Wells Fargo - The Student LoanDown

Do You Need a Co-Signer? Credit Card Reform Act

2013-06-13T14:59:31Z

How many of you have been tempted by a “free giveaway” to buy something? When I was in college, companies would set up tables, enticing students by offering pizza and t-shirts if they signed up for their products. During my first year in college, I signed up for 13 credit cards because of situations like I just mentioned, or the “10% off your first day’s purchases” type of discounts. I didn’t know anything about credit cards – if you asked me what my APR was or the cost of cash advances I would have tried to decipher my credit card statement, but still come up empty handed.

In 2010, the Credit Card Reform Act , in conjunction with Dodd-Frank, aimed to make understanding the responsibility of credit card debt easier. Some of the additions affect current card holders, such as clear and succinct statements and fee structures. The federal government has also added protections for underage consumers. If you are under 21, you will need to show that you are able to make payments by independently earning income, or you will need a cosigner, in order to open a credit card account. If you are under age 21 and have a card with a cosigner and want an increase in the credit limit, your cosigner must agree in writing to the increase. There is also an inducements regulation that states lending institutions can no longer attach free giveaway items to any application process or other obligation. They can still give stuff away, just with no strings attached. Now you can grab a slice of pizza without signing your name!

Luckily, I reached out to my personal banker to ask questions about how to manage my credit card debt before it got out of hand. He shared some great tips that I’d like to pass along to you.

Pay on time. For me, that meant setting up auto-payments.
Read your cardholder agreement. It will give you information about fees and finance charges.
Understand the APRcharged on your unpaid balance.
Know your credit limit. Stay well under it.
Set a budget and curb impulsive spending.
Review your credit report at least once a year. It’s free!

Credit has benefits and risks, so understand your options before taking on the responsibility. You have a great opportunity to build a solid credit history. Speak to your lending institutions and your personal banker to clarify any questions you may have. If you’d like to read more about the changes made by the federal government, check out: http://federalreserve.gov/consumerinfo/default.htm

Habits that can help make your internship a success

2013-06-11T15:00:02Z

If you’re starting an internship this summer and want to stand out, there’s a simple way to do it, no matter what assignments you’re given: demonstrate the work habits of a pro.

Be prompt. Being on time is the first rule of business. If you’re someone who tends to run late in your personal life, don’t let it spill over into business. Be at your desk a couple minutes early each day, ready to work. Be on time for meetings and don’t leave work early unless you first clear it with your manager (and keep the leaving early to a minimum). Do this even if others in your department straggle in later or leave early. Remember, your goal is to be noticed for all the right things. Promptness does get noticed.

Dress professionally. This is the time to ditch the college wardrobe of flip flops, torn jeans and t-shirts. If there’s a dress code, don’t bend the rules. Even if your office is casual, always keep it tidy and a step above your everyday clothes. Take your cues from the managers about how to dress for your office. You may not have a lot of money for work clothes, but it is time to start building a professional wardrobe. Think put-together and polished at all times.

Meet deadlines.You may find obstacles in the workplace that keep you from moving ahead on projects. If this is the case, don’t sit back and wait. Be proactive to keep your projects on time, whether that’s dropping a friendly email to get needed information from a co-worker, or talking to your manager about how to prioritize.

Ask questions. Don’t be afraid to speak up with questionsabout any projects on your plate. If you have industry-related or company-related questions, check in with your supervisor. Inform yourself as best you can on your own, but asking questions shows you’re interested in your job.

Accept a challenge. When you have a chance to step up, do. Your internship may only be a few months long, so if the opportunity arises to be involved with something unique or challenging, take it. You’ll learn more than you will by hanging back.

Remember, work is work. Focus on your job while you’re at work. Stay off social media and your smart phone and avoid personal web surfing. Take care of personal communication during your lunch hour or breaks. If you have down time, ask for more projects or do some industry-related reading or research.

If you’ve already completed an internship, or have interns in your workplace, what advice do you have for making it a success?

Toilet paper ain't cheap...

2013-06-06T15:01:23Z

We are beginning the month of June and for some, your first year of college is coming to a close. Think of how you have grown in the past year and how much you have accomplished! It may not seem like a huge deal, but living on your own is a big step to becoming independent, and the first year in college is where it starts for many of us. It’s funny, because looking back on my time in school there is probably nothing I would change. The experiences have made me the person I am today and I have no regrets. However, if there is one thing I would probably re-consider it would be moving off campus for my 2nd year.

