Wells Fargo - The Student LoanDown

If college graduation is nearing for you, you’re probably busy studying for finals, packing and sending out resumes. That’s a full plate for anyone, but you should also take a few minutes to gather a few things before leaving school.

Student loan information: as you’re packing up, take a look through any student loan paperwork you’ve saved. Make sure you know what loans you borrowed during school, what your total repayment amount will be and when repayment begins for each loan. If you have questions about any of these things, contact your financial aid office.

Financial aid office contact information: take note of your financial aid office’s address, phone number, and email if they offer it. It’s probably available on your school’s website, just be sure you know where to find it. You may want to contact your financial aid office down the road if you have questions about your student loans.

Professors/employers/mentors: did you have a professor, employer or mentor during college? If so, be sure you have their contact information before you leave school. You may want to get in touch with them in the future for advice, a job reference, or just to keep in touch.

Record your addresses: you might be surprised how quickly you forget the address of the place you lived for two years. But you may need that information when you rent your next place—you often need to give a few years’ worth of past addresses when you rent a new apartment.

Copy of your transcripts: you may need these for future employment. If you don’t get an actual copy, at least take note of the office that provides them, so you don’t have to hunt it down when it’s time to send them.

For those of you who have recently graduated, is there any other helpful information you wish you’d taken with you when you left college?

Excel in and out of the classroom by using your smartphone to its fullest potential. You already take notes via Evernote, but now you can catch the TED talk and impress your professor. Keep in touch with your friends and family through Skype and FB Messenger? Invite them to watch a concert IRL next week. When everyone opens up Yelp to figure out the best place to grab lunch, you’ll be saving money with Scoutmob. Be ahead of the pack with these 7 apps.

LIVE MUSIC SANS HEADPHONES - Bandsintown
This app synchs with the music in your library, as well as your Facebook likes and Pandora/Spotify/Last.fm playlists, to create a customized list of concerts in your area so you never miss another live show. No reason to dance in your room alone, now you can make it to the dance floor with your friends. Free

LOCAL GOODNESS FOR LESS - Scoutmob
Servicing 13 major cities, Scoutmob is a treasure map for local deals, events and restaurants in your neighborhood. They source locally-owned shops and give you the deal instantly. Take a picture with their in app Stache Cam while you enjoy 50% off brunch. Free

STAYING ALIVE – Zombies, Run!
Feel like saving the world from an apocalypse while getting in your cardio? Zombies, Run! is an ultra-immersive running game and audio adventure, co-created with award-winning novelist Naomi Alderman. The story is delivered straight to your headphones and makes running a little more entertaining. $3.99 or $1.99

MASTER CLASS – TED
Stay up to date with over 1,400 TEDTalks by leaders and innovators in every industry at your fingertips. You can search for the Sheryl Sandberg discussion that fueled her best-selling book, or let the app suggest talks that will inspire you. Get distracted by something that isn’t focused on crushing candy. Free

DON’T HATE, GET EIGHT - Sleep Cycle Alarm
Tired of being tired? The sleep cycle alarm uses the accelerometer in your phone to determine when to wake you within a 30 minute window. During the night, you’ll go in and out of REM sleep which your regular alarm clock doesn’t care about. Sleep Cycle will make the most out of your eight hours so you’ll be bright eyed and bushy tailed. $0.99

NEXT LEVEL - Urban Daddy
In 16 cities and counting, Urban Daddy will act as your digital concierge to find the perfect place according to who you’re with and what you want. Answer a few questions and Urban Daddy will suggest the next move for you and your very cool entourage. Free

READ YOUR FEED - Feedly
Stay up to date without staying up all night. Feedly is an RSS reader with a beautiful user interface and is the best replacement for Google Reader (which is sadly going offline 7/1/13). Sync with Facebook and transform your web sites and blogs into a feast for your eyes. Free

As May approaches, senior across the country are getting ready to graduate from college and move into the next stage of their lives. As exciting as this sounds the realization of “being a grown up” starts to creep in. For those of you who borrowed money, you will also start getting information about what student loans you have outstanding and when your first payments are due. This can be very overwhelming and adds to the anxiety you may already be feeling. Here are some quick tips to help you make an easier transition into loan repayment.

