As I've mentioned, my stepdaughter is about to start her senior year in college. Boy, these last three years have gone by quickly!

I can't help but think back to the beginning of my senior year in college — not the best time for me. I was filled with panic, actually. I had just completed a time-consuming but unrewarding summer internship that left me feeling like I was completely unprepared to land a job after graduation.

Thinking back on it, there are some things I did and some things I wish I had done to have a more productive senior year in college. Here are just a few:

• Find a mentor . If you haven't already cultivated some relationships with professors or professionals in your field, it's not too late. Talk with your academic advisor, join a club related to your field, stay connected to coworkers from your internship — get creative about seeking out professionals who have achieved the kinds of things you'd like to in your life. They can help you get there.

• Work on your resume  early. Don't wait until May to get started on this document. Take the pressure off and start working on it this fall. This gives you time to get help fine-tuning it before your job-hunt starts in earnest in the spring.

• Try something new. This is your last chance to soak in all college has to offer. So don't get stuck in the same old rut. Go to a music performance, lecture or sporting event you've never attended before. Work out at the fitness center or join a club or activity you've never made time for in the past.

• Get a handle on your finances. Don't wait until you land your first job to start thinking about money management. Take a look at any debt you may have accumulated while in school (both in student loans and on your credit card) and start planning how you'll tackle it. (Will you make some student loan payments while in your grace period? Or will you try to whittle down your credit card debt before your student loan payments come due?)

• Make a plan A, B and C for post-graduation. I posted about this earlier. Be ready with a backup plan if your dream job doesn't come through. Set a time limit if you're moving back in with your parents. Anything to keep you moving forward as you step into your new life.

• Make some memories. Senior year can be an anxious time. Don't get so stressed that you forget to have fun! It's likely the last time you'll live in such close proximity to so many of your friends, so enjoy!

Posted by Caroline at 10:00 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in College, Debt, Financial education, Looking back, Money management, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

Reality check: Summer is withering away and Fall classes are on their way. How are you soon-to-be college freshmen out there doing? Are you ready to be on campus?

Six years ago (-ish, I'm not dealing with my rising age very well these days!), I was preparing to jump across the Nebraska/South Dakota border to begin my college career. And it was about this time that my parents and I made a trip up north to the University of South Dakota for Fast Track registration  to meet my advisor and register for my first semester of classes.

There were also some other informational sessions to attend on things like the dorms, financial aid and student activities to name a few. However, my biggest concern was getting my student ID, or rather taking a good photo for my student ID.

Very important, indeed.

Now, you can go ahead and worry about the ID card like I did, but make sure you're also taking advantage of all the other information which will be presented to you. Summer orientation sessions — as well as those held in the week leading up to your first classes — are an awesome resource. It's the chance to learn more about the campus from other students and get a feel for the lay of the land.

Pay special attention to any information you get from sessions with financial aid officers. I know it's not as glamorous a topic as all those fabulous student organizations, but understanding the financial aspects of college is key to your success on campus. Don't be afraid to ask questions!

For those of you who've attended an orientation session already — what information or advice did you get that you could share with other readers?

Posted by Barbara at 01:20 PM |  Contact Barbara |  Permalink  |  Comments (4)
Found in Back to school, College, Financial aid, Financial education, Looking back, Preparing, Remember, Student loans, 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 (2)
Found in Environment, Looking back, Remember, Saving, Wells Fargo Bank

The Student LoanDown lost one of its own this past weekend. Our blog designer and friend, the fabulously talented Vincent Lau, passed away on Saturday.

To put it plainly, we're devastated.

I'm usually overflowing with words, but these days I'm having a tough time putting my thoughts together. So I'd like to share with you the following tribute to Vincent, written by my colleague, Ed Terpening:

I remember the first time I met Vincent, when he interviewed for a position on my team. He smiled the whole time! I thought...is he nervous? Does he know something I don't? Is he really THIS genuinely happy?

More than a year later in the job, I can tell you that sunny guy was Vincent — which makes his sudden passing this last weekend at just 31 years old all the more difficult for us at Wells Fargo.

As a reader of this blog, you may not think you know Vincent, but you do. Look at this page — everything but the words are his: the quirky, crowded student desktop and clear navigation. What you see on this blog is the tip of the iceberg, as he contributed in many creative ways that you never saw.

