Managing one's own personal finances is possibly the most challenging aspect of becoming an independent adult. Most of us receive little formal education on how to do simple things like making a budget, saving, building credit, paying for college, etc. We are often tasked with learning it on our own if a parent or guardian didn't teach us these lessons personally. As a result, many of us struggle with money very early. Once one is in debt, it's hard to break out of the vicious cycle. It's even harder to break bad habits and replace them with good ones once formed.
Below, we have some general advice about things to be mindful of and what to avoid. This is not financial advice. We are not financial experts. We simply want to make you aware of how your financial decisions impact your future so you can contemplate them and seek professional guidance if needed.
Managing Your Money
Track income and expenses (even small regular purchases) to build awareness of cash flow
Categorize spending so you can identify where to adjust - entertainment, groceries, bills, etc.
Build a modest emergency fund (e.g. 1–3 months of basic living costs) to be prepared for surprises
Pay yourself first: if possible, “save” a portion of income before allocating the rest
Review and revise your budget at least monthly (or whenever your circumstances change)
Prioritize needs over wants when making spending decisions
Monitor and reduce recurring costs (subscriptions, streaming, etc.)
Set short-term (weeks to months) and medium-term (1–3 years) financial goals to guide decisions
Use tools like the Money Management Checklist for College Students from StudentAid.gov as a reference
Avoiding Common Financial Pitfalls
Don’t overspend on credit cards with the assumption you’ll pay it off later
Avoid making minimum payments - you pay much more over time, and this is how debt accumulates
Be cautious of payday loans, cash advances, or predatory lenders
Don’t ignore small balances or low-cost defaults — late fees and compounding penalties add up and damage credit
Resist lifestyle inflation: when your income goes up, don’t let your costs balloon
Don’t co-sign loans unless absolutely sure of the risk (you become responsible if the primary borrower defaults)
Beware of quick fix schemes, get-rich-fast or debt consolidation offers that sound too good to be true
Always read the fine print on agreements, including interest rates, fees, penalty triggers, and refund policies
Avoid underestimating expenses and repairs - budget for more
Opening Bank Accounts
To receive financial aid, you must have direct deposit set up with MSU, which means you should already have a bank with a checking account. However, if this is not solely yours and you want to begin banking independently, research banks here in Morehead or at your permanent address to get started. We will not recommend any particular financial institutions here. Despite this, below you will find some simple guidance for starting your banking journey.
Checking VS Savings
A checking account is typically designed for everyday money management (e.g. depositing paychecks, paying bills, and making frequent withdrawals through checks, debit cards, or online transfers). It usually offers easy access to funds but may earn little or no interest. A savings account is meant to store money you don’t plan to spend right away, often earning some interest while keeping your funds relatively safe and separate from daily spending. Many people use checking for routine transactions and savings for building short-term reserves or working toward specific goals such as travel or an emergency fund.
Managing a Checking Account
Managing a Savings Account
Direct Deposit & Mobile Banking
MSU requires you to have direct deposit set up to receive financial aid payments, and any other payments from internships, work studies, and other university affiliated work. It's wise to consider setting up direct deposit for any other recurring payments you receive also. Pair this with mobile banking (if offered by your financial institution) so that you can safely and conveniently manage your money from your mobile devices. Just like the digital aspects of the library, mobile banking gives you 24/7 access to your money, because life is rarely a 9-to-5 affair.
Mobile banking is evolving as we speak, especially as AI tools are being integrated into so much of our digital space. Now, there are budgeting and tracking tools built into many of the commercial banking apps. This allows you to see your spending habits and better plan goals and change habits. Traditionally, mobile banking allows you to schedule regular deposits to grow your emergency fund or savings account, too! Take all this into consideration as you grow financially throughout your time with us.
Building Credit
Understand that “credit” means trustworthy borrowing
Start small: use a simple, manageable line of credit (e.g. student or secured credit card) responsibly
Always pay bills on time—payment history is a major factor in credit scoring
Keep credit utilization ratio low (e.g. using no more than 30% of your available credit limit)
Maintain older accounts (credit history length helps) rather than frequently closing them
Monitor your credit report periodically (you’re entitled to free annual credit reports, there are apps that track credit, and some mobile banking offers this service)
Understand your rights as a borrower (e.g. under the Fair Credit Reporting Act) via the Federal Reserve educational modules
Limit hard credit inquiries - each application may slightly reduce your credit score
If you can’t make a payment, contact the creditor in advance to negotiate or seek hardship options
Diversify types of credit (e.g. installment loans, revolving credit) responsibly
Credit Card Basics
A credit card is a form of revolving credit - you borrow up to a limit, repay, then borrow again
Key components: interest rate (APR), grace period, fees (annual, late, over-limit), billing cycle
If you carry a balance, interest is charged - paying in full avoids interest costs
Always understand how interest is calculated and when it will start accruing
Watch out for teaser or promotional rates that may expire
Avoid cash advances or balance transfers unless you fully understand the costs
Use credit cards for convenience or benefit (rewards, fraud protection) - not because you lack cash
Read all terms before signing up (e.g. penalty APR, default terms)
Keep your card number and PIN secure; check statements regularly for unauthorized charges
Understand the difference between secured, unsecured, and student credit cards
Understanding the Impact of Student Loans
Student (federal) loans are legally binding — you must repay them even if you do not finish school
Use the lowest-cost borrowing options first (grants, scholarships, work study) before loans
Borrow only what you truly need; don't max out loans for frivolous expenses
Complete entrance counseling and Master Promissory Notes for federal loans as Morehead State requires
Know your repayment obligations, loan terms, interest accrual, and deferment/forbearance options
Be mindful of how student loan debt can affect your ability to get other credit or limit credit supply
Understand income-driven repayment plans, forgiveness possibilities, and loan consolidation implications
Avoid default: missing payments or going into delinquency can severely damage credit and incur penalties
Reassess whether your career field and likely earnings support the debt you’re taking
Stay in touch with your loan servicer; keep contact details updated and respond to notices or changes
Campus Financial Services & Digital Resources
Office of Financial Aid & Scholarships – Located in Enrollment Services. Contact at finaid@moreheadstate.edu or 606-783-2011. For scholarship-specific help: scholarships@moreheadstate.edu.
Students can log in via MyMSU / Self-Service to view financial aid award offers, accept or decline scholarships, monitor account balances, and manage billing/tuition.
To accept a scholarship: go to Self-Service → Financial Aid → “My Awards” → Accept/Decline for the correct academic year.
Scholarship Acceptance Instructions – How to officially accept or decline your award.
Financial Aid Forms – Verification worksheets, appeals, and other required forms.
Verification Information – What to do if your FAFSA is selected for review.
Award Disbursement Details – When and how aid is applied to your student account.
Scholarships & Funding Opportunities at MSU
MSU Foundation Scholarships – Nearly 400 scholarships funded by alumni and donors.
Students admitted to MSU are often automatically considered for scholarships such as Eagle Assurance, in-state, out-of-state, or transfer awards.
General Scholarship Information – Overview of institutional, transfer, and merit-based awards.
Honors Scholarships – Competitive awards for Honors students.
ROTC Scholarships – Covers tuition, fees, or room/board for ROTC participants.
Scholarship Search Databases
Beyond MSU’s internal scholarships, students can access national databases to discover more opportunities:
Fastweb – Large database of scholarships filtered by your profile.
Scholarships.com – Free resource with advanced search tools.
College Board BigFuture – Reliable search tool connected to the College Board.
Tip: Always be cautious of scams—legitimate scholarships will never charge an application fee.
FAFSA Basics & Deadlines
The Free Application for Federal Student Aid (FAFSA) is your gateway to federal grants, loans, and work-study opportunities. Morehead State also uses FAFSA information to determine eligibility for institutional aid.
MSU FAFSA Code: 001976
How to Apply: Complete the FAFSA online each year at studentaid.gov.
What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the main application form for federal grants, loans, and work-study.
MSU’s federal school code is 001976. Be sure to enter this so MSU receives your FAFSA info.
Eligibility & Submission
Eligible applicants include U.S. citizens, eligible noncitizens, registered with Selective Service when required, pursuing a degree or certificate, and making satisfactory academic progress.
A new FAFSA must be filed every year (beginning October 1).
You’ll use “prior, prior year” tax information (for example, for the 2026-27 FAFSA, you use 2024 tax data) when filling the form.
Key Deadlines / Timeline
FAFSA opens October 1 each year.
Verification & Processing
Some FAFSA applications are selected for verification, requiring additional documentation (tax returns, income statements, etc.).
MSU cannot finalize or disburse aid until verification is completed.
What Happens After Submission
Upon processing, you receive a Student Aid Report (SAR) which summarizes your FAFSA info. MSU uses this to determine your aid eligibility.
MSU combines federal, state, and institutional resources (grants, scholarships, loans, work-study) to build your award package
MSU encourages students to submit FAFSA as early as possible because some funds are limited and awarded first-come.
MSU publishes a financial aid timeline to help students plan.
Campus Employment Opportunities
From our Student Employment page:
Student employment can be a great way to gain experience and help pay for college. The Office of Human Resources can help you apply for student jobs on campus and related processes.
The Office of Financial Aid can help you determine what types of student employment opportunities you are eligible for.
Student Applicants:
Other Opportunities
We have mentioned MSU's Center for Career Development & Experiential Education (CCDEE) in other parts of this guide. This and Financial Aid are THE departments to go to for all your MSU sponsored work and career-building opportunities.
Visit our Career-Ready Experience page for opportunities such as:
