Posts filed under 'Budgeting'
Don’t you wish there were a Black Friday when it came to tuition and paying for college? You probably wouldn’t think twice about camping out to get discounted or free tuition or to get your books, dorm expenses, food, or other costs at a cheaper price.
We haven’t seen any colleges or universities giving Black Friday or holiday specials yet–in fact, it’s actually the opposite, with tuition at most schools on the rise. But federal financial aid is available, in the form of loans and grants that can ease the cost of college–not to mention make it a little easier to spend at holidays.
December’s the time to get started pursuing financial aid. Think of it like this: Working on your financial aid application now is just like planning ahead for that big Black Friday sale at Target, Best Buy, or Wal-Mart.
The chaos that is Black Friday.
So before you’re out of school for winter break, ask your guidance counselor for a copy of the FAFSA (Free Application for Federal Student Aid) form, or you can pick one up at a local library or the financial aid office at a college in your town. Or just download the form. You can’t submit a FAFSA until after Jan. 1, but it’s a good idea to get a jump on that deadline by filling it out over your holiday break. Urge your parents to get a head start, too, by filing their taxes as soon as possible after Jan. 1; it will mean you can use the most accurate income info on the form (estimates can be used, if necessary) and make that priority deadline.
–Lori Johnston
December 8th, 2011
When you’re in college, you have the ability to buy food, clothes, iTunes purchases, and other things that may have required your parents’ permission in high school.Sure, there are major purchases like books, but the feeling of freedom that comes with being able to swipe a debit or credit card to buy something, big or small, on impulse is one that some students can’t resist. But when the bills arrive, it can be very stressful, especially if you don’t have enough money in your bank account to pay them.
So while you’re having fun meeting your new roommate and hallmates in the dorms, get real with yourself about spending. Jason Alderman, personal finance expert and the senior director of Global Financial Education Programs for Visa, offers a few tips to help you manage your finances in college:
1. Create and stick to a budget
2. Pay bills on time
3. Keep credit card balances low
4. Monitor your credit score
If you are looking to open a new checking account, don’t just choose the first place you see (or the one giving away a free koozie). Find a bank or credit union that offers these cost-saving benefits:
• No monthly usage fee
• No minimum balance
• ATMs near you (that can keep you from out-of-network ATM fees)
• Sign up for text or email alerts to let you know when your balance falls below a certain level, when payments are due, or when checks and deposits clear
School – and paying for school – can be stressful enough. So don’t add to it by making money mistakes your first semester. You may feel pressure from friends who have a larger budget than you to go shopping with them, blow your budget on road trips, buy pizza every night, or splurge on weekly pedicures. But at the same time, there are plenty of other students who can survive on a super-small budget where ramen noodles and an ongoing search for freebies are the norm.
You also can go onto Mint.com or other sites that allow you to track your spending.
Will freshman year be your first time managing your finances? Are you worried about overspending or keeping track of your spending? If you think you’re a pro at this, what are some tips you can offer to other students? One of the biggest lessons you can learn, starting your freshman year, is how to carefully manage your money. And that’s something that will stay with you for life!
–Lori Johnston
August 19th, 2011
Dorms or residence halls are the most common living situation for students heading off to school. Both give you the opportunity to live among other students your age or with your same major. There’s no doubt the relationships you form in a dorm could last throughout your college career.
But not all schools guarantee housing for freshman, especially if on-campus housing is limited. And it seems like every fall you hear of schools who have overbooked their dorms, causing some students to live in the dorm’s student lounges or with resident advisors. Or some are sent to hotels. Students at New York University were sent to a hotel last year, and some may be doing the same year. Students at Daemen College in Amherst, NY can stay at a Homewood Suites near the school while waiting for a spot on campus or in a renovated housing development where students from a variety of schools live.
At Virginia Tech, some students were enticed by “buyouts” to cancel their housing contracts; the offer was guaranteed suite housing and early preferences for housing next year, plus $300 in dining dollars.
Consider these other college housing options:
1. Find a family setting.
Some families offer rooms in their homes for student during the academic year. It’s a good option for students who want to have a family environment and enjoy the home-away-from-home feel that a family setting provides. Sometimes these situations are connected with a nanny job opportunity, in which you could live rent free in exchange for watching the homeowner’s children. Some placement agencies can help connect students with families seeking child care; in other instances, it may be connected to relationship you have with a mentor or someone from a church. You will want to discuss upfront your required financial contribution and your responsibilities as a student in the home. Plus, will they set the dreaded curfew, or will you be able to come and go as you please?
