You're probably starting school soon, if you haven't already. So let us know how your funding came together for fall semester.

How are you paying for school?  Scholarships, loans, grants, Work-Study?  All of the above?

Did you hit any bumps on the road in figuring out your financing? Got any questions?

Let us know how it went!

Posted by Caroline at 11:35 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Back to school, College, Federal loans, Grants, Money management, Paying, Private loans, Scholarships, Student loans, Tuition, Wells Fargo Bank, Work-study

A few weeks ago Staci blogged about back-to-school spending and how students and parents will spend less this year than in previous years. Sounds like everyone is trying to save money these days!

If you're among them, did you know that if you have a Visa card, you can get exclusive savings, tips, special discounts, and more on the Visa website? 

Just click on "Personal" and select "Visa Student" to find:

• Student savings, discounts, and offers from online places you love to shop

• Helpful credit management tips

• Advice on planning and living within a budget

Go check it out — you might find yourself a deal and learn something besides!

Posted by Dinna at 10:00 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Back to school, Budgeting, College, Credit cards, Financial education, Money management, Parents, Saving, Shopping, Wells Fargo Bank

As I've mentioned, my stepdaughter is about to start her senior year in college. Boy, these last three years have gone by quickly!

I can't help but think back to the beginning of my senior year in college — not the best time for me. I was filled with panic, actually. I had just completed a time-consuming but unrewarding summer internship that left me feeling like I was completely unprepared to land a job after graduation.

Thinking back on it, there are some things I did and some things I wish I had done to have a more productive senior year in college. Here are just a few:

• Find a mentor . If you haven't already cultivated some relationships with professors or professionals in your field, it's not too late. Talk with your academic advisor, join a club related to your field, stay connected to coworkers from your internship — get creative about seeking out professionals who have achieved the kinds of things you'd like to in your life. They can help you get there.

• Work on your resume  early. Don't wait until May to get started on this document. Take the pressure off and start working on it this fall. This gives you time to get help fine-tuning it before your job-hunt starts in earnest in the spring.

• Try something new. This is your last chance to soak in all college has to offer. So don't get stuck in the same old rut. Go to a music performance, lecture or sporting event you've never attended before. Work out at the fitness center or join a club or activity you've never made time for in the past.

• Get a handle on your finances. Don't wait until you land your first job to start thinking about money management. Take a look at any debt you may have accumulated while in school (both in student loans and on your credit card) and start planning how you'll tackle it. (Will you make some student loan payments while in your grace period? Or will you try to whittle down your credit card debt before your student loan payments come due?)

• Make a plan A, B and C for post-graduation. I posted about this earlier. Be ready with a backup plan if your dream job doesn't come through. Set a time limit if you're moving back in with your parents. Anything to keep you moving forward as you step into your new life.

• Make some memories. Senior year can be an anxious time. Don't get so stressed that you forget to have fun! It's likely the last time you'll live in such close proximity to so many of your friends, so enjoy!

Posted by Caroline at 10:00 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Debt, Financial education, Looking back, Money management, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

When you're choosing a roommate, there's a lot to think about — especially if you'll be living off-campus, where you have many more responsibilities than you do with on-campus housing.

One of the things to consider seriously is whether your financial lifestyles match.

What does that mean? Let's see...remember the early episode of Friends  where Monica, Ross and Chandler all had money to do things, and Joey, Rachel and Phoebe didn't? Well, it created a rift — similar to what can happen with roommates who aren't on the same page financially.

Here a few things to think about before you sign a lease with a new roomie:

• Do you agree about how much rent you can afford? This is basic, but you shouldn't even be apartment-hunting  with someone who's looking at housing that's out of your league. Let him find another roommate and you can use the pool and gym at their apartment complex when you visit.

• What about utilities? Remember, utilities go beyond water, lights and heat. What type of Internet service do you want to get? Will you be investing in cable or satellite television? Do you "need" TiVo^®?  Don't assume you both agree about what's necessary.

• How will you furnish the place? Are you both okay with mismatched hand-me-downs, or does one of you want to furnish the place from scratch? Can you afford whatever your future roomie is proposing?

