Travel Insurance like all other insurance is designed to provide coverage for unforeseeable losses, which could occur after you purchase of the policy. If a circumstance or event has occurred prior to your purchase, generally, it will not be covered.

For example: you will not be covered for a loss due to a hurricane if you purchased your policy after the hurricane has been named, because once named and known, it is no longer unforeseeable that a loss may occur. If this distinction seems strange, remember, you can’t insure your car for collision damage after you have already had the accident! All insurance is designed to cover unforeseen risks and hazards.

The policy definitions outline the meaning of the important terms and conditions of the policy you purchase. Definitions are used to give specific meaning to what is covered and what may be excluded from coverage or otherwise limited. If you are canceling your trip due to a sickness, injury or death of a member of your family, to be covered, the individual must be a “Family Member”, as defined. For Example: most “Family Member” definitions include a wide variety of relatives from aunts and uncles to grandchildren, to domestic partners and to relatives of spouses and traveling companions, but generally do not include cousins.

The policy exclusions detail losses, events or circumstances that are specifically not covered. There are two types of exclusions. General exclusions apply to the entire policy, while specific exclusions may apply to a given benefit or circumstance. For Example: typically all policies have a general exclusion for war or acts of war.

Some policies may exclude losses arising from a pandemic or epidemic. If you are purchasing a policy because of concern about an epidemic flu outbreak, you should not purchase a policy with this exclusion. You should receive a certificate of coverage from your carrier that contains all the definitions for the policy you have purchased, in addition to your purchase confirmation.

Since policy provisions, definitions and exclusions determine the scope of the coverages provided, you should take the time to compare travel insurance plans before you buy, to better understand what you are purchasing. Check out the Travel Insurance Buyers Guide on TripInsurance.com for more tips on picking the right plan for you. Provisions of the plans are very well explained, and you buy directly from the leading insurers at a significant savings.

Student Loan Interest Deduction

If your college student is listed as a dependent on your tax form, or if they qualify to claim themselves,
you may be qualified to deduct the interest paid on applicable student loans. The amount deducted can
be the interest paid on the loan, up to $2500. As the interest amount is used to adjust income, it does
not have to be itemized. You may qualify for the deduction if you meet all the requirements including
if the college student is not claimed on any other tax return, the person filing the tax return’s modified adjusted gross income does not exceed the annually set amount, the eligible taxpayer is not married and filing separately from the spouse and interest was paid on a qualified student loan in the previous tax
year.

Lifetime Learning Credit

This credit is for anybody that is currently taking college classes. The Lifetime Learning Credit offers a tax credit of twenty percent for the expenses spent on tuition. The Lifetime Learning Credit does have
a maximum of two thousand dollars on the first ten thousand spent on college tuition. Eligible expenses
include any required fee such as student body fees, registration and tuition. However, books, school
supplies, insurance, housing costs, equipment, transportation and living expenses do not qualify as
eligible expenses. You may be qualified to receive the Lifetime Learning Credit if you, your spouse or
your dependent(s) are an enrolled in an institution that participates in the federal student loan program and you were responsible for paying for the tuition related expenses. The important thing to note with the Lifetime Learning Credit is that extends past the first four years of higher education and is provided for graduate school students as well. There is also no minimum requirement for level of enrollment; you may still qualify even if you have only taken one class.

The American Opportunity Credit

The American Opportunity Credit was designed to replace the Hope Credit and can be used to reduce
taxes dollar by dollar, up to $2500. It can be used to claim expenses for course materials, qualified fees and tuition for higher education. With the Hope Credit, only the first two years of college qualified, but with the expanded and re-named American Opportunity Credit, the first four years of post-secondary education now qualify. Unlike the Lifetime Learning Credit, the American Opportunity Credit allows for expenses like equipment, supplies and course-related material that are not provided by the learning institute. The American Opportunity Credit is also partially refundable by forty percent, up to $1000, which means you can claim the refund even if you do not owe any taxes.

Employer-Provided Educational Assistance

If your employer provides reimbursement for any college classes taken, then up to $5250 of the income
is qualified to be tax free. If the amount the employer pays extends beyond $5250, you may have to
pay taxes on the overage. However, the American Opportunity or Lifetime Learning Credits cannot be
claimed if the employer pays all of the student’s related expenses and qualified tuition costs.

