Posted by Staci at 12:01 AM |  Permalink |  Comments (0)
Found in Financial education, Student loans, Wells Fargo Bank

At times I find myself longing to be in a classroom rather than a cubicle. Then the end of the semester rolls around—finals week!—and the feeling dissipates.

During eight rounds of exams, I picked up a couple of studying tricks and some methods to keep the "finals crazies" at bay. Here are some tips that helped me (and some that I learned from my own mistakes):

1. Embrace the anxiety. You're going to be nervous , that's a given. Acknowledge that. Use it to your advantage—a little bit of nerves can be huge motivation to study. Just don't let your nerves overtake you.
   
   
2. Find the right location. At exam time, the library (my usual study spot) became infected with students who really didn't comprehend the library code of conduct—i.e., not talking with your friends. It got me flustered, so during finals week I studied at the Newman Center . Quiet—plus, there were treats!
   
   
3. Sleep. You need it. In a desperate moment during my freshman year, I pulled an all-nighter to study for my "Governments of the World" test. Well, that didn't work out so well. In my sleep-deprived state, I switched the governmental structures of two nations in my essay. Eek!
   
   
4. Use study tools. During college I became special friends with two school supplies: highlighters and note cards. I always highlighted my books, notes, etc. in pink, but there are some different highlighting strategies  you might find helpful. And flashcards  are a great quizzing tool—plus, you can sort the cards into terms you already have mastered and those you still need to learn.
   
   
5. Make dead week  truly dead. If you're at a school that blesses you with a week (or even a day) of no classes in preparation for finals, use it! It's always better to study over time rather than to cram.
   
   
6. Take a break. You truly will go insane if you study nonstop, so take a 30-minute break every now and then to just chill. Take a walk with a friend, veg out for a while or call home to check in. A quick break can leave you feeling re-energized.
   
   
7. Grab a healthy snack. Caffeine and sugar aren't always the best options. They're good for a while, but then you crash. And during finals week, you can't be crashing. Instead, eat things that will give you the fuel you need to study .
   
   
8. Ignore the celebrating students. It's especially tough to stay motivated and keep studying when there are students who are already finished (and who keep reminding you that they're done). Don't get pulled in to their celebration. Stay focused on your studies—you'll get your time to celebrate, too.
   
   
9. Double-check your final exam times. Funny story for you. Well, not really funny then, but funny now. Junior year I missed my American Sign Language final. Thankfully, my professor let me complete the test later that week—which was especially understanding, considering that he had to sign all 100 questions again just for me!
   
   
10. Go crazy to stay sane. People get kooky during finals—it helps. I knew someone who re-enacted the Disney show "Fantasmic!"  each year for an audience. I used our sorority's "loud hour" to impersonate a bee while playing (what else) "Flight of the Bumblebee."  If you get your goofiness out, it's easier to be serious about studying.

I'm sure you have your own tried-and-true finals tips (or fun stories). Please, share your wisdom! :)

Posted by Barbara at 08:56 AM |  Permalink |  Comments (1)
Found in Financial education, Preparing, Student loans, Wells Fargo Bank

Most of our posts last week revolved around environmental protection. All of that reverence to our planet got me thinking about the time-honored tradition of college acceptance letters.

Back in my day (ahem, 1989) there were two types of envelopes you'd receive from your chosen, prospective colleges. Even before you tore them open right there at the mailbox and read the words "Congratulations!" or "We regret to inform you," you knew:

• Fat envelope = Joyous acceptance! Plus financial aid paperwork!
• Skinny envelope = Polite, but nonetheless devastating, rejection.

In 2007, there's a new option: no envelope at all. College acceptance letters have gone virtual.

I discovered this by—what else?—watching more of MTV's "True Life" series. This time it was "True Life: I'm a Genius." Myles, one of three geniuses featured, anxiously stalked the mailbox for early decision news from Stanford University.  At the same time, his brother received acceptance news from another school simply by logging on to the admissions site.

