college http://www.wisebread.com/taxonomy/term/1489/all en-US Here's What You Need to Know Before Buying a College Meal Plan http://www.wisebread.com/heres-what-you-need-to-know-before-buying-a-college-meal-plan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/heres-what-you-need-to-know-before-buying-a-college-meal-plan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/smiling_student_on_lunch_break_in_cafeteria_looking_at_camera.jpg" alt="Smiling student on lunch break in cafeteria looking at camera" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Before heading off to college, you need to budget for its many expenses. On top of tuition, course materials, and room and board, many people also forget about one important line item: food! (See also: <a href="http://www.wisebread.com/9-college-expenses-you-arent-saving-for?ref=seealso" target="_blank">9 College Expenses You Aren't Saving For</a>)</p> <p>The unfortunate news is you often don't have a lot of options for combating the high cost of college campus meals. But at least you can go into the situation informed, so you can make appropriate budget allowances. Here are six things every student should know about college meal plans:</p> <h2>1. Residential students are often required to buy one</h2> <p>First of all, you may think that you have the option of whether or not to buy a meal plan. Turns out that if you're a student living in university quarters, your school will likely require you to buy one. Make sure to read the fine print, because freshmen can be required to pay up for a &quot;platinum&quot; plan. For example, for the 2017-2018 school year, the Stevens Institute of Technology in New Jersey required its freshmen living on campus to purchase an unlimited $3,200 per semester meal plan.</p> <p>Even students living in dormitories with kitchens can be required a minimum buy-in for food costs, according to The New York Times.</p> <h2>2. &quot;Lighter&quot; meal plans are often only available to upperclassmen</h2> <p>If you find that a top-tier meal plan is excessive and you want to downgrade, you may have to wait a few semesters (or years). It's not uncommon that lighter versions, such as a 10-meal per week plan, are only available to students with a certain number of semesters under their belts. Freshmen may be required to buy plans with 15 to 19 meals per week.</p> <h2>3. Rollovers may not be allowed</h2> <p>Some schools allow you to apply unused meals from one week to the next, and others don't. To help you make the most out of your meal plan, check the applicable rules regarding rollovers. Tight rules may make skipping meals at participating cafeterias and vendors a big financial waste. You don't want to skip a meal you've paid for, only to have to pay for off-plan food later when you're hungry.</p> <h2>4. Cost per &quot;swipe&quot; can be higher</h2> <p>Some college dining plans provide cards with a preloaded number of swipes that students can use at participating on-campus eateries. Sound good? Well, the problem is, that convenience comes at a cost: Cardholders often end up paying more &quot;per swipe&quot; than somebody paying for the same meal with cash.</p> <p>If you're looking for variety, going the DIY route is more budget-friendly. Instead of swiping for overpriced coffee at the on-campus coffee shop, invest in a small coffee pot for your dorm room. By buying your own ground coffee and milk, you should be able to crank out two Americanos with milk per day for a total cost of about 60 cents. (See also: <a href="http://www.wisebread.com/8-money-saving-hacks-every-college-student-should-try?ref=seealso" target="_blank">8 Money-Saving Hacks Every College Student Should Try</a>)</p> <h2>5. Meal plan expenses aren't eligible for tax credits</h2> <p>Many college students are eligible for two great tax credits:</p> <ul> <li> <p>Lifetime Learning Credit: This credit allows you to deduct up to 20 percent of your first $10,000 in qualified education expenses, up to $2,000 per taxpayer.</p> </li> <li> <p>American Opportunity Credit: This credit enables you to cover up to $2,500 of undergraduate college costs.</p> </li> </ul> <p>Unlike expenses for course-related supplies or tuition, meal plan fees aren't eligible toward either one of these tax credits. Even when required as a condition for enrollment or attendance, meal plan fees aren't considered qualified education expenses. This is especially frustrating, because up to 40 percent of the American Opportunity Credit is refundable, even if you don't owe any federal taxes. (See also: <a href="http://www.wisebread.com/dont-skip-these-8-tax-breaks-for-students?ref=seealso" target="_blank">Don't Skip These 8 Tax Breaks for Students</a>)</p> <h2>6. Higher costs contribute to higher student loans</h2> <p>According to Student Loan Hero, the average 2016 graduate took home $37,172 in student loan debt, up 6 percent from 2015. With their average student loan burden going up, students have to look for ways to drive down costs. And increasingly expensive college meal plans aren't helping.</p> <p>According to U.S. Department of Education data, the average college charged about $4,300 for a 19-meal per week contract for the 2015 academic year, or $7.50 per meal. In the same year, the Bureau of Labor Statistics found the average American spent just $4,000 eating at home for a 12-month period (that's just $4 a meal!). That means the average college student with a meal plan pays 87.5 percent more per meal.