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

For many of you who will graduate from college any day now, you're starting one of the most fun, scary and challenging times of your life. You're facing a huge change — and you may have a hard time coping, whether you're moving to a new city to start your career, or moving back in with your parents to job-hunt.

I recently came across a fabulous article  about how to handle those first 30 days after graduating from college. The tips range from the simple and practical (make sure you have a professional-sounding email address) to the deeper, emotional stuff (how to handle the loss of your college support system).

I wish I'd read a guide like this when I graduated. The months following my college graduation were probably much more stressful than they needed to be.

What will your first 30 days after graduation bring?

Posted by Caroline at 09:44 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Financial education, Post-college, Preparing, Wells Fargo Bank

Back in February, I wrote about the possibility of lower student loan interest rates. We're getting closer to the possible rate changes for variable interest rate federal student loans (those made before July 1, 2006). Remember, those can change every July 1.

Are you getting antsy to know if the rates will change? Well, you can get a good idea right now.

Variable rate loans are based on the 91-day Treasury bill . Specifically, they're based on the investment rate of the last 91-day T-bill auction in May. This year that's May 27. Federal Stafford and PLUS loans with variable rates each have a margin that's added on to this base rate. They also have a maximum rate.

Here are the margins and what the rates are right now:

If you're wondering where these rates might be headed, you can check out how the 13 week treasury bills auctions have been going.

To see what the rates have been doing, you can perform a search on the Treasury Department web site . Just set the dates you want and be sure to click the 13-week box (that's 91 days…see, I can be a little mathy!) so you see only those auction results.

And make sure you're watching the investment rate. That's the interest rate to which the margin will be added.

Posted by Barbara at 07:20 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Federal loans, Financial education, Paying, Preparing, Student loans, Wells Fargo Bank

Financial literacy is often on my mind, but this month especially as I'm reading about it on many fabulous blogs  and in the news . Last April was declared National Financial Literacy month, and this year many people are using the month again to promote financial literacy .

When it comes to finances I like to think I have a good head on my shoulders. But I'll be the first to admit, I am far from financially fluent.

Obviously, I have a pretty strong grasp of student loans (despite never having any), thanks to my job. I also know about budgeting and emergency savings. But there is one word that still scares me: investing.

Stocks, bonds and all that jazz intimidate me. It has something to do with the image the word "investor" conjures up in my mind, I think. You see, to me investors are those mathy folks who wear suits and say things like "dividend"  and "hedge fund." 

Now, I have a 401k and make regular contributions, but the money still goes to the default fund. I have yet to research and reallocate my funds. Each time the quarterly statement arrives I think, "You should really read up on this." But I have yet to follow through with that thought.

Since we're in financial literacy month, I'm going to fight my fear and get over my preconceived notions. Local library, here I come to arm myself with investing information!

I know I shouldn't need a special month to motivate me, but sometimes a little extra push helps.

If you need a push, here's one from me: Check out Wells Fargo's Hands on Banking® Program  to learn more about the financial topics you don't know much about. There is even a section specifically for young adults.

And if you're looking to boost your student loan literacy let us know what you're curious about or start with some basics from the blog. 

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in 401K, Budgeting, Financial education, Hands on Banking, Investing, Money management, Preparing, 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

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

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

I have a shameful story to share. It's shameful because I pride myself on being financially responsible...and passing on tips of financial responsibility to you readers.

About a month ago, while standing at the Younkers  counter about to purchase some new dress shoes  (on clearance, of course), I noticed an important piece of plastic was missing from my wallet. My debit card was nowhere to be found! I sifted through all my "frequent patron" cards and each pocket, but the card wasn't there. So, I handed an alternate method of payment to the cashier (who was quite patient with me given the circumstances) and started to freak out a little.

I retraced my steps and realized the last time I'd used my debit card was to purchase petrol  and a car wash several days earlier.

The steps went like this: Grabbed the card, swiped it, and started pumping the gas. Car wash? Pressed yes. Hopped in the car and set my card on the passenger seat (first mistake). Drove to the car wash entry and entered my code. Looked at the card on the passenger seat and thought "I should put that away before I lose it." (Famous last words.) This is when my memory trail went cold. Did I follow through? I couldn't recall.