Call me old-fashioned, but there are some pieces of mail—especially those that commemorate a specific occasion—that I prefer to receive in an actual mailbox:

• Holiday greetings
• Wedding invitations
• Future-determining college acceptance (or rejection) letters

After all, you've worked hard. If you get accepted, you deserve to read the news on ivory-colored heavy stock. And if you get rejected, you deserve to have something to rip up.

Posted by Staci at 10:45 AM |  Permalink |  Comments (0)
Found in Financial education, Paying, Preparing, Student loans, Wells Fargo Bank

Today is National Teach Children to Save Day .

I could use this day. My stepdaughter, a college sophomore, recently asked if she could close her savings account. "All I do is transfer money out of it," she reasoned.

Funny. Sad. So true.

To her credit, my stepdaughter is a fairly frugal person . She doesn't shop a lot or have an expensive coffee habit . She's simply a college kid struggling along on a limited income. And with online banking, it's harder to consider a savings account untouchable. A couple clicks and the money is out of savings and into checking.

So how do I help her learn to better manage her money? She's definitely got savings goals in mind—she dreams of taking a trip to Europe  and going on a warm spring break vacation.

It's probably a matter of making her savings goals more concrete—helping her determine how much she'll actually need for one of those trips, and then working with her to set up a specific plan to reach that goal. Once she knows exactly how much she needs to put into savings each week, she might think twice before transferring money out. Hopefully this plan will kick in over the summer when she can work more hours.

Teaching college kids to save can be tough—most of them are really only earning enough to get by. My 2-year-old, on the other hand, is great at saving. He considers it his v. important job to collect loose change around the house and drop it into the family piggy bank.

Hmmm. I wonder how long before he learns how fun it is to take money OUT of a piggy bank?

Posted by Caroline at 08:46 AM |  Permalink |  Comments (3)
Found in Financial education, Parents, Paying, Preparing, Student loans, Wells Fargo Bank

This week was a tough one.

The news of Monday’s Virginia Tech  massacre still has me reeling, even more so as I watch shocking details unfold on the news.

Young Barbara, my colleague and a recent grad, is having a particularly tough time. My colleague Caroline, stepmother to a college sophomore, knows something like this just as easily could’ve happened on her daughter’s campus.

The three of us have talked about how college campuses across the nation are connecting as one community . People have been searching for ways to comfort those who are grieving and finding their own way to show their support.

On Monday, April 30, The Student LoanDown will join the blogosphere in a day of silence  to honor the victims at Virginia Tech. In the wake of tragedy—especially one so senseless—there are so many things you want to say, so many questions you want to ask. But sometimes, you just need to take a moment to be silent.

And remember.

Posted by Staci at 01:06 PM |  Permalink |  Comments (2)
Found in Student loans, Wells Fargo Bank

We recently had "junk day" in my neighborhood.

If you're not familiar, it's that glorious day where you can put darn near anything you want to get rid of out at your curb, and the nice recycling  people will come by and take it away. That is, if someone else doesn't nab it first. "One man's trash is another man's treasure" is never more evident than on junk day!

It feels great to get rid of stuff. And I hope that most of what I tossed can actually be recycled. But it also makes me feel kind of guilty at all the junk I accumulate and toss away—not good for the wallet, not good for the planet. I did a mental inventory of some of the more major household junk I've tossed out in my life so far.

Here's the short list:

1 washer/dryer set
1 dishwasher
2 microwaves
2 computers 
2 TVs
3 vacuum cleaners
3 couches
4 toasters
5 cell phones 

I'm sure there's much more, but this is what readily comes to mind. Now, it's not a terrible amount after almost 20 years of adulthood—but still, thousands of dollars worth of "stuff" and enough to start my own flea market.

If I had the opportunity to start over at 22 again, I'd try to save myself some money and avoid accumulating so many things that eventually sit at the curb on junk day.

Here's what I would NOT do again: Accumulate new technology too quickly. The first three cell phones I owned were a total waste of money. Granted, it was the ‘90s, and if you didn't replace your phone every couple years you looked hopelessly out of date. But still.

Here's what I WOULD do again: Buy secondhand whenever possible. It's a good bet when you can't afford to buy quality new items that will last awhile. I did this with my furniture and wish I would have done it with more often with my appliances—I probably would not be on my fourth vacuum cleaner today!

