February 2007 Archives

Rachel

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During my freshman year of college, I lived in a co-ed dorm: Nye Hall . It wasn't my first choice of dormitories, but it was my first year away from home, which meant anything was going to be the bomb-diggity.

I experienced all of the typical stuff—Kraft Easy Mac® , cinder block  bed props, 3:00 a.m. fire drills, community bathrooms, and a noisy roommate (no really, she played the trumpet in the school marching band). Believe it or not, I found all of this manageable. The major challenge I faced was the dorm laundry situation.

Nye Hall had a laundry center in the basement. A scary, poorly lit, moldy-smelling basement. You never knew if it was safe to leave your load unattended and go back up to your room. Most of us did. The other option was sitting in an uncomfortable plastic chair for two hours in really bad fluorescent lighting, attempting to get through a chapter of Biology  while dismissing the peculiar noises that spewed from the building pipes and walls.

I tried a few creative ideas to avoid actually doing laundry, such as spraying Febreze®  on my clothes to get another wear out of them. Yeah, I know—it was a little gross. I definitely do not recommend this as a daily practice.

As I look back on my college years, and the many loads of laundry that ensued, let me offer one piece of advice: Remember your quarters.

Remember your quarters not only when hauling your clothing to a laundry facility, but also when planning your monthly or weekly budget. I understand the whole laundry situation may prove to be unique only to us out-of-state college kids. Maybe you are living close to your parents and can do your laundry at their house on the weekend. Or maybe you have a friend with a washer and dryer  who will let you do your laundry in exchange for pizza.

The point is to consider how quickly these types of minor expenses add up. As a card I once received read:

"You're living on your own for the very first time!
Have fun spending money on things like toilet paper."

What secrets do you have for making the chore of laundry more manageable?

Editor's note: We're excited to introduce the lovely and talented Rachel as the newest member of the Student LoanDown blog team!

Caroline

If you're a high school senior and completely on top of your financial aid planning, you've probably already sent in your FAFSA  (Free Application for Federal Student Aid). In fact, you might have already received your Student Aid Report  (SAR).

Your SAR includes the information you provided on the FAFSA and your Expected Family Contribution (EFC), which is the amount the Department of Education has determined you and your family can collectively contribute toward your college education.

Your SAR will be sent to the colleges you selected when you sent in your FAFSA, and the schools will use it to determine your award package. Your award package lists all the financial aid you're eligible for at that school, including grants, scholarships, work-study  and student loans.

Once you receive your award packages, compare them carefully—schools use different formats and different terminology.

After you settle on a school and know how much (if any) that you need to borrow, it's time to choose your student loan lender and apply for your student loan(s).

When selecting a lender, your school may offer a list of lenders for you to choose from. If possible, you should stay with the same lender while you're in school, so make your selection carefully. Following are some questions to consider when choosing a lender:

• On federal loans, does the lender pay any of the fees (like the origination fee or federal default fee )?
  
  
• Does the lender reward responsible borrowing by offering principal or interest rate reductions for making on-time payments?
  
  
• Will the lender sell your loan, or will the lender you borrow from continue to service your loan through repayment?
  
  
• If you're considering a private loan, what are the interest rates and terms?
  
  
• If you'll be taking out a private loan, does the lender offer combined billing for federal and private loans?
  
  
• Does the lender offer other services you'll need while in college, such as checking and savings accounts?

When it comes to choosing your student loan lender, what features are most important to you?

Staci

I've been encouraging one of my coworkers to blog about searching for colleges. Not for him—he already has a degree from Texas Tech —but for his daughter, who is a high school junior. They've been taking the last couple of weekends to visit some nearby campuses and see what they have to offer.

His daughter's college search criteria are pretty simple: She's hoping to study elementary education  and wants to be within a day's drive of her hometown. Hey, that's more than I had figured out when I was her age!

Up to this point, my coworker has been impressed with the campuses he has seen. But I haven't been able to persuade him to put his thoughts down on (virtual) paper. So until I am, check out Peterson's Making the Most of Your College Visits  or this college visit page  from The College Board.

What are you looking for in a college or university? Any search tips of your own to share?

Barbara

Driving into work this morning, I heard something on the radio that piqued my interest—and might be of interest to you. It's a National Public Radio  series called The College Admissions Game . From what I've heard so far (and seen online), it's fabulous … have I mentioned how much I love NPR? :) Anyway, check it out if you get a chance. It looks like they're going to cover a lot of good topics .

Barbara

I'm a writer. I majored in journalism. But you know what my favorite college class was? Not News Editing, Photojournalism, or Digital Imaging (although those were great classes). My favorite class was Criminal Law—incredibly challenging, but still my favorite. Elements of mens rea  and cases like Robinson v. California  and that of Kitty Genovese  had me fascinated.

