collegemoneytips

The Search for Financial Aid

noreply@blogger.com (Poor Money Makin) — Mon, 31 Mar 2008 03:44:00 +0000

Financial Aid Search: Free Money for Students

A financial aid search can take you through several programs, and confuse the best of us. The programs below offer some help to get you through college. Take a minute and read through it. These programs just refer to free money for college, or nearly free.

One term you may want to learn is FAFSA. The Free Application for Federal Student Aid, or FAFSA, is a form you fill out to determine if you qualify for federal grants or loans. Many states also use it for their programs. Let's get into programs so you can find some money.

1. Government grants, the main grant you can get from the federal government being the Pell grant. Others include the Federal Supplemental Equal Opportunity Grant or FSEOG for cases of extreme need. The Academic Competitiveness Grant or ACG, for the first two years of college for students with great academics and little money. The National Science and Mathematics Access to Retain Talent or SMART Grant, applies to the last 2 years of a 4-year degree, in a technical field. Math, engineering, chemistry, biology and many other majors would all fit if you apply for this grant program. You must fill out a FAFSA for all federal grant programs.

2. State grant programs: nearly every state has a grant program to offer more aid to their residents. You can find these through the state website, usually the department of higher education. Most of these require a FAFSA to determine need.

3. Scholarships: the subject of scholarships fills pages and pages of books. Why? Because everyone is different, and most only give an award to 1 to 5 people. Essentially, you get a scholarship for demonstrating talent or skill in a certain area, such as music, academic achievement (grades), sports, and so on. Once you have a scholarship, you may be able to renew it. You can find hundreds of scholarships from every organization you can think of, some right in your own neighborhood. Be careful of consultants that offer to find you a scholarship if you'll pay them. Usually a FAFSA isn't part of this, but could be if you are applying for a state or federal scholarship.

In the section below I cover a few programs that you have probably heard of. These programs offer great help, but may require you to plan ahead. Again, just free money for college or nearly free programs here again in this section.

4. HOPE scholarship and Lifetime Learning tax credits actually aren't a scholarship - sorry. These are tax credit programs. You can use tuition and fees from your family members that you support (think dependents) as tax credits when figuring your taxes. HOPE only applies to the first two years. The Lifetime Learning tax credit you can use over and over again. It phases out as your income goes up. Not financial aid like a grant, where someone gives you a check, but may it apply to you. Talk to a tax pro for more in this one. (Also, several states have scholarship programs named HOPE. Those are different programs than this one.)

5. Tuition waiver programs usually come from states, and offer certain groups either free or greatly reduced tuition. Typically applies to state schools, but some programs include private colleges and universities. As financial aid goes, free tuition is good.

6. Loan forgiveness programs offer to pay your loans in exchange for your work in a specific field. For example, work as a school teacher and you can get some of your loans paid or forgiven. This program also goes by the name tuition forgiveness. Note that this doesn't happen until you go to school, graduate, and get a job that offers this type of aid. Still, borrow and someone else pays it back is a nice package.

7. Tuition Assistance programs or Tuition Reimbursement may sound familiar if you have a job. Many companies offer a program like this to employees, and generally few ever apply to use it. I have worked for a company that offered reimbursement, where you pay, take the class, then fill out a form and get some or all of your money back. And I have also worked for a company that paid the tuition up front for me. Both programs can offset much of the tuition for your schooling. No FAFSA involved.

Several options to choose from, and you can do all of them if you want. Searching for financial aid doesn't have to be hard. Keep looking, and you'll find a way.

Author: Kevin Ihrig

Article Source: http://www.articlesbase.com/college-and-university-articles/financial-aid-search-free-money-for-students-312385.html

About the Author:
Need more info in your financial aid search for money for college? Come to come to Beat-Tuition.com and download my free short report on financial aid

Choosing a Carpet Cleaner

noreply@blogger.com (Poor Money Makin) — Thu, 06 Mar 2008 08:21:00 +0000

The best carpet cleaner is one of prevention and maintenance before a problem gets out of hand. Here are some tips to prevent mold and mildew from growing:

* Keep your carpet clean * Brighten up your home, if well lit then molds and mildew will not thrive as they dark areas * Dry any areas that become wet as your carpets hold in moisture, molds and mildew need moisture to survive * Do not place anything wet or damp on your carpet such as wet clothes or footwear

It is far cheaper to maintain your carpet than to replace it altogether. Even the best carpet cleaner on the market will be a less expensive alternative than new carpets. When purchasing cleaning products it is essential to read the label. In addition, it is equally important to know exactly what material your carpet is. Test out any cleaner on an inconspicuous area of your flooring. Alternatively, it is better to have a swatch of fabric that can be used for testing.

The best carpet cleaner professionals in the industry also recommend using a dehumidifier to remove excess moisture from the air, which will help to eliminate the potential for mold and mildew to grow. In addition, fans and air conditioning units also work to reduce the moisture level in a home. A home remedy for cleaning carpets is to sprinkle baking soda around on your carpet and let sit for a few hours before vacuuming. This can help to eliminate mold and mildew on your carpets. Deciding on the best carpet cleaner for your needs depends on a number of factors. One of the main factors to decide is exactly how you want to clean them. The dry carpet cleaning method works well on natural fibers that are not meant to withstand a lot of moisture. If your carpet consists of manufactured fibers such as polyester or Teflon coated then the traditional methods of cleaning such as steam cleaning or shampooing are best. One last decision to make is whether you are going to do the work yourself or hire a professional cleaner to do the work.