2. Rent out a basement.
Rentals in a college town don’t just include apartments, but some professors and other homeowners offer a portion of their basement, or their entire basement, for students to live in. The setup typically allows students to have their own entrance in the house, so it’s not as close quarters as living with a family. You’ll want to find out about rent costs as well as what utilities are covered in the deal. Plus, you’ll want to make sure that the basement dwelling offers some type of security, as that part of a house can be a prime target for break-ins.
3. Lodge at the sorority or fraternity house.
This is not typically the option for freshman members, but is something that sophomores and upperclassmen do as part of their involvement in a sorority or fraternity. The fraternity or sorority will have requirements for living in a chapter house, which are located on and off campus at public and private schools. It’s a plus for students whose social life will revolve around activities at the house.
4. Live in a unique dorm community.
At some schools, students from the same major, such as engineering, all live together in a home offered on or near campus through particular programs, often with student advisers. Some religious organizations also have residences for students of the same faith to bunk together.
5. House sit, or swap houses.
If you find someone who won’t be living in their home for a year, offer to house sit (for free or at a reduced rate). This could be the case if a professor is going abroad to teach. You will need to be responsible about living in someone else’s home, especially if you have friends over. Or, you could swap your current place for a condo or home in your college town. Sites like Craigslist often advertise home exchanges.
6. Think outside the box.
When it comes to finding affordable housing, some students go with even more unique choices, such as living in trailers and RVs! Now that’s one way to break the ice during Freshmen Orientation!
What’s the most unique college housing situation you’ve heard about or experienced? Let us know in the comment section below.
–Lori Johnston
August 17th, 2011
We’re pretty much smitten by social media here at The CollegeBound Network, but one of the things we love best about it is all of the friends in higher education whom we’ve met on Twitter. We especially enjoy tweeting with the good people at Overture Marketplace, the brains behind the Student Loan Marketplace and the College Money Insider blog. They thought you’d like to know that even though paying for college can seem like a nightmare at times, it can also be a dream come true. Take a look at this fun infographic below for some inspiration!
–The CollegeBound Network
August 10th, 2011
Shopping is an Olympic sport for me, and while I admit some of my purchases in the past have been more frivolous than useful, I like to think that my money has mostly been well spent. Which is why it makes me gag when I hear that cigarettes and are now up to $12 and $13 a pack in New York–and that people continue to gladly pay an arm and a leg for something that could potentially kill them.
I’ve never been a smoker, so I can’t speak for others and their nicotine addiction. I do like Starbucks coffee, though, and I will defend the pricetag for the experience. Yes, I’m talking about my caramel macchiato as an experience that transcends mere coffee beans, which is why I buy Starbucks only when I can sit and enjoy the entire cup, or when I know that I need fuel to power through a stressful workday. And I suppose it’s the same for smokers, who can more than justify the pricetag for the release it gives them.
Granted, my cup of Joe doesn’t usually attract annoyed glances, dramatic coughs, or waved hands, as I know people do when they first light up. I also know that my love affair with Starbucks did not begin while I was in college, because I, for one, had better things to spend my hard-earned work study money on. And so did my friends, some of whom were traumatized by their semi-annual visit to the financial aid office. Yet they still had money for a pack of cancer sticks. (Those are their words, not mine.)
I remember going to the ATM each week in college and getting one $20 bill. It would last me for days. An “expensive” week for me was when I had to go get another $20 mid week–imagine, thinking $40 a week was breaking the bank! These days, my two-pack-a-week college friends would be spending upwards of $25 just to fuel their habit. Pizza, movies, and other activities would be extra or non-existent. It will be for you, too, unless you are ready to treat your nicotine habit like an extra textbook bill. Which it can turn out to be, when you consider $25 x 16 weeks in a semester x 2 semesters = $800 for the year.
So there you go–stop smoking and save money in college. I’m not saying I’m perfect by not smoking. I’m just saying I’d rather buy shoes instead.
–Barbara Bellesi
June 21st, 2011
If you love receiving presents (and we all do, right?), it’s a great time to be a high school graduate. Some of your family, neighbors and friends are probably dropping off gifts to celebrate your accomplishment – and get you ready for college. At a party I attended this weekend for a high school graduate, there was a big pile of presents and cards in the corner, right near the German chocolate cake. (Yum!)
Incoming freshman need just more than a set of clean sheets, a phone, and a laptop to survive in college. So here are some of the fun and stylish things that could make great gifts during graduation season:
Keeper of the Keys. Show your school spirit and keep close tabs on your keys (I know one college student who constantly locked hers in her car) with a key chain ($25 from Pottery Barn) stitched by needlepoint with your college or university logo and colors.