• Be responsive. Open all of your mail and read it! As crazy as it sounds, this is a big one. Much of this correspondence will give you pertinent information about where your loans are, when the first payment is due and any additional steps you need to take. Not knowing you had a payment due, because you did not open your mail, is not an excuse.
• Ask for help. Take all the information you receive and make an appointment with your financial aid officer. They can compare your documentation to what they have on record to make sure there are no mistakes…or more importantly to make sure you are not missing anything. It is common for loans to be sold to other agencies and fall through the cracks. It is your responsibility to stay on top of where your loans are. Also, if you are going back to school, currently unemployed, transitioning to a new city for work, etc. they can give you information on how to best manage your loans.
• Reach out. Get in touch with your lender to make sure your contact information is correct. Many times students use their local address and school email on their loan applications. After they graduate and move, the mail is not forwarded or the email address is cancelled. Again, it is your responsibility and in your best interest to stay in contact. As issues occur, your lender can’t provide assistance if they can’t get in touch with you. Not to mention, they can’t help if you do not ask for it. There are options available for both federal and private loans to help you through the tough spots. The earlier a lender knows about your situation, the easier they may be able to help.
• Look for opportunities to save. Take some time and research opportunities to get a portion of your federal loan forgiven in-trade for things like teaching science in underserved communities. There are several of these programs, and it never hurts to see if you qualify and are interested in participating in the program. You can also contact your financial aid counselor for additional guidance.
• Plan ahead. Most student loan programs come with a grace period after graduating that can range from 3-9 months depending on the loan. During this period you are not required to make payments on your loans. Use this time wisely to make your loan repayment easier. As stated before, make contact with your lender, make sure you know where all of your loans are located, make sure your contact information is current and accurate, etc. It is better to handle any issues and get everything straight during the grace period than it can be once you enter into repayment. Create a budget that includes your student loan payment and start managing your money towards this budget now. This will get you in the habit of making the payment earlier so when the actual first date comes around you are better prepared for it.

You are responsible for repaying your student loans based on the agreement between you and whomever you borrowed the money from. The more proactive you are about contacting your lender, the easier this stage of your life will be.

Tips for a Smooth Transition:

Making the jump from class to cube? Make sure that you start your career on the right foot. After all, you never get a second chance to make a first impression, and there are so many things that can derail your interview for the perfect job before it even starts. Here are some tips to make sure that you don’t commit a faux pas prior to getting your foot in the door.

Online Profile
I know you’ve heard of the importance of keeping your information private online. Now is the time to look through your Google high SEO posts, pictures, blogs and comments with a fine tooth comb. The importance of an online presence is increasing, so more and more recruiters are looking to the internet as a source of information about you. According to do Zuckerburg’s Law , the amount of online data about you doubles each year. Become the curator of your online life – turn up the privacy settings, cut the fat, and make sure your LinkedIn picture isn’t a selfie.

Visit a Tailor
Time to retire the high school softball hoodie. Jeans will most likely be relegated to the weekends. If your closet only consists of the one suit you picked up the day before your first interview, you need to follow my advice. Walk over to your nearest trusted tailor and have your suit and any dress pants you own, tailored to really fit you. A $30 dollar adjustment will make you look like a million bucks. Trust me.

Become the Career Center Mayor
One of your best resources is your school’s career center. The counselors are armed with tons of knowledge about life in and out of college. Take special advantage of the amenities you’ll have to pay for in real life: resume review, interview skills and practice, info on first year alum at companies that interest you, etc. CCs also may offer discounts for professional clothing outlets and trade associations.

Dotting Your I’s
You’re prepped to make the best possible first impression, so ensure you’re leaving a lasting one. Pick up solid resume paper, preferably a high percentage of cotton and 32lb weight. Find good Thank You cards, classic white or ivory will convey the correct message. Remove the ringback song on your phone (no more LMAO while they wait) and ensure your voicemail message is clear and professional. Fine, keep your OG coolguy1992@yahoo.com email address, but create a new one with your first and last name to use for professional purposes.

