If you're going to be a high school senior this fall, it's likely that you've already completed a time-honored tradition: senior portraits .

Senior portraits have evolved from the traditional head-and-shoulders shots marking a student's graduation year to full-blown fashion shoots expressing a student's personality. Mine were somewhere in between.

I was a latecomer to the senior portrait party. Two months into the school year, I still hadn't had them taken. My father owned an advertising agency and suggested that one of his staff photographers take mine. "It's just a yearbook picture," he reasoned.

There was no reasoning with 17-year-old me: impetuous and hormonal and on the cusp of adulthood. I didn't want a photographer with a different point of view to document the end of my high school days/the beginning of the rest of my life. I wanted photos that looked just like everyone else's.

Eventually, my dad relented. If I remember correctly, my senior portraits cost a couple hundred dollars.

Seniors today might pay closer to a couple thousand dollars. Of course, there are more options now than there were in the late ‘80s. A friend or parent with a digital camera, an eye for detail, and some knowledge of Photoshop®  can produce professional-looking, personality-filled senior portraits at a fraction of the cost.

Class of 2008, what are you spending on your senior portraits?

Posted by Staci at 08:59 AM |  Permalink |  Comments (2)
Found in Budgeting, High school, Looking back, Parents, Paying, Preparing, Remember, Student loans, Wells Fargo Bank

Since summer is more than half over (so sad!)—I'm wondering how your summer job has been going?

I'm thinking about it because my stepdaughter is having a much better job experience this year compared with last. Last summer she was bored silly working a few hours a week as a waitress.

This year she's a nursing assistant  at a local hospital and is working toward certification. It's hard work and she's putting in lots of hours, but I can tell she's much happier. She's building her resume  and getting great experience (since she's planning a career in occupational therapy).

The money doesn't hurt, either. She's making lots more this summer and is able cover all her own bills and rent. She's also keeping a comfortable balance in both her checking and savings accounts. All in all, she's having a pretty good experience.

What about you?

Posted by Caroline at 08:46 AM |  Permalink |  Comments (1)
Found in Budgeting, Financial education, Jobs, Parents, Paying, Preparing, Student loans, Wells Fargo Bank

It's official: I'm a married woman. And big changes are happening, starting with my name. I opted to take my husband's last name. My husband. I'm still getting used to that word and also introducing myself as Rachel Curran.

Speaking of big changes—I have a hot tip for those of you who are preparing to leave home and move to college soon. Contact your friends and family members who are getting married this summer and let them know your plans to move. More than likely, they will welcome you to their endless supply of boxes, packing material, and a slew of used household goods (especially kitchen supplies).

Like many couples, we decided to register for some new household items and upgraded from plastic to stainless, glass to crystal and dull to Wüsthof . Most of our wedding guests shipped gifts directly to our home, which were expertly wrapped with yards and yards of paper and bubble wrap.

As we opened these wonderful gifts, I began a new phase of married life—"nesting." This involves me running around our house for two straight days having a Feng shui  attack. I now have a solid Goodwill  pile going (which my brother has already raided), a garage full of boxes, and a heart full of gratitude.

Now, one can only be entertained by cardboard forts with bubble wrap driveways for so long. (Who says marriage has to equal maturity?) Eventually, the materials will need to be taken to the curb or recycled through a friend. Save some money on your moving supplies and ask the newlyweds if you can help them recycle their packing material. Your friends, the environment, and your budget will thank you for it.

What budget-friendly moving tips do you have?

Editor's note: The former Rachel Statham married Jim Curran on June 24, 2007. Congrats to the newlyweds!

Posted by Rachel at 09:28 AM |  Permalink |  Comments (1)
Found in Budgeting, Financial education, Housing, Marriage, Moving, Newlyweds, Post-college, Preparing, Student loans, Wells Fargo Bank

So I'll be completely honest with you: Closing on my house was very anticlimactic. It wasn't an event loaded with great excitement—certainly no balloons or party horns. And it didn't leave me with a feeling of deep responsibility while a rendition of Chopin's Funeral March  played in the background.