So the next day, after searching my car, house, and person up and down to no avail, I relented and called to cancel my card and request a new one.

Even though I'm full of shame, I still have three quick tips related to my situation (please don't take them with a grain of salt!):

• Keep a handy list of contact information for all your financial service providers

• Know how to protect yourself  if your card is lost or stolen

• Take precautions to avoid identity theft

Since I had performed such a thorough search for the lost card, I was sure I could've been susceptible to identity theft. I imagined my poor card lying in the middle of the road, just waiting to be snatched up.

Turns out I had no reason to worry: Just last week I found my old debit card in a pair of pants I rarely wear. Fantastic. My card really needed a stunt double!

Anyone out there have a shameful story of your own that turned out better or worse than mine?

Posted by Barbara at 12:30 PM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Debit cards, Financial education, Fraud, Identity theft, Preparing, 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

What does your online persona say about you?

Let me clarify here, because I'm not talking about your avatar in a virtual world or your online dating profile.

What I mean is this: Would a web search reveal any skeletons in your social networking closet that might impact your future? For example, are you concerned about what college admissions counselors, scholarship search committees, or potential employers might find if they happened upon your MySpace  page?

On occasion I google  myself to find mentions of this blog or, since I serve as a company spokesperson, any news articles referencing Wells Fargo student loans. Sure, this research is necessary for my job — but honestly, I am curious. Who isn't?

So far, I haven't found any surprises (good, bad, or otherwise). I try to be careful — I blog only for work, and for the most part, I keep my Facebook  profile settings private. Even so, in the online world, nothing's really all that private.

If you're a high school student, college student, or a soon-to-be graduate, you probably have a far more active and visible online persona than I do. What precautions are you taking to keep your online self cloaked? Or do you use the internet to highlight your accomplishments and market yourself?

Posted by Staci at 10:15 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Facebook, MySpace, Preparing, Social networking, Wells Fargo Bank

Did you know that there's a lot more to this February than Black History Month, Ash Wednesday, Valentine's Day, President's Day weekend, and Leap Day ? It's also Financial Aid Awareness Month, which we certainly would be remiss not to acknowledge (being that we're a student loan blog and all)!

In the spirit of awareness, I offer the following tidbits of advice for making the best of financial aid:

1. Save, save, save. Save your birthday money from Great Aunt Millie, your summer job earnings, and your tax return. I know it's hard. But save at least part of it, and sock it away for the biggest investment you'll ever make — your own education.

2. Find all the free money you can. Apply for every scholarship and grant that's applicable to you. Be tenacious — there's money out there for those who are willing to do a little digging. If all else fails, look for spare change on the sidewalk.

3. If you're gonna borrow, borrow a federal student loan first. Federal student loans have the lowest interest rates and the most flexibility for repayment, so you have options when the time comes to pay them back. Take the bit of time and effort it takes to complete the FAFSA (Free Application for Federal Student Aid) and get a federal loan first. Seriously, it's worth it.

4. Only AFTER you have secured federal funding should you borrow a private student loan. Private student loans are based on credit, and they're usually more expensive than federal student loans. You'll probably need a cosigner to get one, too. For some, private loans are necessary — that's why Wells Fargo provides them. But before you borrow, check out all the loan terms very carefully and think about what it'll cost to pay the loan back. (You will have to pay it back.)

5. Borrow only what you really, really need. C'mon, do you really, really need a BMW, a daily $4 latte, or a spring break trip to Cancun? No, you do not. You're in college. Be poor and whiny now so you don't have to be poor and whiny later.

Recently there was a great article in BusinessWeek  that provides some family financial aid strategies and an overview of the student lending landscape. In honor of this special month, check it out to boost your financial aid awareness, or share your own thoughts with the community here!

PS: I actually have a Great Aunt Millie.

