college http://www.wisebread.com/taxonomy/term/1489/all en-US What Does "Free" College Tuition Really Pay For? http://www.wisebread.com/what-does-free-college-tuition-really-pay-for <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-does-free-college-tuition-really-pay-for" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-493478404.jpg" alt="College students learning if free tuition is free" title="" class="imagecache imagecache-250w" width="250" height="143" /></a> </div> </div> </div> <p>Free college tuition was a rallying cry for some candidates in the 2016 presidential election, and it's become a reality in several states (or soon will be). But is free tuition truly free?</p> <p>Here's our rundown of who pays, along with a look at some of the hidden, unintended costs &mdash; monetary, societal, and otherwise. (See also: <a href="http://www.wisebread.com/6-ways-to-save-on-college-tuition?ref=seealso" target="_blank">6 Ways to Save on College Tuition</a>)</p> <h2>1. Taxpayers Pick Up the Tab</h2> <p>Just three states &mdash; Minnesota, Oregon, and Kentucky &mdash; have free tuition programs in place, while the notion is being hotly debated by lawmakers in nearly a dozen other states. (The City of San Francisco recently announced free tuition at its community college.) All of these programs have small differences, but there's lots of commonality. First, all of the &quot;free&quot; tuition programs that have been proposed or are currently in place seek to shift the burden of payment from the student to the taxpayer. The idea is that the cost of an education is often prohibitive for individual students to bear, while state and federal taxpayers can collectively foot the bill without emptying their wallets.</p> <p>Rhode Island's free tuition program proposal, for example, has an estimated price tag of $30 million &mdash; or less than half of 1% of the <a href="http://www.providencejournal.com/news/20160616/ri-house-approves-89b-budget" target="_blank">Rhode Island state budget</a>. The program would annually benefit an estimated 8,000 resident students who enroll in a two-year program at any of the state's public colleges. Every Rhode Island resident would be eligible, regardless of income or academic ability.</p> <p>Cost estimates to institute free tuition programs such as the one being shopped around by Rhode Island lawmakers are relatively low, proponents say, because most of them are &quot;last dollar&quot; scholarships. This means that the program covers the gap a student has in his or her tuition and mandatory fees bill after subtracting federal funding and other financial aid grants. Such is the case for programs in place in Oregon and Minnesota, as well as those proposed in Rhode Island and New York.</p> <h2>2. Many Programs Are Limited to Community College or Trade School</h2> <p>Free tuition programs only apply to public schools, and many of them &mdash; including programs implemented or under consideration in Oregon, Maryland, Minnesota, and Massachusetts &mdash; further limit eligibility to students who plan to enroll in community colleges or trade schools.</p> <p>Minnesota's <a href="https://www.revisor.mn.gov/bills/text.php?number=SF0005&amp;session=ls89&amp;version=latest&amp;session_number=0&amp;session_year=2015" target="_blank">free tuition pilot program</a>, for example, covers tuition for students who plan to complete their schooling or training in a high-demand field within one or two years. The $5 million scholarship program applies to about 1,200 fields, ranging from cosmetology to poultry production, at the state's 30 community and technical colleges. It targets middle class students whose families earn $90,000 or less annually and who are not eligible for already existing federal and state grants that aim to help lower income students.</p> <p>For students whose sights are set on a four-year degree from a four-year school, very few of the free tuition programs offer much help. Rhode Island will cover tuition at any public school, including four-year institutions &mdash; but only for up to two years. New York's free tuition proposal, on the other hand, is fairly unique in that it would fund four-year programs at the 64 State University of New York (SUNY) and 23 City University of New York (CUNY) colleges.</p> <h2>3. Tuition Is Only a Fraction of the Cost of Going to College<strong> </strong></h2> <p>Free tuition is a wonderful benefit, but it certainly doesn't cancel out the cost of college attendance. In fact, it's only a fraction of the larger price tag attached to any college education.</p> <p>At Maryland's <a href="http://college-tuition.startclass.com/l/1706/Howard-Community-College" target="_blank">Howard Community College</a>, where a free tuition program for students at community colleges or trade schools is under consideration, the average cost of in-state tuition and fees is $5,626. That's less than a quarter of the total cost of attendance. In addition to tuition, students pay an average of $12,195 for room and board, $1,800 for books and supplies, and $2,532 for other expenses, such as transportation.</p> <p>In New York, students would similarly be responsible for covering their own room and board, books, and other living expenses. According to a TIME magazine analysis, even if the state of New York covers the $6,470 SUNY tuition, a student would still need to come up with about $14,500 a year for other college expenses.</p> <p>A rare exception is Washington State, where lawmakers are considering a program that would provide a tuition and mandatory fee waiver to resident students attending in-state community and technical colleges, plus one other perk: All students from families with an income less than 70% of the state median family income would also receive a stipend of up to $1,500 for books and other education-related expenses.</p> <h2>4. Free Tuition Programs Only Aid Resident Students</h2> <p>If your state doesn't have a free tuition program, you won't be able to mooch off one that does. All of the free tuition programs thus far apply only to in-state residents who choose to further their education within that state's borders.</p> <h2>5. Where Academic Eligibility Bars Are in Place, Minority, Low-Income Students Could Get Left Behind</h2> <p>Some free tuition programs, such as the one launched in Oregon in 2016, require students to achieve certain academic standards in order to be eligible for scholarship money. But there is evidence that reserving scholarship money for students of higher aptitudes can serve to &quot;<a href="http://www.nber.org/papers/w7756" target="_blank">widen the gap in college attendance</a> between blacks and whites and between those from low- and high-income families,&quot; according to the National Bureau of Economic Research.</p> <p>For example, a program launched in Georgia in 1993 with the aim of offering college scholarships to high school graduates who met certain academic requirements succeeded in increasing the state's college attendance rate by at least 7%. But researchers later found that most of that increase was represented by white, middle-class students. That's because when college becomes free or more affordable to students who meet and maintain certain academic markers, research shows that more <a href="https://www.civilrightsproject.ucla.edu/research/college-access/financing/state-merit-scholarship-programs-and-racial-inequality/heller-marin-state-merit-scholarship-2004.pdf" target="_blank">white, middle-class students benefit</a> because they are proportionately better able to meet those standards. It's an inconvenient truth: Sometimes scholarship money aimed at aiding low-income and minority students instead leaves them even farther behind.</p> <h2>6. Some Experts Wonder if Free Tuition Actually Leads to More College Degrees</h2> <p>Free tuition for high school graduates, regardless of income or aptitude, is the product of the Tennessee Promise, a program that covers community college or technical school tuition, but leaves more than one-third of students saddled with $5,000 to $10,000 in fees for <a href="https://www.theatlantic.com/business/archive/2015/10/free-tuition/410626/" target="_blank">books, rent, and living expenses</a>. For taxpayers, the net cost of the program for the 2015&ndash;2016 school year was $10.6 million.</p> <p>The Tennessee Promise has so far been successful in boosting college enrollment by 10%, but some experts wonder whether that boost will translate to higher college graduation rates. &quot;What you see is a lot of students enrolling who might not otherwise enroll. But you see really low success rates, and things like students going part-time because they can't afford the books,&quot; Debbie Cochrane, the research director at The Institute for College Access and Success (TICAS), told The Atlantic.</p> <p>If more students aren't attaining college degrees, will the Tennessee Promise be worth the strain on the state budget? That's the question academics and researchers are working to uncover.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/what-does-free-college-tuition-really-pay-for">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-tax-tricks-to-try-if-youre-stuck-with-student-loans">8 Tax Tricks to Try if You&#039;re Stuck With Student Loans</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-smart-places-to-stash-your-kids-college-savings">5 Smart Places to Stash Your Kid&#039;s College Savings</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-graduate">5 Money Moves to Make the Moment You Graduate</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-freebies-for-college-students">20+ Freebies for College Students</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-tips-for-my-career-clueless-college-self">5 Tips for My Career-Clueless College Self</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training college cuny free tuition new york oregon public schools rhode island suny taxpayers Tennessee Mon, 06 Mar 2017 10:30:31 +0000 Brittany Lyte 1901332 at http://www.wisebread.com 5 Smart Places to Stash Your Kid's College Savings http://www.wisebread.com/5-smart-places-to-stash-your-kids-college-savings <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-smart-places-to-stash-your-kids-college-savings" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-604338428.jpg" alt="Finding places to stash a kid&#039;s college savings" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you're hoping to save the tens of thousands of dollars needed to send your children to college, you'll need to do more than stash money in a savings account. To accumulate enough cash to stave off future student loan debt, you'll probably need to invest, and do so over a long enough time horizon.</p> <p>The good news is that there are several investment vehicles out there that can help you save money while also offering some tax advantages. Some are designed specifically for college savings, while others have different purposes but can be used to help with education costs.</p> <p>When saving for college, consider stashing your money in one (or a combination) of these places.</p> <h2>1. A 529 Plan</h2> <p>Any conversation about college savings should begin with a 529 plan. These are investment plans offered by states that allow you to invest money tax-free, as long as the funds eventually go to college expenses. You can open a 529 plan as soon as a child is born and in many cases, begin contributing as little as $25 a month. In addition to seeing investments grow without fear of paying taxes later, you can also get matching contributions and additional tax benefits from some states. In most cases, there are no restrictions on which college a beneficiary can attend. A child enrolled Maryland's college savings plan, for example, can use funds to attend school in Ohio. (See also: <a href="http://www.wisebread.com/the-9-best-state-529-college-savings-plans?ref=seealso" target="_blank">The 9 Best State 529 College Savings Plans</a>)</p> <p>Most 529 plans offer a menu of mutual funds to invest in, though you may find your options limited to target date funds with relatively high fees. And it's important to note that if you don't use the funds for college expenses, you'll pay taxes and a 10% penalty.</p> <h2>2. Coverdell ESA</h2> <p>A Coverdell Education Savings Account is similar to a 529, in that you can invest money and will not see taxes on the gains. The advantage of a Coverdell is that you can invest in just about anything, and the money can be used for any educational expenses, not just college (even tuition for private high schools or grade schools would qualify).</p> <p>There is a $2,000 annual limit on Coverdell accounts, however, so it's unlikely you'll be able to save for the full bulk of college costs. There are also income limits, as those individuals with a gross income of $110,000 (or $220,000 for parents filing jointly) can't open Coverdell accounts.</p> <h2>3. Taxable Brokerage Account</h2> <p>It's smart to look at other options before exploring a regular brokerage account to save for your kids' education. But it is one option that has some advantages over other accounts.