Take a deep breath and get ready for your next big step!

Travel is a great way to expand your cultural horizons, meet new friends and reconnect with old ones, but it can get expensive. How do our bloggers do it without breaking the bank?

For those of you who are traveling overseas with a group of friends, I would suggest renting apartments instead of hotel rooms. I travel with 3 other friends and we have found the apartments to have more space, free Wi-Fi and cheaper than getting 2 hotel rooms. Although this seems to be changing in some places, the apartments usually don’t include the high tax rate that hotels carry.

The locations are right in the heart of where you want to be, and you can save money by cooking your own meals and doing laundry (if washer and dryer are included). Most places include free Wi-Fi, or at the very least a computer available to use which is a huge plus--and savings, too. Also, you get great local information from the owners.

We have used most of the popular sites like www.homeaway.com; www.airbnb.com and www.vrbo.com with good success when looking for place for 4 or more nights. For less than 4 nights, www.craigslist.com has been a great resource using search for vacation rentals by owner. Many of these will have a broker, but we have found them helpfully for finding and negotiating apartments for less than 3 nights. The rules we follow are: do not pay for the entire stay upfront; an acceptable deposit rate of no more than 1 night (unless through one of the sites); and there must be recent pictures of every room.

If you are planning on hopping around a lot, this may not be a great choice. However, if you are staying in one city for a week, I highly suggest considering the option.

Veronica
Look at condo options at your vacation destination as opposed to a traditional hotel room. Condos come with fully-equipped kitchens, which means you can cook and don’t have to dine out every meal. A two-bedroom or three-bedroom condo split amongst a group of friends often ends up being much less expensive than everyone getting their own hotel room, and also provides a place to hang out after a night out!

Juanita Soranno
Check out Couchsurfing and ASW. These are great resources to meet locals where you'll be traveling! Don't over plan your trip. If your itinerary reads more like a meeting agenda, you'll miss the out on great spontaneous opportunities that may present themselves. I traveled through Thailand and was able to get my scuba diving certification and attend the Half Moon Festival, all because I didn't schedule myself to the minute. Increase your potential for adventure!

Trang

While some of you out there may not appreciate this tip, bunking with family is always a great way to save while traveling. I’m lucky to have family that is spread out on several continents, including both coasts (West and East), Europe and SE Asia. If I’m looking to save a few $$$ on lodging, I could simply choose one of those destinations to travel to and I have. So go out there and look up your long lost 3rd cousin and save some dollars while traveling!

How do you save money while traveling?

Graduating college seniors, you probably have a lot on your mind as this final semester of your college career winds down.

No doubt you’ve got finals looming and you’re probably deep in job-hunting mode, not to mention the fact that you probably have to pack up and move in the next few weeks. And there’s one more pesky item that should be on your to-do list if you have a federal student loan: complete your exit counseling session.

If you have a federal student loan, completing your exit counseling session is a requirement. If you have private student loans, it depends on the lender and/or your school as to whether it’s required. I had federal student loans, and when I was a graduating senior, students had to attend these exit sessions in person. This was B.I., of course (Before Internet).

Today, you can sit in the comfort of your dorm or apartment and whiz through your exit counseling session online while in your jammies. And in an effort to cross one more thing off your list, you may be tempted to get it done quickly, without paying much attention to the content.

But please don’t.

Trust me, there will come a day, maybe only a few months down the road when you’ll wish you knew a little more about your student loan. Repaying your student loan is a big responsibility—this time it’s critical to pay attention to the details.

But the exit session is not just about what you have to do. You also have rights as a borrower, and it’s important that you understand them. What if you need to postpone your payments and want a deferment or forbearance on your federal student loan at some point? Is loan consolidation right for you? (Remember that you may not be able to get the same repayment plans, deferment options, loan forgiveness, etc. with private student loans as you do with federal student loans.)

These are just some of the questions that exit counseling can answer for you. So take the time to walk through it carefully and pay close attention. It’s information that you’ll want to know.