Are you starting to accumulate a lot of "stuff" in your adult life?

Posted by Caroline at 09:27 AM |  Permalink |  Comments (1)
Found in Financial education, Parents, Paying, Preparing, Student loans, Wells Fargo Bank

When Staci came home from BlogHer, she brought a lot of new vocabulary with her. My personal favorite (solely because it gives me a new way to tease her about her age) is the term "digital immigrant." If you haven't heard the term before, it refers to those who didn't grow up in the digital age —including Staci. I, on the other hand, am a "digital native"—born and raised with the technology. (The terms were coined in an article by Marc Prensky . Check it out to learn more.)

Speaking of "digital" classifications, though, there's one thing this digital native needs to confess: I'm a digital pack rat. That's right—old emails, files, pictures, even papers from my college classes are saved on my computer. I just can't let go! I'm sure that as soon as I delete it, I'll need it.

I do it at work, too. Usually, there is a daily reminder in my Inbox telling me, "Your mailbox has exceeded one or more size limits set by your administrator."

But I prefer that to paper. I'm happy to keep what I need on the computer instead of in my filing cabinet (which, BTW, is completely empty). This way, I waste less paper, plus it's easier to search through (sans paper cuts).

It kind of reminds me of Gmail's April Fools Day joke . Could you imagine having all of your saved emails printed out and filed away in a drawer?

Maybe a digital immigrant could, but not me! :)

Posted by Barbara at 10:57 AM |  Permalink |  Comments (2)
Found in Financial education, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

Last week I was in Minneapolis for a work meeting and managed to squeeze in a quick trip to the Swedish home furnishing giant, IKEA® .

I love IKEA—and have since the early 1990s. Like many recent college grads, my first apartment in Washington, D.C., was outfitted with its affordable, flat-pack, put-it-together-yourself furniture. My fellow congressional staffers speculated that the word IKEA was really Swedish for "particle board." (I know now that's not the case .)

Whenever I go to an IKEA store, there are a few constants:

• There are always screaming children in the supervised play area/ball pit, which I refer to affectionately as "pinkeye land."
  
  
• There are always screaming children in the showroom, restaurant, and marketplace, even on a Tuesday afternoon.
  
  
• I always leave with at least one yellow and blue plastic bag full of reasonably priced, Swedish-designed merchandise.

This particular trip, however, was different. After I made my way through the self-serve warehouse, I noticed that something had changed: The plastic shopping bags had moved from the end of the checkout line to the beginning. That's because IKEA is asking its customers to help them reduce plastic bag usage by 50%  and now charges five cents per bag. The proceeds will be donated to the American Forests  conservation organization to restore forests and help offset U.S. carbon dioxide emissions.

Personally, I wish more stores would follow IKEA's lead. Let's face it—we can all talk about recycling and protecting our environment, but unless it hits us directly in our pocketbooks, how likely are we to take action?

Fortunately for me, I already had one of IKEA's $1.49 polypropylene-striped beach totes in my cart. And IMHO, it's even better than a plastic shopping bag, because I can sling it over my shoulder and still have two free hands to eat a $1 cinnamon roll on my way out the door. :)

Posted by Staci at 10:17 AM |  Permalink |  Comments (1)
Found in Financial education, Paying, Preparing, Student loans, Wells Fargo Bank

In anticipation of Earth Day —Sunday, April 22—this week The Student LoanDown and other Wells Fargo blogs have an environmental focus.

A bank and the environment—does the connection seem unlikely?

Actually, it's not such a stretch—but you might be surprised to learn that Wells Fargo has a longstanding commitment to environmental responsibility. That goes for our buildings, our business, and our community. Plus, as Wells Fargo team members (and citizens of the Earth), we make a concerted effort to protect our planet through volunteerism and donations.

Kermit the Frog  sang it best: "It's not easy being green." Sure, it's not always easy to reduce our effect on the environment, but it's the right thing to do.

OK, I'll get off my soapbox now. But I do want to share some exciting (and environmental) news. In the coming weeks, Wells Fargo will introduce a student-focused sweepstakes where the grand prize is a 2007 Honda Civic Hybrid ! Watch for more information about that soon.

