Since it's Earth Day  today, I thought I'd share with you a new Wells Fargo initiative encouraging folks to "go green" with online only statements.

It's actually quite cool: To be automatically entered for a chance to win some green — one lucky winner will claim the grand prize of $25,000! — sign up for online only statements for all your eligible personal and/or business accounts (student loans included) by June 10. Check out the Sweepstakes Rules for all the necessary legalese including how to enter for free.

Why go paperless? Well, because you'll be part of an effort that saved over 180 tons of paper in 2007 ¹. From manufacturing to disposal, the benefits of eliminating that much paper adds up in some pretty dramatic ways. Last year, customers who signed up for online only statements helped the environment by:

• Saving 562 tons of wood, the equivalent of 3,888 trees

• Conserving 6,605 million BTUs (British Thermal Units) of energy, enough to supply energy to 73 homes for a year

• Eliminating 4,686 pounds of sulfur dioxide, the equivalent of taking 852 18-wheelers off the road for a year

• Cutting 986,290 pounds of greenhouse gases, the equivalent of taking 90 passenger cars off the road for a year

• Eliminating 2,146 pounds of particulates, the equivalent of taking 192 buses off the road for a year

• Saving 3,276,032 gallons of water, enough to fill 5 large swimming pools

• Eliminating 389,877 pounds of solid waste, enough to fill 15 full-sized garbage trucks

Plus, if you're anything like me, going paperless also helps you be more organized. I receive very few paper statements at this point in my life, so with pdfs  of my online statements stored on my home computer (and, of course, responsibly backed up on my portable hard drive), everything's in one place and easy to find.

Small step for you, big victory for our planet!

¹ Statistic used for comparisons based on research done by the Paper Task Force. For more information, contact Environmental Defense at www.papercalculator.org .

Posted by Staci at 09:52 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Banking, Environment, Financial education, Wells Fargo Bank

Editor's note: Peter Kim is our first official guest author on the Student LoanDown blog. A graduate of the University of California at Riverside, Peter is a Client Relationship Officer with Wells Fargo International Personal Banking. He enjoys telling people that the word "eater" is in his name! (SS)

You've probably seen it: the Southwest Airlines commercial  with two young men enthusiastically playing a baseball video game. The batter raises his controller, getting ready to swing and then…CRASH! His friend hurls his controller into the really expensive looking flatscreen television, which falls off the wall and shatters the glass entertainment center.

"Ding! Want to get away?"

That ad makes me think about the last time I actually had a chance to "get away." I was in my last year of college, and my school had what they called the UC Education Abroad Program  — an opportunity for students to attend strong academic programs at over 150 universities in nearly 50 countries such as Barbados, Brazil, Chile, Costa Rica, and South Africa. Pretty cool, right?

Unfortunately, even though I wrote a great five-page thesis on why I was worthy of the program, I missed the application deadline — and my opportunity "got away."

However, my really smart friend Jane did not miss the deadline and traveled for six months to Korea  (our homeland by blood) to study. I was so jealous of her experience — all the beautiful places she visited, the different types of mouth watering foods she got to eat, and blah blah blah.

But one aspect of her trip that proved challenging for her was managing her finances. At one point she lost her ATM card, went through a dramatic ordeal trying to get a new one, ran low on cash, and had to do jumping jacks just to get money from the US.

Has that ever happened to you? If so, or if you're planning a trip soon and would like to guard against that sort of hardship, you might want to think about an International Personal Banking (IPB) program. It's designed exclusively to handle the financial needs of our international clients, including students!

IPBs offer virtually all of the same consumer products as the retail branch — such as checking, savings and time deposits, with dedicated, multi-lingual Relationship Consultants (like me) to help you with any issues in regards to your bank accounts. IPBs even allow you to send wire transfers without actually having to go into a bank!

What's all that mean? Well, my friend Jane could have managed her funds from her Wells Fargo account as she needed them and had me rush an ATM card to her wherever she was in Korea!

Have you ever experienced anything like Jane while traveling? Share some of your crazy travel stories with us!

I'll get you started with some famous advice from Susan Heller: "When preparing to travel, lay out all your clothes and all your money. Then take half the clothes and twice the money."

Posted by Staci at 03:30 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Banking, Checking, Credit cards, Debit cards, Financial education, Looking back, Preparing, Travel, Wells Fargo Bank

Check out this latest question we received through our Ask the Expert tool from Lynette, a concerned mother:

My daughter just received an application for a Stafford loan and they told her she would need to find the financial institution number and find her own lender. How do we go about that? She banks with Wells Fargo and would like to do the student loan with you.

A question like Lynette's is becoming more common these days. Many college and university Financial Aid Offices have moved away from recommending specific lenders, so often students and parents need to do the research on their own.

Once you've completed your FAFSA  (Free Application for Federal Student Aid) and decided on a lender, the actual application process can seem daunting — but it doesn't need to be. A good place to start is this step-by-step guide that outlines exactly what you need to do to choose Wells Fargo as your Federal Stafford Loan lender and begin the application process.

Here are the basics:

1. Let your school know that you want Wells Fargo to be your lender. You'll probably be asked to provide a lender code. Wells Fargo's lender code is 807176 (in all states except Utah, where our lender code is 813894).

2. Ask your school's Financial Aid Office if they have a preferred application process (some schools do).

3. Most likely, your school will tell you to apply online for a Wells Fargo loan.

4. If at any point in the process you need help, call our student loan center at 1-800-658-3567.

It's really pretty simple — and we're here for questions along the way!

BTW, whenever I see the Wells Fargo lender code, the classic 80s song "867-5309/Jenny"  by Tommy Tutone immediately pops into my head. Can't you hear it? "Eight-oh-seven-one-seven-siiiiiiix…"

Posted by Staci at 11:47 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Banking, College, Federal loans, Financial aid, Financial education, Parents, Paying, Student loans, Tuition, Wells Fargo Bank

I recently came down with the cold/flu bug that everyone seems to be sharing this month. While glued to my couch with my "supplies" (Odwalla , applesauce , Emergen-C , biscuits  and soup ), I watched an unhealthy amount of television &mdash including every episode of the incredibly lame addictive new Bravo show Millionaire Matchmaker . The main dame, Patti, is really passionate about her business and is pretty straight-up with her approach to matchmaking.

What got me thinking were these love-challenged millionaires. What are they doing to make their millions? What are they doing to be financially successful? But clearly that's not what the show is about.

As for the rest of us "common folk" and millionaire wannabes, I myself have been trying to be a little more disciplined about saving money lately. Wells Fargo tells me the easiest way is to make it automatic. So I did. Check out My Savings Plan. (Not mine, but how to set up yours.)

What you do is create an automatic transfer from your checking to your savings every month. Or, separate from My Savings Plan, if you have direct deposit, you can divvy up your paycheck to have some go into checking and some going into savings, automatically. Money you don't see in your checking account is money you won't spend, right?

On that note, if you are really into tricking yourself with the whole out of sight, out of mind bit, you can alter the look of your online banking accounts. If you click on the "Account Services" tab, then select "Remove Accounts" (under "Account Information"), you can actually hide your savings account from yourself. You are not cancelling your account &mdash simply removing it from your view. (And you can always add it back just as easy.) This way, you know how much you are saving in your head and on your monthly statements, but it's not staring you in the face with every online session taunting you: I'm liquid savings and can easily be yanked out to buy an iPhone  .

Yes — automatic savings gets a bravo in my book!

Posted by Rachel at 09:54 AM |  Contact Rachel |  Permalink  |  Comments (0)
Found in Banking, Financial education, Money management, Online banking, Saving, Wells Fargo Bank

A couple of months ago, I finally got a BlackBerry® . I had resisted for a long time, much as I had resisted getting a cell phone (it took me until 2002!). But I spend a fair amount traveling and in meetings, and I was getting tired of hauling my laptop around everywhere. So I relented.

Unfortunately, this poor device and I just aren't very compatible. I know some people are addicted — hence the term "CrackBerry"  — but I've really been struggling with mine. First, I couldn't get the hang of typing with my thumbs (still can't). Then my calendar kept disappearing. Then I had problems synching — and so on.

