Posts filed under 'Budgeting'
Your New Year’s resolution (or your parents’ resolution) might be to save money in 2011, but how is that possible if you’re heading to college?
While there’s still the burden of tuition, books, room and board, and other necessary school expenses, there are some financial perks to being a college student. Here’s a look at a few freebies and discounts you’ll be enjoying in college:
Movies and more
Flash your student ID and you’re likely to get discounts to movies and museums, making it more affordable see the latest Harry Potter or Twilight movie with friends. And most campuses offer movie nights and concerts that are free for students – and sometimes there’s free food too.
Sports and recreation
Admission to school sporting events can be at no cost for students, and schools also often offer discounts on amusement park tickets, ski passes, and rounds of golf. It’s enough free or discounted stuff to make you forget about studying … almost.
Banking
Banks in your hometown or college town often will offer free checking and other perks, getting rid of another monthly or yearly expense. Some require a monthly balance; others don’t. And if you’re wanting to do online banking, that’s often a free option, too.
Career help
Free job databases, job search consulting, resume help, and more are offered by school’s career services departments. A new college grad told me this weekend that she was surprised to learn she would continue to have free access to her university’s career services assistance.
Laundry
At least one school – Davidson College in North Carolina – has a perk where students can drop off their laundry to be washed and dried for free. Students can have their dress shirts and blouses pressed and returned on hangers, and sheets, pillowcases and mattress covers are washed too.
Legal representation
If you’re in trouble with the law, battling with your landlord, or need another type of legal assistance, your status as a full-time student allows you to seek help from school’s Student Legal Services office. If you can’t afford to pay for an attorney, it’s a much cheaper alternative. It’s offered by schools such as Indiana University-Bloomington and University of Michigan-Ann Arbor.
Be sure to check out what other types of freebies and perks are offered at your school or the schools you’re applying to.
–Lori Johnston
December 22nd, 2010
The holiday season is a time to reconnect with old high school friends who are returning home from college.
Be prepared in case your reunion is a little bit awkward because your friends have moved onto college life and all that implies, and it may feel like they’re leaving you behind. But don’t let that stop you from trying to hang out with them.
In fact, any real-life advice they can give you about college could help you out as you’re making your college choice, pursuing financing aid, and just planning in general for life on campus next fall. This is your chance to ask more detailed and personal questions than you could ask during your college visit or campus tour.
Even if you take just a few minutes to chat with your friends, here are some questions that can tap into their valuable experience:
1. How tough is it to stay on a budget, and what are they spending their money on?
You may find some friends have had to take part-time jobs, even if they weren’t planning on working, and others are constantly checking their bank account in hopes that they haven’t hit $0 yet. You’ll get a better idea of what type of money you need to have budgeted for college, whether you’re taking money out of savings or asking your parents for help.
2. What’s the biggest distractions they’ve faced when studying?
Knowing what’s kept them from focusing on finals and other tests could prepare you for what you’ll face when dealing with the pressure of exams.
3. Do they get homesick?
The independence that freshman love still can be accompanied by homesickness. So you’ll want to get prepared for times when you really want to be back home, which may only happen when you’re faced with a mound of laundry or are in need of a home-cooked meal. Or it may happen more often, depending on the relationship you have with your family.
4. What did they do to meet people?
You’ll want to find out what clubs, sororities or fraternities, or other social activities they attended to make new friends. Even if you’re attending a different college, it could point you to potential activities to consider.
5. Can I really wear my pajamas to class?
Well, maybe you won’t ask this particular question, but now’s your time to ask what is and is not acceptable on a college campus, particularly when it comes to classroom etiquette. While being yourself is always important, it’s also a good idea not to offend your professor or classmate on the first day of class with any misguided actions or words.
Have other questions? Come join us today at 4PM ET for our weekly #collegebound Twitter chat, where we’ll continue talking about those burning questions you have about college.
–Lori Johnston
December 13th, 2010
Sustainable choices are as close as your college parking lot.