• How about the day-to-day stuff? Make sure you discuss your approach to buying food and other household stuff. Don't wait until she eats your favorite organic pasta sauce to have this discussion. Make sure you agree about what to share the cost of, and what is "hands off." Find a fair way to split the community items. Otherwise you might always be the one buying the paper towels and dishwasher soap.

If you've already been through a financial mismatch with a roommate, got any stories to share?

Posted by Caroline at 10:08 AM |  Contact Caroline |  Permalink  |  Comments (5)
Found in Budgeting, College, Financial education, Graduate school, Housing, Money management, Moving, Paying, Post-college, Preparing, Wells Fargo Bank

Editor's Note: It's inevitable, Student LoanDown readers...school is about to start! In the next three posts, Barbara and Caroline — who have many years of roommate experience under their belts — share some tips on how to make dorm and roommate living a little more chic, comfortable, and fiscally responsible.

At back-to-school time, I usually have mixed emotions. Much like Staci, I love seeing the new school supplies in the aisles of the big-box stores. But I'm less excited to start seeing ads for an array of color-coordinated dorm accessories.

Room decorations and necessities can be a big clash between roommates. Have you had the talk with your roommate about what you need/want in your room? Make sure you consider your budget when you do!

You want to make your dorm room a comfortable, functional space. However, especially in these tough times, you don't need to break the bank to do it. After all, once you factor in studying in the library, participating in clubs, socializing with other students, etc., you might not even spend that much time there!

I'm a big believer in budget solutions to create what you need. (I heart watching Decorating Cents on HGTV and perusing thrift stores  and garage sales...including Staci's free sale.) So, here are some ideas to keep the dorm room essential costs down.

• Furniture — While coordinating papasan chairs may seem like a necessity, you can spice up a dorm just as easily by covering a second-hand love seat or recliner with a tapestry or even an extra bed sheet. Going frugal on furnishings doesn't mean compromising style. You can always bring in a funky retro item or personalize something with your own taste.

• Accessories — Just like with furniture, there's no need to buy all new accessories. Here's a great place to show a little ingenuity with some do-it-yourself projects. Check out DIY sites like Instructables  for ideas.

• Appliances — Instead of getting brand-new gadgets for your room, check with relatives or at garage sales to score inexpensive (or free!) necessities like a toaster, microwave, etc. Also, make sure you know if your dorm has a kitchen available for you, so you don't buy something you may already have access to.

• Space and storage solutions — If space is an issue in your room (which, let's face it, is the case at most colleges) check with older students to see if they have any lofts, shelving, or organizing units they are trying to get rid of. Students moving out of the dorms might have already created a solution that could help you.

What other tips do you have for furnishing your dorm room the frugal way?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Back to school, Budgeting, College, Money management, Preparing, Saving, Shopping, Wells Fargo Bank

In this last month before school starts, you've probably got a long list of things that you need to do before heading off to college — especially if it's your freshman year. While you're making preparations, be sure you cover all the basics on your financial to-do list.

Don't have one? Luckily, I've made a handy checklist of things to help get your finances organized before you head off on your own.

1. Make sure your college financing is in order. Taking out student loans? Be sure you have contact information for your lender and your school's financial aid office so you can work with them to ensure you've got your tuition bill covered.

2. Set up a bank account. If you don't already have one, be sure you've got a savings account and an ATM card. If this is your first time owning an ATM card, be sure you know how to use it to make both deposits and withdrawals.

3. Get a credit card   for emergencies. This is nice to have as a backup plan — especially if you're taking a car to college. But be sure you understand the interest rate and how it's calculated before you ever use it.

4. Create a budget. Remember that this will be a working document that will be adjusted as you learn more about how you spend money when you're on your own. But for now, make a list of all the expenses you can anticipate at this point, as well as the income you plan to be generating.

5. Get your financial information organized. Buy a flexible file folder and keep track of any financial papers that you receive in hard copy (statements from your bank, student loan papers, etc.).

6. Talk to your parents  . Visit with your parents about money and expectations. Share your budget with them. (See item #4!) Make sure you understand what expenses they expect you to cover, and what they will pay.