</p> <p>The main downside is that there are no tax advantages when you try to save money in a taxable brokerage account. When you withdraw your money, you'll be stuck with capital gains taxes, and no one is offering to deduct contributions from your taxable income. But, regular brokerage accounts do offer the flexibility of investing in just about anything, so you can seek out investments that have better performance and lower fees. Moreover, there are also no restrictions on how you use the gains, so it's no big deal if your child gets a scholarship or does not attend college.</p> <h2>4. Roth IRA</h2> <p>A Roth Individual Retirement Account isn't designed for college savings, but it can be used for that purpose. Under a Roth IRA, any money can be withdrawn tax-free at age 59 &frac12;, so if you happen to have a college-aged child at that time, you can use that money for education with no penalty. Investors are also allowed to withdraw the contributions (but not the gains) without penalty at any time.</p> <p>A Roth IRA will generally offer more investment options than a 529 plan, though for people under 50, there is an annual contribution limit of $5,500. If you do use a Roth IRA for college expenses, it's important to remember that saving for retirement should remain a priority over saving for college. So it's advisable to use this account for education expenses only if you have additional plans for your retirement savings.</p> <h2>5. Municipal Bonds</h2> <p>If you're seeking some tax advantages as well as safety, municipal bonds can be a good option for college savings. You won't earn as much going this route, but you may still be able to accumulate enough for college if you start early and contribute regularly.</p> <p>Municipal bonds are nice because they are tax-free, and don't come with the volatility of stocks. Muni bonds with strong ratings can earn you a tax equivalent return of between 5% and 6%, which is quite solid. If you invest $5,000 annually into these kinds of bonds, you'll have well over $100,000 by the time the kids head off to school.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/5-smart-places-to-stash-your-kids-college-savings">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/does-your-kid-need-an-ira">Does Your Kid Need an IRA?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-should-you-start-saving-for-your-child-s-education">When Should You Start Saving for Your Child’s Education?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-9-best-state-529-college-savings-plans">The 9 Best State 529 College Savings Plans</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">6 Ways to Get College Kids Home for the Holidays for Cheap</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-saving-hacks-every-college-student-should-try">8 Money-Saving Hacks Every College Student Should Try</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Investment 529 plans brokerage accounts college Coverdell ESA kids municipal bonds Roth IRA saving money Wed, 15 Feb 2017 11:00:11 +0000 Tim Lemke 1887743 at http://www.wisebread.com 6 Things Financial Aid Might Not Cover http://www.wisebread.com/6-things-financial-aid-might-not-cover <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-things-financial-aid-might-not-cover" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kid_books_piggybank_626639020.jpg" alt="Guy learning things financial aid might not cover" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Most students and parents realize that it's crucial to apply for financial aid, regardless of what your financial status may be. However, many families don't realize how expensive college can be, even if you receive a great financial aid package. It's important to recognize what items financial aid may not cover so that you can be better prepared for the school year ahead.</p> <h2>What Is Covered</h2> <p>Every student's financial aid package is different, so there are no exact expectations on how much you will receive and what will be covered. The package is based on the full cost of college, which includes tuition and fees, room and board, and sometimes, things like books and school supplies. Financial aid may also cover a summer session, but again, it all depends on how much is included in your particular package.</p> <p>If you live at home or off-campus, your package may include an allowance for things like transportation, housing, and food. If you live on campus, the dorm room and required meal plans may be covered.</p> <h2>What Isn't Covered</h2> <p>Students should be prepared for unexpected charges, which can quickly become overwhelming. Some of the most common college costs not covered by financial aid include:</p> <h3>1. Transportation</h3> <p>Some schools offer aid for transportation, but it's rare and something you should budget for. You'll need to find money for gas or public transportation. There may also be parking fees, campus shuttle fees, and transportation costs to travel back home during the summer and winter breaks.</p> <h3>2. School Supplies</h3> <p>Books may or may not be covered by a financial aid package, but you will still need to find money for pens, pencils, notebooks, and any other school supplies you may need for the semester. You may also be charged extra for art supply fees or other course necessities. You may also need to purchase things like a new laptop or printer for your dorm room.</p> <h3>3. Dorm Supplies</h3> <p>If you'll be living on campus, you'll need to buy items for your dorm. This can include everything from a mini fridge and television to new sheets and beanbag chairs.</p> <h3>4. Lab Fees</h3> <p>There are frequently lab fees, equipment charges, and other fees associated with certain courses.</p> <h3>5. Activity Fees</h3> <p>If you're planning on participating in sports, clubs, sororities or fraternities, or other on-campus activities, there will be additional fees.</p> <h3>6. The College Experience</h3> <p>Part of the fun of college is going out and meeting new friends, which will result in costs for eating out, going shopping, going to concerts or sporting events, and paying for other forms of entertainment.</p> <h2>How to Fill in the Gap</h2> <p>According to Damian Rothermel, a CFP who specializes in college funding, it's possible to <a href="http://www.forbes.com/sites/learnvest/2014/03/24/9-things-you-probably-didnt-know-about-financial-aid-for-college/2/#7c72a39223a1" target="_blank">negotiate your financial aid package</a>. He says that once you receive your financial aid package, you can contact the school to appeal for more money.</p> <p>For instance, if the Expected Family Contribution is too high, you can appeal the offer. You can also provide documentation to support your request for increased funding.</p> <p>If a student needs more funding for the school year, then there are a number of options available.</p> <ul> <li>Grants and scholarships. There is no limit on how many scholarships you can apply for, so it's best to get into the routine of searching for and applying for scholarships whenever possible.<br /> &nbsp;</li> <li>Work-study jobs. Students can earn money through work-study jobs either on or off campus.<br /> &nbsp;</li> <li>Part-time jobs. There are endless part-time jobs available to students, which can help them earn the extra money needed for items that aren't covered by financial aid.<br /> &nbsp;</li> <li>Payment plans. The school may have payment plans available, allowing you to spread the remaining costs you owe throughout a semester.<br /> &nbsp;</li> <li>Student loans. Student loans should be your last resort, as the last thing a student wants after graduation is to be saddled with debt. Your best bet is to first apply for a federal loan, which offers flexible payments if you don't find employment after college. There are also private or alternative loans available to students. Many banks also offer special student loan rates that you may not have to begin paying off until graduation.</li> </ul> <p>If you still have questions about how to fill in the gap, the school's financial aid office is available to help however they can. You may want to call and speak with them about how you can receive more funding. They may be able to help you find scholarships, part-time work, and good private student loans.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/6-things-financial-aid-might-not-cover">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-sobering-facts-about-student-loan-debt">5 Sobering Facts About Student Loan Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook">CSS Is One Source of College Financial Aid You Can&#039;t Afford to Overlook</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/a-better-way-to-rank-americas-colleges">A Better Way to Rank America&#039;s Colleges</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-tax-tricks-to-try-if-youre-stuck-with-student-loans">8 Tax Tricks to Try if You&#039;re Stuck With Student Loans</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-moves-students-should-make-during-a-gap-year">8 Money Moves Students Should Make During a Gap Year</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training college financial aid higher education not covered room and board student loans students transportation tuition Tue, 24 Jan 2017 10:30:36 +0000 Andrea Cannon 1876850 at http://www.wisebread.com 7 Ways to Make Money During a Semester Abroad http://www.wisebread.com/7-ways-to-make-money-during-a-semester-abroad <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-ways-to-make-money-during-a-semester-abroad" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/student_study_abroad_547198588.jpg" alt="Students making money while studying abroad" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Studying abroad offers college students the chance to explore the world, learn more about different cultures, and meet people from a variety of backgrounds. But studying abroad can be expensive. The average <a href="http://www.foxbusiness.com/features/2013/06/14/thinking-studying-abroad-it-not-all-about-cost.html">cost for a semester abroad</a> was $17,785 during the 2012&ndash;2013 school year, and costs have no doubt increased since then.</p> <p>So how can a college student on a budget afford to study abroad and enjoy all of the food, travel, and experiences available to them?</p> <p>Thankfully, there are plenty of working opportunities available to American students studying abroad.</p> <h2>1. Teaching English</h2> <p>American students studying in a country where English is not the official language have a built-in job opportunity. There is demand for native speaking English teachers all over the world, and the average college student is in a great position to take a part-time job teaching English as a foreign language. You can pursue this informally by chatting with your local classmates or professors at the university to find one-on-one students, or you can pursue more traditional teaching positions through your study abroad program or your university.</p> <p>This option is especially beneficial to any students who hope to have a career in education. My experience volunteering at a French primary school when I studied abroad was a big factor in my favor when I went to graduate school for a Master's degree in education.</p> <h2>2. Translation Work</h2> <p>If you are relatively fluent in your host country's official language, working as a translator can be a great way to make money and practice your foreign language skills. Typically, translators will translate into their native tongue, which means you can offer successful translation services even if you are not completely fluent in your adopted language.</p> <p>For many students, simply posting some fliers around campus offering your translation services can net you plenty of clients.</p> <h2>3. On-Campus Jobs</h2> <p>Just like American universities, many international schools offer work-study jobs for students, including those who are visiting from other countries. Stop by the work-study office at your university, or ask some of your local classmates if they know of opportunities for on-campus jobs.</p> <h2>4. Guiding Tours</h2> <p>No matter where you are studying, it's likely that it is a destination for English-speaking tourists. Contact local tourism boards to find out if there is a need for English-speaking tour guides. This will give you an excellent way to learn the intricacies of your adopted home while earning a little cash.</p> <p>You can also rely on your other expertise to land a tour guide job. For instance, an art history major might find a job as a docent in a museum, while a future architect might be able to get a job leading groups on tours of architecturally significant buildings.</p> <h2>5. Bartending or Working in a Coffee Shop</h2> <p>For students who wish to completely immerse themselves in their new home, working as a bartender or a barista in a cafe can be an excellent way to earn money while also meeting a variety of people and practicing your language or cultural skills.</p> <p>To land a serving job, stroll through the popular areas of town and chat with managers of bars, restaurants, and coffee shops. Bring your resume and evidence that your visa allows you to work legally.</p> <h2>6. Work at a Tourist Hostel</h2> <p>Hostels are an inexpensive place for tourists to stay, and they can be an excellent workplace for a visiting student. Like hotels, hostels are open round-the-clock, and so they need workers for every shift. If you are fluent in a common language (including English!), the hostel's management might need you to work at the front desk. Hostels have guests from all over the world, and a front desk attendant who can speak multiple languages is a boon.