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

Calling all parents of high school seniors!

It's now time to take on a not-so-fun parental duty. It's time to have "the talk" with your senior: that uncomfortable discussion about college costs and their future ability to repay their student loans.

In almost every article I read these days about student debt, there are a few anecdotes about students who spent thousands upon thousands of dollars on college, only to find upon graduation that their salary is completely out of whack with their debt load.

I'm always left wondering if the student either: 1) had no idea of the earning potential in his/her chosen career; 2) knew the earning potential but just didn't realize how that would translate in a practical sense; 3) just chose not to think about finances at all until it was time to pay.

It's easy to understand why 18 year-olds would have a tough time understanding how their salary translates in the real world. That's where parents need to step in during the college-selection process and give the following short, but pointed speech:

I know you're very interested in attending "Really Expensive College," but we're going to have to consider what kind of financial aid package they offer you. Because you plan to study XYZ, you'll probably start out at a salary of around $25,000. Once we see your financial aid package, we'll have to figure out how much money you'll need to borrow, and what your monthly payments will be once you graduate. If it's going to be too much to handle on your salary — and I can help you figure that out — you're going to have to consider "Less Expensive College ."

Of course, the discussion may not be that simple — especially if your child is very attached to the idea of attending an expensive school and following a career path that doesn't justify the price tag. But hang in there, parents, and keep them focused on financial reality. They'll thank you one day.

Parents: are you talking with your kids about college costs?

Posted by Caroline at 09:33 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in College selection, Debt, Financial aid, Financial education, Jobs, Money management, Parents, Paying, Post-college, Preparing, Student loans, Tuition, 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

Most students head off to college full of anticipation. Your life's finally getting started, you've got a newfound independence and you're on way to a real career.

I hate to be a Debbie Downer  here, but despite all those high hopes, by the end of freshman year about 30 percent of students have dropped out. And according to the Department of Education, around 50 percent never graduate at all.

I'm only bringing this up because I don't want it to happen to you. If money is the problem , consider this: college graduates earn roughly twice as much  as non-graduates over a lifetime. You really don't want to leave school with the double whammy of debt and no degree. If you're struggling with money, get yourself to your school's Financial Aid Office right away. They're the best people to help figure out your options.

Unfortunately, many students drop out of school because they simply don't know what it takes to stay in college — I've seen this with my own eyes. Here are some simple suggestions that will go miles toward keeping you in college:

1. Go to class. You know how they say "90 percent of life is just showing up"? This definitely applies in college. No one's there to make you go, and it's going to be tempting to skip sometimes, but you have to show up for class. When you get there, if it's a big lecture hall, sit up front. You'll be less distracted, you'll hear better, and you'll automatically pay more attention because the professor can actually see you.

2. Study . Study between classes whenever you can. Even if you've just got an hour, you can review your notes, read a chapter or outline a paper. In the evenings, find a quiet place away from distractions. If you're struggling in a class, see your professor, teaching assistant or advisor — they may be able to help you get a tutor.

3. Stay on campus on the weekends. During your first year of school, it can be really tempting to run back home on the weekends, but don't give in. Finding yourself at loose ends on a weekend may feel strange, but there are plenty of other freshmen in the same boat. Stick it out — you've got to commit to making friends and finding a life at school if you want to succeed

4. Don't go out on weeknights. This ties directly to point #1. Simply put, you'll be less-inclined to skip class if you weren't out the night before. You don't have be a hermit during the week — have a TV night   with your friends, go for study snacks, whatever keeps you sane. But treat college like a full-time job: Take it seriously and save going out for the weekends.

What do you think? What does it take to stay in college these days?

Posted by Caroline at 11:44 AM |  Contact Caroline |  Permalink  |  Comments (3)
Found in Back to school, Jobs, Post-college, Preparing, Remember, Wells Fargo Bank

Since summer is more than half over (so sad!)—I'm wondering how your summer job has been going?

I'm thinking about it because my stepdaughter is having a much better job experience this year compared with last. Last summer she was bored silly working a few hours a week as a waitress.

This year she's a nursing assistant  at a local hospital and is working toward certification. It's hard work and she's putting in lots of hours, but I can tell she's much happier. She's building her resume  and getting great experience (since she's planning a career in occupational therapy).

The money doesn't hurt, either. She's making lots more this summer and is able cover all her own bills and rent. She's also keeping a comfortable balance in both her checking and savings accounts. All in all, she's having a pretty good experience.

What about you?

Posted by Caroline at 08:46 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Budgeting, Financial education, Jobs, Parents, Paying, Preparing, Student loans, Wells Fargo Bank

For me, the answer isn't as easy as it was when I was a 10-year-old. Back then, I wanted to be a marine biologist —never mind my inability to swim without a nose plug and the obvious geographical hindrance, being in landlocked Nebraska .

My answer changed over the years—to teacher, nurse, lawyer, writer and more. Frankly, I haven't quite solidified a final answer.

For those trying to answer that question, there are a couple of other logical questions to consider: What should I major in? Where should I go to school?