Continue Reading November 10th, 2010
When you’re bringing up names of potential colleges, one of the first questions your parents ask may be, “How much does it cost?” Or if you know you’re responsible for paying for your own college education, you already may be used to looking at the tuition, room and board, and other fees first.
Even if you did a lot of research last year, with the cost of tuition rising every year, it’s worth taking another look to make sure the schools on your list are ones you still can afford, or if scholarships and loans will cover you. It can be heartbreaking if you have had your heart set on a school (Princeton was my dream school as a kid) and realize that the cost of attending an Ivy League or private college is too expensive.
Although public universities have had to raise tuition, it’s still cheaper to attend a state school. Public four-year colleges charge, on average, $7,000 per year in tuition and fees for in-state students ($11,500 for out-of-state), compared to $26,000 per year in tuition and fees at private four-year colleges charge, according to College Board data.
Some public universities combine superb academic programs with low cost, says Edward Fiske, author of the Fiske Guide to Getting into the Right College (August 2010-Sourcebooks). So he’s come up with his “Budget Ivy League” list.
Which schools made Fiske’s list this year? Here’s a look, by region, with reasons they caught his eye:
SOUTHWEST
University of Arizona: Best value for out-of-state students with strong engineering and honors programs, plus appeal for outdoor enthusiasts.
University of Texas-Austin: Remains one of the cheapest major universities in the country with a focus on business, engineering, and Latin American studies.
NORTHWEST
University of Oregon: May be the best deal in public higher education on the West Coast with noted liberal arts, business, and communications programs, plus a manageable size in a great location.
University of Washington: The Pacific Northwest’s leading research university is strong in pre-professional studies; remains tough for out-of-state admission.
MIDWEST
University of Iowa: A bargain compared with other Big Ten schools and is world-famous for its creative writing program.
Miami University (Ohio): Gives the impression of an elite private university with a strong business program.
NORTHEAST
The College of New Jersey (formerly Trenton State University): Former teacher’s college that has remade itself into a selective university stressing the liberal arts, business, and accounting, and is a perennial pick in the “best buys” category.
College of William and Mary: The original public Ivy with strong history, government, and international studies departments.
SOUTHEAST
Florida State University: One of the best film schools in the country.
University of Georgia: The HOPE Scholarship gives in-state students with a 3.0 GPA free tuition, and the school boasts strong business and journalism programs (along with the quintessential college town of Athens).
If you are gravitating to a school because of its scholarship offerings, definitely do your research about the program and the continued availability of free money for college. For example, changes are likely to be made to the popular HOPE Scholarship in Georgia, which benefits more than 200,000 annually, because of dwindling funds.
September 27th, 2010
There are plenty of warning signs about using credit cards responsibly, especially when in college. If your parents give you a credit card, you’ll probably be told that a credit card is for emergency items only – that means no pizza, no beer, no college sweatshirts, no video games. But whether you want to swipe that “emergency” card or your own credit card, it will be tough to resist buying items that seem to be something you have to have right then.
So knowing how difficult it is for Americans to avoid credit card debt, it’s amazing to hear that college debt is surpassing the amount that Americans owe on their credit cards. Figures from the Federal Reserve show Americans owed more than $829 billion in federal and private student loans, compared to $826.5 billion in revolving credit-card debt.
You can try to save as much as you can for college, borrow smart, and start at a lower-cost school, as Kiplinger.com notes. And of course, the federal government offers student aid; to apply, you will need to fill out the FAFSA form by the deadline next year.
But Steve Loflin, founder and executive director of The National Society of Collegiate Scholars, also shared with his five tips on getting money for college.
1. Make a list of hometown philanthropic or civic organizations and ask if they award annual scholarships. These may not be as competitive as national scholarships, if only because the pool of eligible students is smaller. Ask around town to see what’s available, or look in the local paper to see if stories mention the organizations as well. They could include groups such as the local Rotary Club.
2. Take advantage of merit scholarships. CBSMoneywatch.com reports that merit scholarships offered by colleges have grown by 50 percent since 2004. Loflin warns that you need to be wary of scholarship scams by researching the scholarship agency/organization/website before paying an application or membership fee.