7. Make a bill-paying plan. If you're going to start receiving your own bills for the first time, make a plan to ensure that they get paid on time. Will you pay them online or by check? Will you pay them as they come in, or set up a couple times a month to get them all paid at once?

This list should get you started. Now, what other financial "to-do's" do you have before college?

Posted by Caroline at 10:00 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Back to school, Budgeting, College, Credit cards, Debit cards, Federal loans, Financial aid, Financial education, Parents, Preparing, Student loans, Tuition, Wells Fargo Bank

These days you can't open a newspaper, click on an online news site, or turn on the television without being bombarded by reports on the state of the economy. I'm not sure if it's as bad as the news reports make it out to be (is it?), but I've gotten to the point where I have to tune it out. If I don't, I start to panic.

Even with the news spouting doom and gloom, time marches on. And now that it's August, you may be getting ready to go back to school or head off for college for the first time. Either way, the gear to get you settled comfortably in your dorm room — the laptop, the mini-fridge, the coordinated bedding with twin extra-long sheets — doesn't come cheap. Of course, these are extras that come after you've already paid for the essentials: tuition, room and board, and textbooks.

Recently the National Retail Federation released their annual survey on back-to-college spending , which — like everything else — has been impacted by economic issues. According to their figures, back-to-college consumer spending will drop seven percent this year, to just under $600.

But parents have the real say in these matters, since they're usually the ones paying for it. Earlier this week, I was chatting with a co-worker who is about to send his eldest daughter off to college in Minnesota. He'd found a carpet remnant for her dorm room at a home improvement store for a song — but it took some convincing before his daughter agreed to it. Ultimately she, like many college freshmen, knows that beggars can't be choosers! 

As you ready yourself for college, what adjustments have you made in your spending? Are you finding yourself being more frugal, or aren't you worrying about it?

Posted by Staci at 10:55 AM |  Contact Staci |  Permalink  |  Comments (1)
Found in Back to school, College, Money management, Parents, Paying, Shopping, Wells Fargo Bank

Think quick: How much loan money would you be responsible for paying if you graduated today?

Don't know? Don't worry; you're not alone. It's not uncommon for students to put loans out of mind until repayment. Even those who do know that they'll owe X amount once they graduate usually don't know what that means.

But since I've got you thinking about it, I challenge you to stray from the norm of being oblivious of your student loan obligations until repayment begins.

Here's a new way of thinking about borrowing: for the loans you already have (or those you are about to take out): Estimate how much your monthly obligation will be for that debt. Use a repayment calculator like these ones for Federal Stafford loans and private loans. Then, keep a running tab of what your total student loan debt will require each month.

I'll give you an example. Say I have $12,000 in Federal Stafford loans at a fixed rate of 6.8% and $10,000 in private loans at a variable rate of 7%, each with a 10-year repayment period. Using the calculators I find out that each month I'll be required to make minimum payments of $138 and $116.11, respectively. So once I graduate, I know that I'll have to budget at least $254.11 of my monthly income to my student loans.

Of course, since my private loan rate is variable, this amount could fluctuate.

By taking an approach like this, you'll know exactly what you're on the line for, and how much additional debt you'll be able to take on without feeling stretched each month. Ideally, your monthly student loan payments should not exceed 10-15% of your monthly income .

So in my above example, if my projected monthly pay will be $2,000, it may be a better decision to work more hours at a part-time job to help pay for my education so I can borrow less in the future.

You tell me: Is it easier to understand your student loan debt when think of it in monthly payments?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (1)
Found in Budgeting, College, Federal loans, Financial education, Interest rates, Money management, Paying, Preparing, Private loans, Student loans, Wells Fargo Bank

Reality check: Summer is withering away and Fall classes are on their way. How are you soon-to-be college freshmen out there doing? Are you ready to be on campus?

Six years ago (-ish, I'm not dealing with my rising age very well these days!), I was preparing to jump across the Nebraska/South Dakota border to begin my college career. And it was about this time that my parents and I made a trip up north to the University of South Dakota for Fast Track registration  to meet my advisor and register for my first semester of classes.

