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This summer I've seen a couple kinds of fish — the ones at the lake nibbling my toes as I swim, and the phish that have arrived in my inbox and through my cell phone. Neither is fun, but the latter can be really damaging to your identity.

Phishing is something you may already be familiar with. (No, I don't mean these guys. ) Chances are you get a fair share of spam email, but phish emails ask you to reveal personal information. They're sometimes under the guise of your financial institution or an online retailer where you've used a credit card.

I got a text message (sometimes called smishing ) asking me to verify my PIN at a bank in my college town (my cell phone number is still from there). While I don't have an account there and realized something fishy was going on, phishers count on hitting a certain number of people who do and might fall for their scam.

So how do you protect yourself? First off, always be leery of any communication asking for your personal information. And check out this information from Wells Fargo. You can see examples of phish and learn how to report it. If you're looking for more information on protecting your identity, head over to the Fraud Information Center.

Have you ever been "hooked" by phishing?

Last week, our friends at the Guided By History blog recounted some of their stories about the 1989 Loma Prieta earthquake.  The 20th anniversary of this disaster just passed, on Saturday, October 17.

I didn't live in San Francisco in 1989, but I did from 1998-2000, where I experienced my share of small quakes. One fall morning in my tiny Noe Valley  studio, I was attempting to open a stuck dresser drawer. Just as I yanked it open, I noticed that my glass closet doors were shaking. I thought to myself, "I didn't pull it THAT hard!" Then I turned around and saw that the rest of my apartment also was moving — and realized I was in the middle of my first earthquake.

At that point in my life, I wasn't prepared for an earthquake. I didn't know that I should move into a doorway or underneath a sturdy piece of furniture. I hadn't assembled an earthquake kit. I'm a Midwesterner! Give me a tornado or a severe thunderstorm, no problem, but an earthquake? No idea what to do.

If you're in the same boat as I was back then, the Bay Area Chapter of the American Red Cross  has put together a series of preparedness webisodes  for young adults that can help you make a communication plan with friends and family, put together a disaster survival kit, and more. It's good stuff.

Check it out and be prepared!

Last week Barbara laid out a number of options for borrowers to extend or postpone student loan repayment — important information for new grads to have as they enter the real world. This is a topic that we get lots of questions on — probably second only to how to lower student loan interest rates.

But I'm going to play devil's advocate  here, because I think it's important for you to consider another perspective. I'm going to tell you not to take advantage of these options unless you absolutely have to.

Michelle Singletary, one of my most favorite and down-to-earth personal finance columnists with The Washington Post , had this to say about extended student loan repayment in a piece published on May 17, 2009:

But can I give you some hard but well-meaning advice if you're one of the many graduates saddled with student loans?

Instead of immediately opting for repayment plans that will stretch your payments out until you're in middle age, try to find other ways to handle this debt.

I know these are tough times. Nonetheless start your loan repayment as soon as possible, even if it means taking a second job, or a roommate (or two or three), or yes, dare I say, moving back home for several years.

You could handle this debt if you delay going on to graduate school, which would only pile on even more debt. If you are going to have trouble finding a job to make the monthly payments on your undergraduate debt, how in the world are you going to find employment to service tens of thousands more as a result of an advanced degree? Trust me, an advanced degree doesn't guarantee a big salary.

You don't get to buy a new car, an upgraded wardrobe, waste your money on liquor at happy hours, or take vacations until this debt is extinguished.

And don't look at me with that face. Only after you've exhaustively scanned your budget and cut every possible expense (such as deleting the texting option on your mobile phone) should you consider extended repayment options.

Tough love from Michelle, but her advice is spot-on. Here's how she ends her column:

I've met an incredible number of people -- too many -- who really could have paid their student loans under the standard payback period but because they didn't want to live frugally, saw their loan balances jump significantly over the years.

If you truly can't afford to fully pay what you owe, take advantage of the extra breathing room. But remember the more you delay, the more you may pay.

Something to think about.

We already talked about ways you could possibly lower your monthly student loan obligations. But if you're looking for a way to postpone your student loan payments, there may be an option for you as well.

Under certain circumstances, borrowers may be eligible for a deferment or be granted a forbearance. Now, in both cases, you aren't required to make payments to your student loan for a short period of time. However, there are some differences that are important to understand. I'll give you the scoop on each:

• Deferments: These are for federal student loans. There are several types of deferments for folks in different situations.  You need to meet the criteria of these situations in order to be eligible for the deferment. If you are granted a deferment, know that in most cases, you’ll still be accruing interest. (The exception is for subsidized Federal Stafford Loans, which are based on financial need — the interest accrued during deferment for those loans is paid by the government.) If you don’t qualify for a deferment, you may be able to postpone payments with a forbearance.
• Forbearances: Forbearances are available for both federal and private student loans. These are granted at the discretion of your lender. Interest will continue to accrue on your loan during forbearance (even for the subsidized Federal Stafford Loan). Federal forbearances are available for borrowers experiencing financial hardship and other situations. Private student loan forbearances vary by lender, so ask your lender what options are available for you.

If you're having difficulties repaying your loan, it's very important to talk with your lender about options and the paperwork you'll need to apply for them. You don't want to fall behind on payments, and a deferment or forbearance could help.

Folks, we've made it through another graduation season. The gowns and mortar boards are packed away, and now many graduates are focused on their finances during the first months out of college. Student loan repayment is just down the road.

As you look ahead to that first student loan payment, you may be realizing that it's going to be a little tough to swing. You may have borrowed more than you can afford to repay or may not have secured employment quite yet. (Side note for those of you just starting to take out student loans: Make sure you budget properly so you don't borrow more than you can repay.)

Whatever your situation, there are options available to help make it easier to pay your student loan. Here are some ways you may be able to lower your interest rate or monthly payments:

• Choose a different repayment plan. For federal loans, there are a number of repayment plans other than the standard repayment plan. You may be able to have your payment based on your income, extend your repayment if you have over $25,000 in federal loans, or start out with smaller payments that gradually get larger over the repayment term. And check with your lender to see what repayment options are available for your private student loans.
• Take advantage of discounts from you lender. Ask your lender if there are any interest rate discounts available for your loan. For example, you may be able to save money if you have your monthly student loan payment automatically deducted from your checking or savings account.
• Consolidate your loans. By combining your federal student loans  together into a new loan with a longer repayment period, you'll usually lower your monthly payment. For private student loan consolidation you may even find that your interest rate is lower if your credit situation has improved or if you bring on a cosigner with excellent credit.

Remember that if you're lowering your monthly payment by extending your repayment period or paying just the interest, you may end up paying more interest over the life of your loan. However, in the grand scheme of things, if it prevents you from missing payments and defaulting on your student loan, it might be worth it.

Looking for a way to postpone your student loan payment? We'll talk about deferments and forbearances later this week, so stay tuned!

Meanwhile, hit me up with any questions you have about different repayment options.

Have you ever been in your favorite store with a cool new pair of jeans, a new t-shirt, and a slew of other clothes in hand, ready to pay when the cashier says, "If you open a store credit card account with us today you'll get 10% off your purchase?" At that moment you consider how great it would be to have a credit card at your favorite store — without having to pay for that $500 charge right away.

Before you decide to sign up for that store credit card, you might want to consider that typical annual percentage rates (APRs) on credit cards from a retail store are about 23%. Ouch!

If you are able to pay off your purchases right away, the percentage rate might not matter to you (just remember the possible effect on your credit). But, if you think that paying a little bit each month is more your style, you should see if the savings will be worth it. To do that, you'll need to know how your rate is calculated. 

Let's break down what a 10% savings at the register for a $500 purchase looks like in one month:

1. Figure your average daily balance.  Add balances each day (purchases minus payments) and divide that by the number of days in the billing period. We'll use 30 days for this example. Say you make no additional purchases or payments for the first 15 days, and then on day 16 you make a $50 payment and on day 21 you make a $75 purchase. So your balance was $500 days 1-15, $450 days 16-20, and $525 days 21-30.

Here's the math:
($500 x 15 days) + ($450 x 5 days) + ($525 x 10) = 15,000
15,000 divided by 30 days in the billing period = $500 average daily balance

2. Calculate the interest. After you have the average daily balance, you can find out how much interest you'll pay that first month. Take your APR divided by 12 to find out how much interest you're charged each month. Then take that number times your average daily balance.

   Here's the math:
   23% APR divided by 12 = Monthly rate of .019166
   .019166 x $500 = $9.58 interest charge

3. Was the savings worth it? Back to your original sale: You saved $50 at the register (10% of $500), but after a month on your store credit card, you owe $9.58 on the balance. That lowers your savings to $40 after the first month. And unless you pay off the remaining balance, those savings will continue to drop.

While I am an advocate of using credit when it makes sense, I'm highly in favor of knowing what my rates are and what it will cost me in the long run. It's easier to make better choices when you know exactly what that retail therapy  will cost.

Each year my hometown newspaper does a special feature at graduation time. Now, keep in mind that I'm from a town of about 1,200 people.  The paper publishes all the high school graduates' photos and includes their activities and honors, as well as their future plans.

As I read about the class of 2009, I had some interesting reactions: First (since I remember the birth of many of the graduates), am I really that old?

After that shock wore off, I started reading their future plans. To be honest, I got a little judgmental. So-and-so is going to a technical college to learn a trade. "Good for them," I thought, "saving money and getting the education you need." So-and-so is going to study elementary education at an expensive private school. "Well, that's not a smart choice," I thought, "probably over-borrowing considering their chosen field."