Smells Like College Spirit. You’re barely going to have enough time to study, not to mention clean your dorm room, and if you have multiple people living with you (and possibly pets), you’re going to need to cover up all of those odors with a fragrance you love. Squirt your room with sprays such as Bath & Body Works’ pink sangria, sparkling Mojito, and peach Bellini. Best part? You don’t have to be 21 to enjoy these responsibly.
Stay Organized. Space is limited in your dorms or apartments, so anything you can get to keep things organized or hold multiple items is a must-have. Pottery Barn’s Perfectly Prepped Hair Accessories Organizer ($99) has spaces for your hair dryer, curling iron, flat iron and all the styling stuff you need for those days when you can actually wake up early enough to do your hair. You can even get your name on it – just so your roommate knows not to steal it!
Laundry time: The Container Store has bins and baskets covered, with a variety of sizes, colors, and patterns like polka dots. But it also has the cutest laundry hampers, like the cute reisenthel® Clothesline Laundry Hamper ($39.99) that has connected well with the growing clothesline trend. People are choosing to forgo the dryer and line dry their clothes, saving energy all while giving shirts, shorts, and other clothes a sunny smell. You may not want to (or may not be able to) hang your clothes outside for all to see on campus, but you can toss your dirty laundry in the handled bag and tote your clothes to the dorm laundry room (or your parents’ house).
Bunk mate: When space is tight, it’s easy for things to get lost. So you slide the simply named “Bunk Pocket” ($6.95) over the post of your bed or loft, and it can hold your phone, glasses, ID, key, remote control, and any other items that you’re going to need while you’re laying in bed or desperately trying to get out of it.
Message center: Leave messages for your friends and roommates (we’re hoping they’re sweet notes and not snarky ones about kitchen messes) with the Umbra® Puzzler Boards ($8.99), also from The Container Store. The cork board and a dry erase boards fit together for a message center that’s so much better than leaving a Post-it note on a cabinet.
What’s on your wish list? Tell us about it in the comments section below.
–Lori Johnston
June 1st, 2011
Incoming college freshman in Georgia got a shock recently when a popular scholarship program that had allowed any student with a 3.0 GPA to get free college tuition was drastically changed. Many students were relying on the HOPE scholarship, a program that was suffering financially, to attend a Georgia college or university – now they’re scrambling to figure out how to pay for college.
My family was able to benefit from the program, which began in 1993, when my smart sister, Heather, attended Georgia Tech, and I know they were glad to have that extra financial help. The program has helped more than 1 million students pay for college, according to the Atlanta Journal-Constitution.
Georgia isn’t the only state with a college scholarship program. Other programs, which are funded by the lottery, are in states such as Florida and Tennessee.
In Georgia, the state scaled back the number of HOPE scholarship recipients, which raised the bar for students, making it tougher to get the full amount for tuition. Students who are the high school valedictorian or salutatorian will get a full scholarship, as well as those with at least a 3.7 GPA in high school and a 1200 on the SAT’s math and verbal sections. Students must keep a 3.3 GPA in college to keep renewing the scholarship money, but there’s no money for books and fees for anyone.
Students with a 3.0 GPA will get some scholarship money, but the amount could vary from year to year. The AJC reported that students this fall will get 90 percent of current tuition – and that doesn’t account for expected double-digit hikes in tuition on some campuses.
The changes reiterate that the most worthy students are going to benefit from the largest amounts of financial assistance. This time, being worthy doesn’t mean based on your financial background, your college essay, or your extracurricular activities. While those are factors that some scholarship programs weigh heavily, the changes to this Georgia scholarship program points out that you have to do your best in school.
The good news for Georgia students? Being the smartest and most successful students in the classroom come with rich rewards.
–Lori Johnston
April 12th, 2011
So you’ve gotten into college, but now you have to figure out where you want to live. Some colleges require freshmen to live on campus their first year, so that they can adapt to college life better. Some schools, however, let students choose where they want to live. Both options have their advantages and disadvantages economically. Take a look at some of the numbers:
Housing
• On-campus student housing tends to cost at least $5000 for the school year, but colleges usually offer different types of housing facilities at varying levels of cost.
• The cost of living on-campus usually includes furniture, utility bills, and other fees that you might otherwise have to pay for when living off campus.
• Off-campus apartments or houses with four bedrooms usually cost $300-$500 a month, and leases generally last for a full year.
• When considering an apartment, remember that since the lease lasts 12 months, you are responsible for payments over the summer unless you find someone to sublease from you or you stay in town for the summer.
• Also, factor in that apartments do not always come fully furnished, may not include a washer and a dryer, and rent may not include the cost of utilities.