Speaking of desktops, his own messy desk says a lot about him. He was a social "foodie," always bringing in the strangest treats, from Tokyo to Texas. I recall asking him to tidy his work area a bit, but it just wasn't him. Rather than take the time to do that, he'd ask a friend how their game went over the weekend, or help solve a technical problem that he could have easily passed on to someone else.

That was Vincent in a nutshell: people, food, and enjoying life were #1 — cleaning his desk could wait. Well, I've come around. My desk is far too neat. He was a guy who had the right priorities.

Our thoughts are now with Vincent's family in Sugarland, Texas. I want them to know how much he meant to all of us. Of course he was more than just our designer and coworker, he was our friend. Already I miss his mischievous laugh, his wicked cool fashion sense, and his passion for just about everything. I miss his attempts at mocking my Midwestern accent — oh, you betcha! I miss his wacky Facebook messages and his emails filled with exclamation points. I miss fighting him for the last almond chocolate chip cookie. Even if he won, he'd always share.

Goodbye, Vincent — and be at peace.

Posted by Staci at 10:40 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Remember, Wells Fargo Bank

Do you start thinking about filing your tax return in January? I definitely do.

When January hits, I start thinking about when my tax forms will arrive in the mail, and how quickly I can get my return filed. I am not this Johnny-on-the-spot with everything in my life, believe me. But tax returns are something I can never procrastinate about—even if I’m not counting on getting a return.

To help you get inspired to file your tax return early, check out our tax guide designed specifically for students and their parents. This chart outlines tax deductions and savings opportunities available to students and their parents. The IRS also offers a helpful page  with tax information for students.

Remember to consult with your own tax advisor regarding your own tax needs.

Posted by Caroline at 11:35 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Remember, 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

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

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

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

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

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

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

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

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

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

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

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

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

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.

I was a latecomer to the senior portrait party. Two months into the school year, I still hadn't had them taken. My father owned an advertising agency and suggested that one of his staff photographers take mine. "It's just a yearbook picture," he reasoned.

There was no reasoning with 17-year-old me: impetuous and hormonal and on the cusp of adulthood. I didn't want a photographer with a different point of view to document the end of my high school days/the beginning of the rest of my life. I wanted photos that looked just like everyone else's.

Eventually, my dad relented. If I remember correctly, my senior portraits cost a couple hundred dollars.

Seniors today might pay closer to a couple thousand dollars. Of course, there are more options now than there were in the late ‘80s. A friend or parent with a digital camera, an eye for detail, and some knowledge of Photoshop®  can produce professional-looking, personality-filled senior portraits at a fraction of the cost.

Class of 2008, what are you spending on your senior portraits?

Posted by Staci at 08:59 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, High school, Looking back, Parents, Paying, Preparing, Remember, Student loans, Wells Fargo Bank

It happened earlier this week: Dictionary publisher Merriam-Webster announced it was adding nearly 100 new words  to its Collegiate® Dictionary, Eleventh Edition.

Two of these words—"DVR"  and "ginormous" —have been rolling off my tongue for some time now. For those who know me well, this may come as a bit of a surprise. I was an English major in college, and I've always been a bit of a stickler for proper word and grammar usage.

But things change, and as with anything, you can choose to be stubborn and defensive or willing to accept the inevitable. Our lexicon will continue to evolve, and—for the most part—I embrace it. After all, I'm not sure what I would do without my DVR to save all those MTV shows I'm too old to watch. And often, "gigantic" or "enormous" just doesn't do a description justice the way ginormous does.

One caveat, though: If you think I'm ever going to accept "irregardless" as a substitute for "regardless," don't hold your breath. Some things are sacred.

Posted by Staci at 12:12 PM |  Contact Staci |  Permalink  |  Comments (3)
Found in DVR, Dictionary, Ginormous, Language, Looking back, Remember, Student loans, Wells Fargo Bank

This week I'm in our nation's capital—Washington, D.C.—attending the National Association of Financial Aid Administrators  conference.

It's unbearably hot and humid. The weather is triggering memories of the two Julys I lived here—when I'd walk the four blocks to my Capitol office in shorts and a T-shirt and change into hosiery and a suit after I arrived, drenched in sweat; when there was a brownout in my northeastern D.C. neighborhood and I sweltered through a sleepless, 100-degree night without air conditioning; when my friends and I would drive to Rehoboth Beach  in the middle of a weekend afternoon just to get some relief from the heat.

When I was much, much younger.

On Sunday afternoon I attended a seminar on the legislative and regulatory changes happening in the student loan industry. Here at the conference, it's a topic as hot as it is outside.

I've mentioned before that lately there's been a lot of media attention given to inappropriate relationships between some financial aid directors and some student loan lenders. But the operative word is some. The majority of those who work in financial aid aren't in it for money or glory. In their profession, there isn't much of either to be had. Rather, financial aid counselors, directors and administrators are doing this work for one reason: to help students and families pay for college educations. And it's complicated, stressful work.

So I'd ask this: Instead of believing all the negative stuff you see in the media about financial aid professionals, give 'em the benefit of the doubt. When you enter their offices, don't automatically be skeptical about their motives or intentions. Remember that they have knowledge to share, experience upon which to draw, and compassion beyond compare.

If they didn't, they wouldn't do what they do. And they certainly wouldn't be sweating it out here at the conference, trying to learn new information about how to help families navigate the choppy waters of financial aid. They really are good nuts, here to help. Let them.

Posted by Staci at 08:42 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Federal loans, Financial aid, Financial education, Grants, Lenders, Looking back, Paying, Preparing, Private loans, Refinancing, Remember, Student loans, Wells Fargo Bank, Work-study

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

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

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

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

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

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

On Monday, Staci posted about an article on "College Selection Hysteria."

I've heard a lot about this since I started working in the student loan industry, and it's fascinated me. When I chose my college—some 18 years ago—not only was there no hysteria, there wasn't even mild anxiety. I wasn't agonizing over "brand name" schools, nor was I fussing about which one had the best journalism program . My criteria were quite simple: I wanted a college that was affordable, familiar and a comfortable fit for me. Iowa State University  was kind of a no-brainer for me based on those standards:

• State school. Check affordable.
  
  
• Three of my older siblings had attended ISU, and I had been visiting them there since I was 10 years old. Check familiar.
  
  
• Three close friends from high school were also heading to ISU. Check comfortable.

I admit, these aren't the best standards  to use when choosing a college, but they're not the worst either. I didn't doubt the quality of education I'd get, and I knew I wasn't going to feel homesick or hopelessly out of place. It was important to me (and my pocketbook) to finish college in four years—so I wasn't in the mood to try anything too risky.

Looking back, I don't regret my decision, and I'm certainly glad I didn't get wrapped up in College Selection Hysteria. But I think there is a happy medium to be found between following your siblings and friends to the nearest state school and becoming an anxiety-ridden senior with an "Ivy League  or bust" mentality.

I would certainly encourage my own kids to explore beyond their comfort zone when it comes to choosing a college—and to base their decision on facts, rather than assumptions. Personally, I eliminated any small, private schools from radar because I thought they were too expensive. It was a bad assumption . What I didn't know is that some private schools can give you enough financial aid to make themselves competitive with public schools. It kept me from even considering the benefits I might have found in a small school–a closer relationship with professors, a greater opportunity to get involved in activities, etc.

And I do believe that no matter where you go to school, your college experience will be what you make of it. You can have a great experience and get a fabulous education at a "no-name" school if you choose to work hard, get involved, make friends, and get to know your professors and other mentors.

What do you think? Tell us about your college choice—past, present or future.

Posted by Caroline at 08:40 AM |  Contact Caroline |  Permalink  |  Comments (4)
Found in College selection, Financial education, Looking back, Parents, Preparing, Remember, Student loans, Wells Fargo Bank

To this day I can remember getting my first credit card as a freshman in college! I ripped open the envelope and thought—EUREKA!—I'm in the dough now. In record speed I was at the local shopping mall  to use that newfound wealth (or so I thought) to buy those must-have jeans, shoes and music. All in all, it probably took me less than 42 seconds to reach my credit limit of $300.

I cannot tell you how wonderful it felt to put on those fabulous new jeans and shoes. I was styling! For the next 24 days I was carefree, not a money worry in the world.

Then reality hit: The credit card bill arrived.

My initial thought was, no problem—I'll call my parents, share the good news of the nice clothes I'd bought myself, and ask them to help me pay the credit card bill. My Dad did not skip a beat in his reply: “You charged it, you pay for it.” Although I attempted every reasonable angle and even a few tears, they did not cave. I had to find the dollars to pay for my shopping spree.

Oh well. I reviewed the statement and saw I only had to make a minimum monthly payment of $15. No problem—I could handle that. But then I looked a little more closely and did some quick math. With minimum payments (and interest) it would take me longer to pay off the bill than my new shoes would last!

In the end, I had to give up more than a few fun weekends each month—four months to be exact—before the bill was paid in full. I can definitely say sacrificing my time with friends to save money and work extra hours at my campus job was not a highlight of my college experience.

Yep, I got my credit education the hard way. In the coming weeks, we'll be discussing credit education in more detail. I'm sure you have your own credit dilemma or fun story. Please, share your experience!

Posted by Pam at 08:53 AM |  Contact Pam |  Permalink  |  Comments (0)
Found in Budgeting, Credit cards, Financial education, Looking back, Paying, Preparing, Remember, Student loans, Wells Fargo Bank

The Student LoanDown wants to know: What does your first car say about you?

My first car was a 1981 Honda Accord hatchback, pretty close to this . Turquoise blue with a racing stripe and an AM radio—hot. My mom bought it for me after my sophomore year in high school, but I had to wait until I completed Driver's Ed that summer before I could drive it. Twenty years later, I'm still driving a sensible Honda.

Pam's first car was far cooler than mine—a yellow and black 1956 Ford convertible with rolled leather interior. It was a 16th birthday present from her parents in 1963 . Gas cost 27 cents a gallon, so her weekly gas budget was all of $3.00. Once a convertible gal, always a convertible gal—Pam tools around in a Mercedes now.

Arriving during her sophomore year of college, Caroline's first car was a 1976 Caprice Classic in a lovely powder blue. According to Wikipedia , her car was 19½ ft (5.9 m) long—longer even than many modern full-size pickup  trucks, which probably explains why to this day she still pulls WAAAY too far into the garage and parking spaces.

Rachel's first car, which she shared with her mom, was really more of a bus: a 1987 Volkswagen Vanagon Westfalia. She'll never forget the look on the DMV guy's face when she showed up for her California driver's exam. But it was functional—it even had a kitchenette and slept four people. The family in "Little Miss Sunshine"  should've been so lucky!

A 1987 Oldsmobile Regency was Barbara's first set of wheels. She and two friends christened their boat-sized automobiles the Nina, the Pinta, and the Santa Maria  (Barbara's pretty sure she was the Pinta). Unfortunately, the Pinta had some health issues—fading paint and rust—so she didn't last long.

Why do we ask? Tomorrow we'll fill you in.

Posted by Staci at 01:42 PM |  Contact Staci |  Permalink  |  Comments (2)
Found in Cars, Looking back, MPG3, Parents, Remember, Student loans, Sweepstakes, Wells Fargo Bank

Over the past year, I've done a lot of growing up. Examples here, here and here … and I think my parents are having a tough time with it.

Five years ago, I left the nest and headed off to college. Since I'm the youngest of four daughters, my parents experienced a little empty nest syndrome . But they did OK. I might have been out of the nest, but in college, at least I was still on the branch. My parents still had a big influence on what was going on in my life—and I depended on them to help me.

For the past year, I've been spreading my wings a little more. I keep creeping farther and farther away from the nest—and now, as I'm purchasing a home, I'm ready to head to my own tree.

My home search has taken a toll on me and the ‘rents. I'm trying to be independent and grown up. They're trying to make sure nothing happens to their baby girl. We've been clashing a little bit in the form of some heated discussions:

Dad (protectively): Aren't you rushing into this a little? This is a big commitment. Are you sure you know what you're doing?

Me (sarcastically): No I haven't researched at all; I'm going into this completely blind. Why can't you trust that I'm able to be an adult?

You get the picture …

Change is difficult, but inevitable. Parents—and children, too—really have to take a step back and ask how the other party will be affected by the change (and, perhaps more importantly, your response to it).

During this transitional time of year, you might be going through changes as well. High school graduates are ready to leave the nest, and college graduates are slowly moving farther out on the branch. What part of the tree are you on, and how are you coping?

Posted by Barbara at 09:24 AM |  Contact Barbara |  Permalink  |  Comments (3)
Found in Financial education, Looking back, Parents, Paying, Post-college, Preparing, Remember, Student loans, Wells Fargo Bank

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

It was really depressing.

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

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

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

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

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

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

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

At least that was my vision.

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

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

Well, all summer long I kept shooting out resumes and working part time at JCPenney^® . I went to a few interviews each month, but nothing panned out—except an offer to enter a management training program at a record store in