If you're surprised a journalism major took that class, then a large chunk of my college transcript might catch you off guard. Classes like Criminology, Juvenile Delinquency, and Prisons & Penology, to name a few.

Actually, I graduated with a minor in criminal justice —kind of by accident.

As I progressed through my general college requirements, I needed to fill a Social Science  requirement. The answer: Introduction to Criminal Justice. Midway through the semester, I knew I was hooked. So, I started to consider a minor in criminal justice. However, you don't pick a minor  "just because." I looked at how it would work as a companion to my journalism major and plans for my future. At the time, I was seriously considering two options: a career in news reporting or law school. And criminal justice could benefit both.

To graduate I needed a certain number of upper-level credits outside of my major. I chose from the criminal justice class listing , and I solidified my decision to minor in criminal justice. Mostly because I figured it'd be a smarter investment than taking random classes to earn the credits I needed to graduate—which many of my classmates did.

Check out these reasons why your minor matters . What about you? How did you choose your minor … or didn't you? Was/is it worth your money?

Caroline

At tax time, sometimes it actually pays to be a student. There are various tax deductions and savings opportunities that both students and parents should know about when filing their taxes. Check out our tax guide for students and parents to get the details.

If you've already filed your taxes, did your student status work in your favor?

Staci

Twenty-three-year-old Barbara enjoys ribbing me about my age. Case in point: Last month when I posted about my interim experiences, she took one look at the photo and burst out laughing.

"Nice flannel," she guffawed, gasping for breath. "Sure smells like teen spirit!"

Harrumph. I'd like to see the outfits she was sporting in 1992.

When she was eight.

To be fair, though, her pop culture reference was spot-on. I was borderline obsessed with Nirvana's "Nevermind"  album at the time that photo was taken.

Our exchange made me feel old. Six months ago, I entered a new demographic: 35-49. I'd been comfortable in 18-34 for a good 16 years, so this was a tough transition for me. No longer as attractive to advertisers as I once was, I rebelled by watching "Laguna Beach"  and buying accessories for my iPod .

So now that I'm 35, I'd like to think that spending time with Barbara keeps me young. She knows what all the kids are listening to these days, and she introduces me to stuff like Facebook  and the "Grey's Anatomy" podcast . And I'd like to think that Barbara's time with older, wiser me is beneficial for her, too. After all, I did assist her with the real-world task of figuring out if she could afford her new apartment.

What about you? As you're embarking on a college search or figuring out how you're going to repay your student loans, do you learn from those who have gone before you?

A few weeks ago, Barbara and I were in World Market  to spend her birthday gift card, a present from me. We got a little silly, singing Disney musical tunes in the framed art section. I had to remind myself—and Barbara—that I was 35.

She waved me off. "Sometimes I just like to pretend you're in your twenties, like me," she said.

Sigh. Me, too.

Staci

In honor of Valentine's Day, we at the Student LoanDown team would like to honor our readers with a little sweet sentiment of our own:

It's true—we wear our (candy conversation) hearts on our sleeves!

But seriously, we think you're great. Please keep your comments, questions, and candy heart sayings coming.

Barbara

In high school, I was a very competitive person. OK, I still am—my friends hate to play certain board games  with me because, well, I scare them.

What made me even more competitive in high school was my quest for scholarship funds. And thanks to my competitive nature, I ended up with a lot of scholarships—both in number and monetary value. So, what was my secret? Here are some of the things I learned.

First off, always look for scholarship opportunities that reward you for your interests. Remember the biggie I got for my interest in and commitment to journalism?

Next, check for scholarship opportunities based on your activities. Since I was very young, I've been a Girl Scout . I was very involved and ended up receiving my Gold Award  (which is the equivalent of the Boy Scout Eagle Scout  award). My local Girl Scout Council offered a scholarship program, so I applied—and I got some free money.

Look to your family members for suggestions. For example, two of my scholarships were from an organization my father is involved in  and an organization my brother-in-law is involved in.

Apply to colleges you are interested in early enough to complete any general scholarship application . Make sure you hit the deadlines for any individual or departmental scholarships, too.

Think local. Apply for all the local scholarships for which you're qualified. Your guidance counselor will likely have list of local scholarships (here's an example of scholarships available in my hometown ). Local scholarships may only be awarded for one year, but every little bit will help.

Here are some links I found with advice on writing scholarship essays , information on how to apply for a scholarship , and general scholarship tips .

And if you have tips or questions of your own, share them with other readers.