</p> <p>In addition to front desk work, you might also take a job in housekeeping or the kitchen. While the work may not be glamorous, it will offer you an opportunity to earn money and learn more about your adopted country.</p> <h2>7. Write for Travel Sites</h2> <p>You're probably already keeping a journal or diary of your time abroad &mdash; why not get paid for it? There are a number of travel sites and other publications that are always looking for well-written pieces on travel destinations. And don't assume that your writing will only find a home in a travel-specific website. There are often <a href="https://thewritelife.com/31-travel-magazines-and-websites-that-pay-freelance-writers/">regional publications or other sites</a> that would welcome your work.</p> <p>In addition, you could also start your own blog. No one is claiming that blogging is a quick way to make big bucks, but a student living abroad has plenty of stories to write about, and it's easy to place ads on your blog. Blogspot, WordPress, and Tumblr are all places you can easily start a blog that you can monetize. (See also: <a href="http://www.wisebread.com/5-easy-ways-to-make-extra-money-blogging?ref=seealso">5 Easy Ways to Make Extra Money Blogging</a>)</p> <h2>Considerations for Student Workers Studying Abroad</h2> <p>It's not enough to just land your job while you're studying. You also need to be aware of the financial and logistical concerns of your work.</p> <p>In particular, make sure you have a visa that will allow you to work, even if you are working for cash. Also, remember that the currency exchange rate can affect just how far your money will go, especially if you are earning American money (as a blogger or freelancer might). Make sure you know how the conversion rate will affect your spending power, and know the costs of exchanging money when you withdraw money locally from your American bank.</p> <p>Finally, there is some good news for any student working for a foreign employer: You will owe no U.S. taxes on anything you earn <a href="https://www.irs.gov/publications/p54/ch04.html">under $101,300</a> as of 2016. You still have to pay local taxes on your wages, but Uncle Sam will let you keep all that is left.</p> <h2>Working and Studying Abroad</h2> <p>In general, the most valuable experiences you will have during your time abroad will happen outside of the classroom. Finding a way to earn money while you study is not only a savvy financial move, but it will also add depth and richness to your time in another country.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/7-ways-to-make-money-during-a-semester-abroad">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-moves-students-should-make-during-a-gap-year">8 Money Moves Students Should Make During a Gap Year</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-paid-to-learn">6 Ways to Get Paid to Learn</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-skip-these-8-tax-breaks-for-students">Don&#039;t Skip These 8 Tax Breaks for Students</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook">CSS Is One Source of College Financial Aid You Can&#039;t Afford to Overlook</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-great-side-jobs-for-book-lovers">6 Great Side Jobs for Book Lovers</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Extra Income college English international travel jobs language skills side jobs students study abroad teaching tourism writing Wed, 28 Dec 2016 10:30:23 +0000 Emily Guy Birken 1863677 at http://www.wisebread.com 7 Unique Ways Millennials Are Dealing With Student Loan Debt http://www.wisebread.com/7-unique-ways-millennials-are-dealing-with-student-loan-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-unique-ways-millennials-are-dealing-with-student-loan-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_graduate_debt-450067439.jpg" alt="Millennials dealing with student loan debt" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Many Millennials are wracked with student loan debt and don't see a way out anytime soon. Fortunately, there are some unique opportunities available to you &mdash; both while you are in school and after you graduate &mdash; that can help you deal with this obligation. (See also: <a href="http://www.wisebread.com/why-you-shouldnt-panic-about-your-federal-student-loans?ref=seealso">Why You Shouldn't Panic About Your Federal Student Loans</a>)</p> <p>According to Debt.org, student loans account for <a href="https://www.debt.org/students/" target="_blank">over $1 trillion in debt</a> in America, and among those who borrow, the average debt load is about $30,000. However, with the right plan of action, you can tackle this debt in less time and with a smaller overall effect on your life and financial well-being.</p> <p>See also: <a href="http://www.wisebread.com/which-student-loan-repayment-plan-saves-you-the-most?ref=seealso2">Which Student Loan Repayment Plan Saves You the Most?</a></p> <h2>1. Take Advantage of Income Share Agreements</h2> <p>Purdue University was the first to offer such a program (theirs is called &quot;<a href="http://purdue.edu/backaboiler/" target="_blank">Back a Boiler</a>&quot;), which provides funding to students who are willing to repay the foundation a portion of their salaries for up to10 years following graduation. These are often referred to as Income Share Agreements or ISAs.</p> <p>With an Income Share Agreement, there is less risk for the student because payments are based on a percentage of your income. (If you earn less, you pay less; when your income increases, you pay more, up to a defined maximum.) Conversely, with a traditional loan, there is a set loan repayment amount that you must find a way to pay every month, even if you don't have a job (although you may be eligible for a variety of deferments or other payment plans; check with your lender).</p> <p>See also: <a href="http://www.wisebread.com/the-definitive-guide-to-pay-as-you-earn-a-great-student-loan-repayment-plan?ref=seealso2">The Definitive Guide to Pay As You Earn</a></p> <h2>2. Find an Investor</h2> <p>Some schools offer programs where an &quot;investor&quot; buys &quot;shares&quot; in a student's future. This is similar to an ISA, but can also be agreed upon privately. If the student does well financially after graduation, then the investor profits, but the student may end up paying even more than they would have on a private loan. On the other hand, if the student doesn't make much money during the repayment period, then the investor loses. As an added bonus, by selling stock in themselves, students may have even more motivation to do well after graduation. (See also: <a href="http://www.wisebread.com/8-surprising-ways-to-pay-off-your-student-loans?ref=seealso">Surprising Ways to Pay Off Your Student Loans</a>)</p> <h2>3. Plug Your Venmo Account</h2> <p>Once you've opened a Venmo account, you can begin accepting payments from friends, family members, and concerned strangers who want to help you pay off your student loan. Ask for money to be deposited into your Venmo account for your birthday, graduation present, and during the holidays. Loved ones may be willing to contribute even more if they know the money is going toward your student loan.</p> <p>You can share your Venmo account via email or social media. Better yet, you can even make signs with your Venmo account on them, which you can hold in front of the camera at large events or in the background of your favorite news shows. There have been two successful instances where someone <a href="http://www.abc-7.com/story/33099003/what-the-tech-money-app-and-student-make-money-after-stunt" target="_blank">holding a sign</a> with their Venmo account received more than $20,000 in payments from amused viewers. While these feats pulled in 2013 and 2016 weren't for noble purposes, it just goes to show that this quick stunt can really pay off.</p> <h2>4. Volunteer More</h2> <p>With organizations like <a href="http://www.sponsorchange.org/" target="_blank">SponsorChange</a> and <a href="http://www.zerobound.com/" target="_blank">Zerobound</a>, you can volunteer your time and skills to meaningful organizations and your student loans will also reap the benefits. While you accumulate good karma from volunteering your time, the organizations will contribute toward your student loan debt as repayment. Organizations like <a href="http://www.nationalservice.gov/programs/americorps" target="_blank">AmeriCorps</a> and <a href="https://www.peacecorps.gov/" target="_blank">Peace Corps</a> also offer partial loan cancellation incentives to volunteers.&nbsp;</p> <h2>5. Find the Right Employer</h2> <p>More companies are now offering student loan payoff programs as a perk to new employees. This is becoming especially common with new startups. When you are meeting with a potential employer, you may want to ask if their benefits program offers student loan repayment options.</p> <h2>6. Consider Student Loan Forgiveness Programs</h2> <p>There are various <a href="http://www.wisebread.com/8-ways-to-get-student-loan-debt-forgiveness?ref=internal" target="_blank">student loan forgiveness programs</a> available, but only to select people. While most borrowers won't qualify for these programs, it is worth looking into.</p> <p>For instance, with the <a href="https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service" target="_blank">Public Service Loan Forgiveness Program</a>, people working in public service can have their loans forgiven after 10 years of payment. There are also income-driven repayment plans, which can forgive your loans after 20&mdash;25 years of repayment. You may also qualify for special federal student loan forgiveness programs if you work in low-income schools or in public service jobs, such as for a nonprofit or the government.</p> <h2>7. Explore Traditional Methods</h2> <p>Traditional means of student loan repayment are always a great option. <a href="http://www.wisebread.com/4-times-student-loan-refinancing-can-save-you-big?ref=internal">Debt refinancing</a> or debt consolidation can help lower the interest you pay in the long-run. You can also take advantage of automatic debt payments, make payments twice per month, or trim your budget so there's more left over for repayment. These methods will all help you to pay off your student loan faster and can save you a great deal of money in the long-run. (See also: <a href="http://www.wisebread.com/15-ways-to-pay-back-student-loans-faster?ref=seealso">15 Ways to Pay Back Student Loans Faster</a>)</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/7-unique-ways-millennials-are-dealing-with-student-loan-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-sobering-facts-about-student-loan-debt">5 Sobering Facts About Student Loan Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-get-student-loan-debt-forgiveness">8 Ways to Get Student Loan Debt Forgiveness</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/which-student-loan-repayment-plan-saves-you-the-most">Which Student Loan Repayment Plan Saves You the Most?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-tax-tricks-to-try-if-youre-stuck-with-student-loans">8 Tax Tricks to Try if You&#039;re Stuck With Student Loans</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-student-loans-impact-your-taxes">4 Ways Student Loans Impact Your Taxes</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Debt Management Education & Training college income share agreements investors loan forgiveness millennials repayment student debt student loans tuition volunteering Thu, 15 Dec 2016 10:30:31 +0000 Andrea Cannon 1853983 at http://www.wisebread.com How Trump's Presidency Might Change Student Loans http://www.wisebread.com/how-trumps-presidency-might-change-student-loans <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-trumps-presidency-might-change-student-loans" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/saving_college_fund_544603158.jpg" alt="Learning how Trump&#039;s presidency might change student loans" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Whether you were a Trump supporter or not, the $1.3 billion student debt issue is one that needs to be tackled. Trump called student debt an 'albatross' around the necks of borrowers. While he didn&rsquo;t spend a lot of his election talking about student loans, he did offer several plans to solve the debt problem.</p> <p>All of the President-Elect&rsquo;s student loan plans are still just that &mdash; plans. However, here is how Trump&rsquo;s presidency might affect your current or future student loan (or your children&rsquo;s loans).</p> <h2>Cap on Maximum Repayment Amount</h2> <p>Trump addressed the ever-growing student loan debt dilemma in his rally in Columbus, Ohio, on October 13. One of his proposed solutions was to cap how much a borrower would have to repay. He said, &quot;We would cap repayment for an affordable portion of the borrower&rsquo;s income, 12.5%, we&rsquo;d cap it. That gives you a lot to play with and a lot to do.&quot;</p> <p>Currently, the Revised Pay As You Earn, or REPAYE, plan allows borrower&rsquo;s to cap their monthly payments at 10% of their discretionary income. However, this is only applicable for federal loans, and the plan requires borrowers to extend the length of their loan, meaning they will pay for their debt longer.</p> <p>Trump&rsquo;s plan to cap loan repayment at 12.5% might look higher initially, but depending on how he enforces the plan, it could save a lot of money for borrowers. If Trump allows the monthly cap to be applied to private loans, then this plan will benefit many borrowers.</p> <h2>Student Loan Forgiveness After 15 Years</h2> <p>Trump added to his speech in Columbus, Ohio, &quot;And if borrowers work hard and make their full payments for 15 years, we&rsquo;ll let them get on with their lives. They just go ahead and they get on with their lives.&quot;</p> <p>Currently loan forgiveness is available through special forgiveness programs, such as the public service loan forgiveness plan and the teacher loan forgiveness plan. The income-driven repayment plan will also forgive student loan debt after 20 or 25 years of payments, depending on which plan you qualify for.</p> <p>Trump&rsquo;s 15-year forgiveness plan would drastically cut the length of loan repayment and finally offer solutions for individuals weighed down with private loan debt. Trump did not give exact numbers to how much this plan would cost or save Americans, but it was said that it would be paid for through reduced federal spending overall. Also, it is believed that this plan would save the government money through fewer defaulted loans. (See also: <a href="http://www.wisebread.com/how-to-stop-student-loans-from-ruining-your-life?ref=seealso">How to Stop Student Loans From Ruining Your Life</a>)</p> <h2>Cut College Costs</h2> <p>Trump also addresses the root of the student loan dilemma &mdash; costs set by colleges. On his site, Trump wrote that he plans to, &quot;work with Congress on reforms to ensure universities are making a good-faith effort to reduce the cost of college and student debt in exchange for the federal tax breaks and tax dollars.&quot;</p> <p>Colleges have no incentives to lower costs, so why should they? If Trump were to offer significant tax breaks, then students might see lower tuition bills, too.</p> <h2>Aid for Non-Traditional Schools</h2> <p>Right now, federal aid is for students attending schools that are accredited through the Department of Education. This means that if a vocational school or nontraditional school program is not accredited, students cannot receive federal aid to help them attend. Trump said on his campaign website that he would help make it possible for any student to attend and complete whatever school or program they wanted.</p> <p>According to his website, he wants to &quot;ensure that the opportunity to attend a two- or four-year college, or to pursue a trade or a skill set through vocational and technical education, will be easier to access, pay for, and finish.&quot; (See also: <a href="http://www.wisebread.com/what-is-student-loan-forbearance-anyway?ref=seealso">What Is Student Loan Forbearance, Anyway?</a>)</p> <h2>So What Does Trump&rsquo;s Plans Mean for You?</h2> <p>If you are already paying student loan debt, then there is a possibility that the plans will not fully be developed and implemented for another year or two. Taking on something as big as student debt and bloated college costs is not an overnight job.</p> <p>However, if you are currently in college or are a parent with a child attending college in the next three years, then there is a possibility that Trump&rsquo;s plan will benefit you. For the rest of America, it is hard to determine just how much Trump&rsquo;s plans will cost.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/how-trumps-presidency-might-change-student-loans">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-get-student-loan-debt-forgiveness">8 Ways to Get Student Loan Debt Forgiveness</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-unique-ways-millennials-are-dealing-with-student-loan-debt">7 Unique Ways Millennials Are Dealing With Student Loan Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-get-trapped-by-these-higher-education-scams">Don&#039;t Get Trapped by These Higher Education Scams</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-every-parent-should-know-about-the-new-college-financial-aid-rules">What Every Parent Should Know About the New College Financial Aid Rules</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-stop-student-loans-from-ruining-your-life">How to Stop Student Loans From Ruining Your Life</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training college debt donald trump federal aid loan forgiveness president trump REPAYE school student loans vocational school Fri, 02 Dec 2016 12:30:07 +0000 Ashley Eneriz 1844379 at http://www.wisebread.com How Your Child Can Earn College Credits in High School (For Cheap) http://www.wisebread.com/how-your-child-can-earn-college-credits-in-high-school-for-cheap <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-your-child-can-earn-college-credits-in-high-school-for-cheap" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/student_happy_books_82665501.jpg" alt="Student earning college credits in high school for cheap" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>College credits are expensive. Even a class at a community college can add a few hundred dollars to your overall tuition bill. For most undergrad degrees, the first two years are devoted to general education basics that don't necessarily impact an individual's future career. For example, to get my degree in English, I still needed to take Biology and Calculus classes.</p> <p>There are a few methods that will allow high school students to earn college credits before they actually enter the college scene. Doing so can help them shave off a semester or even a whole year, which translates into a lot of money saved, depending on your college's cost per unit. (See also: <a href="http://www.wisebread.com/9-freshman-shopping-tips-to-cut-college-costs?ref=seealso">9 Freshman Shopping Tips to Cut College Costs</a>)</p> <h2>Take CLEP Exams</h2> <p>The College Level Examination Program allows students to earn three credits or more on passed CLEP tests. There are 33 tests that can be taken and there are currently 2,900 colleges and universities that will accept credit for passing CLEP.</p> <p>According to CollegeBoard, &quot;More than 60% of CLEP test takers said that they relied on their <a href="https://bigfuture.collegeboard.org/get-in/testing/learn-about-the-clep-program">high school course work</a> to learn the material needed for their CLEP exam(s).&quot;</p> <p>The average college course costs $900, and the cost of CLEP is $80. If your child is able to pass five CLEPs, then it will cost you $400, but potentially save you $4,100 in tuition.</p> <p>Every university has their own set of rules, so make sure you know how many credits from CLEP tests they will accept beforehand. It is also wise to know how many CLEPs are applicable toward your major. For example, the college might accept 10 CLEPs, but a specific major might only need eight of those. You don't want to waste time or money taking CLEPs that cannot be applied to your degree.</p> <h2>Take AP Tests</h2> <p>Many schools offer AP courses, which are more demanding that typical high school courses. Not only do AP courses look impressive on college applications, but they can count as college credit if students pass the exam.</p> <p>AP courses and fee exams differ for each school. The standard fee for each exam is $93. A reduced fee is available for low-income families. Some schools might charge additional fees for proctoring and administering the course and exam.</p> <p>Even if your child's school does not offer a certain AP course, your child can still take the exam. You will need to find an authorized testing center, and know that the test might be harder for individuals that did not take the specialized course for the entire year.</p> <h2>Enroll in International Baccalaureate Courses</h2> <p>Depending on the high school, students can take singular IB courses or choose to pursue an IB diploma. An IB diploma is challenging, but it can shave a whole year off a student's college experience. Unfortunately, IB is a smaller program than AP, and is not as widely offered. However, if your child's school does offer IB courses, it is possible that they can transfer for more units than an AP course, depending on the college and course.</p> <p>Check with your child's school to see the exact cost of the IB program. As an example, Davis School District in Bountiful, Utah charges $864 for an IB diploma, which comes with six exams, on top of a $168 registration fee. However, they say their average IB students complete high school with 44 college credits, which comes out to the affordable price of $23.45 per unit. That is a huge difference from the usual $200&ndash;500 per unit cost that community and state colleges charge.</p> <h2>Take College Classes While in High School</h2> <p>Depending on your child's high school and community college regulations, your child can enroll in limited college courses while still in high school. Some college courses require prerequisites and you might need to gain signed authorization from your child's high school principal before they can dual enroll.</p> <p>This option can cost more than AP classes or IB courses, but it can also be more flexible. Community college courses can be demanding, but for a student that is dedicated, it is more than likely they will pass the class. It can be disheartening to take a rigorous AP course only to have your credit riding on passing one exam.</p> <p>Also with community colleges, your child will have access to online class options, help from professors, and summer class options.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/how-your-child-can-earn-college-credits-in-high-school-for-cheap">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-college-students-can-save-money-before-class-starts">8 Ways College Students Can Save Money Before Class Starts</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-9-best-state-529-college-savings-plans">The 9 Best State 529 College Savings Plans</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-saving-hacks-every-college-student-should-try">8 Money-Saving Hacks Every College Student Should Try</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-tax-tricks-to-try-if-youre-stuck-with-student-loans">8 Tax Tricks to Try if You&#039;re Stuck With Student Loans</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-smart-places-to-stash-your-kids-college-savings">5 Smart Places to Stash Your Kid&#039;s College Savings</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training ap classes clep college credits ib courses saving money school semesters tuition Tue, 15 Nov 2016 10:00:14 +0000 Ashley Eneriz 1827229 at http://www.wisebread.com 6 Ways to Get College Kids Home for the Holidays for Cheap http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/friends_traveling_together_58534620.jpg" alt="Finding ways to get college kids home on the cheap" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Kid off to college this year? You're already feeling the pinch on your budget as he or she starts their (fingers crossed) four-year career, but there are perhaps a few expenses you may have overlooked during all the hustle and bustle &mdash; like how your little smarty pants will get home during breaks and holidays. To keep these travel costs manageable, consider these inexpensive ways.</p> <h2>1. Cash in Miles for Free Flights</h2> <p>In all the years you've been saving those airlines miles for the vacation of a lifetime, I bet you never thought you'd have to compromise them by bringing your kid back and forth from college for holiday breaks. Yeah, it sucks, but when they graduate and land that high-paying job, they'll totally pay you back&hellip; right?</p> <p>While you hold your breath on that prospect, consider consulting <a href="http://www.rewardexpert.com/">RewardExpert</a>, which helps travelers create easy-to-follow strategies by developing customized points earning plans and maximizing frequent flyer rewards. The service makes it easy to earn free tickets in just a few months, or help you make the most of what you already have.</p> <h2>2. Carpool With Someone Headed the Same Direction</h2> <p>I often carpooled with friends to and from college who lived at least somewhat close to my home. I'd offer gas money for the ride, and my parents would pick me up from their homes so they didn't have to go out of their way to drop me off at mine. Your kids can do the same thing the old-fashioned way by asking their friends for a ride, or &mdash; if they don't have any friends who live within driving distance of where you're from &mdash; suggest that they post an ad on Craigslist or a community or school message board looking for a driver.</p> <p>Alas, if that's too 20th century for them, there's <a href="http://thecollegecarpool.com/">College Carpool</a>, one of a handful of services that allow students to connect with others driving the same direction through private pages for each college. Through forums, students can find available rides, or proactively request one.