The average cost of college tuition and fees in 2012 ranged from $8,655 a year for in-state students attending a public, four-year college, to $29,056 a year for students attending a private, nonprofit four-year institution. Yet, a September 2012 survey showed that a school’s cost was the student’s fifth most important consideration when deciding where to attend college. Students also indicated a need for support from a variety of funding sources; more than half of students surveyed borrow from the federal government or a private lender to cover their costs.

These statistics show that a school’s price tag is actually a very important factor when choosing a college. When comparing college costs, one of a student’s first steps should be filling out the FAFSA (Free Application for Federal Financial Aid). Then, in late March and early April, students and their families begin receiving back financial aid award letters from the colleges they’ve applied to. These letters provide the details related to the estimated cost to attend the school, the expected family contribution, and your financial aid award package. This package includes grants, scholarships, work-study, need-based and non-need-based loans.

If you’ve been through this process before, you’ll notice your financial aid letter may look different this year. In 2013, colleges have the option of using the U.S. Department of Education’s new Financial Aid Shopping sheet. Many of the elements contained in this new form are the same as a school’s own financial aid award letter, though the standardized format should make it easier for students and their families to compare their options and review elements such as grant and scholarship amounts, net costs, graduation rates, loan default rates, median borrowing and estimated monthly loan payments after graduation. And, as of March 2013, the Department of Education says close to 700 schools are voluntarily using the new form for the 2013-2014 award year.

After you receive either the Financial Aid Shopping Sheet or your financial aid award letter here are some additional steps to help you make informed decisions about how to pay for college:

Determine additional expenses

• Consider all funding options to cover costs of college after reviewing award letter including grants, scholarships, institutional awards, Federal Work Study, Federal Perkins Loans and/or Federal Direct Stafford Loans.
• Be realistic about your budgeting needs. You only want to borrow what you need – not too much and not too little. Creating a budget starts with monitoring and documenting your spending relative to your income to determine how these patterns will translate to college life.

Explore your additional financing options

• Tuition payment plan
  Instead of paying your tuition bill in one lump sum each semester, if offered by your school, you can enroll in this plan to make smaller, manageable installment payments. This plan can be used on its own, or combined with financial aid including student loans.
• Federal Direct PLUS loan for parents
  This loan is available for parents of dependent undergraduate students. This loan can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but the parent’s debt and current income is not considered.
• Federal Direct PLUS loan for graduate and professional students
  This loan is available to graduate and professional students and can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but the student debt and current income is not considered.
• Private (or alternative) student loans
  These loans are made available to students through banks and other private lenders. These loans can typically cover 100 percent of the remaining costs of eligible education-related expenses. Full credit underwriting is required as well as a debt and current income. Most students will need a qualified cosigner to meet credit eligibility requirements.

Know your deadlines and compare your options

• Pay special attention to the college application deadlines to make sure that you can take full advantage of these opportunities.

For additional information on financial aid resources, visit https://www.wellsfargocommunity.com or https://www.wellsfargo.com/student/

Planning for college isn’t easy. You have to select the right classes, prepare for all of the big tests, get recommendations, write essays, visit the college campuses, and figure out how you are going to pay for all of it. You may have a lot of questions along the way. We do our best to cover these topics on this blog, but Wells Fargo also has another resource for students: the CollegeSTEPS^® program. You may have seen the links to it here on our page before.

The CollegeSTEPS program offers helpful guidance for navigating the financial aid process and periodic e-newsletters which are tailored to your stage of college preparation. Plus, there is an ongoing sweepstakes for those who have enrolled in the program, so students get great information and a chance to win $1,000. Normally, 40 winners are selected at random each year from eligible enrollees.

This Spring, the CollegeSTEPS^SM expanded sweepstakes has been added that greatly expands the cash prizes: Wells Fargo is giving $1,000 in cash to 520 randomly-drawn high school students who enroll in the CollegeSTEPS program by June 30. Winners will be selected on a regional basis, so high school students across the country will win.