3. Seek out “college talent funds” by searching the school’s website or asking advisers. These funds pair a scholarship with your skills and abilities, whether it’s in the arts, science or even activities such as volunteering.
4. Look for additional financial aid. Contact your school’s financial aid director in September and October (of your first fall semester in college) because there may be additional financial aid and scholarships from students who may have decided at the last minute not to attend the school.
5. Inquire about federal work-study programs. If you qualify, you may find that part-time employment is a great way to help with financial costs, as well gain job experience, Loflin says.
You’re going to have a busy fall applying for colleges, but it’s not too soon to seek out ways to avoid racking up college debt that could linger for years after you graduate.
–Lori Johnston
September 15th, 2010
My college search involved thousands of miles of travel. I was attending high school in the Chicago area, but headed back to the scenic campuses I remembered from growing up in the South.
Now there are so many virtual tours on Web sites and the opportunity to interact with school officials online via Facebook, Twitter, and other social media sites that you may think the college visit isn’t as important. Campus visits are still very important, though checking out schools online does help narrow down the choices, so that you may only need to visit your top two or three schools instead of trying to see a dozen.
My dad and I visited Auburn University and the University of Georgia. What helped with some of the expenses was that my dad fortunately planned a business trip to Georgia while we were there. Even though we spent money for my plane fare, rental car, and hotel expenses, that visit paid off in a big way, because that’s when I decided that UGA just felt right and had the beautiful setting for me to spend four years there. When my sister toured Auburn University and Florida State University, my family had moved back down South and they drove her red convertible to the schools, but there still were gas, hotel, and food costs.
Whether you’re facing a flight or a long drive to the colleges you are considering, here are some ways to trim the costs.
1. Stay with friends or family. Find friends, or friends of friends, willing to let you stay in a guest room or on the couch for the night. Also think about this if you’re visiting out-of-town friends and family even before your senior year–you can tour a campus or two before your and want to tour a potential school.
Some college-bound students stay in the dorms with friends already at that school, which gives them a first-hand look at student life. If you don’t know anyone at the school, many schools will pair up applicants with current students–just call the admissions office on campus.
2. Go for the group rate. Katherine Cohen, CEO and founder of IvyWise and ApplyWise, tells “Today” that a cost-effective option is to get a group of friends together who are interested in the same college. You can share car, hotel, and other expenses. Companies like College Visits offer all-inclusive group tours. Cohen says it’s possible to visit some 10 campuses during a week trip that way.
3. Check the map and compare campuses in the same region. If there are colleges that you have even a slight interest in near one that you are planning to visit, go see them, even if you don’t take an official tour. For example, University of North Carolina-Chapel Hill and Duke are just minutes apart, allowing students to see the differences between the public and private schools. It can help you determine what schools might and might not appeal to you.
4. Make fewer visits to the same school. Instead of checking out the campus before applying and after acceptance, only make one visit, says ApplyWise’s Cohen. She suggests making a pre-application visit and attending the information session and tour so the college will know you were there.
5. Ask if the school offers a travel reimbursement. Schools such as Colorado’s Rocky Mountain College of Art & Design offer a $300 travel reimbursement for visiting students who live 150 miles or more from Denver. If they choose to attend the school, the reimbursement is credited to tuition costs.
-Lori Johnston (Additional reporting by Robert Inskip)
March 19th, 2010
Do you ever feel your math classes aren’t going to be useful after graduation? Sometimes I wish that everything I learned in algebra and calculus could have helped me come up with a formula where nobody had to worry about paying for college.
And students are facing more financial stress these days. Maybe a parent lost a job this year, which can deflate tuition savings, as 80 percent of college students are financially dependent on parents. Or a part-time job isn’t panning out because the company doesn’t have the money or the business to keep you on staff.
All this, plus the stock market woes, has caused 95 percent of college students to say the nation’s economic crisis impacted their family’s finances last year, and 93 percent have seen an effect on their own bank account, according to a new survey by the National Endowment for Financial Education. As you might already know, financial stress could have an impact on your relationships, health, and overall well-being.