About the Author

We provide tips and information on carpet cleaning in Boston and choosing the best carpet cleaner along with other carpet cleaning related information. by D. Karlson

Is Grad School Worth It?

noreply@blogger.com (Poor Money Makin) — Mon, 03 Mar 2008 08:19:00 +0000

You see friends going back to graduate school. Your mother clips newspaper mentions of grad programs and slyly mails them to you with "thinking of you" post-its attached. You see a job posting for the position of your dreams, then notice the "master's degree required." In short, there are a lot of reasons you're thinking about going back to school.

In 2004, there were over 2 million students enrolled in U.S. graduate schools, and it may seem clear to everyone around you (that newspaper-clipping mother of yours, for instance) that you should be among them. Credentials are great, but you've probably also heard the horror stories of the "over-qualified candidate." And while Mr. Over-qualified may be an urban legend, the tradeoffs involved in either leaving the workforce or continuing to work while earning a degree are significant. Financially, professionally, and personally, is graduate school really worth it?

Graduate School to Launch Your Career

For Chris, 30, the answer to the "was it worth it" question is a definite yes. He went straight from college into a Masters of Teaching (MAT) program. "My undergraduate drama degree wasn't landing me any jobs," he says, "and I wasn't passionate enough about acting to [endure] the waiter/actor life for long." A year and a master's degree later, he started teaching. His degree gave him the teaching license he needed, but because it was a graduate degree, it also meant his salary was several thousand dollars higher than other beginning teachers who only held bachelor's degrees. What's more, each year thereafter his salary increased at a higher rate than theirs, but the real clincher was that he got to be a drama teacher.

For many people like Chris, a graduate degree is a means of launching a career. Academics present a classic argument for a post-graduate degree as a PhD is essential. This also holds true for doctors and lawyers. However, if you're already working in your field of choice and are simply looking to get ahead, the question of graduate school may become more complicated.

Graduate School as a Career Booster

Will, 29, works in hotel management and decided the time off in going to graduate school wasn't worth it. "I'd get a bump in pay and position if I got an MBA, but in my industry, just working those two years would get me more in terms of promotions, experience, and salary." However, he decided he wanted the extra education anyway. Will felt that education would give him a slight boost at work and because it would give him a foundation to make a change in career field easier if he ever wanted to make one. So his solution was to keep working while enrolling in a distance-learning MBA program. Even though it's the "have-it-all" answer, it hasn't been without sacrifices. He's busier than ever, with weekends and evenings now packed with schoolwork. For him, though, it's worth it. "My wife and I don't have kids yet," he explains, "so this is the best time for us to work really hard."

Part-time or distance learning graduate degree programs are becoming more and more popular. In 1990 only about a third of graduate students were enrolled part-time, but today roughly half of them are. For students like Will, doubling up works fine, but for others it can be a real burden. With more graduate school options than ever, there's plenty of flexibility to be had, but you'll have to take a close look at your personal life and the changes that you'll need to make.

Graduate School as Reinvention

Karin, 28, also enrolled in a post-collegiate program while working full-time, but for her, the program was all about reinvention. She already had an MBA and was working at a job she liked well enough, but she couldn't stop thinking "that if I really loved what I was doing, life would be different." So she finally enrolled in a massage therapy program. She took weekend and evening courses, and now that she has the experience and education she needs to be a practicing massage therapist, she's said goodbye to technology management and hello to her own massage therapy business. "Now I'm doing what I really want to be doing and building my own business, and I'm so excited about it," she says. Unlike her old job, she explains, "Here people come happy and leave happy. It's as much therapy for me as it is for my clients."

If you're looking to change over to another field--and you're not alone in the modern workforce where mid-career career change is commonplace--a graduate degree or certificate or even coursework in a new area can do the trick.

Even with all the upsides of post-collegiate education, the answer to "is it worth it?" is still complicated. Take a close look at your profession, the flexibility of various programs, and your personal and financial situation because when all is said and done, the only real question is "is it worth it for me?" Now quickly, clip this article and send it to your mother.

About the Author

Edu411.org is a career education directory for finding colleges and universities, training schools, and technical institutes. {a href=" http://www.Edu411.org"}

Save Money On Books

noreply@blogger.com (Poor Money Makin) — Sun, 02 Mar 2008 03:36:00 +0000

Every college student knows that textbooks are too expensive. Fortunately, with the proliferation of online storefronts and resources that put budget shopping, used book exchanges and Web-wide price comparisons only a few clicks away, you should be able to find at least some great deals at huge savings.

Here are five websites to check out if you’re looking to save money on next semester’s textbooks.

Amazon.com

Amazon is the first place to look because of its extensive selection of both used and discounted new books. When you pull up a book you’ve searched for, be on the lookout for a button that says “Used.” Clicking this link will bring you to a page listing used copies of that book, arranged from lowest to highest price.

From here, you can look at each available used copy to see what condition it’s in and the seller’s trust rating—these used copies are being sold by other Amazon users, not by Amazon itself, so see what other buyers have had to say about the seller.

If all seems okay, go ahead and buy! Amazon routinely saves students hundreds of dollars on book costs.

Textbooks.com

Textbooks.com is another option for frugal textbook seekers and offers a simple process for either buying or selling your textbooks.

If you’re shopping, you can just start searching from the homepage. You can also use the “Browse” feature to search for textbooks by subject.

If you’re there to sell, just click on “Sell Books,” and you’ll get easy-to-follow directions on how to proceed. Textbooks.com even pays for you to ship your books to them.

Half.com

Pretty much everyone knows about world-class online auction site eBay, but did you know there’s a section of their non-auction resale website, Half.com, dedicated to just textbooks?

Choose either “Buy textbooks” or “Sell textbooks,” type in the ISBN of the book you’re buying or selling, and go from there. Your eBay user ID and password will work on Half, and best of all, the reliability and reputation of eBay stand behind any Half.com transactions you make!

CampusBooks.com

CampusBooks boasts a selection of over eight million college textbooks and an average student savings of 58%. If that’s not enough, the website goes one better by letting you compare prices from dozens of other sites. This free feature helps you make sure you’re getting the best deal possible. And let’s face it: Comparison shopping is a habit any college student should get into.

CheapestTextbooks.com

CheapestTextbooks brags that some of its student shoppers can save a whopping 90% over traditional bookstores! In addition to a price comparison service that flags the cheapest textbook price, this site features both used and new books, free shipping offers, and even more money-saving online coupons and deals. The truly thrifty should give CheapestTextbooks.com a whirl!

From The Student's Blog.

Hidden Costs of College

noreply@blogger.com (Poor Money Makin) — Tue, 19 Feb 2008 04:47:00 +0000

If you were asked how many years it takes to earn a Bachelor's Degree from college, you would probably say 4 years right? Unfortunately, if you go by the averages, you'd be off by 2 years. Those 2 extra years can cost you thousands of dollars.

It's No Longer "4-Year College"

According to a study by the U.S. Department of Education, the average time it takes to earn a Bachelor's Degree is now 6.2 years. Only 36% of those who begin public 4 year college graduate in 4 years!

Why is it taking longer? Research shows that there are a handful of key reasons:

Just Enough to Get By

Many students view college as an entitlement. They go to college not because they see value in it, but because it's what is expected. As a result, these students do just enough to get by. Without the motivation, direction, or focus, they take longer to graduate or ultimately, drop out.

Not Prepared

Many students simply aren't prepared for the academic challenge of college. Without planning early in their high school years, they opt out of the more challenging classes that would have prepared them for college. As a result, when they reach college, they need remedial courses to catch up.

"I'll Decide Later"

Some students don't take the time to think through what they'll do after they graduate. Without some idea of their interests and aspirations, they find it easier to postpone decisions about their future. College becomes a comfortable place to hangout until they decide.

Transfers

Studies have shown that students who transfer from one college to another (even once), typically take longer to graduate.

Changing Majors

It is not at all unusual for college students to change their majors. But the further a student is into their college experience, the greater impact changing majors can have on meeting graduation requirements.

Working Their Way Through College

With today's high cost of college, many students are having to work their way through school. Juggling the demands of both school and a job can delay graduation.

The Cost of Delayed Graduation

Based on data from The College Board's 2006-07 Annual Survey of Colleges, if a student takes 6 years to graduate, the cost difference could be anywhere from $33,000 to $67,000 more than planned! The data shows that the average cost of attending a 4-year college including tuition, fees, room and board, books and supplies is:

Public In-State:

4 Years: $65,428

6 Years: $98,142

Difference: $32,714

4-Year Public Out-of-State:

4 Years: $105,216

6 Years: $157,824

Difference: $52,608

4-Year Private College:

4 Years: $133,204

6 Years: $199,806

Difference: $66,602

Don't Pay More Than You Have To

Many factors such as financial aid will determine what you'll actually pay for college. But why spend any more money than you have to? If you focus on the things that you can control to insure on-time graduation, college doesn't have to be a 6 year journey.

Increase Self-Knowledge. The more a student knows about his/her own interests, strengths, and aspirations, the easier it is to focus and direct one's educational path.
Plan Ahead. By taking advanced placement classes in high school, students accomplish two things. First, they increase their chances of getting accepted to the college of their choice. And second, they can actually "place out" of college level classes which can accelerate earning a degree.
Get Guidance. College is a big investment. Don't struggle by yourself! Save time and money by getting advice from a career consultant trained in education and career guidance. Expert guidance can replace guesswork with a planned approach to deciding which college to attend, what to major in, and how to align an education with best-fit career options.

Article Source: http://www.articlesbase.com/college-and-university-articles/the-hidden-cost-of-college-304123.html

About the Author:
Brian Sanders is President and CEO of Clear Ambition , an online company that helps students and adults make better, more confident decisions about their life direction and career path by providing self-assessment and 1-to-1 personal career and education guidance.

Visit our website at www.Clear Ambition.com for more information and a free interest analysis.

Should I Consolidate My Student Loans?

noreply@blogger.com (Poor Money Makin) — Wed, 13 Feb 2008 03:25:00 +0000

Free Money Finance on Why You May or May Not Want to Consolidate Your Loans

USA Today talks about college students consolidating their student loans, but their list can be applied to anyone who has loads of debt and wants to have them all consolidated with one lender. They suggest the following as reasons to consider loan consolidation:

You still have variable-rate loans.
Lower payments.
Fewer bills to pay.
Borrower benefits.

They are correct -- these are benefits of loan consolidation. If you are someone who accumulated tons of debt and now has your finances under control, debt consolidation can be something you'll want to seriously consider. But in most of the cases I've dealt with, loan consolidation is used incorrectly and leads to people becoming mired in additional debt. It goes something like this:

1. Jim spends like crazy racking up tons of debt -- much of it credit card debt.

2. Jim's debt gets to the point where he can't manage it. He simply owes too much and at too high of a rate. It's putting a lot of pressure on him and his finances.

3. Jim consolidates his loans. He usually gets a lower rate than what he was paying and he extends the payments over more years. This allows him to make a much lower monthly payment, taking pressure off his finances and freeing up some cash every month.

4. He goes back to his free-spending ways, racking up more debt (again, much of it is on credit cards.)

5. He eventually gets back to the point he was in in #2 above. Only this time, no one will consolidate his loan -- he's simply got too much debt and is too risky. Now he's stuck, and he's in big financial trouble.

So let me say it again: If you are someone who accumulated tons of debt and now has your finances under control, debt consolidation can be something you'll want to seriously consider. But if you don't have your finances (your spending, really) under control, then I recommend you do NOT opt for a loan consolidation. It won't help you in the long run and eventually you'll end up in worse shape than you are now.

Why You Should Get Your Degree

noreply@blogger.com (Poor Money Makin) — Tue, 05 Feb 2008 03:22:00 +0000

After a hectic time in high school, most graduates want to take some time off and have plenty of fun and unwind. A few also take jobs in order to pay for their education later - and others just want take the time to find out what they want to do. However, all of these delays are only hindrances to obtaining a degree and can have a negative effect on economic stability and future prospects.

It is well known that a bachelor's degree is prerequisite to getting a lucrative job in any industry - and the earlier one has it, the better it is in terms of career growth. So with all these choices to make, online undergraduate programs are becoming more popular than ever.

The Advantages

With the Internet maturing day by day, the quality of online education is improving, removing all possible barriers to higher education. The primary benefit of an undergraduate online education program is that physical presence is not required to take a course. So with a busy lifestyle for a time consuming job, if a person has the zeal to pursue further education, the online option gives students the opportunity to do both.

When work takes up most of your time, even after a few hours of socializing and doing chores a few hours to spare, online education makes it easy to progress in your chosen career field. For those who cannot pursue a degree because of geographical constraints, pursuing an undergraduate education online enables them to attend classes from their home computer and saves them time and gas.

Other Advantages

Pursuing an undergraduate online education offers a similar level of education that is provided in regular classes. Students can work on their program of study at their convenience. Studies never interfere with travel plans, employment and basically any activity that couldn't be done on the campus. Undergraduate online education is unique. They are more facilitative, as discussions are quick and easy to understand. Classes are held through chat, Internet meetings and email, as well with the subject coordinator and other students. There are virtually no shortcomings in online interactions.

Another advantage of undergraduate online education is that it is different from traditional education and benefits students by giving them access to develop technological competencies and exposure to telecommunication technologies. Also, online education gives students an exceptional experience in education, irrespective of age and geographic location. It provides psychological support by shedding introvert behavior and slow learning processes. With online education, students have time to prepare notes and other information discussed in the virtual classroom because all the subjects discussed will be posted online.

The best and most valid advantage of undergraduate online education is that there are a limitless number of courses by many educational institutes. From courses in fine arts to medical science, most are provided online and these e-learning courses are as simplified as possible.

Basic Guide to Repaying Student Loans

noreply@blogger.com (Poor Money Makin) — Sat, 02 Feb 2008 03:27:00 +0000

From Get Rich Slowly:

A Rough Guide to Repaying Student Loans

Saturday, 3rd November 2007 (by J.D.)

There are certain aspects of personal finance that I’ve never had to deal with. Student loans are one of these. But student loans are a huge concern for many people. This post by SJean is an introduction to repaying these debts.

There are really two things to know about student loans: How to get them, and what to do when you have to start paying them back. I’m going to write about the latter, as I am more experienced with that aspect. It seems everyone can figure out how to get student loans (whether or not they are getting the best deal), but paying them back can be more confusing.

Most federal student loans come with a grace period of six months during which you are not required to make payments. That means if you graduated in May of this year, your grace period is coming to a close and you have some decisions to make.

What do I owe?
The first step is to find out how much you owe and to whom. Your financial aid office can help you with this, as can this site.

There are three major types of federal loans you may have: Federal Subsidized Stafford, Federal Unsubsidized Stafford, and the Federal Perkins loan. Some people may also have private loans, which I’ll cover at the end of this article. (They’re a different beast than federal loans.) For now, let’s focus on the federal loans. According to the U.S. government’s Student Aid site:

During the grace period on a subsidized loan, you don’t have to pay any principal, and you won’t be charged interest. During the grace period on an unsubsidized loan, you don’t have to pay any principal, but you will be charged interest. You can either pay the interest or it will be capitalized (added to your principal loan balance, thus increasing the amount you’ll repay).

Can someone PLEASE make these go away?
You may feel overwhelmed by your loans and wish that they would just go away. Actually, there are a few ways that they can be diminished without you paying them, but these are special cases. Most of us are going to pay back every dollar we borrowed. And more.

If you are interested in volunteer work, check out the benefits provided by joining the Peace Corps or AmeriCorps. (For strictly financial reasons, you are probably better off getting a job and paying back the loans, but there are other reasons you may want to consider volunteering). If you are planning to be a teacher, join the military, or work in the legal or medical profession, there are some loan forgiveness programs you might be able to take advantage of.

Other than that, your student loans are going to be with you until you pay them back. Even bankruptcy will not destroy them. (But if you die, they are forgiven.) If your best shot of getting out of your loans is death, you probably should start working on a plan to repay them.

Consolidation: What is it?
Consolidating your federal student loans may lower your total monthly payment, but note this is primarily because you are extending the terms of your loan and paying more interest in the long run. If you can afford your monthly payment, and would rather not have a loan for 20 years, you still should consider consolidation. You also can stick with a standard repayment if you know you can afford it and don’t think you are disciplined enough to make extra payments. There are no prepayment penalties in consolidation loans and there are a lot of benefits.

Consolidation: Can I consolidate?
Before you concern yourself with whether you should consolidate, you should check to make sure you are eligible. If you haven’t graduated yet, you cannot consolidate your loans. (This was not true a a year ago!) You must either be in your six-month grace period or in repayment. You must have eligible loans, usually totaling over $7,500 (you may be able to find some lenders who will do it for less). You can consolidate a single loan, as long as the loan being consolidated has not previously been consolidated. You can’t consolidate with your spouse anymore, but that was usually a bad idea anyway.

Consolidation: Should I do it?
Student loan rates are adjusted annually on July 31st, based on the 91-day T-bill rates.