</p> <h2>3. Enroll in a Car Share</h2> <p>Does your kid prefer to take the wheel, but they don't have a car of their own on campus? Nowadays they can sign up for car-sharing services, which help eliminate the issue of not being able to rent a car from traditional services (like Alamo) that usually require drivers to be at least 25 years old. Car-sharing services like <a href="http://www.zipcar.com/universities">Zipcar</a> and <a href="https://www.enterprisecarshare.com/us/en/home.html">Enterprise CarShare</a> are available to university students, and monthly fees are low. Once registered, students can reserve a car whenever they need one. This is a helpful convenience especially around the holidays when the rest of the family is busy with their own day-to-day concerns.</p> <h2>4. Hop on the Bus</h2> <p>I never took the bus home from college &mdash; that eight-hour ride didn't much appeal to me, plus I had awesome friends who didn't mind giving me a lift &mdash; but when I moved to Manhattan without a car in my mid-20s, I often hopped on a Greyhound to get back to my hometown of Baltimore. It was convenient, fast, and, most importantly, cheap.</p> <p>Thus, if you live a reasonable distance from child's university and they don't mind tight quarters, this may be a good option for you and your family. It's actually a rather relaxing ride once you get situated; most modern bus services, including BoltBus and Megabus, feature free WI-FI, power outlets, and even reclining seats. Smaller-scale regional buses, like <a href="http://www.coachusa.com/info/shortline/ss.studentdiscounts.asp">Short Line</a>, also offer student discounts.</p> <h2>5. Travel by Train</h2> <p>If booking your kid a bus ticket isn't an option, perhaps riding the friendly rails is a more accommodating compromise. <a href="https://www.amtrak.com/student">Amtrak</a> provides service from 500 destinations in 46 states, and it offers a 15% student discount along with the opportunity to earn points toward free travel. Amtrak is the only nationwide rail-service, which means you don't have any other options for train travel, unless you can work your regional lines to your advantage if they exist.</p> <h2>6. Get Creative</h2> <p>You don't always have to choose one option over another. Sometimes you can use a few different methods &mdash; like a bus to a train or a train to a plane, for instance. Look for the best deals among the types of transportation available to you and plan your student's trip home accordingly. It may take some time to plan and settle on the most efficient and cost-effective method, but it's worth it &mdash; especially when you consider how often you may have to do this over and over again in the next four (or five or six) years.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <p>&nbsp;</p> <p style="text-align: center;"><a href="//www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F6-ways-to-get-college-kids-home-for-the-holidays-for-cheap&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap.jpg&amp;description=6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap" data-pin-do="buttonPin" data-pin-config="above" data-pin-color="red" data-pin-height="28"><img src="//assets.pinterest.com/images/pidgets/pinit_fg_en_rect_red_28.png" alt="" /></a> </p> <!-- Please call pinit.js only once per page --><!-- Please call pinit.js only once per page --><script type="text/javascript" async defer src="//assets.pinterest.com/js/pinit.js"></script></p> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap.jpg" alt="6 Ways to Get College Kids Home for the Holidays for Cheap" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-reasons-to-add-your-teen-as-an-authorized-user-on-your-credit-card">4 Reasons to Add Your Teen as an Authorized User on Your Credit Card</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-graduate">5 Money Moves to Make the Moment You Graduate</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-costly-flight-booking-mistakes-you-make-all-the-time">8 Costly Flight Booking Mistakes You Make All the Time</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-moves-students-should-make-during-a-gap-year">8 Money Moves Students Should Make During a Gap Year</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-smart-money-moves-for-empty-nesters">7 Smart Money Moves for Empty Nesters</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Family Travel carpooling college flights holiday breaks kids moving home public transportation rewards miles teens trains young adults Wed, 09 Nov 2016 10:00:13 +0000 Mikey Rox 1806658 at http://www.wisebread.com How to Stop Student Loans From Ruining Your Life http://www.wisebread.com/how-to-stop-student-loans-from-ruining-your-life <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-stop-student-loans-from-ruining-your-life" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/debt_piggy_bank_71881857.jpg" alt="Finding ways to stop student loans from ruining your life" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Student loans have become a huge problem. According to an analysis of government data from Edvisors, some 70% of recent college grads have education debt, and the total amount borrowed works out to an average of more than $37,000 per borrower. So burdensome is this debt that more than 40% of borrowers are behind on their payments or have stopped making them altogether, according to the U.S. Education Department.</p> <p>What can you do to avoid that fate? Here are four ideas &mdash; two geared toward families of high school students who haven't taken out student loans yet, and two aimed at college students who <em>have</em> borrowed.</p> <h2>Before You Borrow</h2> <p>Of course, the best way to keep student loans from ruining your life is to avoid borrowing in the first place. Here are two steps that can help.</p> <h3>1. Get Clear About What You're Going to Study</h3> <p>One reason why college costs so much for so many students is that so few graduate in four years. According to &quot;Four-Year Myth,&quot; a report from Complete College America, the four-year graduation rate at public universities ranges from 19% to 36%. Some who fail to graduate in four years drop out, others flunk out, but many others end up with extended stays on campus because they change majors.</p> <p>College is a very expensive place to &quot;find yourself.&quot; It's far better to enter school with as much clarity as possible about what you want to study.</p> <p>For high school juniors and seniors, there are numerous online assessments designed to help connect their skills, interests, and temperament to a number of possible careers. Some to consider include:</p> <ul> <li><a href="http://www.youscience.com/">YouScience</a>;</li> <li><a href="https://careerdirect-ge.org/">Career Direct;</a></li> <li><a href="https://www.mymajors.com/">MyMajors.</a></li> </ul> <p>Knowing what you want to study can help you avoid the five or six-year college plan and its associated costs.</p> <h3>2. Take a Gap Year</h3> <p>Taking a year off in between high school and college has been a popular practice in Europe for many years and is rapidly growing in popularity in the U.S. So much so that there is now a <a href="http://www.americangap.org/index.php">gap year association</a> as well as <a href="http://www.interimprograms.com/">consulting organizations</a> that help families (for a fee) determine whether a gap year makes sense for their children, and if so, how to best structure the gap year. Some schools will accept students and then allow them to defer enrollment for a year. The University of North Carolina even offers a <a href="http://admissions.unc.edu/explore/enrich-your-education/global-gap-year-fellowship/">global gap year fellowship</a>.</p> <p>A gap year can be used to earn money for college or explore career interests. Either way, it can help lessen the need for loans. (See also: <a href="http://www.wisebread.com/8-money-moves-students-should-make-during-a-gap-year?ref=seealso">8 Money Moves Students Should Make During a Gap Year</a>)</p> <h2>After You Borrow</h2> <p>If you have already taken out loans to pay for college, here are two practical steps for minimizing the burden of such borrowing.</p> <h3>3. Create a Post-College Budget</h3> <p>Numerous surveys have found that students with education loans have little idea what they've gotten themselves into.</p> <p>A recent survey by Lendedu, a company that helps students refinance their education loans, found less than 10% of student borrowers understood how long it would take to pay off their loans or what interest rate they were being charged. Less than 30% understood that if they fail to repay on time, the government could garnish their wages or withhold their tax refunds.</p> <p>A couple of years ago, a study by the Brookings Institute found that among first-year students who had students loans, 17% said they didn't realize they even <em>had</em> loans.</p> <p>If you're going to borrow, you need to know <em>that </em>you owe, <em>what</em> you owe, and what it's going to take to repay. One of the best reality checks is to calculate the monthly cost of your loan payment while you're still in school. Then create a detailed post-college budget using a monthly <a href="http://www.mattaboutmoney.com/resources/">Cash Flow Plan</a> form.</p> <p>Creating a budget that includes student loan payments may motivate you to avoid taking on more debt. At very least, it'll help you understand how much you can afford for housing and other expenses after you graduate and may persuade you to avoid taking on other debts, such as a car loan.</p> <h3>4. Prioritize Accelerated Repayment</h3> <p>Under a standard loan contract, a student loan is to be paid off in 10 years. But you don't have to take that long, and the sooner you can be done with debt, the better. Especially since there are no penalties for paying off a student loan early, commit now putting your debt on an accelerated payoff schedule.</p> <p>The monthly cost calculator mentioned above enables you to run some what-if scenarios based on adding different amounts on top of your required payments. Seeing how much more quickly you could be out of debt may motivate you to live well beneath your means after graduating in order to prioritize accelerated debt repayment.</p> <p>Today, the burden of student loans is causing many young people to delay getting married, put off starting a family, and give up on buying a home. But it doesn't have to be that way for you.</p> <p>Whether you're a high-school student who's just thinking about college financing options or a college student who has already taken on debt, these simple steps should help you keep student loans from taking over your life.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/matt-bell">Matt Bell</a> of <a href="http://www.wisebread.com/how-to-stop-student-loans-from-ruining-your-life">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-make-the-most-of-your-student-loan-grace-period">4 Ways to Make the Most of Your Student Loan Grace Period</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/which-student-loan-repayment-plan-saves-you-the-most">Which Student Loan Repayment Plan Saves You the Most?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-trumps-presidency-might-change-student-loans">How Trump&#039;s Presidency Might Change Student Loans</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-private-lenders-that-can-really-save-you-money-on-your-student-loans">3 Private Lenders That Can Really Save You Money on Your Student Loans</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-get-student-loan-debt-forgiveness">8 Ways to Get Student Loan Debt Forgiveness</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management Education & Training bills borrowing budgeting college degree gap year loan repayment planning school student loans Tue, 11 Oct 2016 09:30:21 +0000 Matt Bell 1810486 at http://www.wisebread.com 6 Signs Your College Is a Scam http://www.wisebread.com/6-signs-your-college-is-a-scam <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-signs-your-college-is-a-scam" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_93713933_MEDIUM.jpg" alt="signs your college is a scam" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>A college degree opens doors. While there are certainly ways to find professional and financial success without a college degree, it can be a harder and longer path. The relationships built, the skills learned, the knowledge granted, and the credentials earned open pathways that might have beyond an individual's reach.</p> <p>However, not all colleges in the United States deliver the type of education that will lead to financial success. ITT Technical Institutes' <a href="http://www.theatlantic.com/news/archive/2016/09/itt-tech-closes/498752/">recent and sudden closure</a> after it was barred from admitting students utilizing federal funds, was a reminder of that fact. The closure of the school put the educational and financial prospects of thousands of students in jeopardy.</p> <p>Prospective students need to remember that technical schools and colleges &mdash; even nonprofits &mdash; are run like businesses. They won't necessarily broadcast that they aren't capable of delivering the type of education you expect. It's up to you to investigate the school and discover any red flags that indicate the college is a total scam. Here are a few warning signs to look out for.