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

When I was a child, I learned somewhat of a clothing mantra: Buy it on clearance, hand it down, repeat.

As the youngest of four girls, I quickly became familiar with "new to you." This was, generally, a practice I was fine with. My wardrobe did occasionally include a questionable piece from say, the mid-'70s (keep in mind I was born in 1984), but it was OK. And to be fair, I did get clothes now and then that weren't the pre-worn type.

My childhood "fashion" gave me the hand-me-down  mentality. When I shop, it's usually a beeline to the clearance racks. While I'm willing to spend a bit more on things that will last, generally, I stick to the marked-down merchandise.

But every once in a while, the rebellious bug strikes me, and I find myself in the checkout line with a full-priced Anne Klein  dress. (To my credit, it was full-priced at T.J. Maxx , but still.)

Sometimes I wonder if other folks have the same reaction after a frugal upbringing. Do you ever just get the urge to spend on something you usually are frugal with?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Financial education, Looking back, Money management, Paying, Wells Fargo Bank

Editor's note: The Student LoanDown is thrilled to welcome back Caroline Hanson from family leave — and just in time for all the earth-friendly festivities happening this week!

When I graduated from college 14 years ago, people weren't all that serious about "going green." Most of us recent grads were driving giant gas-guzzling cars from the '70s and early '80s. And back then, being a "granola" was much more about wearing flannel shirts and Birkenstocks  than saving the environment.

For those of you in college now, you really have a great opportunity to live "green" for your whole adult life. For me, I've really only recently become more conscious of living "green." The cool thing I've noticed is that doing things that are environmentally friendly will almost invariably save you money.

It's almost like if you just make a conscious choice to spend less money, you'll automatically be doing things that are also good for the environment, whether it's buying a car  that gets great mileage, turning down your thermostat, or using compact fluorescent light bulbs .

Conversely, if you struggle with saving money, try shifting your focus to living eco-friendly instead. You might find that living green saves you green.

What environmentally-friendly things have you done that saved you money?

Posted by Caroline at 09:29 AM |  Contact Caroline |  Permalink  |  Comments (1)
Found in Environment, Looking back, Remember, Saving, Wells Fargo Bank

It's April 15: Tax day. (Insert your favorite ominous music here.)

My 2007 taxes  were finished a few weeks ago, and already the small refund has been directly deposited in my account. Barbara had to pay in a little this year, but in 2008 she should be able to reap the tax benefits of a full year of homeownership.

However, the April 15 deadline still looms for other financial decisions. Just yesterday I made the mad dash to my broker's office to deposit the allotted 2007 nondeductible contribution amount for my Roth IRA. Nothing like getting it in under the wire.

If you're still in college, you might not be thinking about retirement just yet — I know I wasn't. In fact, my IRA was a college graduation gift from my father. He contributed $2,000 annually for 10 years — a pretty generous start to my retirement nest egg. (Thanks, Dad!) Over time I converted it to a Roth account from a Traditional IRA and upped the contributions as both the law and my income allowed.

This year, I decided to put some of my tax refund toward my IRA contribution and use the rest to pay the first installment of my 2008 property taxes — certainly not the splurge items I used to treat myself to! It all feels so grown-up.

Where's your tax return going this year?

Posted by Staci at 09:56 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial education, IRAs, Looking back, Money management, Preparing, Roth, Saving, Taxes, Traditional, 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

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

I was talking with a co-worker the other day who was telling me all about his vacation plans this year...how he had planned everything at the end of 2007 and had made all of his flight and hotel arrangements already.

It got me thinking: What do I want to do this year? And is there any place I could visit this spring?

Then it hit me: "Yes, there is!" As I was driving in to work, a commercial came on the radio. The voice had that familiar, friendly accent and hyped up places like Bondi Beach  and the Sydney Opera House . "Now is the perfect time to visit Australia!" the voice said, encouraging me to get info about Qantas flights .

I visited Australia  while in grad school. I really had no money, but a friend of mine worked for an airline and got me a "buddy pass" that allowed me to fly for a steal. Once there, I was also able to stay with my friend's relatives. Unfortunately, because we were flying standby, our trip was short, and I've always vowed to return.

Nowadays, I use frequent flyer miles  to go on vacation. But nothing is ever "free," and I still have to consider the cost of airport taxes & fees, hotel, meals, ground transportation, sightseeing, and of course, local shopping!

So, even though I really want to go, I have to ask myself: Can I afford to go? I could charge everything — I usually use my credit card anyway when I travel because it's safer than cash, adds additional insurance, the exchange rate is usually better, and I get rewards points for every purchase. But can I (or would I) pay it all back when I return?