Years ago, rates were very low (as low as 2%!), and consolidation was a no-brainer. When I consolidated, they were around 4.5%. As of today, you can probably consolidate at 6.62% (before discounts) if you are in your grace period. If you don’t consolidate, that rate will jump to 7.22% when the grace period ends.

Students who received Stafford Loans on or after 01 July 2006 have a fixed 6.8% rate of interest for the life of their loan. The rate on previous loans will continue to be adjusted annually. If you have loans that were dispersed both before and after that date, the interest rate is averaged and weighted accordingly.

The decision isn’t as clear cut as it once was — it’s something you have to decide for yourself. But my opinion is that for most people, consolidation makes a lot of sense. If you aren’t happy with the current rates you could wait for lower rates, but who knows when they will be coming? In the meantime, you’ll be subject to a variable interest rate. Consolidating now may result in lower payments and a lower fixed interest rate immediately.

Consolidation: How do I do it?
From the day I graduated (and even before), my mailbox was filled with offers to consolidate my student loans. Why does everyone want to help me with this? I was surprised to learn that my student loans are backed by the US government. If I default on my loan, the government will pay it, then try to get the money from me themselves. This means that the companies are essentially guaranteed to get their money back! Because of this, you will have plenty of offers to choose from. In reality, most of the offers are nearly identical, but pick wisely — this is a relationship you may have for a long time!

Remember, if you consolidate during your grace period, you can lock in your interest rate 0.6% lower and still not make any payments until your grace period ends. If you graduated last May, your grace period is probably ending very soon. Don’t hesitate!

Here are some important things to consider when choosing a lender:

interest rate (will likely be the same for all lenders)
discounts for auto-payment
discounts for on-time payments
website and user interface for payments
ability to pay with credit card with no fee (to get cash back bonus, not to convert to credit card debt!)
ability to use Upromise rewards to
pay back the loan (Sallie Mae)

I chose Wells Fargo because my other banking is there, making it really easy to make extra payments. I wouldn’t exactly recommend them (a lot went wrong during the consolidation process), but now that everything is consolidated, they are working out just fine. Honestly, I wasn’t as well informed as I should have been, and if I could do it again, I’d do more research.

Here are some sites to get you started on your research:

What if I can not afford my payments?
If you are unable to pay the monthly bill, there are a few things you can do, all starting with talking to your lender.

You can usually arrange an alternative payment plan, where you pay less now and payments increase as your income increases.
You also may qualify for a deferment, where you are not required to make payments for some set period of time (interest will still accrue though!). Your credit score will not be hurt, but these require special circumstances.
As a last resort, there is the option of forbearance. This is similar to deferment, but you don’t need qualifying circumstances, and it will negatively impact your credit score.

I can pay them… and more! Should I pay them back quickly?
The general advice on this is no, as long as the interest rate is low. This does make sense if you are investing the difference of what you can pay and what you are paying. By the math, you should hang on to them as long as the term allows. Personally, my loan is for 20 years, and I just don’t think I want to have them around when I’m in my 40s. Mathematically sound or not, I will be paying them off a bit early, but they are the lowest priority of my financial goals. The Get Rich Slowly philosophy “Do what works for you” certainly applies here.

The most often cited reason for not repaying student loans early is that the interest is generally tax deductible and you don’t even have to itemize to take this deduction. Also, if you have a government loan, your money usually can make more for you elsewhere, though there is often more risk involved. If choosing between a Roth/401k or paying off loans early, I would recommend investing in your future.

What about private loans?
Private loans usually aren’t low interest, and they don’t have as many nice benefits as federal loans. If you consolidate, you typically aren’t locking into a lower rate, just switching lenders. There may be some benefits, but be skeptical and don’t consolidate them with your federal loans, as you will lose some important benefits. The best way to handle private loans is to pay them off as soon as possible.

Among the reasons private loans should be repaid as soon as possible:

You cannot defer payments on a private loan consolidation if you want to go back to school.
You cannot forbear payments in case of economic hardship.
You cannot apply for forgiveness on a private loan consolidation.
If you should pass away, private loans are passed to your next of kin. Federal loans are forgiven.
Private loan consolidation very often has variable rates, which means you cannot lock in today’s current historic low rates. Those rates may be tied to volatile indexes like the Prime Rate, which can jump as high as 13%.

My private loans were somewhere around 8%, and I paid them off in about six months. I focused all of my financial energy on them, and even did a balance transfer to a 0% interest card, but paid it off as quickly as I could.

For more information on anything about student loans, visit FinAid! This site is excellent and should answer all of your questions.

Resources for Students

noreply@blogger.com (Poor Money Makin) — Fri, 01 Feb 2008 03:09:00 +0000

From Lifehack.org

The Ultimate List of Resources for Students

10 Free Applications Every Student Needs

Unless you have money coming out of your ears, you probably won’t want to shell out the cash you’ll need to get Office, Photoshop, Dreamweaver, EndNote, and so on — even with your student discount. These free apps do the job well enough, and sometimes even better than their paid or otherwise limited alternatives.