</p> <h2>1. It's in Poor Financial Health</h2> <p>ITT Tech's closure due to financial issues isn't an isolated, once-in-a-blue-moon incident. Inside Higher Ed reports that on average, <a href="https://www.insidehighered.com/news/2015/09/28/moodys-predicts-college-closures-triple-2017">five colleges close down annually</a>. The number of college closures per year is expected to triple in the coming years as admission rates at smaller colleges drop. Smaller private and public colleges are dependent on tuition to remain financially viable. This means that years of low admission rates can result in a slow, prolonged death for the college which can blindside students.</p> <p>When a school closes, students might need to:</p> <ul> <li>Restart the school vetting process;</li> <li>Pay admission and application fees for new colleges;</li> <li>Find an institution that will transfer the most credits;</li> <li>Potentially apply to have&nbsp;<a href="https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/closed-school">federal loans discharged</a>;</li> <li>Contend with issues keeping&nbsp;<a href="http://www.scpr.org/news/2016/09/19/64802/itt-tech-closure-could-turn-into-housing-crisis-fo/">housing benefits</a>.</li> </ul> <p>In order to avoid enrolling in a college that might go under before you graduate, potential college students can check the financial health of their college by doing a Google search about the school's financial health or admission rates.</p> <h2>2. It Lacks Proper Accreditation</h2> <p>Proper accreditation is vital to a degree or certificates' worth. According to RuthAnn Althaus, a program coordinator at Ohio University, <a href="http://onlinemasters.ohio.edu/mhadegree-org-an-interview-with-dr-ruthann-althaus/">accreditation is vital because</a> it &quot;provides assurance to students, their employers, and the U.S. Department of Education (DOE) that institutions are meeting rigorous educational standards and are professionally sound.&quot;</p> <p>If you accidentally attend a college without proper accreditation, you will not be qualified to work in a field that requires a degree, and employers might not recognize your degree as a valid educational credential. You can ensure that the institution is accredited by searching for the school's website for the accreditation information. Be sure to double check the accreditation claim on the accrediting institution's website.</p> <h2>3. Does It Have National or Regional Accreditation?</h2> <p>There's another layer to the accreditation conundrum. In the U.S., colleges and programs can either be regionally accredited or nationally accredited. Accreditation from nationally accredited institutions (a lot of for-profit schools fall into this category) are often not recognized by public colleges.</p> <p>ITT Tech students are currently dealing with this issue. Due to the fact that ITT Tech was nationally accredited, students have very few options as they attempt to find a replacement school. Right now, ITT students<a href="https://www.insidehighered.com/news/2016/09/01/options-itt-tech-students-if-profit-chain-collapses"> who want to transfer to another school</a> are limited to other nationally accredited schools and the few community colleges that are willing to consider transferring their credits.</p> <p>Before you apply to a nationally accredited institution, you should seriously consider if you would like the option to eventually transfer to a regionally accredited institution.</p> <h2>4. The School Is Facing Accreditation Probation or Withdrawal</h2> <p>Accreditation isn't a lifetime endorsement for a college. Accredited institutions must continually prove that they meet the required educational and financial standards to keep their certification. Schools that fail to meet standards can be placed on probation.</p> <p>Enrolling into a college that is in a probationary period is risky. Failure to improve can lead to the institution losing their accreditation either voluntarily or by having it revoked. The loss of accreditation will mean that if you want a degree that is actually worth anything, you will need to transfer to another school. If this happens in the middle of the semester, you can lose time and money.</p> <h2>5. It's Linked to State or Federal Investigations</h2> <p>State or federal investigations of the school or its accrediting agency might be a sign that the school will not be a good investment. While not all investigations indicate wrongdoing, in recent years, the federal and state investigations of ITT Technical Institutes resulted in the Department of Education barring the school from utilizing federal aid to enroll students. That restriction led to the collapse of the school.</p> <p>When accrediting agencies are investigated, the fallout can be even more extreme. ACICS, the agency that accredited ITT Technical Institution, has been <a href="https://www.insidehighered.com/news/2016/06/24/federal-panel-votes-terminate-acics-and-tightens-screws-other-accreditors">recommended for termination</a> after a federal investigation. If the recommendation goes through, <em>every college</em> ACICS accredits will have 18 months to get recertified with a different agency. Those school's ability to find another certification agency to endorse them really depends on the quality of the institution and their financial health.</p> <p>To be safe, before you enroll in a college, you should search for any news of investigations of the colleges you are vetting or the agency that accredits the college. If the investigations have to do with the school's finances or recruitment practices, you might want to dig a little deeper into the investigation before enrolling.</p> <h2>6. It Has Low Freshman Retention and Graduation Rates</h2> <p>Enrolling in a college with low student retention and graduation rates is an extremely risky endeavor. While you shouldn't discount a school entirely due to low rates, it should at least be a warning sign that should lead to further investigation.</p> <p>Low rates can be the result of:</p> <ul> <li>Students transferring to another school before graduation;</li> <li>Students taking more than four years to graduate;</li> <li>Low emotional and academic student support and guidance by teachers and advisers;</li> <li>Lower academic standards for admission.</li> </ul> <p>You can check the rates of colleges utilizing the website&nbsp;<a href="https://collegescorecard.ed.gov/">College Scorecard</a>.</p> <p>Colleges whose rates are around the national average &mdash; you probably don't need to investigate further. If the college has lower than average rates (10%-20%), that might be a major red flag to take into account before enrolling. You should at least prepare yourself for an uphill battle in your quest to earn your degree.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/samantha-stauf">Samantha Stauf</a> of <a href="http://www.wisebread.com/6-signs-your-college-is-a-scam">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-places-to-buy-or-rent-textbooks">20 Places to Buy or Rent Textbooks</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-trumps-presidency-might-change-student-loans">How Trump&#039;s Presidency Might Change Student Loans</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-freebies-for-college-students">20+ Freebies for College Students</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-sobering-facts-about-student-loan-debt">5 Sobering Facts About Student Loan Debt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-saving-hacks-every-college-student-should-try">8 Money-Saving Hacks Every College Student Should Try</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Consumer Affairs Education & Training back to school college college degree fraud higher education ITT Tech scam school Fri, 07 Oct 2016 09:30:24 +0000 Samantha Stauf 1807406 at http://www.wisebread.com 9 Threats to a Secure Retirement http://www.wisebread.com/9-threats-to-a-secure-retirement <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/9-threats-to-a-secure-retirement" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple_holding_hands_88407163.jpg" alt="Couple learning threats to a secure retirement" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Saving and investing for retirement isn't easy. There's a lot that can happen to take you off track, potentially leaving you less money than you hoped for.</p> <p>From poor financial planning to unexpected events and even nationwide economic woes, here are some of the things that could pose a threat to your secure retirement.</p> <h2>1. Not Investing Enough</h2> <p>It's never easy to figure out how much to invest. After all, you want to make sure you have enough money to deal with your current needs. It's common for people to invest too little, and this can hurt them in the long run.</p> <p>When saving for retirement, it's smart to contribute as close to the maximum each year into 401K and IRA plans. (That's $18,000 for the 401K and $5,500 for the IRA.) If you can't contribute quite that much, at least put enough in to get the company match on your 401K plan.</p> <p>Even a few extra dollars per month into retirement accounts can make a big difference. For example, let's say you have $50,000 in an account and contribute $500 per month for 25 years. Assuming a 7% return, your portfolio would amount to about $677,000. But what if you contributed $1,000 monthly? Then it would hit nearly $1.1 million.</p> <h2>2. Starting Too Late</h2> <p>When investing, time is your biggest friend. The more time you have to invest, the bigger your nest egg can grow. Thus, one of the biggest threats to a secure retirement is failing to contribute to your fund early in life. If you're past 40 years old, you may have only a couple of decades to invest before you wish to stop working, and that may not be long enough to amass the kind of wealth you'll need for a long and comfortable retirement.</p> <p>Let's say you invest $25,000 today and add $1,000 per month until you are 65. If you're currently 45 and get a 7% annual return, you'll have about $625,000 upon retirement. Not bad, but if you had started when you were 25, you'd have nearly $3 million.</p> <h2>3. Raiding Retirement Funds</h2> <p>Retirement accounts such as a 401K or IRA are designed to have money grow more or less untouched until you reach retirement age. You can withdraw money from them, but there's a cost.</p> <p>When you raid these retirement funds, you'll lose the money in penalties, but you'll also lose the potential earnings of the money you take out. Over time, this can cost an investor thousands of dollars.</p> <h2>4. Economic Growth</h2> <p>For decades following World War II, the annual growth rate of the American economy averaged more than 3%, with some years seeing double that. But in recent years, that annual rate has shrunk to barely 2%. In short, the American economy is not growing as fast as it once was, and that has implications for household income, corporate growth, and employment.</p> <h2>5. Possible Entitlement Cuts</h2> <p>Many lawmakers on Capitol Hill have been warning Americans of a looming crisis in entitlement funding. Observers of the federal budget note that unless there is serious reform, Social Security Trust Funds could be depleted within 20 years. This means that for the younger generation, there may not be as much left from the government upon retirement.</p> <p>It's important to note, however, that workers who want to live comfortably after they are done working should not be counting on Social Security to carry them through the end of their life. Someone who saves aggressively and invests wisely should be able to amass enough in a retirement fund to get by even if Social Security benefits are adjusted downward or even eliminated.</p> <h2>6. Declining Pensions</h2> <p>If you currently work for a company that offers a defined benefit plan, you are a rare breed. In recent years, companies have shifted from offering pensions to instead offering 401K plans, in which workers invest on their own. In most cases, they will also get a contribution from their employer, but that's not guaranteed. This doesn't necessarily mean you'll be destitute at retirement, but it does require employees to be much more engaged in their retirement planning.</p> <h2>7. Placing All Your Eggs in One Basket</h2> <p>Even if you are saving aggressively and investing every penny you can, it's possible to end up with less money than you need in retirement. It can happen when your portfolio is too heavily balanced toward a single investment. It's unwise to invest a high percentage of your savings in one company or even one industry or asset class, because one bad day could wipe out a large chunk of your savings. (Consider the plight of Enron employees who lost nearly everything had most of their savings in company stock.)</p> <p>To protect your retirement money, invest in a diverse mixture of stocks in various sizes and asset classes. Buy mutual funds instead of individual stocks, if at all possible.</p> <h2>8. Funding College Instead of Retirement</h2> <p>It's never a bad idea to save money to contribute to your children's education. There are several vehicles including 529 plans that allow you to invest money tax-free toward college. But many investors become so focused on saving for college that they fail to contribute enough to their own retirement fund.</p> <p>Remember that it's possible to <em>borrow </em>money for college, but you can't borrow money to fund your retirement if you find you're lacking in funds when you're done working. Ideally, you'll be able to amass enough money to fund college and your retirement comfortably. But if you have to make a choice, pay your future self first, then contribute to the college fund.