What would you do? What are some of your vacation planning considerations?

Posted by Dinna at 10:00 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Budgeting, Credit cards, Debt, Exchange rates, Looking back, Paying, Vacation, Wells Fargo Bank

It arrived in late December: a legal-sized envelope from my alma mater . At first, I thought it was just the usual fundraising letter, but then I saw the bolded, capped outer envelope message: CLASS AGENT LETTER ENCLOSED!

To quote Liz Lemon , my heroine from 30 Rock , "Blurg."

I dread the biannual letter from my class agent, which, according to my school, is supposed to "help to build informed, unified, and motivated classes for a stronger Augustana. Class Agents send a fall and winter letter to their classmates, keeping them informed of moves, marriages, family changes, new jobs, and awards."

Don't get me wrong. The agent for my own college class is a lovely person. Actually, she and I were friends — at least until we had a bit of a falling out during our senior year. It's just that all of my insecurities come rushing out whenever I open the envelope and read about my fellow alums' achievements.

"So-and-so moved to Dubai  and bought a palace!"
"So-and-so had her fifth child, and her entire family is in the Mensa®  program!"
"So-and-so received three Ph.D.s  and won the Nobel Prize !"

Okay, maybe I'm exaggerating just a little. But you get the idea.

I guess you never really stop competing with your classmates, even after you've been out of college for 15 years. And you never stop comparing yourself to them, either. Someone is always going to be smarter or richer or more fulfilled than you are, whether you open the envelope or not.

So I shouldn't let it get to me, right? The fact that my former classmates are doing well now is a testament to the quality of our education. It doesn't take anything away from my own success. And ultimately, it's cause for celebration, not angst.

How do you feel when you compare yourself to your fellow students (or don't you)? Does the competition throw you for a loop, or does it motivate you to work harder?

Posted by Staci at 04:00 PM |  Contact Staci |  Permalink  |  Comments (2)
Found in Looking back, Post-college, Wells Fargo Bank

Now that we are fully into the holiday shopping season, I have to admit, I'm feeling kind of ignorant about how college students treat Christmas shopping these days. My college junior stepdaughter is not a big shopper in general, and limits her Christmas shopping to just a few affordable gifts for family. And I don't remember buying people much of anything when I was in college.

However, as I wander the mall these days trying to wrap up my own shopping, I see one big temptation that's probably even bigger for college students: the store credit card.

I actually promoted these when I was in college. I worked for JC Penney  and we got reimbursed for every application we turned in. It was a nice way for me to take home some extra cash, so I definitely encouraged any and every customer to apply.

But these days, it's not just the big department stores that offer credit cards — almost every single store pushes them. And some of their offers are pretty tempting. They quickly tell you exactly how much you can save today just by signing up, and go on about their valuable rewards programs. It always sounds like a great deal, and it can be hard to say "no."

Admittedly, I sometimes have a problem refusing these offers when I'm making a big purchase, or when it's being made by a store I visit frequently .

As a college student, however, it's not a good idea to start opening up a bunch of new credit cards — even if you can save $20 here and there. Even if you promise yourself you'll cut it up as soon as it arrives. Some people have the discipline not to use these cards or to cancel them right away — you don't want to find out the hard way which type of person you are.

Even if you don't use the card, having too many open lines of credit can hurt your credit score  since it's an open door for you to quickly get into debt. And if you don't have a proven credit history, this looks dubious to potential creditors. Also, having a number of open lines of credit leaves you increasingly vulnerable to fraud and identity theft — especially if they are accounts you don't pay much attention to.

Your best bet is to stick to just one credit card while you're still building your credit history, and find another way to save during the holiday season.

Posted by Caroline at 11:54 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Credit, Credit cards, Credit history, Credit score, Financial education, Fraud, Identity theft, Looking back, Money management, Wells Fargo Bank

Last month we launched our "Ask the Expert" tool — and since then, your questions have been steadily rolling in. At first I was surprised by the number of inquiries we received this way. I thought the Student LoanDown community would use the comments section to ask questions — but I guess you take that section literally and use it for actual comments, not questions!

Nonetheless, I'm glad you're finding "Ask the Expert" useful. It's certainly useful for us bloggers because we learn exactly what kind of information you'd like more of — and then we can share it with the rest of our community.