That’s over half a million dollars to help those who may be planning to go to college, and the winners get to decide themselves (though their parents may have some say in it) if it goes toward tuition, books, first months’ rent on an apartment, toward the vehicle of their choice or other expenses they may have.

The sweepstakes is totally free to enter, so check it out now! The extra prizes will only be available to high school students who enroll in the CollegeSTEPS program by June 30, 2013, so you don’t have much time! If you are a high school student already enrolled in the CollegeSTEPS program, you do have to re-enroll by the end of June to be entered in the expanded sweeps, but it won’t affect the resources that you are already receiving. For full sweepstakes rules and regional prize breakdown, visit: https://www.wellsfargo.com/expandedcollegesteps.

Do you know how to balance your checkbook? (Or am I dating myself with even the mention of checks?!) If you do know what I’m talking about, then perhaps a better question since I suspect everyone knows how to do basic math – Do you actually balance your checkbook? I’m the first to admit that I do not (ironic considering I work for a bank, I know!).

Back in college, I would make half-hearted attempts, but would inevitably forget to record a cash withdrawal, check deposit or debit card transaction at some point. My ATM receipt was my sole means of ensuring that I had “enough money” in my account (despite only having a vague idea of what “enough money” meant). Sound familiar?

But now I’m an adult who’s responsible for more than just myself, and I have regular expenses that I can’t go without paying. Well, I technically could but then my child would go hungry and we’d be kicked out of our home (hello diapers and formula, mortgage payments and property tax!). Thankfully, my financial institution (Wells Fargo of course) has recently launched Cash Flow Monitor, a very cool tool that I really, really wish existed when I was in college.

How Cash Flow Monitor (CFM) Works

Say you’re in school and have your monthly rent, cell phone and cable/internet bills and car loan payments. You have one-off purchases like that new laptop for school or books for the new semester. Maybe you have a part-time job as a barista at the local coffee shop and some cash from your parents on a regular basis.

How do you keep track of all the money going in and out of your account? Here’s how CFM could come in handy:

• Plan ahead. You no longer need to do mental math to figure out how much money will be left after you’ve paid your bills. CFM will take care of that for you!
• Take control and don’t get dinged. The Cash Cushion (as determined by you) lets you quickly see (and act on) potential low balance days.
• Automate it. Schedule your payments using bill pay or transfers and let the bank take care of paying your bills on time – one less thing for you to think about when you’re in the midst of midterms.

And a quick tip that I’ve found to be useful that I want to pass along – CFM knows what Wells Fargo knows, which means that the more you tell it (i.e., the more transactions you add to bill pay, transfers, etc.) the better it will be at estimating your future balances.

Check out CFM and tell us what you think!

We’re still beta testing CFM, which means we would love for people like you to try it out and provide your feedback so we can make it even better. You will need to be an existing Wells Fargo customer (i.e., have a checking account and access to online banking).

1. Go to https://labs.wellsfargo.com/cm
2. Log in using your existing Wells Fargo online username/password
3. Start using CFM and tell us what you think via the surveys sprinkled throughout the tool or via the feedback link in the tool

Thanks in advance for your input. We can’t guarantee that we’ll be able to act on every bit of feedback we get, but we do promise to try!

When you’re getting ready to move to college, you’ll be packing up a lot of stuff, likely the pricey, portable kind: a laptop, tablet, smartphone, iPod, and gaming systems. It’s an exciting time, and you’re probably not thinking about the possibility that your stuff might get stolen or damaged at school.

But it can happen, so you may want to consider renter’s insurance to protect your possessions. I know people who’ve had things stolen from their college dorms and apartments. I personally had my dishwasher flood my college apartment. However that was 20 years ago when my electronics were pretty low-tech and tucked in special shelves and desks. I shudder to think about the costs if I’d had a laptop or iPhone sitting on that sopping wet floor.

As a student, your belongings are often covered through your parent's homeowners insurance policy. However, any claims that are made for your belongings will have an impact on your parent's homeowners insurance policy rates, which makes purchasing a renters insurance policy worth considering.

You’ll have plenty of things on your mind as you head off to college, so start thinking now about the best way to protect your gear when you get there.