Posted by Staci at 12:03 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial aid, Financial education, Money management, Paying, Preparing, Private loans, Saving, Student loans, Wells Fargo Bank

I’m one of those people who make a list for everything. By the end of the week, I have a sizable collection of post-it notes in my purse ranging from new websites to check out to funny words or quotes I heard to stuff to buy. I’m also a doodler, a paper fanatic and obsessive about writing instruments. So it makes sense that I make lists, if not for any other reason but to put ink on paper, well, just because.

While I have a talent for making lists, just because, I also am a bit neurotic about maintaining a serious actionable to-do list at work and at home. I read a study somewhere that proved it is possible to get a rush of adrenaline when you cross something off a to-do list. Of course, the day I read this was the day I began adding things to my to-do list I had already done, just for the satisfaction of running my black Sharpie  through the middle of it.

It’s that time of year when I take my cue from the big guy in red  as I make my lists and check them twice before leaving the house to join the holiday crowds. It’s also time for many students to begin making their lists for the upcoming semester. Here are a few topics that may be on yours:

• Register for spring classes
• Look up scholarship deadlines
• Figure out how to apply for a Federal Loan
• Schedule a call with a loan expert
• Return library books
• Download exclusive music

As for my lists – today I ran into the kitchen waving our master holiday shopping list in the air at my husband as if it were a winning lottery ticket.

Holiday shopping? Check.
Adrenaline pumping? Check.
Celebrating good times? Check!

Sending you warm wishes for fun, safe and splendid holidays.

Editor’s note: Rachel and the rest of the Student LoanDown team will be on holiday hiatus until the new year. See you in 2008!

Posted by Rachel at 10:23 AM |  Contact Rachel |  Permalink  |  Comments (0)
Found in Federal loans, Financial aid, Financial education, Preparing, Remember, Student loans, Wells Fargo Bank

As always, just as you’re finishing up finals and easing into your winter break, somebody has to come along and remind you about your upcoming responsibilities: It’s almost time to file your Free Application for Federal Student Aid (FAFSA)!

Yes, applying for financial aid for next year is one thing you really should do before heading back to class for next semester. However, I do have some good news to share with you about Federal Stafford Loans for the 2008-2009 school year:

Lower interest rate: If you’re an undergraduate student and you take out a subsidized Federal Stafford Loan (where the government pays your interest while you’re in school, grace and deferment) for 2008-2009, your interest rate on new loans will be lower—down to a fixed rate of 6.00% beginning July 1, 2008. The interest rate on unsubsidized Federal Stafford Loans (and subsidized Federal Stafford Loans for graduate students) remains fixed at 6.80%.

Lower origination fee: For everyone who takes out a Federal Stafford Loan (either subsidized or unsubsidized) the origination fee will be lowered next year. Beginning July 1, 2008, the origination fee for new Federal Stafford Loans will be 1% (down from 1.5% currently).

If you have any questions while working on your financial aid application for next year, be sure to check in with your school’s financial aid office, or post a question here. We’re happy to help.

Posted by Caroline at 10:30 AM |  Contact Caroline |  Permalink  |  Comments (7)
Found in College, Federal loans, Financial aid, Financial education, Preparing, Wells Fargo Bank

One thing I've done is make my holiday gift list. Man, it's long!! All I could think was, "How much am I going to spend this holiday? Can I afford to get something for everyone on my list?"

To that end, I grabbed my laptop, got comfy on my couch, opened up an Excel spreadsheet, and started making a holiday gift-giving budget . I listed potential gifts and expenses for my family, extended family, friends, neighbors, hostess gifts for parties, etc.

After going through the budget, I realized that I needed to develop a gift-giving strategy — something that allowed me to give meaningful gifts but also stay within my budget constraints. Maybe I could give gifts to kids only, make family gift baskets, suggest to extended family that we pull names from a hat, contribute to a charity  in a family's name, or even do a white elephant  gift exchange.

I haven't quite figured out what I'm going to do, but one thing is clear: Making a gift-giving budget helped me see where I needed to cut back/modify/expand my gift-giving so I don't spend blindly.

What are your gift-giving strategies?

Editor's note: The Student LoanDown team will be spending the rest of the week in tryptophan-induced comas . We wish you all a Happy Thanksgiving — gobble, gobble!