OpenOffice.org: A top-quality, full-featured office productivity suite — word processor, spreadsheet, presentation software, graphics editor, database, the works! Can save and open most Microsoft Office formats. If you have MS Works on your PC, ditch it and get OpenOffice.org instead. Available for most operating systems.
GIMP: A powerful, full-featured photo editing program, comparable to Photoshop. Available for Linux, Mac, and Windows.
KeyNote: Even after 2 1/2 years of being abandoned by its developer, KeyNote (not the Mac presentation software) remains the best free outlining software, with support for rich text formatting, plugins and macros, hotkeys, and a lot more. Can be run from a flash drive, too.
FreeMind: Great mindmapping program, useful for brainstorming, outlining projects, and keeping notes.
Mozy Backup: An Internet-based system, Mozy’s free plan allows you to store up to 2GB of files. The software runs in your system tray and automatically backs up the folders and files you’ve selected. I have it set to backup my documents folder and my email, which comes in just under 2GB. To backup photos, music, and other big files, you’ll need to upgrade to a paid version.
Zotero: A bibliography manager that integrates with Firefox, allowing you to automatically add webpages and, more usefully, resources from academic databases like J-Stor and AnthroSource to your bibliography. You can attach PDFs and images to your entries, as well as add your own notes. And all without leaving Firefox.
NVU: Mozilla’s web editor, NVU allows you to write webpages either in raw code or using the WYSIWYG interface, making webpage creation simple. UPDATE: NVU is no longer in development; the current version is called Kompozer.
VLC: The VideoLan Client isn’t pretty, but it will play just about any audio or video file you throw at it.
Pidgin: A single IM client that connects to just about every IM network: AOL, MSN, Yahoo!, MySpace, IRC, and so on. Available for Windows and Linux; Mac users can give Adium a try (I can’t vouch for it, since I haven’t used a Mac for 7 years…).

11 Online Tools Students Should Check Out

Or 20, depending on how you count.

Email: Gmail
Register for a solid, plain-jane email address from Gmail, something like FirstnameLastname@gmail.com. If your school sends important information only to your school email account, have it forwarded to your Gmail account. When you graduate, you’ll lose that school address — don’t invest too much of your social identity in an address you’ll lose someday. And while that .oOAwesomeChickOo.@goober.com email address seems like fun now, it won’t be much use he you start applying for internships, scholarships, and jobs.
Word Processor: Google Docs/Zoho Writer/Buzzword
Online word processing offers solid features (minus a few bells and whistles you aren’t likely to need) with the ability to access your work from any web-connected computer. Google and Zoho lead the pack at the moment, though Buzzword’s gorgeous interface makes it a definite contender.
Spreadsheet: Google Docs/Zoho Sheet/EditGrid
Again, Google and Zoho both offer strong online spreadsheets; if you’re using them for word processing, you might as well stick with them for spreadsheets. EditGrid’s emphasis on collaboration (they even have a FaceBook app) and strong feature-set make it well worth checking out.
Student Organizer: Notely/MyNoteIt/GradeMate
Online organizers designed with students in mind, these services offer the ability to create, organize, and share notes, create reminders for important assignments, track grades and schedules, and generally keep on top of your student life. Each offers a slightly different feature-set and approach to student organization; pick the one that fits you best.
Todo List: Toodledo/Remember the Milk
Good, solid general-purpose task lists that allow you to sort tasks by date, priority, project, and just about any other way that strikes your fancy. Send yourself reminders by SMS, email, IM, or RSS. Access on your computer or any web-enabled mobile device, even by voice using Jott. Integrate with GMail (Remember the Milk only), iGoogle, Google Calendar, and various other apps and services.
Mindmapping: Bubbl.us/Mindomo/Mind42/MindMeister
Release your creativity and organize your thoughts using an online mindmapping tool. Collaborate with others and publish your mindmaps. Use to generate ideas for your papers and export in outline format.
Textbook Search: BookFinder
Search over a hundred online bookstores for used or cheap copies of your required texts.
Bookmark Manager: del.icio.us
Still the best place for storing, organizing, sharing, and discovering online resources. Tag bookmarks with the name of each project you’re working on to create an online research reference. Tag by subject to recall possible topics for later papers.
Notebook: Google Notebook
Use Google Notebook to keep track of pages, pictures, excerpts, and other material for papers and projects. Create a new notebook for each class or essay. Share resources by publishing your notebooks to the web.
WIki: PBWiki/WikiDot
Another way to build and share resources like notes, collaborative papers, etc. Wikis offer incredible ease of use and are ideal for working with others.
Bibliography Creator: OttoBib
Enter the ISBNs of all the books you used in a paper; OttoBib returns a perfectly formatted bibliography ready to cut and paste into your paper’s “Works Cited” page.

15 Websites for Students (Aside from Lifehack)

These sites are in the same vein as lifehack.org, but focus exclusively on student life and the needs of academics.

Study Hacks: The first stop in academic productivity, written by author Cal Newport (How to be a Straight-A Student).
Academic Productivity: Three cognitive scientists share their insights into how productive researchers work.
HackCollege: Cynical (in a fun way) and unabashedly anti-authoritarian, this site promises to teach students how to hack “the old” — professors and administrators.
Mindful Ink: Review of tools and techniques for better studying.
The University Blog: Study tips and higher education news and commentary from a avid student turned university administrator.
That College Kid: Great tips and blogs from a on-the-ball college student.
Gearfire: Billing itself as “Tips for Academic Success”, Gearfire offers a daily dose of practical advice, software reviews, and pointers to the latest online services for students.
Instructify: Written by educators at the University of North Carolina, the intended audience is actually K-12 teachers — but most of the advice and tools they share apply to college students as well.
Protoscholar: With the longest front-page I’ve ever seen, Protoscholar offers tips and advice in the GTD vein.
The Student’s Blog: Backed by a student loan company, of all things, the Students’ Blog is packed full of great tips and advice for students.
Scott H Young: Scott writes for lifehack.org, so you know what he’s about already. A college student himself, Scott’s advice comes from deep experience and reflection.
Academic Lifehacker: Advice for students with an emphasis on time management and academic efficiency.
Academhack: Focuses on the use of technology by students and academics, with news, reviews, and howtos.
Efficient Academic: More tips, advice, and pointers to new technology from a working academic, with an emphasis on the sciences.
Getting Things Done in Academia: Dr. Mike Kaspari offers the kind of advice about working habits, creativity, and ideas that most grad students are expected to know but are never taught.