Barbara

Now is the time that soon-to-be college freshmen start delving into the financial aid process. If you've stumbled across the Student LoanDown while doing a bit of research about financing higher education, welcome! We're glad you found us!

This blog—as it is so clearly labeled at the top of the page—is about financing college and managing debt. Loans, credit cards, scholarships … you name it (literally), and we'll talk about it.

Since a lot of you visiting for the first time are probably trying to learn more about the financial aid process, I thought I'd give you a list of posts about savings, scholarships and loans to get you started.

Check these out:

• Are you saving enough for college?
• The Holy Grail
• Now's the time to apply for financial aid
• Is financial aid for you?
• What's so special about federal loans?
• Student loan or home equity financing?
• I'm just a … loan
• When Stafford's not enough

If you're new to blogging, know that you can also search our blog, look for articles with a specific tag (parents, post-college, etc.), and subscribe via RSS  so you'll know when a new post has been added.

And if you're curious about topics we haven't posted on, let us know.

Caroline

My stepdaughter, Steph, is ready to leave the dorms behind . She just signed a lease to rent a house with four other friends. They can move in this June.

I knew it was coming, but it still makes me kind of sad. Living in the dorms meant she was still a kid. She had a taste of independence, but she was still living in a protected atmosphere with a watchful RA and a prepaid meal plan.

And if I'm honest—this isn't just about her. It's about me, too. I love the dorms. I loved it when I lived there —the noise, the energy, the comfort of having your friends live just a few steps away. When Steph started college, it was fun for ME to move her in each fall and relive that excitement all over again.

But despite my affection for dorm living, I, too, moved off-campus after my sophomore year. I remember feeling like it was time—like I was too old to stick around the dorms any longer. I'm sure Steph feels the same way.

I can't help but worry a little bit, though. Four roommates sounds like a lot. Seems like a lot of opportunity for drama. And will everyone pay their bills ?

By my calculations, moving off-campus will cost her just a little more than living in the dorms. Rent and utilities will probably run more than on-campus housing fees, but she can probably eat a little more cheaply on her own (especially if she continues a steady diet of Malt-o-Meal®  and chicken nuggets).

If you've moved off-campus, does it cost you more or less than living in the dorms?

Barbara

Another Wells Fargo blogger posted a while ago about something Student LoanDown readers might find interesting. Charles Riggs wrote about the 100 best communities for young people on Guided by History^SM.

Every high school graduate gets a scholarship  in Kalamazoo, Mich . That, along with the coolest town name EVER, just might entice some new inhabitants.

Staci

Last week I accidentally deleted some already-published comments in Moveable Type  (the publishing platform on which the Student LoanDown blog is built).

Obviously, I didn't mean to do this. In fact, it's surprising that I made this error because I am extra careful when working in Moveable Type. I'm new to the program, and frankly, it makes me a little nervous.

Here's what happened: I was moving spam comments into a Junk folder. But instead of clicking the "Junk" button, I clicked "Delete." That would've been fine if all I moved was spam. But I had mistakenly selected all of the comments on that page, including some really great ones that already had been published. Two errors that, when combined, resulted in permanent deletion. We've tried, and we can't get them back. :-(

So if your comments were among the ones I deleted, I'm sorry. I hope you'll come back and comment again.

In the meantime, I think I'm going to leave Moveable Type to the technical professionals. I'm pretty sure it senses my fear—you know, the way dogs do .

Barbara

I'm further embracing "the adulthood." Well, it's not so much me embracing it as my bank accounts embracing it.

The cost of being an adult includes the purchasing of essential things . Most recently checked off on my list: furniture. Specifically, a couch, loveseat, chair and ottoman. They're very fun, as evidenced by the photo.

It hasn't been cheap to make my apartment feel like a home. Not only did I need a place to sit, I also needed:

• A place to eat 
• Things  to cook the food I eat
• Somewhere to sleep 
• Pretty things to hang on the wall  (to look at when I can't sleep)

And this list keeps going. But with a little budgeting and preparation, I feel a little less overwhelmed.

Take my new seating, for example. Before signing my name on the dotted line, I anticipated how much I would be able to pay for it each month. I factored that in with the offer of 18 months without interest and found that I needed to keep it under $2,000. Luckily my amazing bargain hunter skills, coupled with my amazing bartering skills, helped me snag the four pieces for around $1,400.

Budgeting applies to my other adult purchases as well. Two of my living room walls are bare because my entire "miscellaneous" budget was accounted for in January. But February is a different story. (And that's a good thing, since I've got my eye on some super chic shelves.)

So tell me: How's your place looking? Have you been able to add a monthly furniture payment to a monthly student loan and/or credit card payment?