More on statements

Happy Thursday, readers! Today I'd like to focus on what a bank statement actually entails and why it's important for you to keep a record of the information.

An account statement or a bank statement is a summary of all financial transactions occurring over a given period of time on a deposit account, a credit card, or any other type of account offered by a financial institution. A statement will list deposits, withdrawals, checks paid, interest earned, and service charges or penalties incurred on an account.

Statements are normally sent monthly, but are sometimes sent less frequently for savings accounts. Also, as we talked about on June 7, you have the option to choose paper or electronic statements, whichever best suits your needs.  (For more information, click http://mysystematic.blogspot.com/2012/06/make-statement.html).

It’s important to keep a record of your statements, either filed with your other hard-copy documents or saved on your computer. It is recommended that you keep the quarterly statements from retirement/savings accounts until you receive your annual summary; keep the annual summaries until you retire or close the account. For credit card statements, it is recommended that you keep statements at least 45 days and keep the statements seven years if they contain document tax-related expenses.

If you have any additional questions about your monthly statement from Systematic or our e-statement option, give us a call at 417.862.5036 or stop by our 318 South Avenue location. We’d love to visit with you. Member FDIC

Also, a friendly reminder that there are only 3 weeks left of Sounds on the Square! This Friday’s free musical performance features the local band, Truett & The Traitors . Don’t miss out!! Visit and enjoy free entertainment on Park Central Square. The show starts every Friday through August 3^rd at 7 p.m. We hope to see you there :D

Loans for an education

As most of you know, I am a student at Missouri State University. At MSU our student emails have already indicated that FAFSAs have been received and our school has given us our financial aid offerings for the 2012-2013 school year. When scholarships and state and federal grants just won’t cover everything, several students turn to loans to pick up the slack. But what are the best options for the student federal loans offered? I thought this Thursday we could talk a little about subsidized vs. unsubsidized student loans. 

In order to qualify and receive government-backed financial aid like subsidized or unsubsidized loans, students must fill out the Free Application for Federal Student Aid (FAFSA) annually. The FAFSA requires you to submit information about your financial resources and, if you are a dependent, the financial resources of your family.

Stafford Subsidized Loans are federally guaranteed loans based on financial need. Interest does not accrue on the loan while you are in school at least half time. The federal government "subsidizes" (or pays) the interest. Additionally, there are maximum amounts you can receive per school year:

·         Freshman: $3,500 per year

·         Sophomore: $4,500 per year

·         Junior: $5,500 per year

·         Senior and 5th year: $5,500 per year

Stafford arUnsubsidized Loans are federally guaranteed loans that are not based on financial need. Interest does accrue from the time the loan is disbursed to the school. Additionally, there are maximum amounts you can receive per school year for dependent and independent students:

·         Freshman: $2,000 for dependent students, $6,000 for independent students

·         Sophomore: $2,000 for dependent students, $6,000 for independent students

·         Junior: $2,000 for dependent students, $7,000 for independent students

·         Senior and 5th year: $2,000 for dependent students, $7,000 for independent students

As a student, you may be offered either one of these loan types or both. You may also be offered Perkins or Plus Loans. For more information on these federal loan types, check out this link: http://www.ehow.com/about_5410853_subsidized-loans-vs-unsubsidized.html

Systematic Savings Bank does not currently offer student loans, but if you have any questions about our student checking or other forms of loans, we’d be more than happy to help you find the answers. Member FDIC.