There were also some other informational sessions to attend on things like the dorms, financial aid and student activities to name a few. However, my biggest concern was getting my student ID, or rather taking a good photo for my student ID.

Very important, indeed.

Now, you can go ahead and worry about the ID card like I did, but make sure you're also taking advantage of all the other information which will be presented to you. Summer orientation sessions — as well as those held in the week leading up to your first classes — are an awesome resource. It's the chance to learn more about the campus from other students and get a feel for the lay of the land.

Pay special attention to any information you get from sessions with financial aid officers. I know it's not as glamorous a topic as all those fabulous student organizations, but understanding the financial aspects of college is key to your success on campus. Don't be afraid to ask questions!

For those of you who've attended an orientation session already — what information or advice did you get that you could share with other readers?

Posted by Barbara at 01:20 PM |  Contact Barbara |  Permalink  |  Comments (4)
Found in Back to school, College, Financial aid, Financial education, Looking back, Preparing, Remember, Student loans, Wells Fargo Bank

I don't have to tell you how much it hurts to fill up my gas tank. You probably feel it, too. I've had to stop watching the pump as I fuel my vehicle. As I approach $30, I always feel like I should almost be done pumping, only to realize I still have more than five gallons until my tank is full.

It's just too painful to watch!

Rising gas prices are top of mind for many people these days, and school administrators and students are no exception. Both groups are searching for solutions to curb higher prices at the pump .

Some schools are offering hybrid classes  with a portion of the classes held in person and the other portion online or through remote video systems. I've also heard of some schools discussing shorter school weeks.

Students are turning to other methods, as well. Online class  registration has surged at many colleges and universities. Even traditional students who'll live on campus are altering their college choice  based on traveling costs.

I'm curious if any of you readers have been affected: Is the higher cost of commuting changing your education plans?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, College selection, Money management, Paying, Preparing, Saving, Wells Fargo Bank

I know, I know, you thought school was out for summer , right? Well the other night, my stepdaughter called me with some basic questions about her credit card, and it got me thinking that there are probably lots of college students out there who don't know the details about their credit cards  either.

Can you answer the following questions about your credit card?

1. What is your credit card balance right now?

2. What is the interest rate on your card? (not the introductory rate  that lasted a few short months after you got the card, but the actual rate you pay if you carry a balance currently)

3. What is the fee if you make a late payment?

If you can't answer these questions off the top of your head, it's time to get more familiar with your credit card — what you don't know can hurt you when it comes to credit! So, dig out that credit card bill and take a close look at it.

Got any questions about what things mean? Ask us!

Posted by Caroline at 09:50 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Credit cards, Financial education, Interest rates, Work-study

Student LoanDown readers, recently we received this question (typos and all — we publish 'em as is) on one of my older posts from kat s., a concerned grandmother:

I would like to ask you a queston. My grandson was attendin college. One semester he could not go because he had gotten mononucleosis. He was so sick from that. He was going to school through having a studeent loan. He also went on the Pell Grant. He has his own apartment and his only means of support is what he makes at Applee's. Whgich he makes pretty good money. He wants so badly to go back to college and finish ge4tting his degree, but even though the student loan place where he got his loan has so far said nothing since he had to skip the one semester, he feels thagt if he applies again that they will turn him down and make him try to pay back his loan at one time. He wants to go on the Pell Grant instgead of taking the ute of increasing the student loan. Is there a way that this can be done while having the outstanding loan balance from the student loan or will they make him pay back everything right away before he can go back.

Well kat, you and your grandson certainly are not alone in your concerns about student loan repayment. I hope my answers will calm your fears and help get your grandson back to school, where he belongs!

First of all, if your grandson is not currently attending school but has not heard from his lender yet, it's possible that he is in his grace period. On Federal Stafford Loans (the most common type of student loan, and the one I'm assuming he has) students have a six-month grace period between the time they graduate, leave school, or drop below half-time enrollment and the time that they have to begin making payments.

Once your grandson does have to start making payments, he won't have to pay back the full student loan amount all at once. Generally student loans are repaid over time — not in an immediate lump sum.