Really, it was kind of "eh." I went, signed/initialed, shook some hands, and headed out a homeowner.

There was only one thing that gave me pause: the Truth in Lending disclosure . It's the document that lays out exactly what your loan entails, basically:

• Here's what you're borrowing.
• Here's what we're charging you.
• Here's what you'll end up paying us when all is said and done.

If you've borrowed a student loan, you likely saw something similar when you entered repayment.

I've told you before that I had calculated what I'd be paying in the long run. But seeing the number on a very official-looking document and initialing that piece of paper to signify my commitment? It was a wee bit intense. And even more intense was seeing the tens of thousands of dollars in debt automatically displayed in my online banking session after I closed on my loan!

Remember when I was first looking at loans? The number was what really scared me. And in the end, it kind of did—at first. Yes, I had to take some deep breaths when faced with the number at closing and online, but now the number doesn't really scare me. It keeps me grounded.

Every time I log in to check my account balances (I check them a lot, but mainly before I go shopping), I'm faced with that number. Thus far, it's helped me stay on the frugal side. You see, as I'm browsing the aisles, I recall not only my checking account balance but also the number two accounts down: my mortgage balance. So I find myself putting back that full-priced item and instead opting for an equally effective clearance or generic item—or sometimes, no item at all.

For the sake of my bottom line, I'm hoping this trend continues!

What does your debt number do for you?

Posted by Barbara at 09:24 AM |  Permalink |  Comments (0)
Found in Budgeting, Financial education, Housing, Independence Day, Lenders, Moving, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

I am happy to share my big news with you, Student LoanDown readers—I've officially put the label "apartment dweller" behind me!

That's right: I'm a homeowner. And as proof, I'm sharing some pictures of the steps I took to get into my first house.

Step 1: Sign your name about 50 times on several very important documents.

Step 2: Take the obligatory "receiving the key to your new home" photo with your real estate agent.

Step 3: Solicit help from your family (pictured are my oldest sister and my nephew) to move all your worldly belongings (might I add that I picked the hottest day of the year to move—smart).

Step 4: Enjoy the fruit of your new debt.

More on my transition to homeownership to come.

Posted by Barbara at 09:13 AM |  Permalink |  Comments (3)
Found in Budgeting, Financial education, Housing, Independence Day, Moving, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

During my freshman year of college, I got my first introduction to the reality of limits. Speed limits.

On my way back to Texas A&M University  from San Antonio after Thanksgiving break, I didn't have a care in the world as I drove north on Highway 21. Belting out Chumbawumba's "Tubthumping"  (or some other equally awesome ‘90s song), I hardly noticed my speedometer as the distance between me and College Station decreased.

Until I reached the thriving metropolis of Dime Box, Texas , that is.

Suddenly, I was jolted out of my temporary euphoria by the unforgiving sound of police sirens coming from behind me. My eyes darted to the rearview mirror to confirm my horror—and then down to the speedometer to see what the damage was. I was going 82 in a 70 mph zone.

You see, according to the latest U.S. Census , Dime Box has a population of 381 people—at least one of whom is a police officer. And he was clearly on duty as I sped through his town that day. Despite my best intentions, I had gone over the speed limit, and I was introduced to the harsh and expensive consequences of doing so.

Another adult privilege that comes with a clearly-defined limit is a credit card. Just like speed limits, it is important to know your credit limit (also known as a credit line) and be sure not to go over it. Your credit limit is the maximum amount of money your credit card company is willing to lend you, and it is specified by your "Card Agreement and Disclosure." If you go over your limit, you will likely be charged a fee (again, this should be specified by your card agreement).

Let's do a little credit limit math: Say you have a $500 credit limit. This month you charge $200 on your credit card for essential purchases such as gasoline , groceries  and an oil change . If you pay off $150 of your balance on your statement due date, you have a remaining balance of $50 and you are $450 under your credit limit.

