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

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

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

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

But please don’t.

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

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

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

You don’t hear many arguments when people say the cost of college tuition has increased dramatically in the last decade. But what can be done about it?

President Obama made a proposal in his recent State of the Union address: he asked Congress to “change the Higher Education Act so that affordability and value are included in determining which colleges receive certain types of federal aid.”

The issue of rising tuitions costs certainly isn’t new—I remember many complaints about it when I was in college, over 20 years ago (when costs were obviously far lower than today). So I’m curious… what do you think about it? With the up-close and personal view that you have of your college campus: do you think tuition costs are too high? If so, what do you think should be done to keep tuition costs in check?

This year the college financial aid award letter process will be a bit different for families with the implementation of the Financial Aid Shopping Sheet. The shopping sheet is a form that was designed by the federal government in an effort to create a standardized way for schools to communicate cost information to families while incorporating specific financial aid awards. It is designed to make it easier for families to do a side by side cost comparison for each of their selected schools. In addition, information on the school’s default rate, graduation rates, median federal loan borrowing amounts and repaying your loans is also included. This was created to assist families in making an informed decision about how to pay for college with actual costs in combination with the student’s financial aid award. It will be disseminated to families during the financial aid awarding process typically occurring in late March and April. Although some schools have decided not to use the form for the 2012 - 2013 award year,(as of December 2012, 600 schools have agreed to use the form) many of the elements contained in the form are the same as a school’s own financial aid award letter.< /p>

Please visit this link to see the Financial Aid Shopping Sheet and an explanation of each of its components:

• The form
• The annotated form
• Frequently Asked Questions
• More Resources

Time to learn a new language if you don’t. As you complete the FAFSA, apply for student loans and review documents from your school and possibly your student loan lender, you’ll likely come across all kinds of terms that are unfamiliar to you.

In an effort to help you decipher this new language, I’ve listed some common financial aid terms and their definitions below. Take a look, or consider bookmarking this page so you can refer to it as-needed.

And remember, if you don’t understand any of the terms you hear as you go through the financial aid process, don’t be afraid to ask! Check with your parents, your college financial aid office, or your lender to be sure you understand. These terms are new to most college students, and there are no dumb questions when it comes to financial aid—in fact, you’ll look a lot smarter for asking!

Alternative loans/private loans: A financing option for higher education that can supplement federally guaranteed loans offered by the federal government. These education loans are made by financial institutions, such as Wells Fargo.

Annual Percentage Rate (APR): This is the yearly cost of a loan, calculated as a percentage, that reflects all finance charges including loan interest and fees.

Cosigner / Co-borrower: This is someone who obtains a loan along with another individual. All parties are legally responsible for repayment of the loan.

Default: This happens when a borrower and cosigner fail to pay a debt obligation on a timely basis or to comply with other conditions of the promissory note or credit agreement.

Disbursement: This is the process of transferring funds from a lender to a borrower. A school’s financial aid office is most often times involved in this process.

Disclosure statement: This is the lender’s legal statement sent to you during the loan origination process. It states the amount borrowed, interest rate, finance charges, other terms, and repayment rights and responsibilities.

Grace period: This is the period of time when payments are not required on the loan, typically between the time the student leaves school (e.g., graduates) and when the loan enters repayment.

Interest rate: The specific rate that a lender charges, expressed as a percentage per year of the amount borrowed. Interest rates may be fixed or variable. A fixed interest rate is locked in and will not change during the life of your loan, whereas a variable interest rate can change over time with market conditions (i.e., monthly, quarterly, semi-annually, or annually) over the life of the loan.

Origination fee: This is a processing fee which is typically based on a percentage of the principal borrowed. That percentage is typically deducted from each disbursement. It is also considered as part of the annual percentage rate.

Principal: This is the total amount borrowed from a lender.

Promissory note or Credit agreement: A legally binding contract between the borrower and the lender which describes the loan terms, conditions, and obligations for repayment.

Repayment term: The period of time over which the loan is to be repaid. Repayment terms usually range from 10 – 20 years.

School certification: The process where the school confirms the student is enrolled and has met other eligibility requirements.

Servicer: This is typically a third-party entity that handles the billing, collection, deferment, and other administrative aspects of the loan.

Students and parents, if you’re in the midst of applying for financial aid, are there terms or concepts that you find confusing?

Are you considering or planning on enrolling in college this fall? Do you have questions on how to pay for college? Do you have questions on how to apply for financial aid? Do you need help completing the financial aid applications? If you answered yes to any or all of these questions, have I got a deal for you. In February, organizations across the country will be participating in an event called College Goal Sunday.

