October 2009 Archives

Barbara

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With the semester in full swing, students may be looking for a little something extra to add to their schedule. What better way than joining a club or organization on campus?

Not sold on the idea of becoming a joiner? Think about these big two benefits to joining club or organization on your campus:

1. Beefing up your resume — Let's face it, potential employers like to see that you were involved on campus. Whether you're applying for an internship or that first job out of college, being able to list some extra involvement may bump your resume to the top of the pile. There are plenty of groups on campus tailored to your future career. For this journalism major, that meant writing for the student newspaper and joining the campus chapter of the Society of Professional Journalists.  Both of those gave me a leg up at internship time.
2. Expanding your social circle — Some groups might not be something you join to advance your professional interests, but rather your personal development. Things like community service groups, Greek life, or recreational clubs could introduce you to folks with the same interests. Joining a club is a great way to meet new people on campus and expand your network.

When you're looking into options, remember not to overextend yourself. While joining organizations on campus have their benefits, they will take up a chunk of your time. Don't let them interfere with your college studies. After all, that's why you're there.

So while you may be very passionate about numerous groups try to choose your involvement wisely. To narrow down your options, ask yourself questions like:

How much time will it require?
What are the benefits to my personal and professional development?
Does it work with my class schedule?

If you don't find something that interests you, consider starting your own club!

What clubs and organizations are you interested in? If you've already found an extra curricular activity, tell us about it!

Caroline

If you're a high school senior, the cost of college probably isn't your top concern right now. Usually during that first semester of senior year, you're more worried about getting into the school you want  — not how you'll pay for it.

For a lot of students, saving money for college doesn't feel like an urgent matter until the summer before you leave — when all the "busy-ness" of senior year and excitement of graduation are past. By that time, you know where you're headed for school and how much financial aid  you're getting and it all finally feels real.

Unfortunately, June is a little late in the game to start a real savings plan for fall. You'll be better off if you start concentrating on saving right now.

So how can you get motivated? Try to make it real for yourself. Forget about the vague, fuzzy "saving for college" idea — start thinking more specifically about what things you'll need to pay for next year. No matter where you go to college, you're going to have some of the same expenses , so list them out and use them as goals to save for. Here are some ideas:

• Laundry money — laundry will probably cost around $5 a week. Plan on 40 weeks worth of laundry, and make a goal to save $200 to stay in clean clothes for the entire year.
• Eating out money — even if you stick to your pre-paid meal plan, that generally doesn't include supper on Sunday nights. Figure you'll spend $10 eating out on Sunday nights each week — and aim to save $400 to cover Sunday meals for the year.
• Books — these will probably run anywhere from $200-$600 per semester. Set a goal of saving $500 for your first semester's books.

These are just a few of the basics you'll need a stash of cash to cover during your first year of school. Try saving for just one of these items to make it a really achievable goal. It feels good to know exactly what you're saving for — and what it takes to get there.

Are you saving money for college? Tell us how it's going!

Staci

Last week, our friends at the Guided By History blog recounted some of their stories about the 1989 Loma Prieta earthquake.  The 20th anniversary of this disaster just passed, on Saturday, October 17.

I didn't live in San Francisco in 1989, but I did from 1998-2000, where I experienced my share of small quakes. One fall morning in my tiny Noe Valley  studio, I was attempting to open a stuck dresser drawer. Just as I yanked it open, I noticed that my glass closet doors were shaking. I thought to myself, "I didn't pull it THAT hard!" Then I turned around and saw that the rest of my apartment also was moving — and realized I was in the middle of my first earthquake.

At that point in my life, I wasn't prepared for an earthquake. I didn't know that I should move into a doorway or underneath a sturdy piece of furniture. I hadn't assembled an earthquake kit. I'm a Midwesterner! Give me a tornado or a severe thunderstorm, no problem, but an earthquake? No idea what to do.

If you're in the same boat as I was back then, the Bay Area Chapter of the American Red Cross  has put together a series of preparedness webisodes  for young adults that can help you make a communication plan with friends and family, put together a disaster survival kit, and more. It's good stuff.

Check it out and be prepared!

Staci

True story time.

Last week I got an email from a friend and former Wells Fargo colleague, who'd had an interesting experience at her local drugstore:

I had my Wells Fargo jacket on in Walgreens  today and this kid asked me, out of the blue, "How do I get credit, if I don't have any?" I was kind of taken aback for a moment — do I look like a lady who knows about credit? And then he said, "Well, don't you work at Wells Fargo?"

So we started this strange conversation about how he was going to school and needed to get a loan, and couldn't build up his credit because he didn't have any, and because he didn't have any history they wouldn't give him any credit. I didn't know what to say. I kind of wanted to run out of the store. But I told him I would check into it for him.

Gotta give this kid props for walking up to a total stranger and asking for credit advice!

And at the same time, I'm thinking, this poor kid — he clearly hasn't received any credit education at home or at school, so he has to ask a total stranger!

What makes this story particularly timely is that today is Get Smart About Credit Day.  Every October, the American Bankers Association hosts this initiative to educate consumers and students about credit. Given the current economic environment — where credit is harder to come by — these efforts are more important than ever.

Fortunately, if you want to get smart about credit, you don't have to go to the drugstore. Stay put and check out some of these resources Wells Fargo offers:

• Smarter Credit Center
• Credit Education
• Student Credit Education
• Hands on Banking financial education program 

And don't forget: By law, you're entitled to one free credit report every year. 