</p> <p>It turns out that cutting back on that pricey college meal plan doesn't just help you ward off the extra pounds, but it also helps keep the student debt monster in check.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/heres-what-you-need-to-know-before-buying-a-college-meal-plan">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/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/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/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-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-college-expenses-you-arent-saving-for">9 College Expenses You Aren&#039;t Saving For</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 food costs meal plans requirements students tax credits Tue, 15 Aug 2017 08:30:10 +0000 Damian Davila 2001478 at http://www.wisebread.com 14 Dorm Essentials That Make Student Life Easier http://www.wisebread.com/14-dorm-essentials-that-make-student-life-easier <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/14-dorm-essentials-that-make-student-life-easier" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-501795383.jpg" alt="College student bringing dorm essentials that make life easier" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Dorms are designed to be no-frills living spaces that house students who are more focused on learning than luxury. But dorm life doesn't mean you have to sacrifice every creature comfort. Here are 14 dorm room essentials that will make life easier, safer, and healthier. (See also: <a href="http://www.wisebread.com/9-freshman-shopping-tips-to-cut-college-costs?ref=seealso" target="_blank">9 Freshman Shopping Tips to Cut College Costs</a>)</p> <h2>1. Oscillating fan</h2> <p>Dormitories aren't known for their elaborate climate control options. A compact but powerful <a href="http://amzn.to/2vAoBn6" target="_blank">oscillating fan</a> will not only help keep you cool; it'll generate a bit of valuable white noise to mask any late night revelry.</p> <h2>2. Earplugs</h2> <p>And while we're on the topic of noise, stock up on disposable <a href="http://amzn.to/2viPwkx" target="_blank">foam earplugs</a>. If you're a light sleeper or used to the uninterrupted silence of a private bedroom, the adjustment to dorm life can be rough. Though earplugs won't block out noise completely, they'll dampen it enough that you can get some sleep. (See also: <a href="http://www.wisebread.com/how-to-fall-asleep-when-you-cant?ref=seealso" target="_blank">How to Fall Asleep When You Can't</a>)</p> <h2>3. Blackout curtains</h2> <p><a href="http://amzn.to/2vBfvpS" target="_blank">Blackout curtains</a> promote sleep by keeping out early morning sunlight. They're especially useful in rooms with east-facing windows or in urban settings where blinking traffic signals and bright security lights are hard to escape.</p> <h2>4. Microwave and mini-fridge</h2> <p>This kitchen duo will make food preparation and storage a snap &mdash; helping you avoid spendy trips to off-campus restaurants. But before you buy, check with the university housing staff or student handbook to determine which in-room appliances are allowed. (See also: <a href="http://www.wisebread.com/the-5-best-small-appliances-for-students?ref=seealso" target="_blank">The 5 Best Small Appliances for Students</a>)</p> <h2>5. Stainless steel flatware</h2> <p>Rather than throw away money on disposable utensils, invest in a <a href="http://amzn.to/2vg5dul" target="_blank">set of flatware</a> for dorm room dining. No need to buy new; you can easily assemble a mismatched collection from yard sales or thrift stores.</p> <h2>6. Shower caddy</h2> <p>Since most dorms feature communal bathrooms, you'll need a handy way to transport your personal care items. Grab-and-go <a href="http://amzn.to/2fqH9zI" target="_blank">shower caddies</a> have a place for all the hygiene goods that keep you looking great.</p> <h2>7. Antimicrobial flip-flops</h2> <p>No matter how clean they may be, those communal showers have a distinct &quot;ick factor.&quot; Protect your feet and stop the spread of germs by investing in a pair of slip-resistant <a href="http://amzn.to/2vBQdIo" target="_blank">antimicrobial shower sandals</a>.</p> <h2>8. First aid kit</h2> <p>Headaches and colds are a fact of life (especially during finals week). Keep a small supply of pain relievers, cough drops, and cold medicine on-hand to make dorm life easier during trying times. And when emergencies happen, make sure your first aid kit includes rubbing alcohol, antibiotic ointment, bandages, and aloe vera gel for burns. (See also: <a href="http://www.wisebread.com/the-5-best-first-aid-kits?ref=seealso" target="_blank">The 5 Best First Aid Kits</a>)</p> <h2>9. Clip-on light</h2> <p>All-night study sessions are a time-honored tradition among college students. Use a <a href="http://amzn.to/2wESqPU" target="_blank">clip-on light</a> to illuminate your textbook and not your snoozing roomie. With a flexible &quot;gooseneck&quot; design and durable clip, they're perfect for bunk bed rails and headboards.</p> <h2>10. Desktop organizer</h2> <p>No matter how virtual our workspaces become, everyone needs a <a href="http://amzn.to/2vBwubU" target="_blank">desktop organizer</a> to hold highlighters, pens, sticky notes, and assorted chargers and cables. And when your course load gets heavier, at least your desk won't be a total mess.