Smart Money Moves After Graduation Tuesday, Sep 28 2021 

By Jacob Maslow–Branded Content

Once you have finished college, your life will change, and you will have greater responsibility and opportunity in the future. You might be beginning a new career, living on your own, or becoming independent from your parents for the first time. If you want to be successful after school, a few things will help you do so.

Take Care of Student Loans

Now is the time to take care of the debt you may have accumulated while getting your degree. Most graduates have at least some student debts after finishing school. It can be tempting to make only the minimum payments each month, but it is best to repay them as aggressively as possible. 

Once you take care of these loans, you won’t have to pay as much in interest, giving you more savings. One way you can lower your monthly expenses is by creating a plan of action for your loans. For example, you could consider an option to refinance student loans into a new loan from a private lender. You might get different repayment terms or find a lower interest rate, which can then reduce what you pay each month.

Budgeting for Living Expenses 

It is essential to understand where your cash comes from and where it goes. Then, create and stick to a budget each month to ensure you stay financially healthy for a long time. There are plenty of apps that will help you create this money-saving tool, and these can track your credit, account balances, and spending, no matter where you are.

Understand living expenses to create a realistic budget. Once you move off-campus, you will find costs can add up quickly. Whether it is rent, utilities, or transportation, you will be facing a lot more costs now. And these can add up quickly, making you wonder where your income is going. When setting up the budget, ensure you consider each expense and know they can change throughout the year. For example, if you live in a region with frigid winters, your electric bill might be higher then.

Start Retirement Planning

It might seem crazy to think about your retirement when you have barely entered the workforce, but now is the best time to begin saving. Many times, you can earn interest on the money in your account, as well as the money you have already invested. But, of course, that means you need to have time on your side to have the best results.

It’s not that hard to save for retirement since the most complex part will be making sure there is enough room in your budget for it. First, create automation so some of your paychecks go directly toward the account. Second, if you receive a 401(k) match from an employer, try to take full advantage of that offer since it is free money. Think of it as part of the wages you earn from the work you provide to the company. Finally, promise yourself that you won’t touch your retirement savings, no matter what.

Photo Courtesy of Jacob Maslow // Cosmic Press

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President Bendapudi shares highlights from 2021-22 budget Wednesday, Jun 30 2021 

By Eli Hughes–

University of Louisville President Neeli Bendapudi shared some high points from the recently approved 2021-22 budget on June 29. The budget was approved at the June 24 Board of Trustees meeting and projects an operating budget of $1.3 billion.

“Despite dealing with a once-in-a-lifetime pandemic that changed our university and our world in many ways, I am pleased that our trustees and our administration remain committed to advancing programming and enhancements that will benefit our students, faculty, staff, alumni and friends,” Bendapudi said in the email announcement.

For students, the budget includes a tuition increase of $104 per semester, which Bendapudi says will be covered by funding from the CARES Act. Each returning student will receive a minimum grant of $400 per semester through this funding and high need students could receive up to $1,500 per semester.

Housing, dining, and parking prices will not increase for students this year and the university will provide laptops for 700 first-year students with high financial needs.

Faculty and staff will receive a 1% base salary increase beginning August 1 with the possibility for another increase in January 2022. The university will also restore contributions to retirement plans to where they were before the COVID-19 pandemic.

“Employee retirement benefits, reduced as part of cost-reduction efforts in 2020, will be fully restored on July 1 to an automatic university contribution of 7.5% for eligible employees, with an additional 2.5% match for employee contributions,” Bendapudi said.

There will be no parking increase, health insurance cost increase or change in employment tuition remission for faculty and staff.

Bendapudi concluded the email by showing appreciation towards the Office of Finance and Administration for their work handling the financial repercussions of the COVID-19 pandemic. She also gave her thanks to the entire U of L community.

“I appreciate the hard work of our Office of Finance and Administration and the many faculty, staff and administrators who took great care of their unit finances during the past year. Together, we are making decisions that will promote the long-term health of our university,” Bendapudi said.

“Most importantly, I want to thank each and every one of you for your commitment to the University of Louisville. You are the reason we exist. And you are the reason we will thrive now and in the future.”

Graphic by Eli Hughes//The Louisville Cardinal

 

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Namesake of iconic Red Barn says farewell to U of L Monday, Aug 31 2020 

By Zoe Watkins- 

Recently, the Director of Red Barn Special Programs, George Howe, announced his retirement and will be leaving on Sept. 1. His time on campus has been long and adventurous, and his work has touched most everyone on campus.

Though Howe worked for the university for many years, he was not originally a full time student. He said that he only took one course through the school which was Philosophy of Education. Howe attended another college elsewhere, but not that too far away.

“I went to college in Ohio at a school called Muskingum College in New Concord, Ohio. I got my master’s degree at West Virginia University in Morgantown, West Virginia in 1969. I graduated from undergraduate at Muskingum in 1965,” Howe said.

Howe came to work at U of L through his contact here, Gary Steely. Steely was working as the Dean of Students at the time.

The two met at a conference back in 1969 at the University of North Carolina. It was through Steely that Howe learned about the creation of a new position, Director of Student Activities.

“I kept in touch with him, and they advertised it and I got the job. I started in July 1970 which is the day U of L went into the state’s system,” Howe said.

Howe explained that his time at the university was filled with many different positions. He started his career as the Director of Student Activities back in 1970, and was the first one to have that position. Afterwards, he explained he was as well that first director of the Student Activities Center before settling down into his position of being the Director Red Barn Special Programs in the late 90s.

His duties would change quite a bit across the years due to switching positions. Originally, Howe explained that he along with some others helped plan activities in the Red Barn such as movies, concerts, and barbeques.

“It became a popular building for the university, and we didn’t have the Student Activities Center until 1990, so that is all we had,” Howe said.

It was through these efforts that in 1991, Howe mentioned that the university was picked out of several schools across the country to be published in a book which featured the Red Barn. U of L was chosen as being one of the most excellent out of class experiences for students.

Howe said his time at the campus was like a dream come true and enjoyed every minute of it.  Some of his fondest moments that he mentioned was a live show in 1980 at the Red Barn for Dan Folgeberg who debuted his song “Run for the Roses” for the 160th running of the Kentucky Derby.

“It was a great experience and I got to work with so many student and faculty and staff,” he said.

Even though he is sad to be retiring, Howe still has some parting words left to those he will miss.

“Search your heart and search your soul, and be thankful of being apart of U of L. If you are in such and in so doing, please consider making a gift not used go to your own school. Please consider making a gift to U of L as part of your routine which you can do with the help of Allison Commings, the Director of Student Affairs.”

Photo Courtesy of U of L News

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