So here's a question we received from a concerned parent about financial aid timing (certainly appropriate as spring semester is just a few months away):

My daughter is a freshman. We did not take out any loans for the first, fall, semester, but would like to take out one for the spring semester. Is it possible to get a Stafford or Perkins loan for the spring semester, or have we missed this cycle and have to wait for the fall of 2008?

And here's my response:

No, you haven't missed the cycle. (Whew!) If you haven't already completed the FAFSA  (Free Application for Federal Student Aid), that's your first step. The 2007 FAFSA covers the 2007-2008 academic year through June 30, 2008, and will determine your daughter's eligibility for financial aid.

I'd suggest that you check with the financial aid office at your daughter's school. Low-interest Federal Perkins Loans  are based on financial need and are awarded on a first-come, first-served basis, so those may not be available. But low-interest Federal Stafford Loans have both need-based and non-need-based components (subsidized and unsubsidized loans), and as long as your daughter is attending an eligible school at least half-time, this should still be an option for her.

One last thing: As a parent, if you're interested in borrowing to help your daughter pay for school, check out the Federal PLUS Loan for parents. It's also not based on financial need but does require a minimal credit check.

Please keep your questions coming — they're interesting, they're relevant, and ultimately, they make this a better blog!

Posted by Staci at 09:39 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Back to school, College, Federal loans, Financial aid, Financial education, Looking back, Paying, Student loans, Tuition, Wells Fargo Bank

We start this post in my cardiologist's office, and we'll finish in a financial aid office.

Earlier this year, after a number of routine tests, I sat in an exam room waiting for my doctor. It's a visit I make annually because of a congenital heart defect, and for the past 14 years I've left the office with instructions to maintain the status quo.

But not this year. Instead, I got a detailed explanation of a problem and the possible solutions.

Post minor breakdown, my next step was to research my situation as much as possible. I trolled the Internet for similar cases and discussed my previous surgeries with my parents. As I became more familiar with the medical terms (my favorite was "hypertrophy") , I started the list. Every question that popped into my head went on the list — even if it seemed stupid.

On my next visit to the doctor, I asked the professionals for the answers. I got the advice I needed, felt confident with the information, and was able to make my decision.

Advisors are amazing resources. But professional advice is even better when complimented by your own knowledge, whether you're shopping for a heart surgery or a student loan.

When you're looking to finance an education, it's important to listen to your financial aid officer. After all, they're the professionals. But you shouldn't stop there. Research your options — scholarships, loans, lenders — so you can make an informed decision.

Then you can compile your own list and go back to your financial aid office with any questions you have — even if they seem stupid.

As part of this blog community, you're off on the right foot. Here are a couple other online resources that can help you learn the fundamentals:

• Department of Education Student Aid Portal 

• FinAid! Guide to financial aid 

It's important to make informed choices. While we turn to professionals for advice, we still need to be knowledgeable because in the end, we're the ones who are impacted by our decisions.

Posted by Barbara at 09:45 AM |  Contact Barbara |  Permalink  |  Comments (3)
Found in College, Financial aid, Financial education, Looking back, Paying, Preparing, Scholarships, Student loans, Tuition, Wells Fargo Bank

Eventually Charlie's* transcripts were released and he obtained his degree — summa cum laude  and Phi Beta Kappa  — from the University of Minnesota. I told you he was smart! But with the degree and all its honors came a wide range of emotions, including severe financial fear.

Once the debt had been paid, how did you feel?

Honestly? I felt like telling the messed up and unsympathetic bureaucracy of that school to take a flying leap.

But, most importantly, I finally felt free and unfettered. I felt like nothing else, no matter how bad, would ever get me down. I felt grateful to my family and my friends for being constant sources of emotional support during the dark years of debt. Most of all, I am grateful to my father, who worked up to four jobs at one time to keep our family financially afloat and to make headway in the debt owed.

I will say this, and perhaps it is not entirely appropriate, but money is an emotional issue for me, and this is an emotional response to the issue. I said I am grateful to my father for all he did for me and for my family during some very dark years financially. But because my dad worked so much and was so burdened with the stress and constant worry about this debt, he became seriously ill. In the end, he was diagnosed with cancer and passed away when he was only 61 years old. For me, this debt will always be linked to the emotions of my father's untimely death.

What advice would you have for others who may be in a similar situation?

Start talking about money BEFORE you even THINK of applying to school. And honestly talk about what your family can afford and what sort of debt you can support. Students should do a lot of research, speak with the financial aid offices, and apply for every loan and grant available. And remember that there would be NO schools if it were not for the student. Remind the colleges of this and do not allow yourself to be brushed off by the bureaucracies.