If you’re feeling less than financially confident, talk to your parents about what you’re feeling, what their bank account or college savings plans are looking like right now, and ways you can work harder to pursue scholarships and financial aid.
Here are three other things you can do:
1. Put yourself on a budget: The study discovered a 3 percent increase in budgeting by students who felt the greatest impact from the crisis. But it also found a 60 percent increase in credit card debt and a 26 percent increase in students using one credit card to pay off another. Splurging on outfits for frat parties or those late-night pizza orders can add up.
2. Resist the urge to drop out: The study found a 169 percent increase in the students dropping classes and an 106 percent increase in students taking a leave of absence from school. It may just be harder to return once you’ve been away for a while.
3. Educate yourself: Even learning the definitions of financial terms could be a huge help as they become a regular part of your college vocabulary.
–Lori Johnston
February 11th, 2010
A whopping $168 billion is available in federal aid for college, so whip out those applications (if you haven’t already) and start working to get a chunk of that money.
If you’re in the midst of the nearly 130-question FAFSA (Free Application for Federal Student Aid), take a deep breath and relax for a moment. Whew. Then check out these 12 mistakes that students and parents often make, according to the National Association of Student Financial Aid Administrators.
1. Leaving blank fields. Enter a 0 or “not applicable” instead. Too many of these can cause miscalculations in how much aid you get and could get your application rejected.
2. Listing incorrect Social Security number or driver’s license number. It seems silly, but check these entries and have someone else check them too. One typo could be all it takes.
3. Forgetting to list the college. Look up the Federal School Code for the college you plan on attending, as well as any other schools that have your applications.
4. Entering the wrong amount of federal income tax paid. Look at your income tax returns, not your W-2 forms, to find how much you paid in federal income tax.
5. Listing Adjusted Gross Income (AGI) as equal to total income: Surprise – it’s not the same figure. AGI often is larger than the total income.
6. Listing marital status incorrectly. Choose “yes” if you’re married right now. The feds only want to know what your marital status is on the day you sign the application.
7. Listing parents’ marital status incorrectly. You’ll need to provide the custodial parent’s marital status, too. Also include the stepparent’s information if they’ve remarried.
8. Leaving the question about drug-related offenses blank. A conviction might not disqualify you from receiving aid. If you’re unsure about an offense, find out before you submit your form instead of leaving it blank.
9. Using commas or decimal points in numeric fields. Round to the nearest dollar instead.
10. Forgetting to sign and date. Remember to sign the paper FAFSA. If filing electronically, be sure to get your PIN, which will serve as your electronic signature.
11. Entering the wrong address. Your permanent address is where you live when you won’t be at college; i.e. your parents’ house, not your campus or summer address.
12. Sending in a copy of your income tax returns. You don’t need to provide a copy of your tax returns with your application, so save time and trees by skipping this step.
–Lori Johnston
January 21st, 2010
The holiday season is almost upon us. Just as The CollegeBound Network strives to make your college search a bit easier, we’ve worked to make your holiday shopping less stressful, too.
Coming at you today is our 2009 Holiday Gift Guide. We’ve combed through some of the coolest gadgets, gizmos, garb, and more to make your holiday the happiest and merriest it can be. Best of all? You don’t have to blow too much cash on any of these choices—all our suggestions are under $50, with some gifts for as little as three bucks. Grab one for a friend or family member and one for yourself, too! Be sure to check out our sister blog, CollegeSurfing, for holiday gift ideas for adult students in your life. Happy shopping!
You may have remembered to bring your phone charger, but what if you can’t find an electrical outlet to plug in? With YoGen®, you don’t have to worry. By repeatedly pulling on the attached cord, which slides in and out like a yo-yo string, this nifty little gadget manages to work up enough energy to charge your cell phone, iPod, and other tech devices. The device is smaller than a computer mouse and is covered in a clear plastic shell, so you can see the “magic” happen. It’s the perfect tech gadget for all of your eco-friendly friends. You can snag it for $39.99 at www.yogenstore.com; it will be available in retail stores mid-2010.