So I read the 258-page online manual. I called my internal tech support folks. I spent way more time monkeying with the thing than I had time for. What I really wanted was someone (or something) to show me the basics and patiently explain what I needed to know in plain language until I felt comfortable. Is that too much to ask?

I suppose the same thing could be said for anything — technology or otherwise — that seems foreign to us: We all could use a good user guide.

If a checking account is one of those things, I can offer some help. Wells Fargo recently developed a new educational booklet called "Getting Started: Your New Checking Account." It was designed to help customers understand the fundamentals of their Wells Fargo checking accounts. And while this may seem really basic to some, for others who haven't learned from family or friends or been through a financial literacy  program, it's downright necessary.

Even if you think you know all there is to know about checking accounts, I encourage you to take a look. I've had a checking account for more than half my lifetime, and I actually learned a few things! Check out the file here on the blog, or visit your local Wells Fargo store and pick up a copy from a banker. They're available in English, Spanish, and coming soon, multiple Asian languages.

Anyway, that's my advice for the day. While you work on your relationship with your checking account, I'm going to work on my relationship with my BlackBerry. I'm determined to make it work.

Posted by Staci at 12:27 PM |  Contact Staci |  Permalink  |  Comments (3)
Found in Banking, Checking, Financial education, Wells Fargo Bank

I'm a conflicted frump  (see definition #2).

On the one hand, I'm kind of resistant to new things, especially when it comes to technology. But on the other hand, once a friend starts to sell me on it, I'm pretty easily converted.

DVR ? No way. My kids are going to wait to see their TV shows at the time they're aired. Just like I had to.

iPod ? Well, I have this Walkman, see. And it still works.

iGoogle^tm ? What the heck happened to my plain old Google  page? This is so annoying! (Yeah, even little changes tend to throw me.)

Well, in the past year, I've fallen in love with my DVR, (Staci sang its praises to me), my iPod (I took one look at Staci's adorable Nano  and it was all over) and now iGoogle (again, Staci convinced me how cool it was to customize my page).

I'd like to say I'm old-fashioned because of my age, but I can't. Staci and I are both proud grads of the class of 1989 ! I think I just have to chalk it up to my personality. So with that, I can totally relate to people who are resistant to changing their banking ways. But let me try to be the friend who changes YOUR mind.

A few years ago I was pretty old school when it came to finances (imagine that!). I got my bank statements in the mail and I paid all my bills the traditional way: checks, envelopes, stamps. But when I got married, my husband introduced me to the world of online banking.

I eventually came to realize that banking online is pretty great for a lot reasons – quick balance checks, you can transfer funds easily, pay your bills online, etc. But the really cool thing about it is that it lets you cut down on all those paper bank statements you receive.

Recently we've implemented a system at Wells Fargo where if you bank online you can view your student loan statements there, and with a couple clicks, you can request to stop receiving your paper billing statements. Getting online statements not only helps minimize the amount of paper mail you have to deal with, it also reduces your risk for mail fraud and is generally a nice thing to do for the environment.

Even a frump like me can get on board with that.

Posted by Caroline at 11:05 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Banking, Blog Action Day, Environment, Online banking, Wells Fargo Bank

Credit card offers are everywhere when you're in college. In your mailbox, in booths on campus, in stores – you name it. But what about when your university gets involved in these credit card offers?

A recent editorial  in the Des Moines Register addresses the issue of marketing credit cards to students. Two major universities in my state are providing student information to their alumni associations , who have deals with credit card companies (those credit cards with your school mascot on them, for example). In turn, the alumni association gives some of the profits from these deals back to the universities.

There's also an interesting comment that follows this editorial about how this practice is just capitalism at work, and students are free to choose whether they get a credit card.

So what do you think? Is it wrong for universities to help market credit cards to students – and to profit from student credit cards? Are they putting students in a position to build up more debt than they can handle?

Or should schools have every right to see that students get offered credit cards that can benefit their university? Are they justified in assuming college-age students should be savvy enough to understand and manage the responsibility that comes with applying for credit?

Posted by Caroline at 10:13 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Paying, Preparing, Wells Fargo Bank

An experience this past weekend got me thinking about unplanned expenses. I had my first homeowner emergency – the water and sewer drain starting backing up...into my basement. Yay, homeownership!  