It is important to note, however, that credit cards vary in terms of when unpaid balances begin to accrue interest—so you need to monitor your account to see what your actual balance and remaining credit is at any given time.

Confused? Check out the "Young Adults" section of the Hands on Banking® program—Wells Fargo's fun, educational resource to help you learn about financial topics such as this!

Posted by Kathy at 11:24 AM |  Permalink |  Comments (13)
Found in Budgeting, Cars, Credit cards, Financial education, Overdraft protection, Paying, Preparing, Student loans, Wells Fargo Bank

As I mentioned in a previous post, my stepdaughter, Steph, is renting her first house with some friends this summer. I think she's loving it so far—but it's definitely been a learning experience. And it's gotten me remembering some things I learned in my many (10!) years of renting apartments.  Here are my top five tips:

1. Don't panic. I can completely understand the stress of trying to rent your first place in a college town. You've already committed to moving out of the dorms. You're competing with tons of other renters, and the quality of rental housing varies wildly. Despite these pressures, try not to panic and take a place that you don't really want, just to end the search.

When my friends and I rented our first place in college, we did panic—we signed a lease on the first apartment we saw. It was a ramshackle place in a bad location. But we were afraid we wouldn't find anything better. Well, something better came up just a few days after we signed the lease—a beautiful split-level duplex just a couple blocks from campus. Luckily, the landlord at the first place was understanding of our inexperience and let us out of the lease. But know that not everyone is so lucky—once you sign a lease, that's usually it.

2. What you see is not necessarily what you get. When Steph and her friends signed the lease on their house in February, they were excited about the big backyard. When they moved in this June, the winter snow had melted to reveal a yard that was literally nothing but mud patches and weeds. Yuck. Just something to think about.

3. Document, document, document. Take photos of the condition of the apartment when you move in—especially if there's something wrong or broken. When you move out, you'll have proof you didn't put that dent in the wall, and you can avoid having it taken out of your security deposit .

4. Don't underestimate the power of a throw rug. In a college town, it's likely your first home might have that "lived-in" feel. When Steph moved into her house last month, she was bummed about the worn, paint-splattered hardwood floors and bare walls. But a little décor  makes all the difference. Once we moved in her furniture, donated some pictures for the walls and put down a throw rug, the house warmed up nicely.

5. Split the bills. Once you've found a place and signed a lease (whew!), it might be tempting to just have one roommate set up all the utilities in her name. Convenient, yes—but it's probably not the best idea. That's a lot of responsibility for one roommate to shoulder, and frankly, it's her credit on the line. Better to spread things out so you each have one or two bills in your name. Then you all get the chance to build a good credit history  by making your payments on time.

For those of you who've already moved off-campus, got any other tips or experiences to share?

Posted by Caroline at 09:01 AM |  Permalink |  Comments (0)
Found in Budgeting, Financial education, Housing, Paying, Preparing, Student loans, Wells Fargo Bank

It happened earlier this week: Dictionary publisher Merriam-Webster announced it was adding nearly 100 new words  to its Collegiate® Dictionary, Eleventh Edition.

Two of these words—"DVR"  and "ginormous" —have been rolling off my tongue for some time now. For those who know me well, this may come as a bit of a surprise. I was an English major in college, and I've always been a bit of a stickler for proper word and grammar usage.

But things change, and as with anything, you can choose to be stubborn and defensive or willing to accept the inevitable. Our lexicon will continue to evolve, and—for the most part—I embrace it. After all, I'm not sure what I would do without my DVR to save all those MTV shows I'm too old to watch. And often, "gigantic" or "enormous" just doesn't do a description justice the way ginormous does.

One caveat, though: If you think I'm ever going to accept "irregardless" as a substitute for "regardless," don't hold your breath. Some things are sacred.

Posted by Staci at 12:12 PM |  Permalink |  Comments (3)
Found in DVR, Dictionary, Ginormous, Language, Looking back, Remember, Student loans, Wells Fargo Bank

This week I'm in our nation's capital—Washington, D.C.—attending the National Association of Financial Aid Administrators  conference.

It's unbearably hot and humid. The weather is triggering memories of the two Julys I lived here—when I'd walk the four blocks to my Capitol office in shorts and a T-shirt and change into hosiery and a suit after I arrived, drenched in sweat; when there was a brownout in my northeastern D.C. neighborhood and I sweltered through a sleepless, 100-degree night without air conditioning; when my friends and I would drive to Rehoboth Beach  in the middle of a weekend afternoon just to get some relief from the heat.

When I was much, much younger.

On Sunday afternoon I attended a seminar on the legislative and regulatory changes happening in the student loan industry. Here at the conference, it's a topic as hot as it is outside.

I've mentioned before that lately there's been a lot of media attention given to inappropriate relationships between some financial aid directors and some student loan lenders. But the operative word is some. The majority of those who work in financial aid aren't in it for money or glory. In their profession, there isn't much of either to be had. Rather, financial aid counselors, directors and administrators are doing this work for one reason: to help students and families pay for college educations. And it's complicated, stressful work.

So I'd ask this: Instead of believing all the negative stuff you see in the media about financial aid professionals, give 'em the benefit of the doubt. When you enter their offices, don't automatically be skeptical about their motives or intentions. Remember that they have knowledge to share, experience upon which to draw, and compassion beyond compare.

If they didn't, they wouldn't do what they do. And they certainly wouldn't be sweating it out here at the conference, trying to learn new information about how to help families navigate the choppy waters of financial aid. They really are good nuts, here to help. Let them.

Posted by Staci at 08:42 AM |  Permalink |  Comments (2)
Found in Federal loans, Financial aid, Financial education, Grants, Lenders, Looking back, Paying, Preparing, Private loans, Refinancing, Remember, Student loans, Wells Fargo Bank, Work-study

For me, the answer isn't as easy as it was when I was a 10-year-old. Back then, I wanted to be a marine biologist —never mind my inability to swim without a nose plug and the obvious geographical hindrance, being in landlocked Nebraska .

My answer changed over the years—to teacher, nurse, lawyer, writer and more. Frankly, I haven't quite solidified a final answer.

For those trying to answer that question, there are a couple of other logical questions to consider: What should I major in? Where should I go to school?

When it comes to paying for an education, those questions can have a very large effect on your financial future. Obviously, your college price tag varies depending on what and where you're studying. When you're making these decisions, you should also be thinking about what you'll be doing after graduation—and asking yourself: "Will I be earning enough money to repay what I borrowed?"

Most advisers suggest  not exceeding monthly student loan payments over 10% to 15% of your expected salary .

I'll give you an example. Let's say our student:

• Has a major in psychology—both a bachelor's and master's degree
• Eventually wants to teach psychology at a university
• Is taking on about $40,000 of Federal Stafford loan debt

Is that decision financially sound?

Well, if the expected salary is around $50,000 out of college, our student will have a monthly income of about $4,200. By using a payment calculator (at 6.8% interest rate for 10 years), you can see that the monthly loan payment is $460—about 11% of the estimated monthly income. Our student is pushing their suggested borrowing amount. In this case, it might make sense for our student to get extra income from a part-time job during school instead of borrowing so much.

Seems to me that the question to answer isn't what do you want to be when you grow up, but can you afford it?

Posted by Barbara at 09:12 AM |  Permalink |  Comments (0)
Found in Budgeting, College selection, Federal loans, Financial education, Jobs, Paying, Post-college, Preparing, Private loans, Student loans, Tuition, Wells Fargo Bank

Yesterday, the angel and the devil sitting on my shoulders were arguing about the merits of taking a European vacation this summer. In the end they agreed to compromise—road trip!

Later this summer, I am thinking about hopping in my Honda Civic (not a Hybrid like the one Wells Fargo is giving away, but very fuel-efficient nonetheless) and driving up to Portland, Ore., for a few days. My fiancé is keen on viewing the Body Worlds  exhibit that will be in Portland for the month of August, and his parents live nearby—an added bonus and money-saver!

Not only will I save on the cost of airline tickets by driving, I'm also planning to reduce my cost further by staying at a hostel (when we're not crashing with his parents).

What is a hostel , you ask? There is no one correct definition (I've stayed at really nice hostels  and some that were … um … not so nice), but they tend to offer low-cost accommodation options to young travelers all around the world! You can often choose between a private room or a bunk-bed style option, depending on your budget and privacy preference.

Still not convinced? You can (and should!) do your homework before traveling—sites such as hostelworld.com  allow you to research, book rooms and review various hostels all over the world. A quick search shows me a couple of great hostel options in the Portland area—for a fraction of what I would spend on a hotel! My bank account will certainly thank me!

Do you have any thrifty vacation tips?

Posted by Kathy at 12:05 PM |  Permalink |  Comments (9)
Found in Budgeting, Financial education, Graduate school, Paying, Preparing, Student loans, Vacation, Wells Fargo Bank

It's summertime, and the little devil that sits on my shoulder is screaming into my ear:

Devil: You've kept us cooped up for far too long! I know what we need—National Lampoon style, EUROPEAN VACATION !

Fortunately for me, I have an equally loud angel on my other shoulder:

Angel: Kathy, you just accumulated nearly $50,000 in student loans to fund your first year of graduate school . One year down, one to go! You've done a great job of managing your budget on these funds, and you're making a great investment in your future by continuing your education—don't blow it now!

Devil: But you have a credit card, and a healthy credit limit! Just charge it and worry about paying the balance back later!

Angel: You can't pay back money you don't have. You're already borrowing for the cost of living—resist this temptation!

I sigh and accept that the angel has a point. Going on a European vacation, at least this year, doesn't make sense for me from a financial standpoint. If I were to put that much on my credit card, given my severely limited income, I'm not sure how (or when) I would be able to pay it off. Even though I am often tempted to take advantage of the ease of spending using my credit card, I believe that for people in situations like mine, spending on credit should be reserved for necessities (such as gas, groceries, etc.) or emergencies.

OK, the angel and devil are coming to a compromise:

Together: ROAD TRIP!!

More on this development to come …

Editor's note: We're thrilled to introduce Kathy as the newest—if only temporary—member of the Student LoanDown blog team!

Posted by Kathy at 09:02 AM |  Permalink |  Comments (6)
Found in Budgeting, Financial education, Graduate school, Paying, Preparing, Student loans, Vacation, Wells Fargo Bank

Since July 4th is tomorrow, let's talk about another kind of "Independence Day"—the financial type.

I've always liked feeling financially independent. I had a paper route  as a kid and relished having my own money for movies, candy and Ms. Pac-Man . I worked as a grocery checker  in high school, spending my cash on clothes and other extras I wanted for myself.

In college, I was able to pay my own way through school with a combination of grants , scholarships, student loans, work-study  and regular jobs. And after college, I was soon on my own and paying all my own bills from cable to car insurance.

But I distinctly remember the day I felt truly financially independent. I was 29 years old and had just purchased my first car without consulting my parents in any way, shape or form. Finding that little Mazda  all on my own and securing the financing was a little scary, but it felt great. I'd crossed that final bridge to true financial independence. Light the sparklers!

Got any stories to share about your own Financial Independence Day?

Posted by Caroline at 09:02 AM |  Permalink |  Comments (6)
Found in Budgeting, Cars, Federal loans, Financial education, Grants, Independence Day, Jobs, Looking back, Parents, Paying, Preparing, Private loans, Remember, Scholarships, Student loans, Wells Fargo Bank, Work-study