Continuing with the timeless yo-yo tradition, check out YOYO Lip Gloss Minis. Clip a retractable lip gloss to your bag or pants pocket and have easy access to moist lips, without the worry of losing the tube in the depths of a purse or school bag. Lip gloss flavors include Big Bounce Bubblegum, Cha Cha Chocolate, Girly Green Apple, and Kissable Kiwi—at just $2.99 a pop, we don’t mind springing for all four. www.yoyolipgloss.com.
Monkeys are funny. Having monkey butt…not so much. Anti Monkey Butt® Powder is a thoughtful gift for your athletic friends who complain of having “monkey butt”—a sore, itchy, sweaty, red butt incurred from exercise-induced friction—after a long team practice. Heck, you might have monkey butt from sitting in class all day, too! Sprinkle some of this calamine-and-talc concoction in footwear, under sports equipment, and anywhere else that chafes and you’ll be good to go. The ladies will enjoy Lady Anti Monkey Butt® Powder, which comes in a pink bottle and is also known for soothing legs after a shave. At $5.95 for a six-ounce bottle, this is one stocking stuffer that won’t chafe your wallet. You can get it at www.antimonkeybutt.com, naturally.
The new year is a great time for making resolutions regarding the gym. Help a friend or family member get off to the right start with Jillian Michael’s Hot Bod in a Box. For just $14.95, you get 50 of the trainer’s signature exercises in a handy flash-card format that can be toted along to the gym or will inspire an at-home (or in-dorm) workout. Available at bookstores both online and offline.
Just because you weren’t alive for the 1980s doesn’t mean you can’t share a part of the awesomeness of that decade. 80sTees.com has a wacky collection of tees featuring video games, bands, movies, TV shows, cartoons, and other cool stuff from the era when MTV actually played music videos. With tons of tees in the $20 range, it’s affordable to be retro. We like the Atari and Ghostbusters tees, and have already asked Santa for the “Nobody puts Baby in a corner” tee in honor of Dirty Dancing.
Speaking of Atari, here’s a fun AND eco-friendly way to celebrate your love of the 80s. Designer Niles Zwolak presents the Atari Cartridge Wallet, a fully functional wallet made out of a repurposed Atari game cartridge. How cool is it to stow your cash and debit card in an old Asteroids cartridge? Wallets with a text label on them are $35 and wallets with a picture label are $55. We’d be willing to go over budget by $5 to own a Pac Man or Space Invaders wallet. Head on over to www.nilesz.com to see dozens of other options.
Sports Illustrated ranks among the sports journalism elite, so Sports Illustrated: The Football Book (Expanded Edition, Sports Illustrated Books) is a no-brainer for the football freak on your list. At only $29.95, this gorgeous hardcover book makes a nice addition to any coffee table—but it will work on a crate in a messy dorm room, too. This impressive volume is full of well-written articles and spectacular photos of action on the gridiron. Available at a bookstore near you.
Do you know someone who is wooed by the flashy lifestyle of Las Vegas a la Ocean’s 11? Let them discover the real deal with Under the Neon Sky: A Las Vegas Doorman’s Story by Jay Ranking ($14.99, Jay Ranking Publishing). After six years as a doorman at MGM Grand, Ranking knows a thing or two about the “grit behind the glitz” in Sin City. It reads like a novel, but it’s all true, baby. Check it out at www.jayslasvegas.com.
Trader Joe’s might be a gourmet grocer, but its low prices make this store a favorite on the list of many a foodie. If you know a Trader Joe’s junkie, you’ll want to get them Cooking with All Things Trader Joe’s by Deana Gunn & Wona Miniati (Brown Bag Publishers, $29.95). This book is filled to the brim with recipes—all based on the yummy and unique foods found in Trader Joe’s—that were written for people who like good food, but don’t have a lot of time to cook it. Got more than one aspiring chef to buy for? Opt for The Trader Joe’s Companion: A Portable Cookbook, a slimmer collection of favorite recipes by the same authors that is just $13.95. Find it at a bookstore near you.