College Goal Sunday is a free program that helps families and students complete the Free Application for Federal Student Aid, better known as the FAFSA. If you are seeking admissions into a college or technical school for the 2013 academic year, then this program is for you. The FAFSA is required by most universities, colleges and technical schools to be considered for federal or state financial aid which would include grants, scholarships, work-study programs and loans.

The priority deadline to apply for financial aid is usually in the March timeframe for most colleges and universities, but check with your school’s financial aid office to verify the date. College Goal Sunday will be offered at different times and locations across the country in February so you can either check the National Website or search the internet for College Goal Sunday 2013 and the state you are in for local information. Be sure to make note of the location and the hours of operation, as well as what you need to bring with you to complete the FAFSA. If you are unable to attend one of the in-person workshops, be on the lookout for future FAFSA completion workshops in your area.

If you have any further questions, the Wells Fargo Community is a great place to get them answered.

The next few months will be the heart of college planning for many high school seniors. It’s when you complete the FAFSA, receive your award letter and make your decisions about financial aid, including student loans.

Because it’s a busy time of year, it’s a good idea to keep helpful financial aid tools at your fingertips, so you can look up information and get answers to your questions as quickly as possible.

Following is a list of helpful tools to keep handy as you make important college financing decisions:

CollegeSTEPS® program: if you haven’t already, sign up for this program at wellsfargo.com/collegesteps and get access to all kinds of helpful college-planning information including a guide to student loans, checklists for senior year, tips for finding scholarships and more.

Wells Fargo Community: If you want to learn more or connect with others who can help as you go through the financial aid process, check out The Wells Fargo Community. It’s is a great place to ask questions, share knowledge, and learn from each other. Find it at wellsfargocommunity.com.

Wells Fargo College Planning Center & Calculators: Not sure how much to borrow for college? Want to know each step you need to take when taking out a student loan? Check out the College Planning Center & Calculators at wellsfargo.com/student.

Budget: Get started on the right foot when it comes to money management by making a budget. Use our Cash Flow Worksheet to map out how you’ll spend your money in college and stay in control of your finances.

In addition to these online tools, don’t hesitate to call your school’s financial aid office or your student loan lender as you work through the process of securing money for college. They’re both ready to help.

If you’re a high school student or parent who’s just starting to look into college financing you probably have questions about your options for financing, and how much you may need to borrow.

You can get answers to these questions and more by taking a look at these five tips which give a good overview on your choices for covering college costs.

When it comes to college financing, getting the “big picture” is crucial, before you jump in and start applying for loans. This video will help you learn how parents can help, what types of low-cost financing are available, the various student loans you can pursue, and how to keep borrowing in check.

If you’re just starting to explore college financing, what are you most interested in learning more about?

When you look back on this past semester, you’re probably assessing how you did in your classes. Maybe you’re reevaluating your living situation. But have you given any thought to how you handled your money?

With a few weeks of winter break ahead, and the new year beginning, it’s a great time to look back on how you managed your finances. Did you always feel like you were short of cash? Did you rely on credit cards for basic purchases? Were you struggling for money at the end of the semester?

If you answered “yes” to any of those questions, you might want to make a new spending plan for next semester. Okay, before you doze off, hear me out—it really shouldn’t take that long. And trust me, you’ll feel much better about money—even if you don’t have much--if you have some kind of plan in hand.

If you’re not up for making a detailed budget, at least get a handle on the big stuff. Make a list of your largest monthly expenses, after your tuition/books/fees are paid: rent, utilities, gas, food. (If you’re living in the dorms this list will probably be pretty short.) If you don’t know what you pay each month for each of these, here’s your “a-ha” moment. It’s time to keep your finances top of mind. Check your online bank account or your check register and start doing the math. Hopefully you can come up with a rough estimate at least.

See how these big, fixed costs match up against what you’ll have in the bank at the beginning of the semester. What’s left is going to have to cover everything else you want to buy—is it enough? Not sure? The first step to managing your money is to know where your money is going.

So, again, it’s time to do some research on where and how you spent your money last semester. Dig into those credit card bills, check your bank account. Did you spend $15 on pizza delivery very week? That may not seem like much, but it adds up to $300 per semester. If you haven’t been paying attention to the “little” costs in the past, try it next semester. Look at it as a way to “make” money to spend on the things you really want. Think about it—if you swapped that $15 pizza for a $5 frozen pizza from the grocery store, you’ll save $200 next semester. I’m guessing you could find a better use for that kind of cash.

The thing is, you have to be aware of those “little” purchases in order to make the type of changes that will save you money. So start paying attention. Track your spending and make a plan that ensures your money is going where you want it to go. It feels much better than wondering where it all went.