Nearly $200 on the credit card later, I can once again shower, flush my toilets, do my dishes, and wash my clothes. Luckily, I created my emergency fund for situations like this. So I'm just a transfer and payment away from getting that cost off my credit card.

My situation got me thinking about student loan borrowers. College is full of unexpected expenses – higher book costs than anticipated, bigger utility bills, etc. Caroline suggested earlier this year to plan for the unplanned expenses. But if you didn't, what other options do you have?

If you've already used federal funding for tuition, but need more to cover the cost of your education (which includes your books, housing, etc.), one option to consider is a private loan. Depending on your situation, you may choose a certified or non-certified loan.

What's the difference? Check out this comparison with some of the big differences:

Here are two examples of Wells Fargo's certified and non-certified options for undergraduate students.

How have you dealt with unexpected expenses in college? Was your savings enough to cover them, or did you turn to a private loan?

Posted by Barbara at 10:07 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Banking, Budgeting, Federal loans, Financial education, Money management, Paying, Preparing, Private loans, Wells Fargo Bank

For a number of my friends, formal education didn't stop at our undergraduate commencement. Many are now taking graduate level classes towards a master's degree. Some are taking classes on top of a full-time job, some are working part-time and some aren't working at all.

I'm always interested to see which of those options grad students choose. What are you, your friends or your family doing?

Each option has its perks and pitfalls. There's not a singular best option for all graduate students – it depends on the individual situation. The choice can be based on a number of variables, like what kind of program the student is in, the need for a steady income, or how much money the student wants to borrow. Caroline addressed the financing piece in an earlier post back in May.

Here are a couple things to consider:

Tuition assistance: For those students who choose to work full-time, many employers offer a tuition reimbursement program  so employees can continue their education part-time while they are working.

Grants and assistantships: Sometimes instead of working part-time outside of school, graduate students can get financial assistance through assistantships  in their own department. Usually students must be attending full-time to qualify for a GA position.

Attending school part time : Even if your employer doesn't offer tuition assistance, having the income and benefits from a job may give you the ability to take a class here and there, working slowly toward an advanced degree.

Working part time: Working part time while attending school full-time may mean borrowing less money through student loans, which could save you money in the long run.

Workload: For many programs, there really isn't an option to work. With heavy loads of homework, some graduate students just need to focus on their studies.

Are there any graduate students or former graduate students out there with advice for those facing the work conundrum?

Posted by Barbara at 11:06 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Back to school, Banking, Budgeting, Financial education, Graduate school, Grants, Jobs, Money management, Paying, Post-college, Preparing, Student loans, Tuition, Wells Fargo Bank

A funny story comes to mind about my son when he was about 5 years old. He assumed that since Mommy works at a bank, she can just get money out anytime she wants. Oh, if it were only that simple.

Fast forward about 7 years to the future – now he thinks that a credit card is the simple solution to anything we could ever want.

"Why, he asked me very innocently, "can't we get a Wii ?

I reminded him matter-of-factly that money doesn't grow on trees and, besides that, Wii's cost a lot of money. I thought that would end the discussion. This time, however, he'd been thinking a lot about his response.

"You have a credit card, he said. "Why can't you just buy it with your credit card? For some reason, he's convinced that a credit card is just like a gift card you get on your birthday. Someone gives you money to spend, so it's your duty to spend it.

I've fallen short of my parental role because what he really needs to know are the basics. Luckily, there's this great, online educational tool from Wells Fargo called the Hands on Banking® program that I haven't introduced him to yet (but it sounds like I need to start soon). The Hands on Banking program guides you through the fundamentals of smart money management, dividing learning into four different age groups: 4th & 5th grade Kids, 6th to 8th grade Teens, Young Adults and Adults. It's one of those things that I wish had been around when I was venturing into the world of credit – kind of like how I wish there'd been Wii's around when I was younger.

But don't feel too bad for my son. He may not have a Wii, but he is armed with the knowledge that it's something he has to work for to get.

Too bad Wii's don't grow on trees.

Editor's note: We're excited to benefit from Karen's customer insight (and killer dance moves) here on the Student LoanDown!