• Some landlords love renting to students, others don’t. You will run into a mixture of both during your apartment search.
Food
• Campus meal plans generally cost around $5000 for the academic year, but once again, the cost varies with different meal plan options.
• Some schools offer meal plan options designed for students who live off-campus.
• Even if you are on meal plan, you will still spend money on snacks for your room and eating out at restaurants with friends when you get tired of cafeteria food.
• Most campus living facilities include kitchens, which can be a more affordable way to cook, but you need to consider where you will store your food and cooking supplies.
• To cut down on food costs, you and your roommates can take turns cooking dinner, and you can bring your lunch to campus instead of buying food there.
• If you’re not on meal plan, plan on your food budget being around $100-$200 a month.
Transportation
• If you’re living on campus, consider whether or not you’re going to bring your car, and where you can park and how much it will cost.
• If you live off campus, look into bus routes that run by your apartment or house.
• If you plan on driving to campus, factor in the cost of gas and how much a parking space on or close to campus will cost. Many places near campus will offer parking at a lower cost, you just need to ask first.
Of course, depending on the town or city in which you will be attending school, there will be other more specific questions to ask during your search for off-campus housing. But this list is definitely a good place to start. Happy hunting!
Delaney Young is a senior magazine journalism major at The University of Georgia.
March 24th, 2011
There are many ways Facebook can be a distraction, whether by checking friends’ relationship statuses or playing Farmville. But yes, some Facebook efforts are for good, like the recent campaign to save student aid.
Art students, teachers-to-be, nursing students, members of the military, and others all have posted on the Save Student Aid Facebook page their objections to legislation that would chop federal student aid next fall. A bill going through Congress proposes cutting 2011-2012 the maximum amount of Pell Grants to low- and moderate-income undergraduate students by $845, from $5,550 to $4,705.
And the proposal sure isn’t getting the “like” button on Facebook.
The Facebook page is set up by a variety of groups including National Association of Student Financial Aid Administrators, U.S. Public Interest Research Group and the United States Student Association. It has a ton of information about the proposed cuts and even a form that you can fill out to send to your senator from Facebook asking them to save student aid.
Even school officials, like those at Emory University in Atlanta, are suggesting that students visit the Save Student Aid Facebook page. One expert, Rich Williams with U.S. PIRG, puts it like this: “The proposal to cuts Pell aid for next academic year couldn’t come at a worse time. The proposed cuts will discourage millions of students from pursuing college training and graduating at a time when our economy demands more highly skilled workers.”
Can you afford college without student aid? If you’re in the same situation as students who have shared their heartfelt stories on Facebook about not being able to afford college without every cent of financial aid possible, what happens to this proposal in Congress is definitely worth speaking out about and watching what happens.
–Lori Johnston
March 21st, 2011
The next time you go to shopping, think about how one of the stores could be paying you to go to college!
As it keeps getting more expensive to attend college, retailers like Wal-Mart, Kohls, and Nordstrom are among non-academic organizations who are lessening some students’ financial burden of going to college.
Some of Wal-Mart’s scholarships are for family members of employees, but at least one – the Sam Walton Community Scholarship – is for people not connected with the store. It gives $3,000 to graduating seniors with at least a 2.5 cumulative GPA and a demonstrated financial need. The company awarded $9 million in academic scholarships for the 2010-2011 school year.
The Kohls Cares Scholarship program celebrates students who are doing a great job volunteering in their communities. It plans to give more than $415,000 in scholarships and prizes to more than 2,100 kids this year – regional winners get a $1,000 college scholarship and national winners get $10,000 in scholarships.
Even more expensive retailers, like Nordstrom, are giving back to students. Nordstrom has awarded college scholarships of $10,000 to hard-working high schoolers since 1994. You need to be a high school junior with at least a 2.7 GPA, have participated in community activities, and plan on attending a four-year college or university in the U.S.
Esmeralda Jimenez, one of 40 students year who earned a Nordstrom Scholarship by writing a 500-word essay on how she could improve the community, state, and world, says she had to be honest with herself and recognized that she couldn’t change anything without first helping her family. She says on Nordstrom’s website: “I needed to give my family financial help so they could have a better life and be OK once they retired.”
Beauty retailer ULTA is also giving more than $100,000 in scholarships this year to female students in 13 U.S. cities through the 2011 Enrich, Empower & Enlighten Scholarship program. Each winner – chosen based on community involvement, academic success, leadership qualities, and commitment to continuing their education – will receive an $8,000 scholarship.
But hurry! A lot of these and other scholarship deadlines are in May, so you’ll need to work hard for that money! And if you catch a sale along the way, even better!
–Lori Johnston
March 1st, 2011
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