Obviously, there is much to consider when you're choosing your college.  You want to make sure that you'll feel comfortable on campus, that it's the right size, the right distance from home, etc. However, you also should make sure you're in the right price range for the degree you want to get.

Of course, there are some reasons you may want to attend a more expensive school that make perfect sense — like if your chosen program is one of the best around or if you were awarded a better scholarship package.

But if you're going to be borrowing $30,000 annually for four years to end up with a degree and a job that pays a maximum of $30,000, you might want to think again — and consider a lower-cost option.

How did cost fit into your college choice?

So, you've finally graduated!

After four (or more!) years of hard work, you're all done. You should be elated, and you are. But you might also feel a little down. And that's totally normal.

My stepdaughter just graduated from college this past weekend. And she and I were talking a few weeks ago about how sad college graduation can be. On the one hand, you want to be done. You should be done and ready to move on. But it's hard to watch your friends go off in different directions. And it's just plain sad to leave to leave behind the college way of life.

And this is just the beginning. Be prepared: Your first year out of college  can be tough one. Nobody ever really tells you that. Now, I don't want to make it sound like life after college is just one big bummer. It's definitely not. But if you're struggling a little to adjust in the next year, know that you're not alone.

When fall rolls around and you don't go back to class for the first time in your life, it feels weird. If you've started your first job you might think, "Wow, I'm really going to do this every day for the rest of my life?!" Don't panic — this feeling should pass by December when you realize:

1. You're making money  now, not just spending it — and that's kinda fun;
2. You don't have to stay up half the night studying  for finals.

But when mid-winter hits, things start to feel strange again. In college you get a little life shake-up every semester. New classes, new faces. You get to start over in a way. Out of college, life just kind of rolls on. Again, don't worry. It's something you really will get used to, and eventually you'll appreciate things about the post-college world that seem strange now.

At some point during your first year out of college, you'll probably really miss the social atmosphere of college, with friends your age who share your interests living all around you. Once you've graduated, you'll have to work a little harder to make friends and find things to do.  You'll probably find some friends at work, but also try volunteering, joining a club, taking a class for fun or joining a gym.

For me, at least, once that first year passed, so did my nostalgia for all things college-related. I started getting used to the working world, and I really liked it. I had a new group of friends to have fun with, even if it wasn't the 24/7 togetherness of college. In short, I started enjoying my grown-up life quite a bit.

For those of you who graduated a year or more ago, what has your post-college experience been like? Any advice for the new grads?

You might not have noticed, but at the end of April we added a toll-free phone number to the Student LoanDown blog: 1-877-412-5321.

In the age of social networking and Twitter  — which, BTW, Wells Fargo is using  — why would we include something as archaic as a phone number? After all, I'm the first to admit that I generally go out of my way to avoid making a phone call. If it's something I can solve by looking up the answer online or sending an email, that's the route for me.

But education financing can be complicated, frustrating, and even a bit emotional. And when you're trying to figure out how much to borrow for school — or if you should even borrow at all — sometimes it can help to talk things through with a real, live person. Our student loan specialists are here to help.

Of course, you can continue to comment on posts, or send us emails, or use our Ask the Expert tool. You have options!

Later this year we're going to give ourselves a bit of a facelift, and we're planning on adding some additional features, too. If you have suggestions for what you'd like to see, please send 'em our way!

When faced with the choice to go far away to school, or stick closer to home, which would you choose?

My stepdaughter was recently faced with this question when she got into two different grad schools. One school was two states away, the other, here in Iowa. 

It can be a tough call — on the one hand, moving away is an adventure, a chance to spread your wings and experience new things. On the other hand, sometimes staying closer to home is more practical from a financial standpoint , and there's something to be said for being near family and friends.

It can be an emotional decision, but try not to make it based solely on emotions. Sit down with a clear head and write a pro and con list for each school. Consider some of the following questions when making your lists.

For the far-away school:

• Have you ever visited the school/city/state? Did you like it?
• Does the school offer the academic and social atmosphere you're looking for?
• Do you know anyone nearby who could help in an emergency?
• How often will you want to return home, and what will the cost of transportation be?

For the nearby school:

• Have you had the opportunity to visit/live in new place before? Do you foresee having the chance to do so in the future?

• Does the school offer the academic and social atmosphere you're looking for?
• Would you be tempted to spend most of your time back in your hometown, or with your old friends? Or would you make an effort to branch out and meet new people? 

Ultimately my stepdaughter weighed her options carefully, and chose the school close to home. She was impressed with the program and the campus at the school she chose. And she's excited about the prospect of being near her friends and family. (So are we!)

Have you had to make a similar choice? What influenced your decision the most?