Posted by Karen at 01:27 PM |  Contact Karen |  Permalink  |  Comments (0)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Online banking, Parents, Preparing, Wells Fargo Bank

"Pssst! Hey, buddy, can I interest you in some free cash?"

Most people would run away or think, "Yeah, right. What's the catch?" But earlier this year, I did indeed get a check for $600 – and I didn't have to spend a penny to get it!

OK, I lied. I actually did have to spend a lot to get it. But it was on things I needed anyway, like groceries, gas, restaurants, etc.

See, I have an optional rewards program on my credit card, so I get one point for every dollar I spend. Whenever I buy something, I use my credit card and get points. When I fill up the gas tank, I get points. When I buy a latté at Starbucks , I get points. When I travel and buy a plane ticket with my card, more points. This spring I reached 50,000 points and called up to get my $600 check. Score!

You can get your own check, too – but rewards programs aren't for everyone. The key is: You have to be able to put as much of your spending as possible on your credit card, and then pay it off in full – on time, each and every month. If you can't do that, the "free" cash will suddenly become a lot more expensive! Finance charges for any balance you carry and late fees for not paying on time add up very quickly! If you aren't very careful and responsible, you can get into trouble fast. So it's best not to try these programs if you think you'll be tempted to overspend or you won't be able to pay on time.

Also, while I don't have to pay an annual fee for my credit card with rewards (another great benefit of working for Wells Fargo!), you may or may not be able to get the rewards program for free. Check with your friendly neighborhood banker to find out.

Well, I've got to run. I've got 600 bucks burning a hole in my pocket, and I've got my eye on one of these... 

Editor's note: Finally, the Student LoanDown adds a male blogger to the team – it only took a year. Welcome, Dave!

Posted by David at 01:46 PM |  Contact David |  Permalink  |  Comments (0)
Found in Banking, Budgeting, Credit cards, Financial education, Money management, Paying, Rewards Program, Wells Fargo Bank

What was our big summer trip this year? We didn't go Costa Maya, Costa Brava , or Costa Rica — but it sure did "costa lotta!" Sorry, couldn't resist the pun.

Our family vacation was a road trip to "The Happiest Place on Earth": Disneyland ! With my five-year-old getting ready to start kindergarten, my two-year-old obsessed with princesses, and the newly-opened Finding Nemo  ride to check out, Disneyland was the perfect destination to please the whole family.

But jeez, it was hot, hot, hot! The new Nemo ride was very well done, but the wait in line was at least 1½ hours and we were just melting. On the other hand, since everyone was in line to find Nemo, other favorites like the Pirates of the Caribbean  and the Haunted Mansion  were only a 5-10 minute wait. Sweet! Plus, the rides were air-conditioned — ahhhhhhh...nice!

We all had a great time! If only going to Disneyland were FREE it would truly be the happiest place on earth for parents.   We thought the trip would be cheaper than going to Europe, but after reviewing my credit card statement online and seeing the cost of the hotel, park tickets, breakfast with characters, dinner at Ariel's Grotto, princess costumes, collectible pins, autograph books, and many other priceless souvenirs only found in the Magic Kingdom — well, maybe we should've just gone to Neuschwanstein  instead to see the real Cinderella Castle!

Next time we'll do a better job of budgeting ahead of time and practicing self-restraint with our spending. I'll have to stop myself and think: Do we really need another princess outfit? Will I have sleepless nights if I don't buy that limited-edition collectible pin, light-up Mouse ears, or $18 spray water bottle?

Have you ever spent more than you expected? Do you have any tips for how to control spending on your credit card?

Posted by Dinna at 12:24 PM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Back to school, Banking, Budgeting, Credit cards, Looking back, Money management, Online banking, Parents, Travel, Vacation, Wells Fargo Bank

Some of the comments we've been receiving as of late—and I haven't been able to publish them all because they don't meet our Comment Guidelines—indicate that the Student LoanDown blog hasn't been spending enough time discussing student loans.

I'm not going to argue with that—we have diversified our content a bit this summer, adding new bloggers and broadening our topics. But here's what I would argue: that we're here to talk with you about financing college and managing debt, and that includes much more than just student loans.

