Blog

by Emily

Private student loans may soon come under increased federal regulation as Congress takes up legislation that would create a consumer financial protection agency. The bill moved out of the House Financial Services Committee yesterday and will soon go to a floor vote.

Lenders fought the legislation, but the proposed amendment to exempt student loans from the agency's oversight was defeated in committee. A brief but heated debate also arose over whether the agency should also regulate "gap loans" made by private for-profit colleges directly to students to help cover tuition and other expenses. Ultimately, the panel sided with the schools who argued that new Truth in Lending restrictions already offered students sufficient protection in regards to borrowing from schools.

Student loans are only one of several aspects of lending that would be regulated by the new agency. They'd be accompanied by mortgages, credit cards, and other bank-based loans. This comes in addition to legislation that's already been passed that will limit lenders' ability to market credit cards to college students. However, auto financing plans offered by car dealers were exempted and the agency's role in regulating smaller banks and lending institutions was also limited by amendments.

Backers of the proposed regulatory agency hope that its creation will offer greater protection to consumers, including college students, who find themselves overwhelmed by risky debt or deceptive lending practices. They hope that they will be able to limit the extremely high interest rates and confusing terms that accompany some private loans.  Student lenders have previously come under fire for questionable lending practices and have paid out large settlements and agreed to new codes of conduct governing their practices of marketing loans to students and offering incentives to colleges to promote their services on "preferred lender" lists. Private loans have also seen increased regulation this year, with previous student aid legislation requiring them to disclose terms up front, among other steps taken to make their lending practices more transparent.

by Mariah Proctor

When people hear I’m getting ready to leave on my third study abroad, there are no questions asked – just resentful looks that say ‘Well, aren’t you the cultured little rich girl.’ Okay, maybe the looks aren’t that venomous but the idea holds true. If you are considering studying abroad but think you can’t afford it, listen up: You can.

My first study abroad was paid for in the way many people pay for a pilgrimage to the Holy Land: through money left by my grandparents. There was something tender about imagining my grandfather working hard as a schoolteacher and saving every penny – pennies that would one day take me to Jerusalem. But the inheritance-type funds had run dry when I was asked to go to Southeast Asia for a summer, so my second study abroad saw a more creative, financial-finagling me.

The first step in paying for a semester of international intrigue is finding funding from your home institution. Most international study programs have discount or program-specific scholarships. Also, make sure you fill out the FAFSA to get a Pell grant if you’re eligible. Not everyone knows those government pick-me-ups can be applied to international study...but now you do. Go after one!

There are study abroad-specific scholarships all over the Internet (Scholarships.com is rich with financial opportunities that can be applied). The Phi Kappa Phi Study Abroad Scholarship and the Benjamin A. Gilman Scholarship are two of the most well-known sources of study abroad funding, plus oodles of country-specific and area of study specific-grants.

If you are persistent about diversifying your sources of funding, studying abroad can be less expensive than staying on campus. The most important thing is not to let the cost of a plane ticket or the dollar-to-euro exchange rate scare you away from what will be a fulfilling experiences in your young life. There’s no rule that says only rich kids can travel; if you dream of pyramids or tropical breezes, stop dreaming and start doing. Bonus: Studying abroad provides rich material for grad school application essays.

Mariah Proctor is a senior at Brigham Young University studying theatre arts and German studies. She is a habitual globe-trotter and enjoys acoustic guitar, sunshine and elephant whispering. Once the undergraduate era of her life comes to an end, she plans to perhaps seek a graduate degree in film and television production or go straight to pounding the pavement as an actor and getting used to the sound of slammed doors. Writing has and always will be the constant in her whirlwind life story.

by Kayla Herrera

Spring semester ends and summer rolls in with its blossoming heat and sunny days. Summer classes are starting up, birds are gathering in trees to sing their summery tunes and some students are starting their job search...late.

I tend to start looking for a summer job in the early spring in order to secure a position but if you have a particularly demanding spring semester class schedule, you’re not going to get this kind of head start. In an injured economy, it’s difficult to find a job, especially in smaller college towns that are not located near metropolitan areas. Many businesses are often family-owned – there are lots in my college town – which usually eliminates anyone outside of the family for employment.