Posted by Dinna at 10:08 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Budgeting, Financial education, Money management, Paying, Preparing, Wells Fargo Bank

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

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

Do you think the ACT test  should be mandatory for all high school students?

Currently a few states do require that students take the ACT. Why? It serves as another way to assess students, and some probably see a side benefit that perhaps more kids will consider going on to college if they already have the ACT under their belt.

A recent editorial  in the Des Moines Register advocates for school districts in Des Moines to pay the ACT test fees for all students, but to further examine whether it should be made mandatory.

Personally, I'm not in favor of either. I don't understand why a school district should pay for the test, considering there's already an option to get the fee waived  for those with an economic need. For those who can afford to pay the fee, in my opinion, paying for the test and taking it on a Saturday outside the school setting, lends a certain weight and seriousness to the test that might be lost if it was free.

As far as making it mandatory — I think that approach could have the same effect. It takes the seriousness away if it becomes yet another standardized test, taken by everyone in the middle of a school day, whether they want to or not.

And really, the ACT measures college readiness. Not all kids take the college-prep route through high school. It doesn't seem fair to test them as though they have.

So what do you think? Should the ACT test be mandatory and/or free?

Posted by Caroline at 10:11 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, High school, Paying, Preparing, Wells Fargo Bank

Last weekend I decided to extend my personal Friday cubical dance party into the weekend by volunteering at a local high school dance. It was so great to see students releasing their pent up energy into the rhythm of the night. Hands in the air, shouting the lyrics to every verse, laughing and showing off their moves — they were in their element.

People (rightfully) laugh at my "Ellen-esque"  dance parties at work. For me it takes the edge off the corporate work environment and releases a bit of my anxiety. As a student, I think these casual high school dances offer the same type of thing — a pressure release where you can go out with friends and dance off the stress of being in school.

In high school (and life in general) we spend a lot of time working on (and worrying about) our image and making sure we look good on paper. For high school students, it's SAT scores, grade point averages and the right combination of club memberships, student government experience and being on a varsity sports team. In "the real world," it's your job title, degrees of education, performance reviews, community involvement, hobbies and some type of luxury fluff like season tickets or country club memberships.

But we are so much more than just our MySpace profiles. As they say in Transformers , we are all "more than meets the eye." This is because our personalities can't be bottled and branded. We are individuals. We are human. We are interesting. We all have our own story to tell.

When you are writing your college entrance essays and interviewing for scholarships, remember to show who you really are, on and off paper. I once won a college scholarship over several of my classmates who were way more qualified (on paper) than I was. No joke, there was the valedictorian, the student body president, the volunteer wiz-kid, and me — the girl who scored a lousy 970 on her SATs. I was awarded the scholarship because I aced the interview by being myself. (BTW, if you are looking for scholarships, be sure you check out this online search engine  to help you.)

This is not to say the stuff on paper doesn't count — it definitely does. (I had to work hard to make up for my horrible SAT performance.) But equally important is your character and expressing the goodness that can't be communicated on paper.

Find your "ness"  and let it shine.

Posted by Rachel at 10:02 AM |  Contact Rachel |  Permalink  |  Comments (0)
Found in College selection, High school, Preparing, Remember, Scholarships, 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

Looking for more guidance on preparing to pay and actually paying for college, as well as general personal finance information on a variety of subjects? (If you're reading this blog, I'm guessing that you're interested in these topics!)

There's a great new book out by wealth manager Russell Bailyn  called Navigating the Financial Blogosphere , which has two chapters on paying for college — one on saving for education (Chapter 13) and one on borrowing for education (Chapter 12) — in a section called "Building Wealth Requires Planning."

The content is very objective and provides several different online resources to find more information. I especially like that the chapters are short and conversational. In fact, one of the reviewers on amazon.com  calls it "a personal finance blog disguised as a book."

Of course, I should mention that the Student LoanDown blog is even mentioned on page 96, which is how I found about the book in the first place!

Posted by Staci at 09:55 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Financial aid, Financial education, Graduate school, Money management, Paying, Preparing, 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

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

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

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

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

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

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

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