These days, what I hear from so many young people is that their student loans feel like Monopoly®  money—abstract, unreal amounts with no consequences attached. That they're not even sure how much they owe. That they have no idea how they'll pay it back. Wait, you mean I have to pay it back?

Earlier this week I read an article quoting a 22-year-old college grad who said something along the lines of "we're too young to understand that we're going to owe this much" and that "it doesn't feel real until later."

I don't want to be judgmental here, but it's this kind of attitude that frustrates me. You're not too young to grasp the concepts of borrowing—you're just not doing it.

That's why we discuss the broader topics of debt and credit and wants and needs and budgeting and saving on a "student loan blog." We share our personal experiences for the same reason. If we can get any of these financial concepts to resonate with you in any way, we will have built a better educated, more responsible community of past, present and future student loan borrowers.

Because, my friends, it's not Monopoly money—it's as real as it's ever going to be. So do not pass Go, do not collect an unnecessary $200 at 6.80% interest, and, above all, do not claim ignorance. You're old enough to know.

Posted by Staci at 10:39 AM |  Contact Staci |  Permalink  |  Comments (10)
Found in Back to school, Banking, Budgeting, Credit cards, Debt, Federal loans, Financial education, Lenders, Money management, Online banking, Paying, Post-college, Preparing, Private loans, Student loans, Wells Fargo Bank

Recently I got a call from my credit card company asking me about some unusual charges. Since it was on a card that I have for emergencies and knew hadn't been used in quite some time, I knew that someone was committing fraud with my account.

I was infuriated. How could this happen? I checked my wallet right away and my card was still inside. The customer service rep on the other line explained that there are many ways that people find to commit fraud.

Fortunately, I was told I would not be responsible for any of the charges. My account was closed, and I was given a new account number and sent a new plastic card. I also had to fill out an affidavit stating for the record that none of the charges made were authorized by me. The affidavit had to be returned to my credit card company within a specified timeframe in order to keep the status of the charges as fraud.

Although I am hopeful my situation will be resolved quickly (and without impacting my credit history ), it still highlights the importance of being vigilant with your card to help avoid fraud. Here are a few "Credit Card Safety Tips" pulled from Hands on Banking®, Wells Fargo's free money management education program:

1. Keep your card in a safe place. Never leave your credit card lying around—particularly in communal living situations like dorms—and protect your credit card number as much as possible.
   
   
2. Don't let anyone else use your card. No matter how much you trust someone (including boy/girlfriends and roommates) you are ultimately responsible for any activity on your card. Avoid conflicts over misuse by never sharing your credit cards.
   
   
3. Report your lost or stolen card immediately. If you misplace your card or suspect that you have been the victim of theft, contact your credit card issuer right away. They may be able to freeze your account and begin the process of correcting any charges that may have occurred without your consent.
   
   
4. Save receipts and compare them with your statements. Be sure to monitor your account often to ensure that all activity on your card was actually authorized by you! Most issuers provide online access to your account, so sign up and make a habit of logging on frequently. If you notice any suspicious transactions, contact your card issuers immediately to begin the process of resolving the suspected fraud.

Finally, you might want to contact your credit card issuer to see what tools are available to help you combat fraud on your account. At Wells Fargo you can set up email alerts that will notify you of unusually high activity on your card—this simple "heads-up" could be a potential fraud-prevention tool!

Credit card fraud is a serious issue, but following a few proactive steps can help you avoid its damaging consequences. If you have any tips on how to avoid or recognize credit card fraud, or if credit card fraud has happened to you, share your thoughts.

Posted by Dinna at 11:38 AM |  Contact Dinna |  Permalink  |  Comments (2)
Found in Banking, Credit card fraud, Credit cards, Financial education, Online banking, Student loans, Wells Fargo Bank

A few weeks back, Kathy wrote a great post about alternatives to taking a European vacation. Well, if in these last few weeks of summer you're taking an actual European vacation—or perhaps preparing for a semester abroad—one thing you'll need to think about before handing over your passport at customs is money.

I was born in Germany (my dad was in the Army), made a trip to the United Kingdom in college, and spent two months backpacking around Europe after my first job. So other than my time as an infant, I've had some experience spending money overseas. Here are a few tips that might help.