Although I actually enjoyed living in the dorms, I couldn’t wait to move out and get an apartment. To be honest, I am not sure why. The best thing about dorm life is that for the most part everything is included! There are no bills for electricity, gas, garbage collection, water, cable, etc. You get a meal plan which allows you to eat 3 square meals a day…and usually as much as you want… with dessert. Because you don’t have to clean up after meals, or for that matter your bathroom and other common places, your chores are limited. You are responsible for your little piece of the world and that is it. The lure to move off campus into an apartment is usually the belief you can save money and have a nicer place. I think it’s more our desire to take the next step towards independence. This means taking on more responsibility that you did not have while living in the dorm. All of a sudden you have bills to pay because electricity, gas, phone and cable are not included. When you are hungry, you have to make a meal and then clean up after it. When you clean, you will need supplies to make everything nice again. Then it’s the things like, paper towel, light bulbs, salt, pepper, toilet paper, etc. The items that were provided for you in the dorms, you are now responsible for.

All of this adds up, and it’s not just the monetary cost that is associated with maintaining an apartment. It is the time associated with the maintenance that people overlook. When the smoke detector starts chirping because it needs a new battery at 3:00am, it’s up to you to drive to the store to buy that overpriced 9 volt battery. So what does the dorm give you that apartment life does not? In my opinion, it gives you peace of mind and less distractions, and as a student it’s hard to put a price on that.

There is nothing wrong with taking on more responsibility if you are able to but there is also nothing wrong with putting that off for one more year. The extra year in the dorm might not be the popular or the exciting decision, but it may be the wise decision. It gives you another year to concentrate on school without the added distractions. The first two years of college are the hardest, and research shows that if you can make it to year 3, the likelihood of you graduating substantially increases. So why not do whatever you can to limit the distractions and increase your likelihood of graduating? Apartment life will always be there and should be a better experience with the added year of maturity. In my case, the lowest grades I made in college were during my 2nd year while living off campus. It is amazing how quickly one grade can lower a GPA. Even more amazing is how much work it can take to raise it back up.

When it is all said and done, everyone has a different situation and motivation for moving off campus. So do what is best for you and your situation. However, if you are on the fence really do consider staying a second year. What you are paying for is “peace of mind.” Society seems to be always making people grow up faster than they need to. There is nothing wrong with taking on more responsibility if you are able to, but there is also nothing wrong for putting that responsibility off for one more year.

I was not prepared for all of the additional responsibilities and distractions that came with living off campus. No one really explains this to you, and to be honest if they did I didn’t listen. If I had to do it all over again, I would probably opt to stay another year on campus and would advise any 1st year student to do the same. Why? ’Cause toilet paper ain’t cheap my friends.

How to Find Free Money--The Scholarship Hunt

2013-06-04T15:00:16Z

According to a 2012 College Board report, the average cost per year for a 4-year degree at a state-sponsored school currently runs $22,261 for in-state students and $35,321 for out-of-state students. While college can be one of the best experiences in your life, it can also be one of the most expensive.

Applying for scholarships is one way to help you reduce your out-of-pocket expenses and ease the financial burden of earning your degree. The more money you can get in scholarships, the less you’ll need to borrow. These resources are popular among students, with 88 percent of freshmen at private universities getting scholarships or grants in 2011.

Scholarships are awarded from universities, nonprofit organizations, corporations, and private individuals. When it comes to scholarships, you should start searching early and be persistent. Here are some helpful ways to find scholarships:

Do your research
There are various tools for locating available scholarships. Online, you can do a simple keyword search or use free scholarship search services such as Fastweb, a service where you can create a personalized profile. You can also check out scholarship reference books in a library or bookstore. Make sure you locate the most current edition. And remember, there are many different kinds of scholarships. Some are merit-based, while others focus on what a student’s interests are. Take the time to research and apply.

Visit your high school counselor
Counselors can give you directions for what types of scholarships you should apply for. By learning about your talents and interests they can identify scholarships that are well-matched for you.