Posted by Staci at 09:31 AM |  Permalink |  Comments (0)
Found in Financial education, Paying, Preparing, Student loans, Wells Fargo Bank

"Get involved."

That piece of advice has likely been thrown at you hundreds of times during your high school career. It's usually a great way to meet people and learn time management. Plus, it's one of the traditional scholarship tips . Involvement boosts your high school resume .

Back in the day, I was eager to get involved. And at a smaller school (we're talking fewer than 500 in kindergarten through 12th grade) it was easy. It was also easy to take on leadership roles in organizations.

Student newspaper editor, dance team captain, drum major—all of those were amazing experiences. Notice the operative word in that last sentence, "were." This brings me to the one leadership role I wish I would have turned down: senior class vice president.

This job didn't end when I cut my graduation cake. In fact, my responsibilities are just starting. A 2002 graduation means that 2007 is the five-year class reunion (try to hide your amazement at my math skills). The countdown: T minus three months. And I'm in charge of planning it . Aren't there a president and a secretary/treasurer, you ask? Why yes, there are—unfortunately, they are kind of apathetic (I'm attempting to taunt them into action here).

Granted, it's not a difficult job. At five years, most of my classmates are still in contact with each other. Through email I've managed to get contact information for most of my class. And since it's only our five-year reunion, no extravagant planning is needed. But I keep thinking to reunions further down the road—to 10 and 20 and 30 years. Yikes. Clearly, I need to resort to one of the skills I learned through leadership roles: delegation!

So here's my advice to high-schoolers: Get involved! (Just steer clear of senior class offices.) And BTW, if you've planned a class reunion before or are in the same situation as me, any advice or support would be fabulous!

Posted by Barbara at 10:04 AM |  Permalink |  Comments (3)
Found in Financial education, Preparing, Student loans, Wells Fargo Bank

In an effort to trim their college expenses, more students are enrolling in college-level courses while they're still in high school.

It sounds like a great idea: Students can start earning college credit by enrolling in college-level courses that give them both high school and college credit at the same time. It also seems like a great way to combat "senioritis" —keeping kids enthused about their future, instead of coasting through senior year.

And the trend toward dual enrollment really seems to be picking up speed. I recently read an article in The Des Moines Register that said the number of high school students who are enrolled at community colleges is up 60 percent since 2002, according to the Iowa Department of Education. (Sorry I can't link directly to the article. It's no longer available online for free.)

But dual enrollment  is somewhat controversial.

Some critics say that some dual-enrolled students aren't really ready for the coursework—that they're allowed to take community college  classes even if they don't have the high school grades to get accepted into college. Others say students who take college courses in the high school environment (as opposed to on-campus) aren't being exposed to real college competition. And some students even worry that they don't fit in either world—high school or college—by trying to do both.

What do you think? Is dual enrollment a good idea, or not?

Posted by Caroline at 11:49 AM |  Permalink |  Comments (4)
Found in Financial education, Parents, Preparing, Student loans, Wells Fargo Bank

Last week, I did something pretty rare for a single 23-year-old: I talked with a mortgage consultant. And I found out that with some perks for first-time homebuyers  in South Dakota, I'm actually in a pretty good position to buy a house.

And I'm scared.

Since I didn't take on debt to attend college, this will be my first experience borrowing a large sum of money. Sure, I've dealt with credit card debt, but that's a couple thousand dollars, not tens of thousands of dollars.

And this scares me.

I keep looking at the positives of buying a house. Like student loans, a mortgage is one of those "good debts"  that in the long run will help you financially. Another positive: not having to listen to my neighbors' bad television choices through paper-thin walls … but I digress.

However, I still get caught up when I start thinking about that dollar amount coupled with the long-term commitment. And I keep wondering if I would have been this pensive about student loan debt. In May I'll have a full year of the "real world" under my belt. That time as an adult has definitely opened my eyes financially. But if I think back to myself as a wide-eyed 18-year-old, I doubt I'd have blinked before signing a promissory note .

Now that's scary.

What was going though your mind as you took on debt for college? Did you even give it a second thought when you signed that P-note, or were you just excited to be off to college no matter what the cost?