College is expensive enough as it is and it does not look like the costs are going to come down any time
soon. You can help your bank account by finding out more about these and other cost incentives for
college students.

This is a guest post written by Suzan Bekiroglu. Ms. Bekiroglu is a published author, freelance writer
and editorial consultant for secureloanconsolidation.com. After receiving a Bachelor of Arts degree from the University of South Florida, she faced the mounting obstacle of paying over $24,000 back in student loan debt. Thus, she became determined to eliminate the debt and become very knowledgeable about money management. She seeks to educate others with tips on managing student loans and other kinds of debt, as well as in general personal finance and money saving tips.

Why Government Grants?

The answer to this is brief and simple. Government grants are a great solution to bankruptcy. More and more of us are turning to bankruptcy because of what has happened in the economy, however, there are still other alternatives to bankruptcy, and this is one of the best ones. The best thing about getting a government grant is that you don’t have to pay it ack. It is basically free money to get you out of debt, should you qualify.

Do I Qualify?

Will you qualify for a government grant? It all depends on your financial situation and how it is presented during the application process. To qualify, your income and net worth combined must not be able to pay off your debts. You may think that you qualify automatically, but the government may think otherwise, so if you choose to apply, be aware that the screening process is tough. It is definitely worth the effort though, as there is no penalty or fee for the process, and if you get a “no” as an answer, then at least you tried.

What To Do First

The process may take a while, but it is fairly simple. This is what will happen:

• They will look at the income your earn and compare it to the amount of debt you owe.
• They will see if your debt can’t be paid off with your net worth, which is the net assets area of your finances.
• They will look and see if the income is not enough at least to meet the monthly commitments towards the debts.

If the answer for all the three questions turns out to a no, then the assessing officer sanctions the grants, as it is the motive of the government to try and help people who have nothing, so they can start over and help rebuild the nation.

How to Apply

There is basic documentation needed for applying for these government grants. If you choose this alternative to bankruptcy, then gather the following pieces of information to start.

• Social Security Card
• Tax Documents From the Past
• Birth Certificate
• Other Relevant Documents of Ownership

More often than not, all of these documents will need to be included with the application. Certain grants may want more information, but what is needed will be detailed and explained to you during the application process.

Start searching online for government grants that will give you money to pay off your debts and start a new life. This is a great alternative to bankruptcy, and for many people will be just what they need to get all there debts paid. Good luck!

Most of us think of our credit scores backwards. We think that paying off debt and cancelling a credit card or two… or more, is a good thing. Many people envision the whole situation backwards, as this is not the case at all. You need to think of your credit score in terms of your outstanding debt compared to the total limit of all your credit cards.

As funny as this sounds, just because someone has thousands of dollars in credit card debt doesn’t necessarily mean they have bad credit, quite opposite actually, depending on the amount of money an individual makes. Obviously if you make $25,000 a year and you have that much credit debt you are not going to have a very good credit score.

What is the Big Risk?

So what is the major risk involved with cancelling a credit card? Your FICO Score can take a bing. You want to cancel a card because it is paid off and you don’t want to worry about it. The problem is, you lose all that credit once the card is cancelled. It doesn’t reflect the way you think it would. If you cancel a card that has a $10,000 credit limit, then when FICO checks your score, they see that you have $10,000 less in credit than you previously had, resulting in a lower credit score.

What Are Your Options?

Fear not, as with any negative situation there is usually an alternative. The alternative here is this; you can still cancel a card and be given credit for the value of the card for several years. It usually takes several years before the history is scrubbed from your credit report (good or bad), which gives you plenty of time to still get the credit for the card within your credit score.

The best thing to do though is to cancel a credit card during a time when you don’t think anyone will be accessing your FICO score. If you don’t need a loan or need credit for the foreseeable future, then go right ahead and cancel it.

Remember, cancelling a credit card may reflect differently on your credit score than you imagine. Take the proper steps and precautions to avoid losing any positive FICO credit score when you do choose to cancel a credit card.

Textbooks

Surprisingly, most students still buy their textbooks from the campus bookstore. This is a huge mistake, as campus bookstores are always overpriced. Instead, buy your textbooks online from sites like Amazon or CampusBooks.com. You will get a much lower price, and you can also pay even less for used books. It is also smart to get some of you money back at the end of the semester by selling your books back.

Transportation

Gas prices are at an all-time high, and they don’t look like they are going to go back down anytime soon. Instead of spending a ton of money on gas, get a bus pass or even a bicycle. Bus passes are usually not expenses, and they will be even cheaper with a student/education discount.

While you may not want to ride the bus or ride a bicycle at first, doing so will put a ton of extra cash in your pocket. This extra cash can be used towards other expenses, or even used for fun.

Rent

This sounds backwards, but it is actually much cheaper to rent a place off-campus and get a roommate or two and share the expenses. Dorm housing on campus caries a huge fee, and if you are able to find a nice place off-campus with a roommate, then that should be your course of action.

Utilities and Phone

I am not going to go as far as to say you should not pay for a cell phone. However, you definitely don’t need the added expenses of add-on utilities in your home. If you have a smartphone, then you already have Internet access. You can also go to campus and use their Internet for free.

Using tools like Skype and other free services to make calls will also save you money and allow you to have more cash in your pocket.

Shopping

This one gets away from a lot of students, especially during the first year of college. It is smart to search around for the best deals, many of which will be found online. You will also more than likely be given a student/education discount from most places, so make sure you ask. Thousands of dollars can either be saved or thrown away, depending on how you utilize your shopping time.

Food and Entertainment

The best part about going to college? It is the first time you feel independent, and more than likely the first time you will have a daily opportunity to blow money on food and entertainment.

It is important to keep an eye out for food and entertainment discounts. Movie theaters, malls and many restaurants offer discounts for students, so always put these to good use. You will more than likely want to spend entertainment money all the time, as this is part of college. However, making your money last will make you look smarter, and save you money at the same time.

College expenses can et out of hand fast. Whether your parents are providing for you, you are working, or both, utilize some if these tips and see if you don’t cut down on your college expense bill tremendously. Not only that, but you will always have extra cash in your pocket to have fun with.

Saving Money on College Series, Also Read:

Money Saving Tips to Save on College Tuition

AP Coursework

Advanced Placement classes (AP Coursework) are college level courses that are offered to high-school students. They offer students a great opportunity to college credits if the student can pass the exam at the end of the course. By utilizing these AP courses, you won’t have to pay for them when you go to college.

Joint Enrollment

This refers to attending college course while you are still finishing high school. This may be tough to pull off simply because of possible workload, however this is a great way to save money on college tuition.

Joint enrolment allows for tuition saving because community colleges are more often than not much cheaper than state universities. You will also save money on college campus and housing fees, as most likely you will be living at home while doing this.

*Some high schools don’t allow joint enrolment, so check if it is allowed in your school during your senior year. Your counselor will be able to answer this question.

Public Universities and In-State Tuition

You can save yourself or your parents tens of thousands of dollars by choosing to go to college in state. In-state tuition fees are always much cheaper, so if you can do this, then you will save yourself a ton of money over the course of your college stay.

These are just some of the major tings you can do to save yourself a lot of money when it is time to enroll in college. Utilize some of these money saving tips for college tuition and save yourself the trouble of being in insurmountable debt after you graduate.

Saving Money on College Series, Also Read

Tips For Cutting Down On College Expenses

The cost of certain capital investments may now be substantially reduced with the combined use of incentives and a 100% bonus depreciation. There is one catch, the bonus depreciation write-off is available only for purchases made in 2011.

Businesses that invest in new business property, machinery and equipment are now able to fully deduct the cost during the current tax year, which reduces taxable income and taxes paid.

With the proper help of a tax professional, a business can now reduce their out-of-pocket equipment and business property expenditures. They can do this because of the 100% federal bonus depreciation.

TO bottom line this, if you need new equipment for your business, then now is the time to purchase it and take advantage of the Unemployment Insurance Reauthorization and Job Creation Act of 2010.

German Economy Minister Philip Roesler told German newspaper Die Welt that an “orderly default” by Greece can’t be ruled out, while news reports last week and over the weekend said the German government has made preparations to help shore up its banking sector in the event of a Greek default.

Meanwhile, Dow Jones Newswires, citing two unidentified International Monetary Fund officials, reported that Greece’s creditors are likely to approve the release of the next tranche of Greek aid in coming weeks.

Greek credit default swaps continue to point to a more than 90% chance of default. This is not good news at all, as a default by Greece would likely pull Spain and Italy right into the same bankruptcy vortex.

Even worse is the fact that there is so much American money tied up in Europe, particularly Greece, that if they do default it is going to hit the American markets very hard. Much of that tied up American money in Greece is in the form of retirement, such as 401(Ks) and other retirement funds. Americans stand to lose a lot of retirement money if Greece does indeed default.

“Investors currently value European banks at levels last seen when Lehman Brothers Holdings Inc. collapsed” in 2008, said Stephen Pope, managing director of Spotlight Ideas, a London consulting firm. “One cannot overstate the fear [of] a Greek default” and a subsequent escalation of debt contagion worries.

The stock market opened this morning and immediately fell 100 points on the latest news out of Greece. It looks like there is a massive sell off taking place.

What can you do? To be perfectly honest, if you have retirement funds set up and your company has that money tied up in European banks, then you are going to have to wait it out and hope for the best. You can always cash out your plan and pay a penalty, but you may end up losing more that way.

Whatever happens in the next few weeks remains to be seen, we just have to ride the storm out and hope for the best.

Use these simple steps to calculate your net worth and see if you are making any progress on a year-to-year basis.

List Your Largest Assets

Start the process by listing your largest assets. For most of us, this includes your home and your vehicles. If you have other large assets then go ahead and plug them in.

Gather Your Statements

Gather your latest statements that show the value of your more liquid assets. Statements for these areas include checking and savings accounts, cash, CDs or other investments such as retirement accounts. Anything that you own something in is valuable and will help increase your net worth.

List Personal Items that Have Value

You can also list all personal items that may be of value. This could include jewelry, coin collections, musical instruments, etc. You don’t need to itemize everything, but list items that are worth $500 or more. Many of these things may have been acquired over the years during other retirement investments that you made.

Formula

Take all of the assets you have listed in the first three steps and add them together. This number represents your total assets. This is what your net worth will be if you owe nothing, which is highly unlikely, but nice to look at anyway.

Add together all of your outstanding debts and other liabilities you may be responsible for. This list may include things like the balance on your mortgage, car loans, credit card debt, and, school loans and basically anything you owe a monthly payment on.

Add up all debts and liabilities and get a number. You will now subtract that number from the number you came up with above. The total you get here is what your net worth is.

Remember, you may not like what you see, and it may even come out in the red. However, you can use this number as a starting point to build wealth and build more net worth.

Do this every year to see if you are making any significant gains in the financial area of your life.

Why Should You Keep Records?

Two reasons; they are good to have to look back on for financial reasons, and they are also needed to prove to the IRS that you made proper deductions. This proof would be needed in the event of an audit. You may think you will never get audited because of your income bracket, but this simply isn’t true. While the IRS does look for certain red flags, the fact of the matter is the auditing is done by random selection.

Best Records to Keep?

Honestly, it is good to keep just about everything imaginable these days, as you never know what random deductions you may get to use during tax season. You also need these records to prove the deductibility of an expense.

In addition to the usual records kept, i.e. proof of payment (cancelled checks, credit card receipts), you also need invoices, receipts, sales slips, or other written documentation that spells out exactly what you paid for. Other types of deductions that you need to document may include alimony, charitable contributions, mortgage interest, childcare expenses, and real estate taxes. Many of these depend on an individual’s situation. If you make payments in cash, get a detailed, dated and signed receipt showing the amount and a description.

Records to Keep:

• Form W-2 and 1099
• Bank statements
• Brokerage and mutual fund statements
• Form K-1 (for partnerships)
• Sales slips
• Invoices
• Credit card receipts
• Canceled checks or other proof of payment
• Home purchase and sales agreements, closing statements, and insurance records

How Long Should You Hold On to Tax Records

This will vary from person to person. Some people may keep them forever, some may only keep them a few years. The IRS destroys original tax returns after three years. Legally, you only need to keep the records for three years. However, you should keep a copy of your actual tax returns, W-2s, 1099s, etc., indefinitely. This information may be needed down the road for Social Security purposes or for something else.

Keeping good tax records is key when it comes time to file taxes. Cut down on time and give yourself less of a headache by keeping good records of all your income and deductions.