Visit your college resource center
If you know where you’re going to college, be sure to talk with the financial aid office and see if they can help you with your search. The admission’s office may be able to help you determine if there are any school-specific scholarships.

Be community-minded
Check with your local newspaper, community organizations, and your parents’/guardians’ employer. Religious organizations, banks, or other civic organizations often offer scholarship programs. For example, the Wells Fargo’s CollegeSTEPS^SM sweepstakes offers high school and college students the chance to win one of 40 $1,000 cash prizes to pay for college or other expenses, when they enroll in the CollegeSTEPS® program to receive education related resources.

Beware of scholarship scams
Scholarships are "free money," so you should never have to pay money to get them. Watch out for scholarship scams or companies that require a credit card number just to perform a search. Save the money and do it yourself.

Once you line up some scholarships or grants to apply for, take careful note of the due dates, and work on them accordingly. Give yourself plenty of time to devote to the scholarship hunt and application process. It may seem like a lot of work when you don’t have a lot of time to spare, but in the end, it’s worth it to secure college money that doesn’t need to be repaid.

To learn more about paying for college, visit https://www.wellsfargo.com/student/planning/scholarships/ and for more about financial aid, visit https://www.wellsfargo.com/student/five-steps-financial-aid.

Summer Abroad

2013-05-30T15:00:19Z

When I was in high school, my best friend and I decided that we really wanted to study in France , so we pushed our French studies, researched exchange programs with our teachers and school counselors, and went through a series of applications and interviews. When we were finally packing up to go, my dad had thought of one thing we hadn’t: foreign currency. He gave me a small amount of francs to cover any travel costs, including those that I’d have to pay when I first arrived.

A lot has changed since then—including the French currency—but one basic remains the same: if you are getting ready to travel to a foreign country, it is in your best interest to have some of that country’s currency in your pockets when you arrive. Most banks offer currency exchange services, although some require you to order a few days in advance. Look at your bank’s rates and terms—for example, some banks waive fees for customers with accounts. When researching rates, keep in mind the rates published in the newspaper or on web sites typically show inter-bank exchange rates that are used for electronic transfers of $1 million or more. They are not the rates you will receive when you purchase foreign currency for travel. Use this time to get familiar with the general level of the current exchange rate, as well as the currency itself.

While planning your trip, take time to look into the fine print on your existing debit and credit cards. Some cards offer access to a wide range of ATM networks, so that you can withdraw cash at the bank exchange rate (generally the best rate you can find), and some have high fees for withdrawing from out-of-network ATMs or steep currency exchange fees that you should note. If you can figure out which cards you will use ahead of time, and the terms that will apply to your transactions abroad, you may avoid surprises later when you receive your card statements.

Every place that you exchange currency will charge you, either in upfront fees or built into the exchange rates they offer, or both. Make sure that you are aware of these fees and costs, and plan accordingly. The traveler’s checks that I used in high school are no longer always the best way to go. They offer safety for carrying money with you, but the exchange locations for converting them into cash can be few and far between (with long lines to boot), and they may still charge a fee to exchange them, even though you usually have to pay a fee upfront to obtain them.

The worst places to change money are usually the Cambio booths at the airports or in very touristy parts of town. Use these only when you have no alternative, and avoid them as much as possible.

In our recent article, “How I wish I had spent my summer vacations,” several of our bloggers reminisced about time they had spent abroad, or wished they had. Travel can be a wonderful, eye-opening experience that changes your perspective. With a little extra planning, you’ll be able to focus more on the cultural experience, and less on the line at the Cambio.

Loan Forgiveness -Totally Easy, Right?

2013-05-28T15:00:46Z

I’ve been asked again and again at college visits and financial literacy seminars, “How do I get my student loan debt forgiven?” Or worse, “I don’t have to worry about taking on more loans for more degrees. I’ll get the debt forgiven.”

Many students have been misled by the media coverage around loan forgiveness. They have heard (incorrectly) that having your student loan debt erased is easy and happens quickly. Here’s the loandown on what it takes to have your student loans forgiven. This is information you can take straight to the bank.