30 Pieces of Advice for Students from Lifehack.org

Lifehack.org authors have published dozens of pieces with advice for students. Here’s a good sampling:

7 Online Research Resources

To help you get started with all your research projects:

WikiPedia/Citizendium: While neither online nor offline encyclopedias are suitable as references in college-level papers, they are great for looking up unfamiliar topics in a flash and for getting a good overview of your topic when starting a new research project. WikiPedia is well-established as the “go to” resource on the web; Citizendium is an upstart using hand-picked expert authors.
Library of Congress: Literally Congress’s library, the LOC’s website offers a wealth of primary sources, including historical documents and photos, artworks, letters, manuscripts, and more. Expecially good are their online exhibitions of art and artifacts around specific themes, people, and events, like the Civil War or Colonial America.
Google Books: A great way to locate books for research papers and other projects. Use “Advanced Book Search” and select “Full View” to limit your search to titles whose entire contents are available online. You can even download PDF facsimiles of some titles!
LitSum: Online study guides and book summaries
Artcyclopedia: One-stop shopping for information on virtually any artist, movement, national tradition, or anything else art-related.
Intute/InfoMine: Curated guides to scholarly resources available on the Internet.
Bartleby: A full reference library at your fingertips, with dictionaries, encyclopedias, poetry collections, and full versions of classic novels, philosophy, religious texts, science writings, and more.

Housing and Money

noreply@blogger.com (Poor Money Makin) — Thu, 31 Jan 2008 02:00:00 +0000

Excited to be living in your first apartment at college?

Be aware of the potential hazards when roommates and bills collide.Living away from home in a college apartment is an awesome experience. Complete freedom, a few hours of school, and little parent involvement combine for some crazy times. Unfortunately, there is the side of apartment living that is not so fun: paying rent and bills.

As a young person, your first year in an apartment will most likely be the first time you've ever had the responsibility of keeping track of and paying for bills. To make thins more difficult, you have to work with your roommates to get it all paid for. Here are a few tips to make sure it all goes smoothly.

First, you need to have a meeting to get everyone on the same page regarding rent. Make sure everyone knows how much they are paying each month. Put one person in charge of getting the big check to the landlord. You can switch this off monthly to make it less responsibility, but this will make things a little more complicated. Have a hard set date when everyone's checks are due so that there is enough time to assemble the big check. Keeping on top of this can really help the monthly process.

Bills are another complicated issue. Again, you can put one person in charge of all the bills and have every give them their share of the money each month. If someone is responsible and willing to do this, go for it. Also, split up the bills as simply as possible. Obviously dividing it equally is the easiest way to go. Sometimes, however, people will claim that they don't watch cable TV or don't want to pay for certain features that other people wanted. If their claim is true, then let them pay less. Otherwise, stick to a simple payment plan.

Communication is key to keeping money matters simple. As long as everyone knows the procedures and people stay on top of it, you shouldn't have any problems getting the rent and bills in. As soon as there is a problem (money is late, someone had to cover for someone) make sure to address it and possibly rearrange the procedure if someone is dropping the ball.

Check out the sites run by Ian Byrd dedicated to helping UCI and UCLA students find housing.

Types of Financial Aid

noreply@blogger.com (Poor Money Makin) — Thu, 31 Jan 2008 01:58:00 +0000

There are many types of financial aids offer to college and university students. While a few are gifted aids and do not need to be paid back; others are provided as a loan and need to be paid back after the completion of the education program. Let’s take a brief look on these financial aids.

In general, student financial aids are grouped in below categories:

Grant
Fellowship
Scholarship
Loan
Work Study
Waiver

What are the differences between these financial aids? Many people confuse especially on grant, fellowship and scholarship. Let's take a brief look on these financial aids. Grant, Fellowship & Scholarship A grant is a gifted financial aid for a student that does not have to be paid back. Fellowship is a fund awarded to a graduate student in a college or university. And scholarship is a financial aid usually awarded based on merit or academic achievement. Both fellowship and scholarship are grant. Practically, these terms very little in different and in fact, these terms are used interchangeably in representing fund gifted to students to support their college or university study.

Loan

A study loan is a financial aid offers to students and these money need to be repaid after the completion of the study program. Although there are loans offered with zero interest rate by charities, associations or religions organization, most of loan programs have repayment provisions and repayment interest rate applied.

Work Study

This program provides jobs that enable students to earn a portion of school costs through employment at the institution. Many colleges and universities offer job to students where they can earn their school fee and part of their living expenses.

Waiver

Under certain circumstances, a college or university may allow a student to attend the courses without paying tuition or other costs. A certain eligibility requirements need to be met in order for eligible for the waiver.

Last Words

Ideally, all students are dreamed to get free money (grant, fellowship or scholarship) to aid their study needs. Although there are many scholarships available out there for students to apply, beware of "Scholarship Scam". Remember if you have to pay to get money, it probably a scam.

Federal Loans Vs. Private Loans

noreply@blogger.com (Poor Money Makin) — Thu, 31 Jan 2008 01:55:00 +0000

If you are going to graduate school you have many things to consider besides studying for the GRE and choosing the location and area of study that will probably determine the remainder of your life.

You additionally have to make sure that you do not fall to far into debt after college.

Therefore, you must research student loans. Student loan consolidation is one of the best ways to save money because you are only required to pay your loans back in small increments. You can also look into federal and private student loans, which come with pros and cons.

If you have a private loan, a borrower can take out more money but may pay it off at a higher rate. In addition, private lenders are entitled to their own regulations, whereas federal loans are openly operated by set government standards. One example of discrepancy in these programs is the responsibility of private and federal loans during times of economic hardship. If a borrower cannot make a federal student loan payment, he or she can defer for up to three years.

There is one big problem that usually happens when someone overlooks the difference between federal and private loans. Federal student loans are guaranteed by the federal government.