When it comes to paying for an education, those questions can have a very large effect on your financial future. Obviously, your college price tag varies depending on what and where you're studying. When you're making these decisions, you should also be thinking about what you'll be doing after graduation—and asking yourself: "Will I be earning enough money to repay what I borrowed?"

Most advisers suggest  not exceeding monthly student loan payments over 10% to 15% of your expected salary .

I'll give you an example. Let's say our student:

• Has a major in psychology—both a bachelor's and master's degree
• Eventually wants to teach psychology at a university
• Is taking on about $40,000 of Federal Stafford loan debt

Is that decision financially sound?

Well, if the expected salary is around $50,000 out of college, our student will have a monthly income of about $4,200. By using a payment calculator (at 6.8% interest rate for 10 years), you can see that the monthly loan payment is $460—about 11% of the estimated monthly income. Our student is pushing their suggested borrowing amount. In this case, it might make sense for our student to get extra income from a part-time job during school instead of borrowing so much.

Seems to me that the question to answer isn't what do you want to be when you grow up, but can you afford it?

Posted by Barbara at 09:12 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, College selection, Federal loans, Financial education, Jobs, Paying, Post-college, Preparing, Private loans, Student loans, Tuition, Wells Fargo Bank

Since July 4th is tomorrow, let's talk about another kind of "Independence Day"—the financial type.

I've always liked feeling financially independent. I had a paper route  as a kid and relished having my own money for movies, candy and Ms. Pac-Man . I worked as a grocery checker  in high school, spending my cash on clothes and other extras I wanted for myself.

In college, I was able to pay my own way through school with a combination of grants , scholarships, student loans, work-study  and regular jobs. And after college, I was soon on my own and paying all my own bills from cable to car insurance.

But I distinctly remember the day I felt truly financially independent. I was 29 years old and had just purchased my first car without consulting my parents in any way, shape or form. Finding that little Mazda  all on my own and securing the financing was a little scary, but it felt great. I'd crossed that final bridge to true financial independence. Light the sparklers!

Got any stories to share about your own Financial Independence Day?

Posted by Caroline at 09:02 AM |  Contact Caroline |  Permalink  |  Comments (6)
Found in Budgeting, Cars, Federal loans, Financial education, Grants, Independence Day, Jobs, Looking back, Parents, Paying, Preparing, Private loans, Remember, Scholarships, Student loans, Wells Fargo Bank, Work-study

After Barbara and Caroline shared their post-graduation stories last week, I figured it was only fair that I tell you mine, too. So I wrote this long post filled with pomp and circumstance  about how my plans didn't pan out after graduation.

It was really depressing.

And I thought, hey, you don't need to know all that. You're graduating! You're probably anxious and excited and nostalgic enough as it is.

So, here's my experience in a nutshell: I didn't go to my first-choice college. I didn't apply to law school, and I didn't get accepted to graduate school.

I did receive my diploma. It just had other plans.

Surprise, surprise—my post-college future didn't turn out exactly as I thought it would. Really, whose does? Graduates, if you're facing uncertainties, just know that you're not alone. I moved from Plan A to Plan B to somewhere near Plan N, and I'm living proof that even if it takes awhile, things have a way of working themselves out. Now I have a rewarding career, a lovely home, a hyperactive dog, and, most importantly, a host of family and friends who love me.

And who's to say that wasn't the plan all along?

Posted by Staci at 09:05 AM |  Contact Staci |  Permalink  |  Comments (3)
Found in Financial education, Jobs, Looking back, Paying, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

When you started college, you probably had a vision of how the future would play out: four years of college, a fabulous graduation celebration, two weeks to regroup, and then you'd move into a great new apartment and start your first job .

At least that was my vision.

For those of you who are graduating this spring, if you have a similar vision, don't be alarmed if it doesn't play out just that way. It didn't for me.

As I've shared, I moved to Colorado shortly after my college graduation and planned to live with my sister temporarily while I looked for a job. It was May. I figured within a couple months, I'd land something and be ready to move into my own place shortly after that.

Well, all summer long I kept shooting out resumes and working part time at JCPenney^® . I went to a few interviews each month, but nothing panned out—except an offer to enter a management training program at a record store in Boulder . For about 10 minutes I was tempted to take it—just to have a "real" job. But I wanted to be a writer, not a retail manager, so I hung in there.

Summer stretched into autumn, and my frustration was building. All my friends back home had landed their first jobs. What was I doing wrong?

With my student loan grace period  about to end, I was starting to get worried about money, so I picked up a second job as a temp. Now I was doing data entry by day (big yawn) and selling reasonably-priced junior clothing by night (bigger yawn). This wasn't good—I was getting farther away from my vision, not closer!

By January, I figured enough was enough. I could be a temp anywhere—why not move back closer to my friends and hopefully into a kinder job market?

It was a smart decision. A full nine months after I graduated from college (and three weeks after moving back home), I finally landed a job in my field and moved into my own apartment. It took longer than I intended, but I was finally on my way.

What's your vision after college graduation?

Posted by Caroline at 08:39 AM |  Contact Caroline |  Permalink  |  Comments (3)
Found in Financial education, Jobs, Looking back, Paying, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank