Summer is just beginning for you graduating seniors — time to relax and enjoy. But it's also time to start planning for college.
Here are a few tips to keep you organized so you’re ready for class when fall rolls around.
- Make sure you’re set for orientation. Most colleges hold orientation over a couple days during the summer. Be sure you’re registered and ready to go. This is probably when you’ll sign up for your fall classes, get your college ID and take your CLEP tests.
Save money from your summer job. You’ve probably heard about "saving for college" a million times, and it probably always seemed like an abstract concept. Well, it’s not abstract anymore. Think of everything you just might like to buy in your first semester of college — a new sweatshirt, pizza, gas for your car. It’s going to add up quickly and you don’t want to put these things on a credit card. So think about these basics every time you’re tempted to spend this summer, and know that you’re going to need the cash soon enough.- Set up a bank account. If you don’t have one already, be sure you’re set with an account and a debit card. Talk it over with your banker or your parents and make sure you understand the details of your account, how to bank online, etc. Don’t feel dumb asking questions — you’d be amazed at what people your age (and older) don’t understand about banking and money. By the way, we have resources that can help!
- Make sure your financial aid is in order. If you have any doubts about your financing, call your school’s financial aid office. They’ll be happy to help you out. Better to iron things out now, rather than during the first week of school, when you have a million other things on your mind.
- Buy supplies slowly over the summer. Money is tight for almost everyone these days. And your parents may not want — or be able — to take you on a big-box store run a week before classes start. Make a list of everything you’ll need for college. Go beyond the obvious sheets, towels and laundry detergent and try to think of even the most mundane items: basic tools , an electric power strip, a container for your bath supplies, etc. Once you’ve got a really detailed list, raid your parents’ garage and laundry room to figure out what you can repurpose from home and cross those things off your list. There are also things you can probably share with your roommate (an iron and one of those mini ironing boards, perhaps?). Now with your list more lean and mean, start to accumulate those items slowly over the summer. Maybe buy one or two things each week to spread out the expenses.
Follow these tips now, and you’ll probably be a lot more relaxed in those last weeks before you head off to college.
In the meantime, share your stories with us: What are you doing over the summer to prepare for school this fall?
Last June Wells Fargo granted my daughter a $15,000 Student Connection Loan she needed for her first year of grad school at Colorado State University. She was told to come back to get the money she needs for her final year and the loans would be rolled together.
She contacted Wells Fargo in April/May to obtain a connection loan for her last year and was told that this type of loan doesn't exist anymore. She had not recieved any notification from Wells Fargo on this loan.
I have Wachovia as my bank and since it was purchased by Wells Fargo and will change over in November I will move my three accounts to another Bank. These are tough times and Wells Fargo doesn't honor its word and contracts.
Robert Reeder -- with the details you've provided, it appears that there may be a misunderstanding. It sounds like your daughter may have taken out a Wells Fargo Education Connection Loan last year. This loan does still exist, but not every school chooses to make it an option for their students. Wells Fargo offers two other private student loan options for Colorado State University students: Wells Fargo Collegiate Loan and the Wells Fargo Graduate Loan. One of these loans may actually end up being a better option for your daughter. If you would like to email us through the "Ask the expert" we can look more specifically into your daughter's situation to see if we can help clear things up.
Thank you for writing to us.