Loan forgiveness may not apply to private lenders. If your private student loan lender offers loan forgiveness, it is typically given only in extreme circumstances, such as the borrower’s death or total and permanent disability.
Teacher Loan Forgiveness program is available for loans in the federal loan programs -- Direct and Federal Family Education Loan Program (FFELP) loans. Borrowers have to meet the criteria for when the loan was first disbursed, where they teach, and how many consecutive years they teach in an eligible school. Also, the forgiveness amount is capped at $17,500. This does not include PLUS loans.
Public Service Loan Forgiveness is only available for Direct Loans. Among other criteria, you must have made 120 payments for the full scheduled amount on or after October 1, 2007. You also have to be employed full time in a qualifying public service job.
Perkins Loan Cancellation and Discharge has many variables and has no standard application – you need to contact the school that made the loan to you.
Federal loans under certain repayment plans – such as Income-Contingent Repayment (ICR) or Income-Based Repayment (IBR) – may be eligible for forgiveness after 25+ years of repayment. The forgiven amount may be taxable.

You can find out a lot more about the loan forgiveness programs for federal student loans here: http://studentaid.ed.gov/repay-loans/forgiveness-cancellation .

Remember too, student loans are only dischargeable in bankruptcy in extremely rare cases. You have to meet the high thresholds for undue hardship before the court will consider discharging them.

I’m going to stress the importance of understanding your finances, loan agreements and repayment plans. Sit down with your school financial aid officer, personal banker, or loan servicer to clarify any questions you may have. Unfortunately, I have never met a student loan borrower who has had their loan forgiven.

Advice from a Working Mother...to Her Younger Self

2013-05-23T15:00:46Z

Last month, I attended a City Arts lecture featuring Sheryl Sandberg, the ubiquitous COO of Facebook and author of Lean In: Woman, Work and the Will to Lead (full disclosure: I have not yet read the book*).

The release of the book and Ms. Sandberg’s subsequent book tour has sparked a flurry of public discourse on whether women really can “have it all” (and what that actually means). But rather than be yet another talking head in that debate, I would like to share the theme from her book lecture that resonated with me the most, and something I wish I knew a long time ago.

“Don’t leave before you leave.”

Ms. Sandberg told the story of a young woman at Facebook who peppered her with questions about how she balanced her work and family. As it turned out, this employee was not only not pregnant, but was not married and did not even have a boyfriend!

Like the woman in Ms. Sandberg’s story, I started thinking about having a child (and the implications of that on my career) way too early. In 2011, when I was debating a move to the next level in product management in a group that was much more fast-paced than my current team, I hesitated. My husband and I had started thinking about having a child, and I found myself wondering, “What if I get the job? What if I got pregnant right after? What if I can’t handle raising a child while in this new job?!”

I ultimately accepted the position after a wise person (also a working mother) asked me simply, “Would you be wondering this if you were a man?” She was absolutely right. Why was I setting limitations on my career based on something that wasn’t even close to happening yet? Even if I did get pregnant on the first day in my new role, I still had a full nine months before I went on leave!

As fate would have it, I did get pregnant later that year, and had my son last June. But I am so glad I decided to step outside my comfort zone to take a position that has been equally demanding and rewarding. Was it hard returning back to work after a four-and-a-half month maternity leave? Absolutely. But that would’ve been true in any job, new or not. Has working full-time while raising a child been challenging? Of course! But first-time parenting is a crazy, wonderful, ridiculously fulfilling experience, and is a challenge no matter who you are and what you do.

While it’s obviously too late to tell my younger professional self to stop planning for things that haven’t happened yet, it’s still advice that I take to heart as my husband and I consider having another child. That’s still a ways away, but even if it wasn’t, I’ve already made a commitment to myself not to leave before I leave this time around.

* For those of you (men and women) who are interested in what Ms. Sandberg has to say but aren’t able to read her book, this TED Talk is a great “cliff notes” version: http://ed.ted.com/lessons/sheryl-sandberg-why-we-have-too-few-women-leaders

How I wish I had spent my summer vacations

2013-05-21T15:00:04Z

Summer vacation is something that we all look forward to. Some of us plan our summers down to the last detail, and some fall into it as a welcome relief from plans. There are several summers from my college years that I wish I could do over with the knowledge that I have now, including the one where I turned down an internship opportunity at the same firm as the previous summer, thinking that I could get more and better experience by spreading out my internship experiences. If hindsight is 20/20, let our bloggers take you on a keen-sighted tour of what they would have done differently.

What would you have done differently with your summer breaks?

Veronica
This is going to sound totally unbelievable, but I wish I had applied for summer internships so as to better prepare me for the “real” world. Since I only worked in retail and on campus prior to graduating, my first office experience was my first job out of college. I think it would’ve been a lot easier to transition (and less steep of a learning curve) if I’d had some experience prior to leaving school.

Caroline
My summer vacations during college were mostly focused on making as much money as possible to get through the next semester. I worked in a meat processing plant one summer, was a nanny the next summer, and during the summer of my unpaid internship, I worked two jobs. As I look back on it, I might have been better of focusing on gaining experience related to my major, rather than just making money. As a journalism major, if I had spent my summers working for a newspaper or radio station, I might have gained some valuable experience and contacts that could have made my transition to the working world go a lot more smoothly.

Juanita
I worked full time over three of the four summers I had during college. My favorite was the summer before my senior year. While most of my friends were vying for internships, I took on a study abroad program in Italy. I had always wanted to study abroad, but couldn't afford to take a year away. That trip changed me - I learned so much and made great memories. It gave me the courage to take a job in Korea after graduation. I only wish I could have experienced that the summer before I started college and every summer I had after that. I hope you get the opportunity to go abroad to study, travel or work (or even better - all of the above!).

Trang
If I could go back to those long gone summer days, I would spend time living abroad for the summer months. I would love to immerse myself into another culture and environment for the experience.

Graduating seniors' checklist

2013-05-16T15:00:51Z

If college graduation is nearing for you, you’re probably busy studying for finals, packing and sending out resumes. That’s a full plate for anyone, but you should also take a few minutes to gather a few things before leaving school.

Student loan information: as you’re packing up, take a look through any student loan paperwork you’ve saved. Make sure you know what loans you borrowed during school, what your total repayment amount will be and when repayment begins for each loan. If you have questions about any of these things, contact your financial aid office.

Financial aid office contact information: take note of your financial aid office’s address, phone number, and email if they offer it. It’s probably available on your school’s website, just be sure you know where to find it. You may want to contact your financial aid office down the road if you have questions about your student loans.

Professors/employers/mentors: did you have a professor, employer or mentor during college? If so, be sure you have their contact information before you leave school. You may want to get in touch with them in the future for advice, a job reference, or just to keep in touch.

Record your addresses: you might be surprised how quickly you forget the address of the place you lived for two years. But you may need that information when you rent your next place—you often need to give a few years’ worth of past addresses when you rent a new apartment.

Copy of your transcripts: you may need these for future employment. If you don’t get an actual copy, at least take note of the office that provides them, so you don’t have to hunt it down when it’s time to send them.

For those of you who have recently graduated, is there any other helpful information you wish you’d taken with you when you left college?

7 Great Apps

2013-05-14T15:03:12Z

Excel in and out of the classroom by using your smartphone to its fullest potential. You already take notes via Evernote, but now you can catch the TED talk and impress your professor. Keep in touch with your friends and family through Skype and FB Messenger? Invite them to watch a concert IRL next week. When everyone opens up Yelp to figure out the best place to grab lunch, you’ll be saving money with Scoutmob. Be ahead of the pack with these 7 apps.

LIVE MUSIC SANS HEADPHONES - Bandsintown
This app synchs with the music in your library, as well as your Facebook likes and Pandora/Spotify/Last.fm playlists, to create a customized list of concerts in your area so you never miss another live show. No reason to dance in your room alone, now you can make it to the dance floor with your friends. Free

LOCAL GOODNESS FOR LESS - Scoutmob
Servicing 13 major cities, Scoutmob is a treasure map for local deals, events and restaurants in your neighborhood. They source locally-owned shops and give you the deal instantly. Take a picture with their in app Stache Cam while you enjoy 50% off brunch. Free

STAYING ALIVE – Zombies, Run!
Feel like saving the world from an apocalypse while getting in your cardio? Zombies, Run! is an ultra-immersive running game and audio adventure, co-created with award-winning novelist Naomi Alderman. The story is delivered straight to your headphones and makes running a little more entertaining. $3.99 or $1.99

MASTER CLASS – TED
Stay up to date with over 1,400 TEDTalks by leaders and innovators in every industry at your fingertips. You can search for the Sheryl Sandberg discussion that fueled her best-selling book, or let the app suggest talks that will inspire you. Get distracted by something that isn’t focused on crushing candy. Free

DON’T HATE, GET EIGHT - Sleep Cycle Alarm
Tired of being tired? The sleep cycle alarm uses the accelerometer in your phone to determine when to wake you within a 30 minute window. During the night, you’ll go in and out of REM sleep which your regular alarm clock doesn’t care about. Sleep Cycle will make the most out of your eight hours so you’ll be bright eyed and bushy tailed. $0.99

NEXT LEVEL - Urban Daddy
In 16 cities and counting, Urban Daddy will act as your digital concierge to find the perfect place according to who you’re with and what you want. Answer a few questions and Urban Daddy will suggest the next move for you and your very cool entourage. Free

READ YOUR FEED - Feedly
Stay up to date without staying up all night. Feedly is an RSS reader with a beautiful user interface and is the best replacement for Google Reader (which is sadly going offline 7/1/13). Sync with Facebook and transform your web sites and blogs into a feast for your eyes. Free

5 Quick tips to loan repayment

2013-05-09T15:00:37Z

As May approaches, senior across the country are getting ready to graduate from college and move into the next stage of their lives. As exciting as this sounds the realization of “being a grown up” starts to creep in. For those of you who borrowed money, you will also start getting information about what student loans you have outstanding and when your first payments are due. This can be very overwhelming and adds to the anxiety you may already be feeling. Here are some quick tips to help you make an easier transition into loan repayment.

Be responsive. Open all of your mail and read it! As crazy as it sounds, this is a big one. Much of this correspondence will give you pertinent information about where your loans are, when the first payment is due and any additional steps you need to take. Not knowing you had a payment due, because you did not open your mail, is not an excuse.
Ask for help. Take all the information you receive and make an appointment with your financial aid officer. They can compare your documentation to what they have on record to make sure there are no mistakes…or more importantly to make sure you are not missing anything. It is common for loans to be sold to other agencies and fall through the cracks. It is your responsibility to stay on top of where your loans are. Also, if you are going back to school, currently unemployed, transitioning to a new city for work, etc. they can give you information on how to best manage your loans.
Reach out. Get in touch with your lender to make sure your contact information is correct. Many times students use their local address and school email on their loan applications. After they graduate and move, the mail is not forwarded or the email address is cancelled. Again, it is your responsibility and in your best interest to stay in contact. As issues occur, your lender can’t provide assistance if they can’t get in touch with you. Not to mention, they can’t help if you do not ask for it. There are options available for both federal and private loans to help you through the tough spots. The earlier a lender knows about your situation, the easier they may be able to help.
Look for opportunities to save. Take some time and research opportunities to get a portion of your federal loan forgiven in-trade for things like teaching science in underserved communities. There are several of these programs, and it never hurts to see if you qualify and are interested in participating in the program. You can also contact your financial aid counselor for additional guidance.
Plan ahead. Most student loan programs come with a grace period after graduating that can range from 3-9 months depending on the loan. During this period you are not required to make payments on your loans. Use this time wisely to make your loan repayment easier. As stated before, make contact with your lender, make sure you know where all of your loans are located, make sure your contact information is current and accurate, etc. It is better to handle any issues and get everything straight during the grace period than it can be once you enter into repayment. Create a budget that includes your student loan payment and start managing your money towards this budget now. This will get you in the habit of making the payment earlier so when the actual first date comes around you are better prepared for it.

You are responsible for repaying your student loans based on the agreement between you and whomever you borrowed the money from. The more proactive you are about contacting your lender, the easier this stage of your life will be.

Stepping Out of the Classroom and into the Office

2013-05-06T19:00:13Z

Tips for a Smooth Transition:

Making the jump from class to cube? Make sure that you start your career on the right foot. After all, you never get a second chance to make a first impression, and there are so many things that can derail your interview for the perfect job before it even starts. Here are some tips to make sure that you don’t commit a faux pas prior to getting your foot in the door.

Online Profile
I know you’ve heard of the importance of keeping your information private online. Now is the time to look through your Google high SEO posts, pictures, blogs and comments with a fine tooth comb. The importance of an online presence is increasing, so more and more recruiters are looking to the internet as a source of information about you. According to do Zuckerburg’s Law , the amount of online data about you doubles each year. Become the curator of your online life – turn up the privacy settings, cut the fat, and make sure your LinkedIn picture isn’t a selfie.

Visit a Tailor
Time to retire the high school softball hoodie. Jeans will most likely be relegated to the weekends. If your closet only consists of the one suit you picked up the day before your first interview, you need to follow my advice. Walk over to your nearest trusted tailor and have your suit and any dress pants you own, tailored to really fit you. A $30 dollar adjustment will make you look like a million bucks. Trust me.

Become the Career Center Mayor
One of your best resources is your school’s career center. The counselors are armed with tons of knowledge about life in and out of college. Take special advantage of the amenities you’ll have to pay for in real life: resume review, interview skills and practice, info on first year alum at companies that interest you, etc. CCs also may offer discounts for professional clothing outlets and trade associations.

Dotting Your I’s
You’re prepped to make the best possible first impression, so ensure you’re leaving a lasting one. Pick up solid resume paper, preferably a high percentage of cotton and 32lb weight. Find good Thank You cards, classic white or ivory will convey the correct message. Remove the ringback song on your phone (no more LMAO while they wait) and ensure your voicemail message is clear and professional. Fine, keep your OG coolguy1992@yahoo.com email address, but create a new one with your first and last name to use for professional purposes.

Take a deep breath and get ready for your next big step!

Travel on a budget

2013-04-30T23:59:56Z

Travel is a great way to expand your cultural horizons, meet new friends and reconnect with old ones, but it can get expensive. How do our bloggers do it without breaking the bank?

For those of you who are traveling overseas with a group of friends, I would suggest renting apartments instead of hotel rooms. I travel with 3 other friends and we have found the apartments to have more space, free Wi-Fi and cheaper than getting 2 hotel rooms. Although this seems to be changing in some places, the apartments usually don’t include the high tax rate that hotels carry.

The locations are right in the heart of where you want to be, and you can save money by cooking your own meals and doing laundry (if washer and dryer are included). Most places include free Wi-Fi, or at the very least a computer available to use which is a huge plus--and savings, too. Also, you get great local information from the owners.

We have used most of the popular sites like www.homeaway.com; www.airbnb.com and www.vrbo.com with good success when looking for place for 4 or more nights. For less than 4 nights, www.craigslist.com has been a great resource using search for vacation rentals by owner. Many of these will have a broker, but we have found them helpfully for finding and negotiating apartments for less than 3 nights. The rules we follow are: do not pay for the entire stay upfront; an acceptable deposit rate of no more than 1 night (unless through one of the sites); and there must be recent pictures of every room.

If you are planning on hopping around a lot, this may not be a great choice. However, if you are staying in one city for a week, I highly suggest considering the option.

Veronica
Look at condo options at your vacation destination as opposed to a traditional hotel room. Condos come with fully-equipped kitchens, which means you can cook and don’t have to dine out every meal. A two-bedroom or three-bedroom condo split amongst a group of friends often ends up being much less expensive than everyone getting their own hotel room, and also provides a place to hang out after a night out!

Juanita Soranno
Check out Couchsurfing and ASW. These are great resources to meet locals where you'll be traveling! Don't over plan your trip. If your itinerary reads more like a meeting agenda, you'll miss the out on great spontaneous opportunities that may present themselves. I traveled through Thailand and was able to get my scuba diving certification and attend the Half Moon Festival, all because I didn't schedule myself to the minute. Increase your potential for adventure!

Trang

While some of you out there may not appreciate this tip, bunking with family is always a great way to save while traveling. I’m lucky to have family that is spread out on several continents, including both coasts (West and East), Europe and SE Asia. If I’m looking to save a few $$$ on lodging, I could simply choose one of those destinations to travel to and I have. So go out there and look up your long lost 3rd cousin and save some dollars while traveling!

How do you save money while traveling?

Taking exit counseling seriously

2013-04-19T21:00:01Z

Graduating college seniors, you probably have a lot on your mind as this final semester of your college career winds down.

No doubt you’ve got finals looming and you’re probably deep in job-hunting mode, not to mention the fact that you probably have to pack up and move in the next few weeks. And there’s one more pesky item that should be on your to-do list if you have a federal student loan: complete your exit counseling session.