How has this experience changed how you approach finances?

As I have said, money is linked to emotions for me. It is not the simple clear-cut idea of dollars and cents. It's linked to my father's death and to my own struggles to support myself and finance my continuing education. I find myself very cautious when it comes to finances and loathe to repeat the experiences of the past. However, I am much less emotional and terrified of money and debt than I once was.

How did the situation end up impacting your credit?

Miraculously, the debt owed did not reflect negatively on my credit. When I began requesting my credit reports  from the three major credit agencies, I combed through them diligently to see if there was anything that would be a black mark against me.

That huge sum of money owed, just sitting there and dragging me down, that's what truly affected me mentally and emotionally. The anxiety and stress of trying to come up with a plan on how to pay the debt was arduous, but, eventually, a payment plan was agreed upon with the school and the whole amount was paid off last year.

Even though your credit didn't take a negative hit, what made you decide to work on improving it?

My partner and I have a goal of purchasing a house within the next year or two. As such, we wanted to make sure there were no skeletons in our financial closets and that we had everything in order before we began the process of applying for a mortgage. Knowledge IS power and it's important to understand that money SHOULD work for YOU, not the other way around.

I review my credit reports every six months to check for any discrepancies and to see how my credit rating is improving, pay my bills ahead of time, and pay well over the minimum amount due. I've instituted an aggressive savings plan, including the purchase of CDs.

How are you feeling about your financial situation these days?

I make a lot of jokes about Suze Orman  and how I hate the fact that I cannot be as capricious as I would like in my spending habits because of her financial guidelines.

But I do have her "tough love" tactics for financial health to thank for being in a much better place than I have ever been. I do not feel as weighed down and helpless as I once did. I feel very positive and confident that my goals for continued improved credit and the purchase of a home are well within my reach.

I'll have you know that I'm very proud of my dear friend Charlie. Throughout this whole financial ordeal (and there were some seriously trying times), he never let it get the best of him. When his debt was paid last year, we celebrated — celebrated his dignity, his tenacity, and ultimately, his freedom!

If Charlie's story has given you something to think about, I hope you'll share your thoughts.

Oh, and in case I didn't make it clear before, I'm thrilled about the prospect of getting his canned goods and embroidered dishtowels for Christmas!

* Names have been changed to protect the financially challenged.

Posted by Staci at 11:23 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Budgeting, College selection, Debt, Federal loans, Financial aid, Financial education, Looking back, Money management, Parents, Student loans, Tuition, Wells Fargo Bank

After Charlie* embarked on his Ivy League adventure, he thrived. But unbeknownst to him, money was a problem.

Charlie, did you know that you had outstanding tuition bills?

For the year and a half I was at school, I had no idea there were any problems with paying for my tuition. If my parents received any sort of statements or letters, I was never privy to them.

I do not blame my folks for keeping this information from me. I think their first instincts were to protect me and to try to figure out on their own how they were going to come up with this huge sum of money to see their firstborn through his college education. And, the way I was raised, this is what parents do. They find a way, any way, to make their kid’s dreams come true, no matter what the sacrifices or hardships. And we were not raised to discuss the “sordid topic of coin.” So this crisis (and believe me, it was a crisis) just simmered and boiled over. And my entire family and I suffered for it.

How did you find out that you had to leave school?

I was home for the Christmas break. I had packed up all of my bags and even had some boxes addressed to my campus address that I needed to be mailed. I remember walking into our kitchen and telling my parents we had to go to the post office that day so the stuff would be at school when I arrived. They didn’t respond; they just sat there, very quiet. And I knew. I knew something was terribly wrong.

Mom and Dad broke the horrible news to me that I would not be going back to college and that Mom and I would be leaving the next day to collect all of my belongings. Of course, I was thunderstruck, devastated, shocked. I did not know how any of this could have happened. HOW could my carefully planned life have gone so terribly wrong? I remember a lot of tears. I was in a stupor for the entire drive and spoke very little to my mother.

When I got to school, I had to tell all my friends, as well as all of the freshmen I counseled (I was a Resident Counselor for my sophomore year) that I had to leave and I did not know if I would ever be coming back. I had less than 12 hours to pack up my entire college experience, stuff it into a tiny car and leave it all behind me. Once I got back home is when the anger and the fury at the school and what they had done to me and to my family begin to really take hold.

Because of the unpaid tuition bill, it took several years before your school would release your transcripts — meaning that you couldn’t continue your education elsewhere. How did that situation change your education plans?

I had no choice but to immediately go to work. With no college degree, I did not have a lot of options, but I did find a job at a local book retailer. I worked for several years in my home state and then transferred jobs to a neighboring state. Like any twentysomething , I needed to find my independence.

I always planned to go back to college. It was simply a question of when. And the WHEN was determined by the release of transcripts from the school. My education plans never changed — they were only postponed.

When all was said and done, how much did you owe?

We owed over $30,000, which included late fees and fines.

How long did it take to pay off the balance?

15 years.

Tomorrow, the final chapter: lessons learned (and emotional baggage packed).

* Names have been changed to protect the financially challenged.

Posted by Staci at 11:35 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, College selection, Debt, Federal loans, Financial aid, Financial education, Looking back, Money management, Parents, Paying, Student loans, Tuition, Wells Fargo Bank

It's October, which means that high school seniors all around the country have begun their college searches in earnest. They're taking entrance exams, filling out applications, visiting campuses, and setting their hearts on particular schools.

But are they thinking about how they're going to pay for it?

Are you?

A few posts ago I introduced my best friend Charlie* and his financial challenges. This week, I'm going to tell you how he got there (and hopefully, how you can avoid some of the pitfalls he experienced).

It all started in our senior year of high school, right around this time of year. Charlie was (and still is) my brilliant friend, and I always knew he was destined for something great. So it was no surprise to me that he was admitted to some very prestigious colleges.

Charlie, how did you find yourself in the Ivy League? 

Like many other prospective college students, the summer before my senior year in high school my family and I took a tour of the colleges and universities in which I had an interest. We took the incredibly long drive from South Dakota to the East Coast to look at seven campuses, both state and Ivy League schools. Of course, the academics and the prestige of attending an Ivy League school were very enticing.

In the end, I got into all the schools except for one. The spring of my senior year, I was invited to visit two of them for a weekend, to get a better feel for campus life, meet other students, etc. (I clearly recall receiving letters from both schools, telling me what an asset I would be to the student body, how impressed they were with my academics and extra-curricular activities, how I was very unique and had a lot of potential. Well, for an 18-year-old kid from a square Midwestern state, that's wonderful praise.)

I had a tough choice, but I knew that my father in particular would be over the moon if I decided to attend an Ivy League school. I remember walking into one of the large halls off the campus green and approaching my dad, saying, "How would you feel about having a child with an Ivy League degree?" The man literally leaped up and down, clapped his hands, and gave a whoop. He was so, so very proud. And that was very, very important to me.

Why was it important for you to attend this type of school?

Honestly? Because it had cache. Because it had status. Because I wanted to be one of the very few from my graduating high school class to attend an Ivy League school.

Most importantly, though, because I had EARNED it. I had worked so, so hard for four years to get excellent grades and to participate in a myriad of extra-curricular activities. My entire focus and direction while in high school was to be an academic all-star so that an Ivy League school would be able to look at my application and think, "Wow! We cannot pass this kid up! Let him in!"

Was the cost of education an issue for you? Your parents?

The topic of money was never, ever brought into the equation in my final decision. My parents never discussed it with me, and, as an 18-year old I assumed what most children do: that Mom and Dad would provide. How was I to think differently? We lived in a beautiful house with a pool in an affluent upper-middle class suburb. Why wouldn't I be able to attend whatever school I wanted, no matter what the cost?

I will also say that I do not recall the high school counselor with whom I spoke about colleges providing me with information about financial aid. Also, when I visited the campus and attended various programs to learn more about the school, I do not remember getting a lot of information about how to pay for college.

After I did get in and my family came to visit me in the fall of 1989 for Parents' Weekend, my folks did meet with financial aid. I think it was at that point, unfortunately, too late in the game, that they realized that an Ivy League education would be very dear and they just did not have the funds to see me through four years.

Of course, at that time, all federal loans and grants had been meted out for the year, so there really was nothing left for me. And, because my parents made a decent living, they did not see me as a hardship case. My parents were turned away without any help or any solid and feasible suggestions for paying for my education. In fact, I later learned the loan officer told my parents, "If we had known your son would need such significant financial aid, we never would have admitted him."

Next up: What happened to Charlie when the money ran out.

* Names have been changed to protect the financially challenged.

Posted by Staci at 10:00 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Budgeting, College selection, Debt, Federal loans, Financial aid, Financial education, Looking back, Money management, Parents, Preparing, Student loans, Tuition, Wells Fargo Bank

My best friend Charlie*, who lives in Minneapolis, was recently home for a visit. When he's in town, it's dangerous for both of our pocketbooks. We love to hit the local antique and secondhand stores, drink grande nonfat no-whip mochas, and get kicked out of Barnes & Noble for giggling too loudly. Seriously, we've been asked to leave. Twice.