You already know that Netflix is the way to roll when it comes to watching movies and TV shows, but did you know that for just $8.99, you can start someone off on a monthly subscription that allows home delivery of DVDs plus UNLIMITED streaming of movies and TV episodes directly to their computer? Now that the winter is here, this is a perfect way to help your friends plan a cozy night in. www.netflix.com.
Do you have a friend who feels out of the loop when people start tossing around quotes from famous movies? Help them get up to speed with Reel Culture by Mimi O’Connor (Zest Books, $15.95). This awesome little book has the summaries of 50 classic movies of the 20th century—from Gone with the Wind to Goodfellas—along with a ton of trivia and quotes. Even movie buffs will appreciate the wide range of flicks that made the cut in this book. You might want to pick up an extra copy at the bookstore—one for you and one for a friend.
News flash: being a student can be really stressful. From studying to papers to endless club meetings, it’s enough to make you scream. And now you can let it all out without scaring your family or college roommate. The Screaming Pillow ($19.95) will help that stressed-out person on your list achieve sanity. The pillow has a colorful, screaming face on one side, and on the other, a dotted circle and the gentle instructions: “When you just have to let it out…place face here and SCREAM!” Enough said. www.screamingpillows.com.
Even if you are trying to avoid buying “useful” gifts for the people on your list, your girlfriends will definitely appreciate this shopping choice. The Racktrap is the perfect solution for females who need to carry the essentials, but either don’t have pockets or a purse to store them in. The one-size-fits-all bra pocket allows women to store cash, a credit card, and a photo ID for safekeeping. Celebs like Cindy Crawford, Wendy Williams, and Dolly Parton—who can probably store a lot more than a credit card—are fans of The Racktrap. Buy one for $7.95 or splurge on the Fashion 4-Pack– including pockets in black, white, and nude lace, as well as a sweat-proof blue one for your sports bra—for just $19.95. www.theracktrap.com.
The ponytail has always been the hairdo of choice for busy women on the go. But finding a hairband when you’re busy can be a bit of a chore. The problem is solved with Buji Baja’s Endless Pony Ball ($18). Reminiscent of the funky rubber band ball found in office cubicles, this nifty timesaver ensures that you will never go without a hairband. A choice of fun colors makes this gift an easy choice for all the ladies on your list. www.hatattack.com
Last but not least is a cool alternative to the tired old gift card. Vivabox is a unique gift that offers the recipient something now and something for later. We like the $29.95 Men’s or Women’s Magazine Vivabox, which contains seven issues of a magazine, plus a gift card for a subscription that can be redeemed at www.vivaboxusa.com.
–Barbara Bellesi
December 7th, 2009
You may think that the private college or university on your list (or maybe in the back of your mind as a dream school) is too expensive. But that may no longer be the case, as some private schools are cutting tuition and offering more financial aid to entice students.
This move is having an impact on public schools, which are having to cut positions and enrollment, as well as make other changes due to state budget cuts. The L.A. Times reports that there’s a growing effort by private schools to use special deals and other efforts to attract quality students as California’s state schools struggle with reduced enrollment.
It’s not just a California trend. I’m aware of other state schools that are seeing private schools snatching up some of their smartest and most accomplished candidates because of hefty financial assistance.
Here’s an idea of some of the offers:
- Florida’s Barry University is offering a 20 percent tuition discount for its adult and continuing education programs if you’re a displaced worker
- The University of San Francisco plans to offer a 50 percent discount on general education classes, beginning in January 2010
The National Association of Independent Colleges and Universities says no student should rule out private higher education because of the published price. It reported in October that schools also are:
• matching public university tuition or student aid programs.
• introducing or expanding programs that replace loans with grants.
• launching three-year bachelor’s degree programs.
• guaranteeing graduation within four years, which saves money.
• offering tuition assistance for laid-off workers.
Those efforts may be working, as total Fall 2009 enrollment at the association’s more than 900 schools is expected to increase, with some schools setting records.
Hopefully you’ll be able to benefit from this, too.
–Lori Johnston
November 17th, 2009
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Your New Year’s resolution (or your parents’ resolution) might be to save money in 2011, but how is that possible if you’re heading to college?