</p> <h2>11. Bed risers</h2> <p><a href="http://amzn.to/2vg3vct" target="_blank">Bed risers</a> are an inexpensive way to reclaim precious square footage for seasonal clothes, luggage, and sports equipment. Some risers even come with built-in electrical outlets and USB ports for easy bedside charging.</p> <h2>12. Over-the-door shoe organizer</h2> <p>To maximize limited space in your dorm room, think vertically. <a href="http://amzn.to/2fqd7Mx" target="_blank">Over-the-door shoe organizers</a> aren't just for footwear. Use the pockets to hold scarves and gloves, cosmetics, cleaning supplies, utensils, and packaged snacks.</p> <h2>13. Flexible furniture</h2> <p>In tight spaces, every item needs to pull double duty. Keep an eye out for small-scale multiuse furniture (an ottoman with a built-in storage compartment or a shelf that can also serve as a room divider). Also, consider items like folding chairs and <a href="http://amzn.to/2vBJRc5" target="_blank">TV trays</a> that can be easily stored when not in use.</p> <h2>14. Cleaning kit</h2> <p>Spills, stains and other minor mishaps need quick attention. Assemble a small cleaning kit with stain removers, laundry detergent, all-purpose cleaner, and a microfiber cloth. It'll definitely come in handy when those inevitable &quot;oops!&quot; moments happen.</p> <p>Let me wrap things up with one final, but crucial, tip: Before investing in any item that can be shared, check with your soon-to-be roommate. Together, you can coordinate shopping lists to avoid duplication or split the cost of big-ticket purchases.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/14-dorm-essentials-that-make-student-life-easier">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-8"> <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-8-best-ways-to-save-on-back-to-school-supplies-right-now">The 8 Best Ways to Save on Back-to-School Supplies Right NOW</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-back-to-school-items-you-can-sell-for-extra-cash">6 Back-to-School Items You Can Sell For Extra Cash</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-genius-ways-to-stock-up-on-school-supplies">6 Genius Ways to Stock Up on School Supplies</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/9-freshman-shopping-tips-to-cut-college-costs">9 Freshman Shopping Tips to Cut College Costs</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/flashback-friday-47-best-back-to-school-shopping-hacks-ever">Flashback Friday: 47 Best Back-to-School Shopping Hacks Ever</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Shopping back-to-school back-to-school shopping college college freshman dorm essentials dorm room school supplies shopping for college Thu, 10 Aug 2017 09:00:06 +0000 Kentin Waits 1999315 at http://www.wisebread.com 6 Questions to Ask Before Taking Out Student Loans http://www.wisebread.com/6-questions-to-ask-before-taking-out-student-loans <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-questions-to-ask-before-taking-out-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/woman_saving_education_coins.jpg" alt="Woman saving education coins" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Americans are more burdened by student loan debt than ever, with the average graduate in their 20s making $351 a month in student loan payments. Suggested changes to the federal student loan program could have even more college students questioning just how much student loan debt they want or can afford.</p> <p>As part of its overall budget plan, the Trump administration would like to eliminate current provisions in which the government pays the interest on student loans taken out by low-income students while the borrower is still in school and for six months after graduation.</p> <p>The Trump administration is also proposing to end the Public Service Loan Forgiveness program. This program allows borrowers who go on to work for the government or for nonprofits to have the remainder of their federal student loans forgiven after they make 10 years of payments.</p> <p>Even though these potential changes might never be signed into law, just the possibility of such changes makes it even more important for students to ask the right questions before they take out federal or private student loans.</p> <p>Here are six questions you should ask before signing up for any student loan.</p> <h2>1. Have you considered all education options?</h2> <p>Your first-choice school might be the most expensive university on your list. You might be able to reduce the amount of money you borrow each year by choosing a less costly option.</p> <p>Instead of attending a private college, you might investigate a public university. Instead of going to an out-of-state school, you might consider going to school in-state, which comes with lower tuition. You could also attend a community college for two years before transferring to a private or public university for the remainder of your college years. These choices could reduce the amount of student loan debt you'll have to take on.</p> <h2>2. Can you cut out room and board?</h2> <p>The College Board reported that the average yearly cost of room and board at a public four-year university stood at $10,440 during the 2016&ndash;2017 academic year. You can save that expense if you attend a college that allows you to live at home while taking classes.</p> <p>Yes, you will lose out on some of the traditional college experience. But taking on less student loan debt might be an acceptable trade-off.</p> <h2>3. Are you borrowing too much for your potential future income?