Posted by Barbara at 09:04 AM |  Permalink |  Comments (5)
Found in Financial education, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

One of the beautiful things about being single is that you're accountable only to yourself. If you want to eat Neapolitan ice cream  straight out of the carton for dinner, you can.

Accountability for your finances is another story. I learned good financial habits early and always have been borderline OCD  when it comes to money. When I got my first checking account at age 17—back in the day when you could withdraw five dollars from an ATM—my mother made it abundantly clear that I would be responsible for balancing that account to the penny.

I took her seriously, but the accountability was—and still is—all mine.

My parents and most of my married friends have joint accounts —and therefore, joint accountability. My mom and stepdad actually have weekly “board meetings” where they are supposed to discuss their income and expenses. Inevitably, though, they just argue over who didn't write down what in the checkbook or who gets to choose the next check design (they're old school  that way).

Board meetings at my house are less eventful. I answer to myself, so if I make a bad financial decision (which does happen) or fail to eat the Neapolitan ice cream in even stripes of vanilla, strawberry, and chocolate (OK, I'm borderline OCD about some other things, too), only I'm to blame.

Interestingly enough, there's been a lot of discussion—including this NPR story  from February—about whether blogging about your own personal finances influences accountability. The interviewee, Joan Goldwasser of Kiplinger's Personal Finance , likens it to Weight Watchers® or Alcoholics Anonymous®: If you put your successes and failures out there for everyone to see, you're forced to confront them.  And one of the blogs mentioned in that story, Blogging Away Debt , recently addressed the issue in this post: Who Knows About Your Debt? 

What do you think—are you more likely to be responsible for your finances when you're accountable to someone else, whether it's a family member or the blogosphere?  Or is being accountable to yourself motivation enough?

Posted by Staci at 02:33 PM |  Permalink |  Comments (3)
Found in Financial education, Parents, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

I'm usually a stickler for punctuality . Since I became an independent adult, my promptness has carried over into my finances.

When it comes to repaying student loans , borrowers should be conscious of their punctuality, too. You can be rewarded for on-time payments, but paying late can put you in a messy situation. To get more info on student loan repayment, I enlisted the help of my colleague Phil DeGroot, who works with Wells Fargo borrowers who are currently in repayment.

Here's what I learned:

Why does it matter if I pay on time?
First off, many lenders offer benefits  for on-time payments. You can usually get a discount (either on your interest rate or principal balance) when you make all of your payments on time for a certain period. One suggestion from Phil was to set up automatic payments from a checking or savings account. (This might even qualify you for another discount—it does at Wells Fargo!)

Also, paying on time will help you establish a good relationship with your lender. Phil says that relationship can come in handy if you have a problem paying later on. Your lender will be able to see your track record. And if your payment history is pretty clean, your lender may be more willing to give you a little leeway – perhaps in the form of a waived late fee.

Speaking of late fees …
Take it from the man who deals with student loan borrowers on a daily basis – you should avoid late fees like the plague. Why? Phil puts it this way: Sometimes late fees on loans can be almost half of what your regularly scheduled payment is. If you pay late two months and incur late fees, you could've been another month closer to paying off your loan instead of putting your money toward late fees. Most lenders offer a couple of days' grace period before they'll actually charge a late fee.

What other consequences are there?
Aside from the effect on your wallet and your credibility with your lender, paying late also can hurt your credit. Once you're late for a certain number of days, your lender will report you to the credit bureau. Each late payment pings your credit and can lower your credit score . Plus, it can make it difficult to get other loans or lines of credit.

So what's a good game plan?
Know your options. On federal student loans there are quite a few options to postpone your payments. But when you're talking about private loans, your options are pretty limited. If you know you can't make a payment, Phil says, it's best to call your lender and let them know what's going on. So keep your lender in the loop – they can't help if they don't know the situation.

Now that you have more information from someone in the industry, I'm curious what your experiences have been like. Give me a little insight into your student loan repayment. Also, let me know if you want more student loan tips from Phil.

Posted by Barbara at 09:24 AM |  Permalink |  Comments (3)
Found in Financial education, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank