financial literacy quest

Question Description

you have a college loan payment of $1225.00 that is due on Friday, and you won’t be paid again until Monday. You expected to have at least $1225.00 in your checking account to cover your loan payment, but the $1205.00 balance on your statement suggests you don’t have enough money. What should you do?

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Final Answer

Thank you for the opportunity to help you with your question!

Hi, AnAnAn! Thank you for letting me answer you question. 

The first thing you should do is go through our check book or wherever you balance your budget. Double check to make sure you did all of your math correctly. Often times, you may accidentally miscalculate. Also, check to make sure that you have logged all costs. You may very well not have logged a cost (i/e: lunch). If you still can't figure it out, go to your bank and have them print off a statement of costs. Check it to make sure that there are no discrepancies or double charges. If you realize that you are, in fact, under $20, contact your schools financial aid or loan department for counseling. Often times, they may make an acceptation to pay part of your balance and pay the rest at a later date (hey, none of us are perfect!). Just make sure you double check to make sure you won't be penalized. Hope this helps! Let me know what else you need. 

Please let me know if you need any clarification. I'm always happy to answer your questions.

kmldx4 (159)
Purdue University

Excellent resource! Really helped me get the gist of things.