Buy some foreign currency before you leave so you don't have to pay high fees and lousy exchange rates  at an airport currency window. Most banks can sell foreign currency with a few days' notice. Ask for some in small denominations—when you arrive at your destination desperate for a snack and a taxi, you'll be glad you did!

In addition to foreign currency, consider taking traveler's checks . You can buy them either in the currency of your destination or in U.S. dollars. If you need to cash U.S. dollar traveler's checks abroad, you are more likely to receive the best exchange rate at a bank. Fees usually apply per check cashed, so it may be in your interest to cash the higher denominations.

Use your credit card or debit card for the most favorable exchange rate. Just be sure to notify your bank of your travel plans before you leave—otherwise, your accounts could be frozen as a precaution against fraud (certainly not what you want when you've been standing in line for an hour to buy tickets at the Louvre ). And if you plan to use an ATM, remember that cash at foreign ATMs is dispensed in the local currency and debited from your account in U.S. dollars.

Basically, it all comes down to diversifying your travel money portfolio. A combination of foreign currency, traveler's checks, and plastic will give you the most flexibility. In my next post, I'll focus on how to keep your money safe when you're abroad.

P.S.: Want to know how much the U.S. dollar is worth in other countries? Check out our handy currency calculator.

Posted by Staci at 09:53 AM |  Contact Staci |  Permalink  |  Comments (8)
Found in Banking, Budgeting, Credit cards, Currency, Debit cards, Exchange rates, Financial education, Paying, Preparing, Student loans, Travel, Traveler's checks, Vacation, Wells Fargo Bank

I'm not a fan of long-distance relationships . So it's hard to believe I spent an entire year in a long-distance banking relationship. About 130 miles separated me from my hometown bank during my freshman year of college.

While I was living at home, my old bank served all my needs just fine. But once I got to college, I started to see the signs that as a long-distance relationship, it just wasn't going to work …

There was a lack of communication. Without being able to stop into the branch, I didn't talk to my bank that much. Really, the only time I heard from them was when they sent my monthly statement. I didn't even have the chance to communicate with them securely online.

I wanted different things. I wanted to have easy access to my money. But five years ago, my bank didn't offer me a debit card. I also wanted online access, which wasn't an option (apparently, I was ready to start my obsessive account-balance checking early on in college).

Everything was too complicated. Because my bank didn't have online banking, I had to call to check up on things or to make a transfer between my accounts. Plus, with no branch to stop into, I found myself mailing deposits back to my hometown—wasting a stamp and putting my money at risk of being lost or stolen.

I started liking someone else. Sometimes I didn't have time to deal with my hometown bank. So, I'd go to the Wells Fargo store in Vermillion . Even though I wasn't a customer at the time, if the check was issued from a Wells Fargo account or if I took a Wells Fargo customer with me and signed the check over to them, I could still get my money. I liked the interaction with the staff there and how they handled my needs.

All the signs started to add up, and I knew what I had to do: break up with my hometown bank. When I headed back to school for my sophomore year, I went to my local Wells Fargo store with my tuition refund check—all 800-some dollars of it—and opened a College Combo®.

A lot has changed since 2002, but it's still something to think about for those of you headed to college soon. If you're facing a long-distance banking relationship, make sure you weigh the pros and cons of staying or switching.

Considering a bank swap? Done one already? Let us know how you feel.

Posted by Barbara at 08:56 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Banking, Budgeting, Checking, Financial education, Money management, Moving, Online banking, Paying, Preparing, Student loans, Wells Fargo Bank

It's August, which means that it's tuition time for the many of us heading back to school.

*GULP*

Over the next few weeks, the loans I am borrowing will be disbursed to my university to pay off the tuition and fees I owe as I continue my education. Once I have settled my bill with the school, the remaining funds will be deposited into my bank account in a ceremony I affectionately refer to as "Student Loan Payday."

Let's face it, getting a degree is expensive, and many of us need to borrow money just to cover our cost of living. Here in the San Francisco Bay Area , that burden is especially high. I am eagerly awaiting the additional money in the bank so I know I'll be able cover all of my expenses for the next few months!

The kicker about "Student Loan Payday" is that it only comes about once a semester, which means you have to figure out how to make those funds last. Creating a budget—and sticking to it—is crucial to making that happen!

What tips do you have to help stretch your student loan dollars?

Posted by Kathy at 09:39 AM |  Contact Kathy |  Permalink  |  Comments (3)
Found in Back to school, Banking, Budgeting, Consolidation, Debt, Federal loans, Financial aid, Financial education, Money management, Online banking, Paying, Preparing, Private loans, Student loans, Wells Fargo Bank

At the risk of sounding like a total nerd, I've never had an issue with debt and have always had good credit. Somehow, Mom and Dad got the message through to live within my means and pay off debts quickly.

Maybe it was because I saw my parents living simply, budgeting their money, balancing their checkbook, and not buying many of the big-ticket luxuries that their friends were indulging in. I can remember hearing my father say to my mother, "When you see me driving around a Mercedes , I won't be worrying about making payments." I guess I took that to heart and didn't want to worry about making payments, either.

I was the older of two kids from immigrant parents and grew up in a middle-class neighborhood. My dad was in the Navy , and my mom worked in the banking industry. My parents bought their first home when I was about 10 years old, and my mom managed the household finances.

When I was old enough, Mom gave me money management “training wheels” by putting me on her credit card account. But she didn't just hand the card to me without instructions—she taught me the basics like credit limits, balances, minimum payments, and payment due dates. And, while I didn't completely understand its value at the time, she emphasized how proud she was of her good credit rating . She said that I should try to build my own good credit by paying back my debts and always paying on time.

Now that I work in the credit card industry, I recognize the value of these lessons. And, from talking to friends, I've learned how uncommon it is for parents to give their kids the basic financial guidance I was lucky enough to get. By the time I got a credit card in my own name, I understood that each purchase I made was actually a little loan that needed to be paid back—so I really thought long and hard before using it.

Thanks to my folks, when I ventured out on my own I did so with a good credit history. This signaled to lenders that I was a good risk to buy a car or to rent an apartment. I was surprised to learn that even employers were interested in my credit rating. And, when it came time to buy a house of my own, I was able to qualify for a mortgage with a lower interest rate, which saved me a considerable amount of money.

What money management lessons—good or bad—have you learned? And who have been your teachers?

Editor's note: Please welcome Dinna as the newest member of the Student LoanDown blog team!

Posted by Dinna at 09:02 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Banking, Budgeting, Cars, Credit cards, Debt, Financial education, Lenders, Looking back, Money management, Parents, Paying, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

I love the Internet.

No matter what your interest, chances are there's a website out there that covers it !

For example, I have two cats, Rocky and Boo, and I'm always amused by the funny things they do. It's especially cute when Boo climbs into my bathroom sink and just hangs out there, sometimes for hours. Certainly this behavior is unique just to her and no one else would find this particularly noteworthy, right?

WRONG! Turns out there is a website out there completely devoted to pictures of cats in sinks ! It's the funniest site and a good way to spend five minutes if you think adorable pictures of kitties in sinks are entertaining (like I do).

Another reason I love the internet? Online banking!

Online banking has completely revolutionized the way I manage my money and stay on top of my bills. (What can I say? I'm a busy girl in graduate school , so I get excited by things that make me more efficient!)

Oh yes, not so long ago, I had to go to a branch or call a customer service representative just to check a balance, and snail mail was the typical method of paying most bills. Nowadays many of these crucial services can be done electronically. Depending on where you bank, services may vary, but in general you can:

1. Monitor your account online—you can check your account activity, view online statements and more, depending on what products you have signed up for.
2. Pay bills online—this one's self-explanatory but unbelievably important so that you are sure to make payments on time!
3. Receive email alerts—if you're feeling forgetful of your payment due dates or your balance is getting low, you might be able to sign for email alerts to let you know.

Ask your bank what services they provide online—or if Wells Fargo is your bank, check out online banking here.

How does the Internet impact your world?

Posted by Kathy at 09:18 AM |  Contact Kathy |  Permalink  |  Comments (4)
Found in Banking, Budgeting, Cats, Checking, Financial education, Online banking, Paying, Student loans, Wells Fargo Bank