</h2> <p>Certain careers pay more than others. You need to remember this when applying for student loans. You don't want to take on huge debts if you expect to make $40,000 a year when you graduate. But taking on larger amounts of debt might be a solid financial choice if you are working toward a higher-paying degree.</p> <h2>4. How big of a student loan payment are you willing to make once you're working?</h2> <p>Borrowing money might seem easy when you're still in school. After all, you're probably not making payments on these loans yet. But once you're out in the working world, that student loan debt won't seem so benign.</p> <p>You will have to make payments each month. And these payments will come in addition to rent, car payments and, eventually, mortgage payments. Student loan payments become a huge financial burden to many. Before borrowing today, you need to consider how comfortable you'll be making those payments in the future.</p> <h2>5. Are there other types of financial aid available?</h2> <p>Before applying for a student loan, make sure you explore all financial aid options with your high school counselor, or the university you plan to attend. Many universities offer merit scholarships to incoming students. You usually don't have to apply for these scholarships. Schools automatically provide them, usually based on your academic performance. Even if you've been offered one, you might be able to persuade your university to provide you with a larger merit scholarship, especially if you are worried that you won't be able to afford the yearly tuition without financial help.</p> <p>There are other types of scholarships, too, that you should investigate. The U.S. Department of Education says that there are several ways for college students to search for scholarships and grants. They should first speak with the financial aid office at the college they are attending. These professionals often have tips for hunting down scholarship and grant money.</p> <p>They can also use the free online <a href="http://www.careeronestop.org/toolkit/training/find-scholarships.aspx" target="_blank">scholarship finder</a> offered by the Department of Education. The department also offers an online list of <a href="https://www2.ed.gov/about/contacts/state/index.html" target="_blank">state grant agencies</a> that students can search to find scholarships and grants in their states.</p> <p>Call your school's financial aid office to discuss options such as work-study programs and possible additional financial help.</p> <h2>6. Can you get by without private loans?</h2> <p>Even if you get grants and scholarships, you may still need student loans. There are two types of student loans to consider: Federal loans offered through the federal government or private loans offered by private lenders. Federal loans are preferable because they usually come with lower interest rates and more flexible repayment programs. Federal loans also provide more options if, after graduating, you find yourself struggling to make payments, including deferment and eventual forgiveness programs.</p> <p>It's far better to rely as much as possible on federal subsidized or unsubsidized student loans. The challenge is that these federal loans have limits; you can only borrow so much each school year.</p> <p>Your school might also offer its own lower-interest loans that would be cheaper than private loans. But if these options still aren't enough, you'll have to determine whether taking out less attractive private student loans to attend college is worthwhile. It might be the only option.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F6-questions-to-ask-before-taking-out-student-loans&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F6%2520Questions%2520to%2520Ask%2520Before%2520Taking%2520Out%2520Student%2520Loans.jpg&amp;description=6%20Questions%20to%20Ask%20Before%20Taking%20Out%20Student%20Loans"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/6%20Questions%20to%20Ask%20Before%20Taking%20Out%20Student%20Loans.jpg" alt="6 Questions to Ask Before Taking Out Student Loans" 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/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/6-questions-to-ask-before-taking-out-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/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-2 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-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/should-you-borrow-student-loan-money-from-amazon-prime">Should You Borrow Student Loan Money From Amazon Prime?</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-valuable-rights-you-might-lose-when-you-refinance-student-loans">8 Valuable Rights You Might Lose When You Refinance Student Loans</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Education & Training college debt repayment federal loans higher education private loans scholarships student debt student loans trump tuition Tue, 18 Jul 2017 08:00:08 +0000 Dan Rafter 1983760 at http://www.wisebread.com 6 Good Financial Deeds that Can Backfire http://www.wisebread.com/6-good-financial-deeds-that-can-backfire <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-good-financial-deeds-that-can-backfire" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/silly_young_woman_slapping_hand_on_head_having_duh_moment.jpg" alt="Silly young woman, slapping hand on head having duh moment" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>The saying goes that no good deed goes unpunished. Perhaps there are actually some good deeds that don't backfire, but there are many financial good deeds that can come back to haunt a generous soul if they're not careful. These favors can cost you more money than you expected, or hurt your credit. Before you embark on an expedition of financial kindness, consider these examples of good deeds that can backfire.