Consequently, federal student loans carry a fixed interest rate of 6.8%. Though the fixed rate may fluctuate yearly, a borrower has the opportunity to lock it in. When it comes to private loans, there is not a cap on the interest rates and fees lenders can charge-as a result, unsuspecting borrowers find themselves buried in debts larger than anticipated. Often times, students think that mass amounts of money cannot be consolidated along with his federal student loans because the predetermined amount was from private student loans.

Because college students are known for procrastinating, on occasion, college students might find themselves accepting student loan offers without doing much research on them. It is a resounding sigh of relief to have the costs of education temporarily funded; but when the tassels are moved and the diplomas are mailed, several graduate students discover that they should have learned more about their student lending. Keep in mind that private loans do serve an effective purpose.

It is becoming more common for families to find themselves relying on them to make college educations possible.

The largest reason private loan lending grows every year is because some students take out the ceiling of Stafford Federal Student Loans and still fall short of meeting their expenses. Do not let the process of loans be intimidating. As long as you take a minute to do some research, you should find a student loan that will be conducive to your future financial needs.

Article Source: http://www.articlesarea.com/

Things You Must Know About Your Student Loan

noreply@blogger.com (Poor Money Makin) — Thu, 31 Jan 2008 01:49:00 +0000

Have you seen the commercials for loans that promise to send you a check in one week for up to $40,000? The kids look so happy as they shout out, "I got $40,000 in a week!"

This coincides, of course, with college acceptances. Many parents and students are opening letters telling them they've been admitted to the college of their choice, only to have that brief elation met with the harsh reality of having no clue about how the heck they're going to afford college.

One such option is applying for financial aid. Unfortunately, the "rules of the game" behind how to maximize the money you're eligible for are complicated, to say the least. Most families (78-90% , according to some industry estimates) fill out the FAFSA and other forms incorrectly. This results in the student receiving less aid than he or she would have normally qualified for, or, sometimes, no aid at all.

All too often, the student turns to alternative means of college funding: private student loans. However, you need to think twice if you're planning on financing your college education this way.

Before you sign your life away, take a deep breath and consider what you might be getting yourself into.

Most parents and college-bound students do not realize that student borrowers are not-so-distant cousins to headline-making borrowers with subprime mortgages. Many experts, present company included, believe that the student loan market is poised to experience the devastation currently affecting the subprime mortgage industry.

To be sure, when I rant about the similarities between subprime, predatory lending and student loans, I'm not exactly the most fun at parties. I am and, let me tell you, the similarities are alarming.

For starters, student borrowers and subprime mortgage holders are ill-advised on financial matters (present company excluded, of course) - specifically, the consequences of their borrowing decisions.

It is not exactly news that that adjustable-rate mortgages (ARMs) resetting to high interest rates are the main culprit behind late payments, defaults, foreclosures and ruined credit.

Here's how it works - mortgage companies offer low teaser rates to get homeowners in the door, but frequently, the initial required payments are not even enough to pay the interest on the loans. It gets worse.

Then, after the ARM "resets," homeowners are stuck with payment increases and are faced with the unpleasant and costly alternative of refinancing. This worked for years, because it was relatively easy to qualify for new mortgages, but this rosy scenario screeched to a halt simultaneously with the collapse of the secondary mortgage market, slumping real estate values and a slowing economy.

The result: subprime borrowers were denied credit, were forced to stay in their unpayable loans and pushed into default or, unfortunately, foreclosure. Right here in Florida and across the country, college graduates burdened by student loans face similar problems. Just like the mortgage companies, student lenders offer a low teaser rate which adjusts upward (it's almost always up, not down, unfortunately!) after the introductory period.

Like an oncoming train, you cannot avoid what happens next: late or skipped payments, defaults, and a downward spiral in credit score. It's a slippery slope! The inevitable end-game - rates adjust and payments spike. And the new spiked payment almost always catches the borrower by surprise. Just like their subprime borrower counterparts, student loan holders are unable to make payments once the loan adjusts upward.

In most cases borrowers of both student loans and subprime mortgages claim that they were misled about the terms of their loans. They cry that the lenders withheld vital information, or glossed over important information.

To their credit, and in response to these claims, lawmakers are starting to call for increased disclosures and information from the student lending industry.

Don't hold your breath, however. This could take years. Your best bet to protect yourself is using your own brain - asking the right questions, listening to the answers. "What is the interest rate?" "When can the loan adjust, if at all?" "If I cannot make a scheduled payment, what is the consequence?"?"

To be fair, many student lenders offer this information voluntarily, which helps borrowers make better choices. But this is the exception, not the rule.

Another favorable trend is that many colleges and universities have become more proactive and supportive in educating students about all the details surrounding student loans. Numerous institutions have created a special position, "borrowing consultant" to offer advice on obtaining student loans. And in some instances, particularly among the elite higher education institutions, the financial aid packages feature little or even no loans, opting instead for "free" money awards - scholarships and grants. The top schools, such as Harvard, Princeton and Yale, are leaders in this area.

It's clear that there is no easy solution for this problem. However, it's imperative to be mindful of the example set by the subprime mortgage meltdown, and avoid the consequences that accompany irresponsible and borrowing and lending.

Check out the firm "College Pete" and where they do everything humanly possible to help students avoid student loans like the plague. Think twice before you sign for that loan!

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Andrew Lockwood, J.D. and Peter "College Pete" Ratzan, M.B.A. own and operate College Planning Specialists of Florida. For a schedule of their free workshops, or other information about "How to Pay for College Without Going Broke" visit their website, http://www.CollegePlanningAdvice.com or call directly, 954.659.1234. Article Source: Free Article Directory - http://www.articleManiac.com Search And Submit Articles