November 2008 Archives

Caroline

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For most of the population, Thanksgiving is a pretty restful holiday. No real obligations other than to eat and watch football.

For college students, it's different. You still get to eat and watch football , but it isn't always a particularly relaxing weekend, is it?

When I was in college, all I really wanted to do over Thanksgiving was catch up with my old friends and get some rest. But it seemed I always had homework over the holiday weekend — lots of reading and maybe even a paper due. And the stress of upcoming finals was always looming. Inevitably, I'd come back from Thanksgiving break dragging, instead of feeling refreshed and ready to take on the end of the semester.

If you have a lot of work to do over Thanksgiving break, my advice is tackle it a little bit at a time, to minimize stress. You don't have to hide away from your family all weekend either. Just try to grab an hour or two at a time to get things done, so you don't set yourself up for an all-day marathon on Sunday.

Are you ready for a nap after Thanksgiving dinner?  Grab a family member — or your iPod — and go for a walk instead. When you get back, your head should be clear enough to read a couple chapters, or sketch a quick outline for a paper.

Instead of sleeping away the morning after Thanksgiving, make fun plans for mid-day — meet up with friends for a movie  or something. Then promise yourself you'll study for at least an hour before you go. You're up at 10, and free for the day by noon.

Carve out another couple hours of study time on Saturday (the earlier the better, holiday weekends can get away from you!), and reward yourself afterward.

There! You just accomplished four or more hours of studying — no coffee-fueled cram-sessions required!

Give it a try — when you're packing up the car on Sunday, you'll be thankful!

Editor's note: The Student LoanDown team will be taking the rest of the week off for Turkey Day. (And we probably won't be studying!) We'll be back the week of December 1. Happy Thanksgiving!

Rachel

Do you listen to music while you study? I did. I watched movies, too. And even now, when work calls for some late-night overtime, I still do.

Do you think it's a Gen Y  thing? Or just a way some people tune out the noise by choosing their own tunes?

In college, my four roommates and I would put on a movie — one we'd all seen hundreds of times — and work away on papers and flashcards, only pausing every now and then to throw out a line like, "You must chill! You must chill!" , "I carried a watermelon"  or "Aspen! Mmmm California. Beautiful." 

Recently, my dad called me to discuss this very topic. One of his employees was listening to the radio at his desk. My dad asked him to turn it off and told him that music in the workplace is inappropriate.

I told my dad he should stop asking the reverend from Footloose  for business advice.

He ended up reading the copy of When Generations Collide  I had bought for him, and a compromise with his employee was somehow made — but not without a reminder of how dancing to my iPod in my cubicle truly does contribute to my success.

Tonight I put on a recorded episode of Austin City Limits : Aimee Mann  followed by Iron & Wine . What a glorious evening.

Sometimes, it just takes a good groove to get in the groove.

So what's your preferred studying soundtrack?

Caroline

For college students or recent graduates, all the doomsday news about the economy can be pretty unsettling. And truth be told, the job outlook  for 2009 grads doesn't look wonderful.

I don't mean for that news to get you down — quite the opposite. It's easy to listen to the news or read the headlines and get discouraged about your future. And that discouragement can become a self-fulfilling prophecy .

The truth is, when you graduate, you only have to find one job — for yourself. So stop worrying about statistics and start putting yourself in the best position possible to land a job upon graduation. I've posted some tips before about planning during senior year. Finding a mentor and creating a backup plan are a couple of great ways to help recession-proof your post-college life.

Start your job hunt early and cast a wide networking  circle. You may have to keep an open mind about your location, or exactly the type of work you want to do. Try to stay flexible and keep your eyes open for the learning opportunities available to you at various types of jobs.

As I've said before, it took me nine months to land a full-time job in my field after college graduation. It was a tough time, but because it wasn't easy, I've truly appreciated every job I've had since.

In today's economy, how do you feel about your job prospects after graduation?

Kathy

To go home for Thanksgiving or not to go home for Thanksgiving?

That is the question many of you may be faced with this time of year. It's not always an easy decision. For some strange reason, with the wrap-up of the elections earlier this month, I am going through debate withdrawal . So I'm opening up this topic for debate, and I'll start with a couple of my personal arguments on either side. Please feel free to chime in with your own opinions on the matter.