However, if your grandson doesn't know what's happening with his loans right now, ultimately it's HIS responsibility to find out. The worst thing he could do is bury his head in the sand  and pretend like those obligations don't exist. Please encourage him to contact his student loan lender, let them know that he is not attending school right now, and work out a repayment plan. Ignoring the issue could damage his credit and/or impact his eligibility for future student loans — big risks, in my opinion.

When your grandson is ready to go back to school, he also should contact his lender. The lender will put his loans into an "in-school" status, and then he will not be required to make payments as long as he is enrolled at least half-time.

In terms of the Pell Grant , I certainly can see why your grandson would prefer to use that to fund his education — it's a grant, which doesn't need to be repaid! However, please keep in mind that Pell Grants are based on financial need and are awarded to low-income students. If he qualified for a Pell Grant when he initially started school but now is making more money at his job, it's possible that he won't be able to qualify for it again. Your grandson's best bet would be to talk with the financial aid office at his school and see what kind of funding he's eligible for when he's ready to return.

Sure, student loan repayment can be scary, but when you have some information on your side, it doesn't have to be.

Now, what other questions can we answer?

Posted by Staci at 09:15 AM |  Contact Staci |  Permalink  |  Comments (7)
Found in Back to school, College, Federal loans, Financial aid, Financial education, Grants, Paying, Preparing, Student loans, Tuition, Wells Fargo Bank

College is expensive , there's no doubt about that. But is it worth the cost?

A whopping 92% of college grads say yes, according to a recent survey  by the American Council on Education.

Interestingly, while those surveyed believe that their own school charged a fair price, they feel that colleges in general do not.

For my part, I think that the cost of my college education  was worth it, but my degree alone wasn't really enough to prepare me for the professional world. In my field , practical experience is such a huge plus that I should have done more to supplement my class work with professional internships . If I had to do it all over again, that's one thing I would have done differently to get more value out of the time and money I was spending on college.

What about you? Was the cost of your college education worth it?

Posted by Caroline at 09:09 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Financial education, Looking back, Paying, Post-college, Wells Fargo Bank

You may think you're cruising toward graduation , but during your junior year in college, you may want to make a point to double check that everything is in order. You don't want any surprises — or setbacks — during your senior year!

My stepdaughter just wrapped up her junior year, and she recently had a scare with regard to her credits. It turned out that she was five credits short of graduating on-time. Fortunately she caught the problem early enough. She's able to do a correspondence course and some independent study over the summer to earn the credits, and she's still planning to don a cap and gown  next May!

How did this happen? Well, she had been working with a general advisor, rather than one specific to her major, and things just got miscalculated along the way.

The moral of the story: Don't leave your graduation date to chance. Double check all your credits early on, while you still have time to make any adjustments necessary.

Posted by Caroline at 07:20 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Preparing, Wells Fargo Bank

It's graduation time! Congratulations to those of you who are finishing your degree this month. Take time to celebrate, but don't forget your student loan payments will be here before you know it (wah wah!) .

Luckily your Federal Stafford Loans will likely have a 6 month grace period before your first payment. Have you thought about how you're going to use that time?

If you have unsubsidized Federal Stafford Loans, where all the interest accrued is your responsibility, you could use your grace period to pay off interest you've accrued during school. Otherwise, that interest will be capitalized (added to your principal balance) once your grace period ends.

That means you'd pay interest on interest. Paying even just a portion of your interest off could make sizeable difference in the total amount you pay.

If the government is paying your accrued interest with a subsidized Federal Stafford Loan or if you've already paid interest off yourself (nice work!), here's another idea for your grace period: practice making your payments. This way, you get used to making a payment each month AND you'll have a nice stash of cash once repayment does begin.

One other thing to think about: If you're finishing graduate school and dealing with Federal PLUS Loans for graduate students as well, know that you won't have a grace period on those loans. Repayment begins immediately even if you had your payments deferred while you were in school. However, some lenders will give you the option to align the repayment start dates of your PLUS and Stafford loans through a forbearance.

Posted by Barbara at 10:37 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, Federal loans, Money management, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

If you're graduating from college this spring, you probably can't imagine not being on campus — hanging out in the dorms, roaming the library stacks, playing Frisbee  on the green. But once you graduate, why would you go back?