On this particular Saturday, Charlie and I were in line at Culver's , our favorite Midwestern fast food joint.

"Listen," he said, pulling out his faux Dior wallet, purchased several years ago on Canal Street . "I can't spend a lot on this trip. Suze Orman  has me on financial lockdown. I'm trying to buy a house. Everyone is getting homemade canned goods and embroidered dishtowels for Christmas."

Charlie has struggled with his finances for as long as I've known him – 22 years. After learning not-so-healthy spending habits from his family, he went on to make several unwise financial decisions – some that occurred as early as high school – that impacted his ability to earn a college degree, his credit score , and now, his options for purchasing a home with his partner.

In the coming weeks I'm going to tell you the story of how Charlie became "Young, Fabulous & Broke"  – and how he's working to turn his situation around. Stay tuned.

* Names have been changed to protect the financially challenged.

Posted by Staci at 09:40 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, Debt, Financial education, Looking back, Money management, Preparing, Remember, Wells Fargo Bank

I just returned from a quick business trip to Las Vegas , the city of ultimate decadence. But not to worry — much to my mother's chagrin (she loves to play the penny slots), I didn't gamble a cent.

While I was there I had the chance to visit the UNLV  campus with a few colleagues, and I left feeling three emotions: impressed, jealous, and disheartened.

I was impressed with the campus itself — it's open and sprawling, with an architecturally stunning, technologically advanced library and a gorgeous, brand-new student union building. This year UNLV is celebrating its 50th anniversary  — also an impressive milestone.

I was jealous because in the gorgeous, brand-new student union building, there are — among other things — funky comfortable chairs, tons of natural light, wireless internet access throughout, and a food court that would put any shopping mall to shame. The place was hopping, filled with people and energy, and busier than a casino on the Strip.

And I was disheartened because I observed young UNLV students throwing money around like crazy. There were huge lines at both Starbucks  and Jamba Juice  — certainly not cheap at $4 a pop. Students were streaming in and out of the campus convenience store with their arms full of Red Bull and bottled water. Most of the students I saw were using cash, although some used credit cards or their Rebel Cards  to pay for their expensive beverages.

As we walked around, my colleague Rachel said to me, "I would've spent all my student loan money in here!"

Sadly, student financial services at UNLV are relegated to an older, out-of-the way building. Other than a few people in line to pay their bills at the Bursar's Office, no one was there.

I'm not trying to pick on UNLV, because this on-campus decadence isn't limited to Las Vegas. Colleges are undoubtedly responding to the demands of their student populations, and giving students what they want. This generation  seems to want lattés and smoothies and energy drinks not just as occasional treats, but as daily purchases.

College life has come a long way since I graduated, but so have the temptations to spend on campus. For those of you out there living it right now, how do you balance those wants and needs? Or do you not, and just figure you'll pay for it later?

Posted by Staci at 10:08 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Credit cards, Currency, Financial education, Food, Looking back, Money management, Paying, Remember, Student loans, 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

Today the Student LoanDown blog celebrates its first anniversary!

A year ago, I wasn’t sure if we’d reach this milestone. I strongly believed in our blog and its mission, but I was concerned that a Wells Fargo blog about education financing and debt management might not be embraced by students, parents, or the blogosphere. After all, these aren’t the sexiest of topics.

Well, here we are, more than 150 posts and countless exchanges later, still going strong. We don’t always hit the mark, and we certainly don’t always agree — but at least we’re talking.

Now the traditional first anniversary gift  is paper, one of my many addictions (seriously, ask Barbara or Caroline what happens when I approach a Hallmark®  store). But we’re not expecting any presents to commemorate this occasion. Rather, we want you to know that your presence is our gift. And as we move into our second year, we hope you’ll continue to come to the party, offer your insights, and push us to discuss the tough topics.

Congratulations — this first anniversary is just as much yours as it is ours.

Posted by Staci at 09:23 AM |  Contact Staci |  Permalink  |  Comments (4)
Found in Budgeting, Financial education, Looking back, Money management, Parents, Remember, 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

If you're going to be a high school senior this fall, it's likely that you've already completed a time-honored tradition: senior portraits .

Senior portraits have evolved from the traditional head-and-shoulders shots marking a student's graduation year to full-blown fashion shoots expressing a student's personality. Mine were somewhere in between.