Point: Get thee to mom and dad's house
Come on. You KNOW you want to go home, because who doesn't love mom and/or dad's cooking? All that turkey, mashed potatoes, stuffing, cranberry sauce, etc., etc., etc. My mouth is watering just thinking about it! Often the siblings and other extended family members come over as well, making it an official family event — and you'd hate to miss out on the memories and photo ops! There's nothing like sitting around the table with the people who mean the most to you, and then crowding into the living room to fall asleep watching football. There's a reason that the days around Thanksgiving are usually the busiest travel days of the year  — it's a great holiday to be with family, and you don't want to miss it!

Counterpoint: Save the dough and wait for winter break
Come on. First, you've been living on your own for a while now, and what better way to show your personal independence than by staying at school and creating your own holiday traditions? Why not invite some of the international students over and show them what American Thanksgiving traditions  are all about? Second, if you live more than a few hours away from home, it doesn't really make sense to go through all the planning, packing, driving and/or flying that might be involved for just a couple days! Have you seen the airports over Thanksgiving?!? And finally, you'll probably have the chance to go home in about a month during the winter break, so why not just save your money over Thanksgiving and tell the 'rents you'll see them soon?

So that's what I came up with — what are your thoughts? (And, for full disclosure, I ALWAYS went home for Thanksgiving...)

Staci

Here we are, approaching holiday season at breakneck speed. In just a few short weeks we'll be with family and friends for food, football, and fiscal stimulation!  But most of all, we'll be remembering what we're thankful for.

This past weekend I got an early taste of Thanksgiving in the form of a scholarship banquet at my alma mater . This was an opportunity for all the student scholarship recipients and their families to connect with their scholarship sponsors, and as a member of an alumni board that awards eight annual scholarships, I had the honor of attending.

There wasn't any turkey, but there was no shortage of gratitude.

That's not a surprise, since families are struggling more than ever to keep up with college costs. According to a recent publication by the College Board , average published tuition, fees, and room and board for in-state students at public four-year colleges and universities in 2008-09 is $14,333. For private colleges and universities, the cost jumps to $34,132.

Yikes. With numbers like these, every scholarship counts when paying for college.

At the banquet, Kelsey, a spunky junior majoring in music and education, went out of her way to thank me for her scholarship. In addition to her full-time coursework, she works two jobs, volunteers in an at-risk classroom, and participates in a host of extracurricular activities like choir and theatre. Kelsey made it clear that without the investments of others, she wouldn't be having the meaningful college experience that she is.

So for the giving and receiving of Kelsey's college scholarship, I'm thankful. Who knows what contributions this hardworking young woman will go on to make — what impacts she'll have in the lives of her future students?

If you've received a scholarship to help pay for school, how have you expressed your gratitude? Or if you've given one, why are these investments important to you?

Barbara

If you're in the market for a private student loan (the kind you turn to once you've exhausted all your scholarships, grants, and federal funding), you've likely heard or will hear about cosigners. Having a cosigner can make a difference on your student loan eligibility and interest rate, so I wanted to take some time to talk about cosigners and answer your questions.

Here are a few of the basics to spark some conversation:

What exactly is a cosigner?
For private student loans a cosigner is someone who signs a loan with the student. The cosigner agrees to be responsible for the loan, along with the student. A cosigner is a person who takes on equal liability of a student loan. That means the cosigner is on the hook for any payment that the primary borrower doesn't make.

Why do I need a cosigner?
Many college students don't have an established credit history, so a cosigner is required to secure the funds. This makes the loan less of a risk for the lender. Even if a student has an established credit history, it may still be a good idea to apply with a cosigner. Why? Most private loans have tiered pricing. That means the interest rate is figured at a base rate (like Prime Rate  or LIBOR ) plus a margin. For private student loans, that margin is based on credit. So bringing on a cosigner with excellent credit can improve the terms of a borrower's loan.

Who should I get to cosign for me?
There isn't a standard person that must cosign a borrower's loan. In fact, by law lenders can't tell you who should cosign your loan. Some common choices are family members like parents or grandparents. However, you can choose a non-relative, too. As long as the person has established credit and is willing, he or she can cosign. One thing is for sure though: No matter who you choose to cosign your loan, it's important that you have a cosigner in mind at the beginning of the process, as it will help the lender in providing you with a more timely credit decision.

Will my cosigner be liable for my loan for the whole repayment period?
Not necessarily. Some lenders offer an incentive that gives borrowers the option to release their cosigner from the liability. This cosigner release is usually an option if the borrower proves that he or she is able to repay the loan. Many lenders ask borrowers to make a certain number of on-time payments before they can take on sole responsibility of the loan. Lenders may also require the borrower to meet certain credit guidelines at the time their cosigner is released.

Now, what else are you curious about when it comes to cosigning a loan or finding someone to cosign your loan? Here's the place to ask.

Caroline

Hey college freshmen, how are you doing?

Now that you've been at school a couple of months, are you settling in? Finding your way?

Freshman year can be tough, no doubt about it. A few short months ago, you were top dog in your school. Enjoying all the perks of being a senior. Now that you're a freshman again, some of you might be making the transition easily, and others of you might feel a little lost.

Maybe some of you are even thinking about transferring to another school  or dropping out  for awhile. Can I give you some advice? Before you make a big decision like that, take a deep breath and figure out why things aren't working out at your current school. Transferring schools can become costly — especially if your credits don't transfer. Dropping out can leave you with limited earning power and outstanding debt to repay. Neither choice is a decision to take too lightly.

So, if you're not happy at college, why?

Are your reasons social? Has it been hard to make friends, or are you having trouble with your roommate?  While a new school might be a better fit socially for you (and I know it's important to fit in with the "culture" of your school) — be sure you've truly made an effort at your current school, because a change of scenery is not always the answer.

Are your reasons academic? Are you struggling with classes?  Not connecting with your professors the way you'd like? If you're in over your head academically, then changing schools is probably a good choice. If you know you just haven't given it your best effort, then you have to ask yourself you're prepared to make a change, or if you need a break from school to figure out your priorities.

When you're contemplating a major change like switching schools, or dropping out — consider all the factors, monetary and otherwise, to make sure it's the right call. Then make like a chess player and plot out several steps ahead. If you're changing schools, what other changes will you make to ensure that you have a better experience? If you're dropping out for awhile, will you work for a set period of time before re-enrolling?

Let us know what your first few months of college have been like. We'd love to hear your stories!

Kathy

Moving can be equal-parts expensive, rewarding, and painful, and my husband and I have just completed the month-long process of getting settled into our new place.

As I reflect on the experience, I'm struck by how many similarities there are between apartment hunting and online dating. Let me explain.

Scouring the internet
As is the case with many things these days, the most efficient way to gather information on a number of prospects in the least amount of time is to look on the internet. And so you head to your computer. You're kind of nervous and kind of excited as you navigate to a website such as craigslist.org .

Finding the "right fit"
You enter in your search criteria — the neighborhood, price range, pet policy, etc. I prefer listings that have pictures. Call me crazy, but it is reassuring to me to have a glimpse of the apartment before reaching out to a potential landlord. You find a few good candidates and begin making contact via phone or email.

Agreeing to meet
Your phone calls and emails have gone well so far, so you're ready to make the big leap into meeting face to face. You set a date and time, and often you know you're being squeezed between appointments with other potential suitors. It's important to make a good first impression, so you put on a nice pair of slacks and a relatively wrinkle-free shirt. I even bring along a portfolio, because it makes me look professional and serious.

The first date
About five minutes into the meeting, things are going well. The apartment looks nice, and there seems to be good chemistry between you and the landlord! You know they have options, so you are sure to indicate your interest as often as possible. Stable job? Oh yes, you say. Sufficient income? You bet. Well-behaved pets? You can provide references. Credit history? *GULP*

Background check
So maybe this isn't as common in the online dating world, but it should be! Many landlords, including ours, require a credit check before they will agree to rent to you. Basically they are looking to find out if you have a history of meeting your financial obligations in the past, giving them an indication of your likelihood to pay your rent on time in the future.

My landlord checked my credit by accessing a credit report, which is a detailed list of my credit history. Part of what it includes is:

• The type of credit you have (credit card, auto loan, mortgage, etc.)

• Your credit limit or original loan amount

• Your account balance (or the total balance of your last statement)

• Your payment history (late payments stay on your credit report for seven years)

• Bankruptcies  (stay on your credit report for 10 years)

If you can pass all of these tests, it may be the beginning of a beautiful relationship — at least until you're ready to settle down and buy a house!

Have you experienced apartment hunting courtship rituals like these?