The best thing to initiate late in the job hunt is to check with your school. Ask around to see if there are any openings for summer help. The admissions office is a good place to start but dining services is also a great hidden opportunity. With the lack of summer students, your school will probably be looking for help. I joined up with a catering service through my school where I work weddings and class reunions and – get this – set my own hours.

The most important advice about any type of job hunting is that you cannot be picky. I cannot stress this enough. If you've got rent and bills to pay, you've got to make money somehow. Apply everywhere – gas stations, gift shops, restaurants, department stores – and if you’ve still got nothing, fast-food might have to be an option. At least fill out an application; you can always decline the offer if you find something else. With today's economy, cash-strapped college students can’t afford to cherry pick. The race is on, time is ticking and money is waiting to be made.

In addition to being a Scholarships.com virtual intern, Michigan Tech student Kayla Herrera is a media coordinator for the Michigan Tech Youth Programs, a writer for The Daily News in Iron Mountain, Mich., and a writer for Examiner.com. She love a tantalizing, action-packed video game and can't get enough of horror movies (Stephen King's books always have her in their grip, though she prefers the old over the new). Writing is what she has always done, and that is what she is here to do.

by Kara Coleman

Sometimes transferring can be tricky. If you attend the same four-year university from the get-go, you can pretty much follow a checklist of all the classes you need to earn your degree. If you transfer from a two-year school to a four-year school or from a public school to a private school, however, what happens then?

In Alabama, I am able to use the STARS (Statewide Transfer and Articulation Reporting System) guide. From the STARS site, students can search their major and find all of the basic courses required for their major by all schools in the state. Then they can view degree requirements specific to the school they plan to earn their degree from. Certain courses required to earn an associate degree from a community college may not necessarily be required to obtain a bachelor’s degree from a public or private four-year university, so let your advisor know as early as possible if you want to graduate from your community college or just transfer.

Try to have a transfer plan from your first semester. Life can be unpredictable – I have a friend who attended a four-year university, got married over the summer and is now transferring to a different school closer to her new home – but if you have a plan from the beginning of your college experience, you’ll have a better chance of all your credit hours counting toward your degree. Most college students change their major at least once (I started as an English major but now plan to graduate as a communications major) so if this applies to you, consider changing your original major to your minor. All of those extra lit classes that I took will apply towards my English minor so I didn’t waste any time or money.

Find out if your state offers a STARS-like guide and, above all, talk to your advisors! Let your field advisor and a transfer advisor know of your plans; they’ll help you make the best decisions for what classes you should take to achieve your goals.

Kara Coleman lives in Gadsden, Alabama, where she attends Gadsden State Community College. She received the school’s Outstanding English Student Award two years in a row and is a member of Phi Theta Kappa. She plans to transfer to Jacksonville State University in August 2011 to study communications with concentration in print journalism. Kara’s writing has been featured in Teen Ink magazine and she is a children’s book author through Big Dif Books. In her spare time, Kara enjoys reading, painting, participating in community theater and pretty much any other form of art.

by Emily

Whether it’s preparing students for college or providing vocational education, one of the purposes of high school is to help students transition from depending on their parents to living in the real world. Recently, more high schools have begun incorporating personal finance into their core curricula, hoping to prepare students to manage the money they make once they move out on their own.

Money management courses have been offered by high schools for decades, but they were often included in family and consumer sciences classes, often with vague and unappealing names like “independent living.” Many college-bound students would regard these as blow-off classes that couldn't possibly relate to their lives, while other students might avoid them out of fear of having their GPA torpedoed by demonstrating inadequate ability to sew, cook, or care for a baby doll.

However, widespread financial difficulties of the last few years have prompted an increased interest financial literacy among high school and college students who are hoping to avoid the mistakes they see their family and friends making. Financial literacy classes have also changed, focusing on a wider range of skills required for modern life, including taking out a mortgage and starting a retirement fund, rather than the checkbook-balancing and grocery shopping skills students may have found themselves learning just a few years ago.

As the value of personal finance education has become more apparent, states and school districts have begun incorporating it into their core curricula. According to the Council for Economic Education, 13 states require personal finance courses for high school graduation, up from seven in 2007, and a total of 34 states now require schools to implement content standards for personal finance education.

Taking personal finance classes in high school can prepare students to make smart financial choices right out of the gate, rather than learning the hard way in college or after. Students with a strong personal finance education may be able to avoid the financial pitfalls that trapped their parents, potentially helping to break the cycle of poverty for some, and helping others minimize suffering from credit cards or student loans acquired in college. Some school districts believe so strongly in playing a greater role in financial education that they’ve started guiding students toward healthier financial habits as early as kindergarten, according to an article in USA Today.

Colleges have also begun putting more emphasis on financial literacy. In the last few years, a number of colleges have added financial literacy courses, while others are offering or better publicizing financial counseling and advising services. One school, Syracuse University, has even tied financial aid to financial literacy for some students, offering grants to a selected group of students if they agree to participate in a financial education program.

Even if your high school or college doesn’t offer financial literacy training, it’s important to educate yourself about personal finance and build money management skills. Learning how to budget, pay bills on time and build your credit score can help you live a better and less stressful life before, during and after college.

by Agnes Jasinski

You don't need to work retail or deliver pizzas to make money in college. Many on-campus opportunities have the potential to act as good resume-builders and keep you interested in the task at hand while providing you with a (modest) wage. They don't all have to be federal work study positions, either, although it does work in your favor if you have some financial need when applying for campus jobs, and some will bump up your hourly wage if you can boast some experience in that field.

And now the not so good news. A recent article in The Chronicle of Higher Education looks at student pay at the more unique campus jobs across the country. Not to scare you away from working through college at an on-campus job, but according to one example in that article, a student office assistant making $7.25/hour in the chemistry department at the University of Notre Dame would have to work 135 hours a week and 50 weeks of the year to cover tuition, room, and board. These wages will probably compare to most off-campus jobs you find near your college as well, however, so you may as well investigate all of your job options. Even if you'd be making more elsewhere, it may be worth the convenience and experience to work on campus.

Some examples of hourly wages at on-campus jobs:

• A student custodian at the University of Montana - $7.25
• A beef-barn farmhand at North Dakota State University -$8
• An interpreter at the natural history museum at the University of Minnesota, Twin Cities - $9
• A tutor for at-risk elementary students at the University of Florida - $10
• A database builder for the African studies program at the University of Wisconsin at Madison - $11
• A (disrobed) art model at the University of Arizona - $15
• A computer assistant/programmer/Web developer at the University of Illinois at Urbana-Champaign - $17.02

It probably won't allow you to retire early, but an on-campus job could help you make ends meet and pay for some of those expenses that seem to crop up out of nowhere while you're pursuing that college degree. Balancing work and college certainly has its advantages - you're able to potentially lessen that student loan debt, build up your resume and learn the value of time management and responsibility - but it can be difficult, especially if you're a freshman being bombarded by all your campus has to offer. Browse through our site for tips on how to land and keep a job and keep your academics in line if your financial need means working your way through college.

by Kara Coleman

While many students have been working part-time jobs since they were in high school, others are juggling work and school for the first time. On-campus jobs make this transition easy, since your boss will be willing to work around your class schedule. Whether you live at home and commute to your college or you live in a dorm 3,000 miles from home, on-campus employment is available. Here’s just a sampling:

Bookstore Associate: Your school’s bookstore needs people to run cash registers, answer phones, stock shelves and help students locate books they need. This might be a good job for you year-round if your school offers summer courses.

Tutor: At the community college I attended, free tutoring is available to students through the Student Support Services office. Tutors are paid by the school and set their own schedules during the hours the office is open. This guarantees that tutors’ work schedules do not conflict with their class schedules. If your college doesn’t offer a tutoring program, consider starting a private tutoring business.

Ambassador/Tour Guide: My school offers scholarships to students who participate in the ambassador program. Ambassadors are expected to be present at career fairs and charity functions and give campus tours to prospective students. Find out if your college offers scholarships or other types of financial aid for ambassador or tour guide positions.

Campus Security: Some colleges let students work for the university police department. Duties may include directing traffic, inspecting grounds and buildings for safety, and assistance during emergency situations. This is a great opportunity for criminal justice and law enforcement majors...or anyone looking to keep their campus safe!

Student job opportunities vary from school to school – at some universities, the editor of the school newspaper is a paid position! – so visit your college’s website or ask your advisor about potential on-campus jobs for you.

Kara Coleman lives in Gadsden, Alabama, where she attends Gadsden State Community College. She received the school’s Outstanding English Student Award two years in a row and is a member of Phi Theta Kappa. She plans to transfer to Jacksonville State University in August 2011 to study communications with concentration in print journalism. Kara’s writing has been featured in Teen Ink magazine and she is a children’s book author through Big Dif Books. In her spare time, Kara enjoys reading, painting, participating in community theater and pretty much any other form of art.

by Thomas Lee

There are many options for living on or off campus but what’s the best housing option for you?

The most common housing option for a full-time day college student is an on-campus dormitory. As a freshman, I was permitted to join a program called “First Year Experience” or FYE. FYE was for incoming freshmen who had a 3.0 or above grade point average and filled out an application in advance. I stayed in a nice suite-style, co-ed dorm called Pearce Hall but not all on-campus accommodations are this cushy: The following year, I stayed in an all-male dorm where the conditions weren’t all that great but it was less expensive. As an upperclassman, you may have access to on-campus apartments. Here, you could have your own bedroom and restroom and a shared kitchen and living space but this option is usually the most expensive on-campus choice. You just need to decide what’s more important: paying more for a newer dormitory or saving by living in an older residence hall or living with both sexes versus just one.

Off-campus housing is another option, which, like on-campus apartments, is popular among upperclassmen. I rented a room for three months at a house leased by one of my fraternity brothers during a summer semester and can tell you this option isn’t for everybody. Before deciding to live off-campus, make sure you have an agreed upon price with a signed and printed contract so that you aren’t cheated out of any money; this is especially important if you are paying rent to a friend if you want to preserve your relationship. More than a few college students fall prey to rent gouging or don’t carefully read their apartment contract – don’t be one of them!

Thomas Lee recently graduated from Methodist University in Fayetteville, North Carolina with a BA in political science and journalism. His father is an ordained Church of God minister and his mother is a private school teacher; he also has two younger sisters. Thomas’ interests include politics, law, debate, global issues and writing fiction and he believes in a personal relationship to Jesus Christ and a strong commitment to biblical morality and ethics. He currently resides in Washington, North Carolina and will be attending law school in the near future.

by Emily

Student loans and credit cards make up the two most dangerous, and often difficult to avoid, debt traps for college students.  While some amount of borrowing for college can make life easier for students, too much debt can make life nearly impossible for graduates.  The same goes for credit cards.  Having a card is great for emergencies and your credit rating, but running up a large balance while in college can really hurt, especially for students who were approved during days of easy credit and are now seeing rates soar and credit limits plummet.

However, Congress is working to make things easier for current credit card holders and also to make the choice of whether or not to open a credit account less nerve-wracking for new college students.  Legislation in both the House of Representatives and the Senate seeks to create a "credit card holders' bill of rights," curbing confusing and predatory practices by banks issuing credit cards.  While the bills have received bipartisan support, including a ringing endorsement from President Obama, there is still some concern about possible backlash in the form of even more stringent credit requirements for people who want to open credit card accounts.

Still, picking up a poorly screen printed t-shirt along with a new line of credit with an 18+ percent interest rate is a campus tradition unlikely to be missed by many.  With college students' credit card debt still on the rise as of 2008 and relief from private loans still nowhere in sight, any new consumer debt protection will likely be welcomed by many college students and recent graduates.

by Alexis Mattera

College students always looking for ways to stretch their money as far as it can go. This could mean getting meals strictly from the campus dining halls or doing laundry once a month instead of every week but if that means a little extra cash in their pockets or bank accounts, scaling back on luxuries (and even essentials) is an easy sacrifice to make. That being said, I can completely understand why some Johns Hopkins students are up in arms.

Nearly 200 students are protesting a new fee for classroom clickers, a technology that allows professors to gauge student understanding or opinion in real time by giving them handheld voting devices and taking polls throughout a class period. Students can pay per course ($13) or a one-time fee ($35) that covers all courses, all semesters; students must also purchase enrollment codes and the actual clicker devices, which cost between $20 and $30. Adding this cost to the already large amounts students spend on tuition, housing, books and other supplies may not seem like a lot but to a college student, it’s about the price of two movie tickets and some Chinese carry-out. The university, however, thinks the program adds considerable value to the education of its students: One biology lecturer found that since he started using clickers, class attendance and grades have gone up 30 percent.

Still, students are not down with the added costs and have created a Facebook page where they can voice their displeasure about everything clicker-related. Thought time: Would you pony up the extra cash if it meant better grades or would you rather keep it and splurge on a night out with friends instead?