</p> <h2>9. Being Poorly Insured</h2> <p>You may feel like nothing bad will ever happen to you. You are young and healthy. You're a safe driver and you live in a nice neighborhood. So you skimp on things like health, auto, and homeowner's insurance. You may think you're saving money, but you're at serious risk for big financial loss if you get seriously ill or have a serious accident.</p> <p>Being uninsured or underinsured can leave you struggling to make ends meet, placing retirement savings on the back burner. You may even have to raid your retirement accounts to pay the bills. It's wise to perform an insurance assessment to determine if you have the proper level of insurance to protect yourself financially.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/9-threats-to-a-secure-retirement">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-signs-your-retirement-is-on-track">8 Signs Your Retirement Is on Track</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/your-401k-in-2017-heres-whats-new-for-you">Your 401K in 2017: Here&#039;s What&#039;s New for You</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-online-brokerages-for-your-ira">5 Best Online Brokerages for Your IRA</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-tell-if-your-401k-is-a-good-or-a-bad-one">How to Tell if Your 401K Is a Good or a Bad One</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-youre-lucky-enough-to-receive-a-pension-here-are-6-things-you-need-to-do">If You&#039;re Lucky Enough to Receive a Pension, Here Are 6 Things You Need to Do</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Retirement college Economy education funds income insurance investing late start pensions risk stocks threats Fri, 07 Oct 2016 09:00:06 +0000 Tim Lemke 1807026 at http://www.wisebread.com 4 Ways to Make the Most of Your Student Loan Grace Period http://www.wisebread.com/4-ways-to-make-the-most-of-your-student-loan-grace-period <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-to-make-the-most-of-your-student-loan-grace-period" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_happy_diploma_94435335.jpg" alt="Woman making the most of her student loan grace period" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Graduating from college with your degree in hand is exciting. But the thought of paying back your students loans? Not so much. But, depending on the type of student loans you took, you're probably eligible for a grace period, or a set number of months after graduation in which you don't have to start repaying your loans.</p> <p>During this time, you can take financial steps to prepare yourself not only for your looming monthly loan payments, but also for your entire financial future. Take advantage of this grace period to begin building your savings, building a solid credit score, and building a budget.</p> <p>Don't skimp on these steps. After all, that grace period doesn't last forever.</p> <h2>How Grace Periods Work</h2> <p>The federal government doesn't always expect you to begin repaying your student loans as soon as you leave college. Instead, most federal student loans come with a grace period. The goal is to give recent graduates a chance to start earning money and settle their finances before they have to start making monthly student loan payments.</p> <p>The grace period varies depending on the type of federal loans you are repaying. Direct subsidized loans, direct unsubsidized loans, subsidized federal Stafford loans, and unsubsidized federal Stafford loans come with a grace period of six months during which you won't have to make payments. Federal Perkins loans come with a grace period of nine months. Depending on when you took them out, the interest on some loans might continue to grow even during the grace period.</p> <h2>1. Select a Repayment Plan</h2> <p>It's during your grace period that you'll need to select a repayment plan for your student loans. For federal student loans, you'll automatically be entered into the Standard Repayment Plan. This plan gives you at least 10 years to repay your student loan debt, and is usually the most affordable choice. Under this plan, you'll pay the least amount of interest.</p> <p>There are exceptions, though. If you haven't been able to find a job or if your job pays you little, an income-driven plan might make more sense. These plans come with lower monthly payments that are designed to be affordable to you. However, you will end up paying more interest over the long run.</p> <p>As your grace period ticks away, make sure to stay in contact with the servicer that is handling your loan repayments. Your servicer can answer any questions you have and help you find the best repayment option. You can find the servicer of your loan at <a href="https://studentaid.ed.gov/sa/?login=true">My Federal Student Aid</a>.</p> <h2>2. Create a Budget</h2> <p>Once you enter the workforce, it's essential to create a budget. Simply list all of the money that you earn during the month. Then list all of your expenses, including estimated costs for items such as groceries, dinners out, and entertainment. Now you'll know how much extra money you should have every month. (See also: <a href="http://www.wisebread.com/build-your-first-budget-in-5-easy-steps?ref=seealso">Build a Budget in 5 Easy Steps</a>)</p> <p>Make sure to factor in your estimated monthly student loan payments in this budget. This will help you determine whether you can repay your loans under the Standard Repayment Plan or if you'll need to consider an income-based option for tackling your monthly loan payments.</p> <h2>3. Start Building Your Savings</h2> <p>It's tempting when you get your first paychecks to spend everything you've earned. Resist. Instead, start building your savings. It's important to have an emergency fund that you can tap into whenever a financial emergency pops up. And these emergencies will happen. Your car might suddenly need expensive repairs. If you've built up an emergency fund, you won't have to rely on your high interest rate credit cards to cover these unexpected financial hits. (See also: <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?ref=seealso">Transfer Balances to These Low Interest Rate Cards</a>)</p> <p>It might sound good, but your grace period is a great time to start saving for retirement. The sooner you start putting money away for your eventual retirement, the better off you'll be once you leave the workforce. Retirement might seem like it's ages away. But if your employer offers a 401K plan, enroll in it and start saving at least some of each paycheck for retirement. If your employer doesn't offer a 401K plan, consider opening an IRA on your own.</p> <p>Of course, this assumes that you'll have enough money to save and meet your monthly financial obligations, including your upcoming student loan payment. If you can't, put retirement savings on hold.</p> <h2>4. Build Your Credit</h2> <p>You need a strong credit score today. Lenders rely on this score when determining who qualifies for auto and mortgage loans and at what interest rates. Fortunately, you can start building a good credit score as soon as you graduate (or before, really). Pay all your bills on time. When you use credit cards, only charge what you can afford to pay off in full when your payment is due. If you take out a car loan, make your payments on time every month.</p> <p>Taking these simple steps will help you build a solid credit score. And when it's time to start making your student-loan payments? Every time you make one of these payments on time, you'll be taking a small step to building your score, too.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-ways-to-make-the-most-of-your-student-loan-grace-period">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-graduate">5 Money Moves to Make the Moment You Graduate</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-stop-student-loans-from-ruining-your-life">How to Stop Student Loans From Ruining Your Life</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-every-parent-should-know-about-the-new-college-financial-aid-rules">What Every Parent Should Know About the New College Financial Aid Rules</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-to-do-if-you-didnt-save-for-your-childs-college">What to Do If You Didn&#039;t Save for Your Child&#039;s College</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook">CSS Is One Source of College Financial Aid You Can&#039;t Afford to Overlook</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Education & Training budgeting college federal loans grace periods loans planning repayment plans savings stafford loans student loans Wed, 05 Oct 2016 10:00:05 +0000 Dan Rafter 1805246 at http://www.wisebread.com CSS Is One Source of College Financial Aid You Can't Afford to Overlook http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/student_graduation_cap_72466853.jpg" alt="Student learning about CSS for college financial aid" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When it comes to applying for financial aid for college, most families know about the Free Application for Federal Student Aid (FAFSA). It is important for all college-bound individuals to apply for FAFSA, but there is also another important financial aid program to apply for alongside the FAFSA &mdash; the College Scholarship Service Profile, a.k.a the CSS PROFILE.</p> <p>The CSS PROFILE application is created by the College Board, the same people who create the SAT, and used by over 300 colleges and universities nationwide. Where FAFSA is an application for federal aid, PROFILE is for nonfederal financial aid, usually money that the school has control over doling out. (See also:&nbsp;<a href="http://www.wisebread.com/what-to-do-if-you-didnt-save-for-your-childs-college?ref=seealso">What to Do if You Didn't Save for Your Child's College</a>)</p> <h2>When to Apply to CSS?</h2> <p>Individuals can apply for CSS as early as October 1st. The College Board encourages applicants to fill out their PROFILE no later than two weeks before their school's priority filing period.</p> <h2>Does the CSS Cost Money?</h2> <p>Yes, the CSS PROFILE application costs $25 for the initial application, and $16 for each additional report. However, there is a fee waiver available for low-income students, as well as individuals who have received a fee waiver for the SAT. Typically families who make less than $40,000 a year or individuals under 24 years of age who are orphans and wards of the court will qualify for a fee waiver. (See also: <a href="http://www.wisebread.com/8-ways-college-students-can-save-money-before-class-starts?ref=seealso">8 Ways College Students Can Save Money Before Class Starts</a>)</p> <h2>Should You Apply for the CSS or FAFSA?</h2> <p>It is very important to note that the CSS does not replace the FAFSA. Instead, it is an additional application required for some colleges. You should apply for both financial aid programs if your school is one of the 300 <a href="https://profileonline.collegeboard.org/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv">listed by College Board</a>. If your school is not on the list, then you will not have to fill out the CSS. The list is made up of mostly private schools, and the only state college on the list is Colorado State University.</p> <h2>What Are the Differences Between CSS and FAFSA?</h2> <p>The two applications have quite a few differences that families should be aware of. First off, the CSS calculates family assets and income a little differently than the FAFSA does. This can potentially hurt applicants, causing them to receive less aid.</p> <p>For example, the FAFSA considers gifts made to the parents, including monetary gifts grandparents give to parents for the use of college, as assets. This allows the student to remain eligible for aid. However, CSS considers the same type of gift as income, which would reflect in the aid package.</p> <p>On the plus side, CSS does collect a more in-depth look at your family's finances. For example, the FAFSA does not take into account if you are paying medical expenses or tuition for younger children's schooling. CSS looks at a wide range of circumstances in order to determine what your family can afford.</p> <p>Another important difference to remember is that some schools require divorced families to fill out an additional form. The list of the 300 schools will also inform you if your school wants the details of the noncustodial parent's financial information. If so, you will need to fill out an additional Noncustodial PROFILE.</p> <h2>How Does the CSS Benefit Families?</h2> <p>In many cases, the CSS PROFILE will allow families to receive a financial aid package for 90% to 100 percent of the money they need to attend college. However, it is important to note that this aid package is not always free money. For most families, the financial aid package will also include loans, most likely a mix of private loans and Parent PLUS loans.</p> <p>Families considered high needs, usually those who make less than $40,000 per year, are more likely to receive aid packages that do not have loans in them.