That's a question I've struggled with for a long time.

I've been out of school for awhile, and until recently I hadn't set foot on my college campus in about five years. Considering that I live in the city where my college is located, that's pretty sad. But I figured I'd already had my four years, and there was a whole new generation of students to whom the campus now belonged. I guess I didn't think I was welcome.

A few months ago, though, things changed: I was recruited for a leadership board at my alma mater . Since then I've had a chance to spend some time on campus, with recent graduates, and with this year's graduating class. I've reconnected with some of my own college classmates on Facebook . And I've been asked to help with a Class of '93 tailgate at homecoming — my 15-year reunion, gasp! — this fall.

After all this time away, it feels good to be back.

As you're graduating, you're probably experiencing two emotions, maybe even simultaneously: that you can't wait to get out of there, and that you're so sad to go. I think that's completely normal.

But I also think that as you move on, it's important for you to stay connected to your college in the ways that matter to you, whether it's through your relationships with friends and professors, your support of arts or athletics, your gifts to the annual fund, or your participation in the alumni association.

So my advice to you, new graduates, is this: After giving yourself some necessary time and space away from college, you can — and should — go back. You are welcome, and you belong there. Don't wait as long as I did.

Congratulations to the Class of 2008!

Posted by Staci at 12:58 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in College, Looking back, Post-college, Wells Fargo Bank

After we talked about financing an education in the United States if you aren't a U.S. citizen, we fielded several questions about how U.S. citizens can fund study abroad .

I've always been intrigued with the idea of studying abroad. Several of my friends spent time at a university in Spain. They came back with awesome stories and Spanish speaking skills far superior to my own — yes, I'm still jealous, but I digress.

Some students choose to study abroad for a semester or so through an exchange program  with their home university. Others choose to seek their degree in a different country.

In each of these scenarios, federal funding from the U.S. is usually available. Foreign schools can choose to participate in the Federal Family Education Loan Program (FFELP). Of course, before you borrow, consider options for grants and scholarships that you won't have to pay back after you graduate. There are some notable scholarships  designed to help students study abroad.

Just like when attending a U.S. school, you'll work with your financial aid office to get your funding squared away.

If you do need to borrow for your education, your first step to federal aid is still the FAFSA  (Free Application for Federal Student Aid). But you might have to do a little extra work. Some foreign schools may not be able to receive the Institutional Student Information Record (ISIR)  electronically, so there might be additional steps to the process. Check with the school to see if they need you to mail a paper copy of your Student Aid Report (SAR).

And if federal aid, coupled with scholarships and grants, isn't enough to fund your education, some lenders offer private loans for study at foreign schools. In general, Wells Fargo isn't a lender at colleges and universities abroad. However, there are some exceptions.

If you're looking for more information on funding, NAFSA , an association of international educators offers a great resource page  for students pursuing education abroad. Or don't be shy about talking with your financial aid officer.

Let me know if you have more questions. I'll just be contemplating taking a couple years off to get a graduate degree at Oxford .

Pip, pip, cheerio!

Posted by Barbara at 11:24 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in College, Federal loans, Paying, Student loans, Studying abroad, Travel, Tuition, Wells Fargo Bank

As I get further into the home building process, I'm confronted with a lot of "might as well" temptations. You know — I might as well add extra square footage here, I might as well install more lighting there, I might as well finish the basement now instead of waiting a few years.

Before I know it, I've might as welled myself right over my budget.

College presents you with a lot of "might as well" temptations, too — ones that you might be paying off for a long, long time, if you're not careful. Here are a few examples:

Might as well (MAW): I don't need all of these student loans, but they've been offered to me, so I might as well take them.

Why you should resist (WYSR): If you don't need the money to pay for school right this minute, don't take the loan. You're going to have to pay it back, with interest. In most cases, the interest starts accruing as soon as the loan is disbursed. Why pay interest on money you don't need yet?

MAW: I've got leftover financial aid money — I might as well use it to buy an Xbox .