For more ideas and to join the conversation, check out the Community tread on Treating College as an Investment.

January kicks off the start of the financial aid application season for the 2013/2014 academic year. Students and families across the country will be asked to complete the Free Application for Federal Student Aid, or as more commonly known, the FAFSA. As the title of this blog points out, the name can be just as confusing as the form.

So what is the FAFSA? Officially it is the form that is used to determine the amount of money a family is expected to contribute (EFC) to the cost of a dependents education. In more general terms, it is the form that everyone must complete if they are interested in receiving financial aid. All federal grants and loans are determined by the results of the FAFSA and most colleges and universities use it to determine what financial aid they can offer. To complete the form you will need to have access to the following documents: Your —or your parents— most recent tax return, current bank statements, investments, other untaxed income, a drivers license, a social security card and or your alien registration or permanent resident card if you are a non-resident. The form collects information for both the student and the parents so you will need the information for both to complete the application.

My advice is to start organizing your documentation right now. Many schools have a priority deadline for financial aid in early spring, and to qualify they must receive the results of the FAFSA before or on that date. For a family that means you need to have your taxes completed early enough to apply and have the results arrive at the school before or on the priority deadline date. These dates and requirements will differ between schools, so call and check ahead of time. Plan to complete the application online at the Federal Student Aid site instead of doing the paper one. The online application can check for mistakes as you are completing the form, which makes the turnaround time quicker. Last, everyone should complete the FAFSA if you are thinking you will need some form of financial aid. Even if it turns out you will not need any aid, it’s a good idea to complete the FAFSA and apply. You never know what you might be eligible for, but the only way to find out is to apply. If you have any questions, call the financial aid office at the school. Also the Wells Fargo Community is a great resource to ask and learn from other families and financial aid professionals.

You will be required to complete the FAFSA every year, so plan ahead and get organized. The more prepared you are, the easier the application process will be. It may not guarantee that the process is FASTA, but it is the first step that families should take if they are planning on using financial aid.

For May graduates, student loan repayment begins during November or December following a six-month grace period that is allowed on most federal and private student loans.

Although graduates may understand the value of a college degree, navigating life after college can be overwhelming for many recent graduates. Finding a job, organizing living arrangements and managing finances are just a few of the realities that recent graduates face.

Here are five steps that can help make student loan repayment simpler:

1. Use your six month grace period following graduation to get organized for repayment.

• Get your documents in order—remember to keep copies of any loan documents you sign. If you will make payments to more than one entity, be sure all your loans are accounted for.
• Know when payments are due and the amounts.
• Set up automatic payments to ensure timely payment and protect your credit.
• If you can, make payments while you’re in school. This will help save you money over time, by reducing the interest that accrues and is capitalized.

2. Consider loan consolidation, but make sure you do your research before signing up. Student loan consolidation may be a good option to consider for students interested in combining multiple private student loans into a new loan with a single monthly payment. Customers may benefit from a lower interest rate and potentially lower monthly payments. Repayment typically begins immediately, even for students still enrolled in school, and although monthly payments may be lower, you may pay more in interest over the life of the loan due to the extended repayment term. Be sure you understand the rate, repayment terms, what additional rate discounts may be available, what the cost is to consolidate and if there are penalties for paying off the loan early. Not all lenders offer the same terms, so be sure to do your research.

3. Understand your repayment options. Keep in mind, for federal loans and Wells Fargo private student loans, there is no penalty for making larger payments than the monthly required minimum or paying off the loan earlier than the end due date. With a standard repayment plan, you pay the least amount of interest over the life of the loan. For federal loan borrowers there are additional repayment considerations:

• Extended repayment may be based on a fixed or graduated repayment schedule over a period of up to 25 years.
• With graduated repayment you make lower payments at first, then gradually increase them.
• An income-sensitive repayment is adjusted annually based on your expected income from all sources.
• Choosing any of these plans means your payments are less each month, however you may pay more interest over the life of the loan.

Borrowers also may have the option to defer loan payments for an extended period of time, but need to be aware of the interest that accrues when borrowers choose to defer making payments. Below is an example of how much a borrower will pay in interest, by deferring payments for only 12 months. Think of how quickly the interest amount can grow in just a few years.

4. Keep in contact with your lender or loan servicer.

Notify the lender immediately:

• If you change your name, address, phone number or e-mail
• If you have graduated from or are going back to school
• If you can’t make your payments. A new plan may be arranged.

5. Learn more at Wells Fargo Education Financial Services online or call (800) 378-5526. For additional resources on repayment, please see our Repayment Calculator and Interest Savings Calculator.