</p> <p>Financial aid packages might be presented to families as one lump sum. It is important to sit down with an adviser and know the break down for the aid given. Know what is free aid (aid that never has to be repaid), and know how much of the aid is in the form of loans. It is also important to know what types of loans they are offering to you. You don't want to accept loans at a higher interest than you can get on your own.</p> <p>For more information on the CSS PROFILE, visit the&nbsp;<a href="http://css.collegeboard.org/">College Board</a> website for an interactive tutorial, as well as a list of recently asked questions. You can also talk with your child's college adviser for more information and resources.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-10-most-common-financial-aid-mistakes-and-how-to-avoid-them">The 10 Most Common Financial Aid Mistakes — And How To Avoid Them</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-every-parent-should-know-about-the-new-college-financial-aid-rules">What Every Parent Should Know About the New College Financial Aid Rules</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-things-financial-aid-might-not-cover">6 Things Financial Aid Might Not Cover</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-to-do-if-you-didnt-save-for-your-childs-college">What to Do If You Didn&#039;t Save for Your Child&#039;s College</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-borrow-student-loan-money-from-amazon-prime">Should You Borrow Student Loan Money From Amazon Prime?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Education & Training college College Board css profile FAFSA federal student aid financial aid student loans students Fri, 30 Sep 2016 10:30:12 +0000 Ashley Eneriz 1801998 at http://www.wisebread.com 11 Smart, Frugal Things Every College Care Package Should Include http://www.wisebread.com/11-smart-frugal-things-every-college-care-package-should-include <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/11-smart-frugal-things-every-college-care-package-should-include" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/college_students_boxes_13133755_0.jpg" alt="Parent sharing frugal things that all college care packages need" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>My son headed off to college this fall, so I have been thinking about the best things to send in a college care package. Whatever you ultimately decide to include, make sure the items inside your care package fit the following criteria:</p> <ul> <li><strong>Small</strong>: So your care package items won't take up too much space in a small dorm room or apartment.<br /> &nbsp;</li> <li><strong>Lightweight</strong>: For inexpensive shipping or easy carrying to the room.<br /> &nbsp;</li> <li><strong>Nonperishable</strong>: So items won't spoil before they can be enjoyed.<br /> &nbsp;</li> <li><strong>Inexpensive</strong>: After all this is a <a href="http://www.wisebread.com/9-freshman-shopping-tips-to-cut-college-costs">frugal care package</a>!<br /> &nbsp;</li> <li><strong>Personal</strong>: Make them remember the comforts of home, as it will relieve stress as they cram for exams.<br /> &nbsp;</li> <li><strong>Useful</strong>: Don't make your student store and haul items around that they'll never use.<br /> &nbsp;</li> <li><strong>Scarce</strong>: Items not easily obtained on campus will be appreciated more.</li> </ul> <p>It is difficult to find things that meet all of these criteria, but good college care package items should meet at least <em>some </em>of them. Here are some best bets for a college care package.</p> <h2>1. Homemade Cookies</h2> <p>Since homemade cookies only stay fresh for a few days, a dozen is a good number to send. Pack your homemade cookies in a zip-lock bag to extend freshness.</p> <h2>2. Clean Clothes</h2> <p>I included a favorite pair of my son's exercise pants that he left at home in my last care package. I remember from my college days how much clean clothes are appreciated!</p> <h2>3. Handwritten Note</h2> <p>Of course you could send a note by text or email, but it is nice to get something tangible from home that your student can have around as a reminder that they have not been forgotten.</p> <h2>4. Photos</h2> <p>It is nice for your student to have some real hard-copy photos from home to look at and maybe even put up in their room or on their desk.</p> <h2>5. Lucky Item</h2> <p>I went to college with a wool trench coat that my father wore when he was in college, which I thought was really cool. I gave my son a medallion that I received to take with him for good luck.</p> <h2>6. Small Toys</h2> <p>Small toys can be good stress relievers and provide a convenient break from studying. Some good toys for a college care package are a Jenga, Play Doh, a deck of cards, or a Rubik's Cube.</p> <h2>7. Smart Snacks</h2> <p>College kids keep weird hours, so late night snacks are always appreciated. Some good snack items are: beef jerky, gum, granola bars, a box of their favorite cereal, microwave popcorn, instant oatmeal, and tea bags. Include a ceramic microwaveable mug that your student can use to heat water to prepare items that require hot water.</p> <h2>8. Cash</h2> <p>Cash will never go unused or unappreciated by a college student! Gift cards are also useful, but I prefer the simplicity and convenience of cash since gift cards cost money to purchase and may have restrictions on where they can be used.</p> <h2>9. Team Gear</h2> <p>This item breaks the rule to send things that are not readily available on campus, but is sure to be a hit anyway. Send a hat, T-shirt, or sweatshirt with the school logo.</p> <h2>10. Forgotten Items</h2> <p>Surprise your student with small things they forgot to take with them. Send their slippers, grooming or self-care products, and other personal items that were left behind. Your student will appreciate these things after they are settled in.</p> <h2>11. Reverse Care Package</h2> <p>Here is a free care package idea &mdash; take stuff away from your student! There were a few items that my son took to college with him that he didn't need, so we picked up a &quot;reverse care package&quot; from his dorm room. Taking unneeded items away gets them out of the way and frees up space. Plus we got to visit our son and see his room after he had it all set up.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dr-penny-pincher">Dr Penny Pincher</a> of <a href="http://www.wisebread.com/11-smart-frugal-things-every-college-care-package-should-include">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-freebies-for-college-students">20+ Freebies for College Students</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-find-the-cheapest-college-textbooks">How to find the cheapest college textbooks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-smart-places-to-stash-your-kids-college-savings">5 Smart Places to Stash Your Kid&#039;s College Savings</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-tips-for-my-career-clueless-college-self">5 Tips for My Career-Clueless College Self</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-does-free-college-tuition-really-pay-for">What Does &quot;Free&quot; College Tuition Really Pay For?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Education & Training care package college college care package college living college student dorm Wed, 28 Sep 2016 10:31:03 +0000 Dr Penny Pincher 1801617 at http://www.wisebread.com What Every Parent Should Know About the New College Financial Aid Rules http://www.wisebread.com/what-every-parent-should-know-about-the-new-college-financial-aid-rules <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-every-parent-should-know-about-the-new-college-financial-aid-rules" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_student_books_21091679.jpg" alt="Parents should know about the new college financial aid rules" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>While school just started for many, if your child is college-bound or in college, it's already time to start planning for the next school year. Many families rely on the Free Application for Federal Student Aid (FAFSA) to help shoulder the costs of college, and there have been many new changes to the program. These new changes go into effect this October, so listen up.</p> <h2>New Application Start Date</h2> <p>In the past, families would submit the FAFSA form at the beginning of the new year. However, the new start date is now as early as October 1, 2016. This is a huge change, and if you are in college or have a child in college, you will want to fill the application out that day, or at least in the first few weeks of October.</p> <p>For some states, FAFSA aid is distributed on a first come, first served basis. Individuals who apply earlier have a better chance of receiving aid, including grants, work-study, and federal loans.</p> <h2>Change Tax Information Submissions</h2> <p>Another big change is that individuals will not be required to submit the previous year's taxes, but instead tax information from two years prior. This means for the 2017&ndash;2018 school year, families will send in 2015 information. For families that filled out the FAFSA for the 2016&ndash;2017 year, this means you will be sending in your 2015 tax info two years in a row.</p> <p>This change will make filling out and submitting the FAFSA on time a lot easier, since families used to begin the application process at the beginning of the year. Many families would have to estimate tax information and fix it later on.</p> <h2>Less Asset Protection Could Mean Less Aid</h2> <p>When parents report their finances for their child's FAFSA, a portion of their assets, including savings and investment funds, is not calculated as part of the <a href="http://www.finaid.org/calculators/finaidestimate.phtml">Expected Family Contribution</a> (EFC). This was good news for families with healthy investments but not a lot of liquidity to pay for college.</p> <p>However, the dollar amount of assets exempt from the EFC will drop this year, and will continue to drop in following years. This change could mean less financial aid for many families. This will affect middle-income families that were relying on financial aid the most. However, families with lower incomes will most likely not feel the change.</p> <h2>Don't Fall for These FAFSA Myths</h2> <p>Even though there were three major changes to the FAFSA this year, it is still a free form that all families should fill out. Don't fall for these common FAFSA myths and leave money and aid on the table.</p> <h3>1. My Child's Grades Are Not Good Enough</h3> <p>While some schools use FAFSA applications to award merit-based aid, most aid is needs-based. A good portion of financial aid is awarded based off a family's income and size.</p> <h3>2. I Make Too Much Money to Qualify</h3> <p>Many families often forgo applying for financial aid because they believe they make too much. Even if your income makes you ineligible for aid, colleges give out federal student loans through the FAFSA process. If you plan on taking out federal student loans, which are preferable to private student loans, then you must fill out the FAFSA.</p> <h3>3. I Didn't Qualify Last Year</h3> <p>It is wise to apply for FAFSA each year, even if you didn't qualify for aid the year before. There could be unseen changes to your family that you might not have accounted for, such as two children in college rather than one. Also, with the new changes happening this year, you might qualify for aid.</p> <h3>4. The FAFSA Is Too Confusing to Fill Out</h3> <p>This year, you are now allowed to skip questions that do not relate to your family's financial situations. This should make the process a little easier and streamlined. If you are still having issues with your application, there are many free resources online and offline that can help. Please remember that you should never have to pay someone to file this application, nor should you pay for information regarding the process.</p> <p>Circle October 1st on your calendar and have your tax information ready and easy to access. Even if you don't think you will qualify for aid, apply anyway. And remember: You must apply each and <em>every</em> year your child is in college. This isn't a one-time thing.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/what-every-parent-should-know-about-the-new-college-financial-aid-rules">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/css-is-one-source-of-college-financial-aid-you-cant-afford-to-overlook">CSS Is One Source of College Financial Aid You Can&#039;t Afford to Overlook</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-college-students-can-save-money-before-class-starts">8 Ways College Students Can Save Money Before Class Starts</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-to-do-if-you-didnt-save-for-your-childs-college">What to Do If You Didn&#039;t Save for Your Child&#039;s College</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-make-the-most-of-your-student-loan-grace-period">4 Ways to Make the Most of Your Student Loan Grace Period</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-borrow-student-loan-money-from-amazon-prime">Should You Borrow Student Loan Money From Amazon Prime?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Education & Training changes college FAFSA free application for federal student aid loans rules school student loans students Wed, 28 Sep 2016 09:30:25 +0000 Ashley Eneriz 1801616 at http://www.wisebread.com