WYSR: If you have leftover financial aid money — and really, you shouldn't, if you look at the previous WYSR — throw it at next semester's tuition, or use it to pay for living expenses. An Xbox does not count as a living expense. Besides, shouldn't you be studying? If you really need to play Halo  or Guitar Hero  (and sometimes you do — it is good stress relief), just head over to your friends' place and take advantage of their poor financial decision making.

MAW: Even though I'm financing my college education with loans, I might as well skip my Economics class. It's boring, and I'm tired!

WYSR: Think about what your classes cost per credit hour, figuring in books and other materials. Then think about the interest rate on your student loans. There's some sort of mathy economics formula for figuring out exactly what skipping class costs, but you don't know what it is because you skipped Economics! Bottom line: time is money. Get your money's worth by getting out of bed and going to class.

Feel motivated to fight off the "might as wells" now? I sure do. I'm off to resist the temptation of granite countertops.

Posted by Staci at 12:40 PM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, College, Debt, Financial aid, Financial education, Money management, Paying, Preparing, Student loans, Wells Fargo Bank

I'm very intrigued by the concept of Alternative Spring Break , which encourages young adults (18- to 24-year-olds) to engage in meaningful volunteer service instead of heading for the beach to party.

Generally the programs run in late February and throughout the month of March. College students from all across the country are doing everything from rebuilding homes in the hurricane-ravaged Gulf Coast to improving child-care centers in snowy Detroit. Very cool stuff.

Alternative breaks aren't just for spring, too — many schools participate in programs that offer longer programs over the summer and all over the world, from Latin American countries to Indian Reservations in my South Dakota backyard .

Keep in mind that participation in most of these programs isn't free — you still have to find transportation to get there and pay for meals and lodging while you volunteer.

So why pay to work when you could be on the beach? Well, I'm guessing that the connections you make with people and the impact you have on deserving communities are better than a suntan and a hangover any day.

Anyone participating in Alternative Spring Break this year? Or if you've done it before, tell us about your experience!

Posted by Staci at 09:55 AM |  Contact Staci |  Permalink  |  Comments (1)
Found in College, Volunteer, Wells Fargo Bank

We've talked before about what to do once you've completed the FAFSA. Have your received your award packages (the next step) from your colleges yet?

If so, I bet many of your schools gave you a chance for some "free money" — that is, money you don't have to repay after you leave school, like grants and scholarships. Or you may have found the chance to earn some funds for school through the Federal Work-Study program .

Out of curiosity, I checked the possibilities  at my alma mater . Lots of options for many different interests! Have you thought about what type of work you may be interested in?

While I myself did not have a work-study position while in college, several of my friends (a lot of English majors) had jobs at USD's Writing Center . They were able to find a work-study position that was applicable to their major. (Our own Ms. Schiller scored a similar job during her collegiate years.)

For those of you who’ve already completed work-study jobs, where did you work?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (1)
Found in College, Federal loans, Financial aid, Financial education, Grants, Jobs, Looking back, Wells Fargo Bank, Work-study

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

A couple of weeks ago, our good friend Staci shared a useful resource related to checking accounts and received a comment requesting something similar for credit cards.

Well, look no further!

The Student Guide to Good Credit, Smart Moves Today for College and Beyond has the basics for understanding and building a solid credit history. This short brochure explains why a high credit score is important, offers three easy ways to build good credit, and provides tips on how to avoid fees and finance charges. It also includes online resources and important phone numbers for reference.

FYI, the brochure automatically comes with every new College Credit Card but is helpful for anyone wanting to shore up on basic credit knowledge. Check out the file here on the blog or request it at your local Wells Fargo store!

Posted by Dinna at 10:20 AM |  Contact Dinna |  Permalink  |  Comments (3)
Found in College, Credit, Credit cards, Credit history, Financial education, Preparing, Wells Fargo Bank

In January, I wrote about some colleges reducing tuition costs for families below certain income levels. I thought it was an interesting topic, and it seemed like a rather novel idea at the time, but it didn't generate any discussion.

Two months later, several more universities have followed suit — and not just big, prestigious ones like Stanford  and Brown , but smaller colleges and state schools, too. The Project on Student Debt actually keeps a running list