So, what credit questions can we answer for you?

Caroline

Remember your senior year of high school, when all anyone could ask you was "Where are you going to college?"

Well, now that you're in college, the questions keep on coming, but this time you get it from every new person you meet (which is a lot your freshman year): "What's your major?"

If you're undeclared, that gets to be a pretty short conversation. And eventually you do have to settle on a major. So how are making the major decision? Here are some ideas to get you started:

1. Take some career aptitude tests. Check with your academic advisor to see if he or she can recommend some good tests. You can find a number of these tests online, but beware — they may be commercially linked, so it's probably best to get some advice before diving in.
2. Ask the people who know you best. I majored in journalism on the recommendation of my brother. I loved to write, so I don't know why journalism hadn't occurred to me. I guess at the time, I wasn't thinking about my talents as much as I was thinking about what I "should" major in to get a good job.  Entertain the ideas of those who see you from the outside looking in. They shouldn't make your decision, of course, but they may have some good insight for you.
3. Explore potential jobs. Check out potential jobs as a way to explore different majors. Do some volunteer work, get an internship, do some job-shadowing — and always ask people what they majored in. You're likely to find some surprises along the way — and you might get some career-path ideas.
4. Do some research. Thumb through your school's course catalog, check around online, browse some career-books, read articles and reports about fast-growing career fields  and list anything that catches your eye. It's a good way to gauge your interests, and remind yourself what's out there.
5. Know what you're getting into. As you're making your decision, definitely follow your heart and your talents, but be realistic and know what you're getting into.  Think not just about the major but about the career path you plan to follow. Consider what jobs in the field will pay and compare it to what you're paying (and borrowing) for school. Be sure that reality plays some part in your decision and that you're keeping the future in mind.

Have you decided on a major? How did you make your decision?

Caroline

If you're a high school senior, how are you going about exploring the colleges that interest you?

Are you searching online? Talking to your parents or guidance counselor? Reading up on the literature colleges send you?

These are all good approaches, but when it comes to choosing you college, nothing really beats an in-person visit to the campus. Many campuses host special "Senior Days"  where you can get a personal tour, lots of good information and maybe even some cool freebies like game tickets.

It's great to visit on a Senior Day because of all the pre-planned sessions just for you. But if you can't make it to a pre-scheduled day like that, check out this link  for some help for planning your own campus visit.

If you've already attended a Senior Day, let us know how it went!

Barbara

May grads, you knew this was coming. It's almost time to start repaying those student loans. Your six-month grace period on Federal Stafford loans is dwindling — it's time to think about the details of repayment, if you haven't already.

To help you out, here are some items to check off your list of repayment to-dos.

1. Make a plan. Calculate how much your monthly student loan payments will be (be sure to calculate any private student loan payments as well). Make sure you have at least this amount in your budget. Can you allocate a bit more to your loans? Remember paying a little more each month can mean paying less over time. Does it look like your monthly obligations are going to be tough? Then check out the next to-do.
2. Explore your repayment options. There are tons of repayment options for Federal Stafford loans. You can stay on a standard payment plan, extend your repayment if you have a certain amount of federal student loan debt, have your payments based on income if you qualify, combine your loans into one new loan or delay your payments in some circumstances.

Take some time to learn about all your options starting with these:

• Standard, extended, graduated and income-sensitive repayment plans
• Income Based Repayment
• Federal student loan consolidation private student loan consolidation
• Deferments and forbearances

As you explore your options, remember just because you can delay your repayment doesn't mean you should.

3. Know how to contact your lenders. Staying in touch with your lender is a vital part of repayment. Keeping the lines of communication open will help your repayment go as smoothly as possible. Plus, if you hit a bump on your repayment road, talking with your lender about your options can help you get through the situation together.
4. Decide how you'll make your payments. In this technological age, there are more options for payments than the traditional check through the mail. You may be able to manage your loan online. Check with your lender to see if they offer the option to make payments automatically or through your bank's online bill pay service. Making on-time payments is super important, so find the payment option that works for you to ensure your payments arrive to your lender on time.
5. Keep your cosigner informed. I threw this one on the to-do list for those of you with private student loans. Chances are your private loan also has a cosigner whose credit is tied to the good repayment of that loan. Talk through your repayment plan with them to ease their mind a bit. After all, they did put their credit on the line for you.

So let us know: Are there any other items on your repayment to-do list?

Staci

Just a few weeks ago, Wells Fargo launched a new online student loan application with several improvements to make applying for a student loan easier.

What's so special about the new application? For one, you — our customers — had a hand in designing it! See, you told us what some of your pain points were, and we listened to that feedback and used it to design something that works better.

Here are some of the changes we made:

• Up front, the application suggests which student loan products might best meet your needs, based on your school, grade level, program, and cost of education.
• The application itself has been condensed so there are fewer pages to click through.
• Throughout the application, there are hyperlinks to define any terms that might be confusing, as well as clearer instructions for cosigners on private student loans (and we know you have many questions about cosigners!).
• Finally, the application clearly details the next steps in the process so you know exactly what to expect before, when, and after you apply.

All in all, very solid improvements that we hope will make your customer experience even better.

Speaking of customer experience, have you used the new online student loan application? If so, any feedback to share? We're listening!