including initial security deposit) ? so save money where you can! Ask for Help and Seek A Second Opinion!:

Know that you are not alone in your search for finding off campus housing. Many students go through this process each year, and so there’s many resources to help you make the right decision. Umass Amherst has an on campus organization called Off campus Student Center that is dedicated to help students with any questions about living off campus, and connecting students with resources to help them feel secure in their housing and off campus community. You can also go online to find reviews about the places you are considering renting. Using the internet to find reviews of housing in the area is a good way to address any questions you might have about the safety of the location, or what it’s “really” like to live there. 

Finally, your team of peer financial advisors here at SAM are always available to answer any questions you may have about the financial aspect of finding off campus housing. This process requires you to make many conscientious financial decisions, but taking the time to learn about financial planning, or even reading this blog post puts you in a better position to be smart about money when leasing an apartment/house! Good Luck 🙂 

Links to Resources for Students: 

Student Legal Services: https://www.umass.edu/slso/request-services\ 

Off Campus Student Center: https://www.umass.edu/offcampuslife/ 

Off Campus Housing Website: https://offcampushousing.umass.edu/ 

DOSO: https://www.umass.edu/dean_students/ 

SNAP: https://www.mass.gov/snap-benefits-formerly-food-stamps

The Best Credit Cards for Students

By Kevin Sathapornchaisit

With what feels like endless options for credit cards, it can be hard to choose one that best fits your needs. From fees to varying reward bonuses there’s many factors that come into play for choosing a credit card, especially as a student. In this post I want to delve into the best credit cards that meet the needs of different students and the reasonings behind my picks. These cards all have a $0 annual fee! However, not all students need a credit card! If you aren’t sure if you can be responsible with your credit card or not make payments on time perhaps a debit card would be the best option for you. 

? These credit cards are not endorsed by the Smart About Money team! ?

These cards are just recommendations made by a student for students.

For international students

Deserve EDU Mastercard for Students

  • They use their own underwriting process to evaluate applicants so students who may not qualify for other cards have a better chance of approval
  • No social security number required for international students to apply
  • 1% cash back on purchases
  • After spending $500 receive 12 months of Amazon Prime
  • However, you can only redeem rewards in statement credit and only after you have $25 in credit, equivalent to $2,500 in spending

For choice in cash back rewards

Bank of America Customized Cash Rewards Credit Card for Students

  • Many students are already familiar Bank of America as they are a popular choice for debit cards
    • These two cards use the same app and you can even make payments on the app from your Bank of America debit card to your credit card for added ease
  • 3% cash back of your choice of: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases
  • $200 cash reward bonus after spending $1,000 in the first 90 days of opening account

For students with no to low credit score looking to build or rebuild their credit

Capital One Platinum Secured Credit Card

  • This card is a secured card which requires a refundable security deposit
    • Credit cards for people with no or low credit are notorious for high fees which is why a secured credit card may be a smart choice
  • Flexible security deposit
    • You can choose your deposit of $49, $99, or $200 to unlock a $200 credit line
    • However, you can increase your deposit to unlock higher credit lines of up to $1,000
  • However, this card earns no rewards

For students hoping to upgrade to a better card

Chase Freedom Student Credit Card

  • Earn 1% cash back on all purchases and 5% cash back on Lyft rides
    • However, the cash back comes in the form of Chase Ultimate Rewards points which can be redeemed for 1 cent per point
  • These reward points can be rolled forward if you are able to be approved for one of the premium chase cards such as the Chase Sapphire Preferred Card
  • If you can’t qualify for a premium Chase card right now, you can save up your points for better rewards such as redeeming them for travel 
  • Earn a $50 bonus after your first purchase and a $20 statement credit each year for five years
  • Increases your credit limit after making five monthly payments within 10 months of opening your account

For students seeking simplicity

Discover it Student Chrome

  • Earn 2% cash back at gas stations and restaurants up to $1,000
    • Unlimited 1% cash back on all other purchases
  • Unlimited cash back match. Discover will match all the cash back you’ve earned in your first year with the card
  • Get a $50 statement credit whenever you refer a friend
  • 0% intro APR for the first 6 months, afterwards standard rates apply