If you have a federal student loan, completing your exit counseling session is a requirement. If you have private student loans, it depends on the lender and/or your school as to whether it’s required. I had federal student loans, and when I was a graduating senior, students had to attend these exit sessions in person. This was B.I., of course (Before Internet).

Today, you can sit in the comfort of your dorm or apartment and whiz through your exit counseling session online while in your jammies. And in an effort to cross one more thing off your list, you may be tempted to get it done quickly, without paying much attention to the content.

But please don’t.

Trust me, there will come a day, maybe only a few months down the road when you’ll wish you knew a little more about your student loan. Repaying your student loan is a big responsibility—this time it’s critical to pay attention to the details.

But the exit session is not just about what you have to do. You also have rights as a borrower, and it’s important that you understand them. What if you need to postpone your payments and want a deferment or forbearance on your federal student loan at some point? Is loan consolidation right for you? (Remember that you may not be able to get the same repayment plans, deferment options, loan forgiveness, etc. with private student loans as you do with federal student loans.)

These are just some of the questions that exit counseling can answer for you. So take the time to walk through it carefully and pay close attention. It’s information that you’ll want to know.

Understanding Financial Aid Award Letters: Comparing Costs

2013-04-17T15:00:07Z

The average cost of college tuition and fees in 2012 ranged from $8,655 a year for in-state students attending a public, four-year college, to $29,056 a year for students attending a private, nonprofit four-year institution. Yet, a September 2012 survey showed that a school’s cost was the student’s fifth most important consideration when deciding where to attend college. Students also indicated a need for support from a variety of funding sources; more than half of students surveyed borrow from the federal government or a private lender to cover their costs.

These statistics show that a school’s price tag is actually a very important factor when choosing a college. When comparing college costs, one of a student’s first steps should be filling out the FAFSA (Free Application for Federal Financial Aid). Then, in late March and early April, students and their families begin receiving back financial aid award letters from the colleges they’ve applied to. These letters provide the details related to the estimated cost to attend the school, the expected family contribution, and your financial aid award package. This package includes grants, scholarships, work-study, need-based and non-need-based loans.

If you’ve been through this process before, you’ll notice your financial aid letter may look different this year. In 2013, colleges have the option of using the U.S. Department of Education’s new Financial Aid Shopping sheet. Many of the elements contained in this new form are the same as a school’s own financial aid award letter, though the standardized format should make it easier for students and their families to compare their options and review elements such as grant and scholarship amounts, net costs, graduation rates, loan default rates, median borrowing and estimated monthly loan payments after graduation. And, as of March 2013, the Department of Education says close to 700 schools are voluntarily using the new form for the 2013-2014 award year.

After you receive either the Financial Aid Shopping Sheet or your financial aid award letter here are some additional steps to help you make informed decisions about how to pay for college:

Determine additional expenses

Consider all funding options to cover costs of college after reviewing award letter including grants, scholarships, institutional awards, Federal Work Study, Federal Perkins Loans and/or Federal Direct Stafford Loans.
Be realistic about your budgeting needs. You only want to borrow what you need – not too much and not too little. Creating a budget starts with monitoring and documenting your spending relative to your income to determine how these patterns will translate to college life.

Explore your additional financing options

Tuition payment plan
Instead of paying your tuition bill in one lump sum each semester, if offered by your school, you can enroll in this plan to make smaller, manageable installment payments. This plan can be used on its own, or combined with financial aid including student loans.
Federal Direct PLUS loan for parents
This loan is available for parents of dependent undergraduate students. This loan can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but the parent’s debt and current income is not considered.
Federal Direct PLUS loan for graduate and professional students
This loan is available to graduate and professional students and can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but the student debt and current income is not considered.
Private (or alternative) student loans
These loans are made available to students through banks and other private lenders. These loans can typically cover 100 percent of the remaining costs of eligible education-related expenses. Full credit underwriting is required as well as a debt and current income. Most students will need a qualified cosigner to meet credit eligibility requirements.

Know your deadlines and compare your options

Pay special attention to the college application deadlines to make sure that you can take full advantage of these opportunities.

For additional information on financial aid resources, visit https://www.wellsfargocommunity.com or https://www.wellsfargo.com/student/