</p> <h2>1. Co-signing a lease or loan</h2> <p>You may hope to do a friend or family member a favor by helping them buy a new car or land a new apartment. But even if you are assisting someone you know and trust, you are putting your own finances at risk. If the other person fails to make a loan payment or doesn't pay the rent, you will be on the hook for whatever is owed. If you can't make the payments, it will show up on your credit report and hurt your credit score. Even if the other party pays on time, you are increasing your debt-to-income ratio by being a co-signer to any loans, and that can hurt your own ability to get a loan.</p> <p>If you feel strongly about helping someone out with a lease or loan, it's better to protect your own credit by making them a <a href="http://www.wisebread.com/the-16-cardinal-rules-of-loaning-money-to-friends-and-family" target="_blank">personal loan</a>, preferably one that won't sink you financially if they don't pay you back.</p> <h2>2. Adding an authorized user to your credit card</h2> <p>It's hard to build credit when you're first starting out. That's why some parents choose to <a href="http://www.wisebread.com/4-reasons-to-add-your-teen-as-an-authorized-user-on-your-credit-card" target="_blank">make their child an authorized user</a> on their credit card. This is often a great way for your teen to start building credit.</p> <p>But there are right and wrong ways to do it. This strategy can backfire financially, especially if you're not keeping an eye on their spending. Missed payments and high debt levels could impact <em>both </em>of your credit scores.</p> <p>It's best to add your child as an authorized user only if you can closely track their spending. Once they've established that they can be financially responsible, let them get their own credit card if they qualify for one.</p> <h2>3. Donating to a bad charity</h2> <p>It's unfortunate, but every once in awhile you'll hear a story about a nonprofit group that either failed to live up to its mission or was a complete scam from the start. Hopefully, if you've donated to a bad charity, you've walked away with nothing more than a few lost dollars. But in a worst-case scenario, you may have unwittingly contributed to illegal activity.</p> <p>Before you donate to a charity, take some time to research the organization. Read their annual report and any public financial documents. Ask for their tax ID number and tax forms. Giving money is great, but it's worth taking the time to make sure it's going to a good and honest cause.</p> <h2>4. Lending money to your kids</h2> <p>There's nothing philosophically wrong with helping your kids out with money if you're in a position to do so. But if you're constantly giving them money or bailing them out of situations, you may be throwing good money after bad. Moreover, you're failing to teach them how to be financially responsible on their own.</p> <p>Even young children should learn the basics of budgeting and saving, and the consequences that come from, say, spending all their allowance on candy and then not having enough money to go to the movies with their friends. Teens should be encouraged to get part-time jobs if possible to help pay for vehicles or college. These lessons give them the skills to be financially independent, making them much better off financially in the long run than if you simply give them cash whenever they need it. (See also: <a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget?ref=seealso" target="_blank">How to Help Your Kid Build Their First Budget</a>)</p> <h2>5. Paying for your kid's college</h2> <p>With college costs rising to outlandish heights, many parents are making an effort to save for all or part of a child's education. This is a generous deed that could result in a child avoiding costly student loans.</p> <p>It's important, however, to avoid taking away too much from your own savings goals. If you save for your children's college education instead of saving for your own retirement, this may impact the lifestyle you can afford after you stop working. It's always possible to borrow for college, if necessary. But no one's handing out loans to cover your 30-plus years of retirement. (See also: <a href="http://www.wisebread.com/why-saving-too-much-money-for-a-college-fund-is-a-bad-idea" target="_blank">Why Saving Too Much for a College Fund Is a Bad Idea</a>)</p> <h2>6. Socially responsible investing</h2> <p>There are many investors who want to make money in the stock market but don't want to go against some of their core beliefs. They may choose not to invest in energy companies that have gotten in trouble for polluting, for example. Or they stay away from investing in casinos for religious reasons. There's nothing wrong with this, and it's definitely possible to invest well without violating your principles.</p> <p>But it's important to know how these choices impact your investment returns. For one thing, there are many well-performing stocks that you may find objectionable, so you need to be comfortable with the notion of giving up some potentially big returns. It's also not easy to find an <a href="http://www.wisebread.com/why-warren-buffett-says-you-should-invest-in-index-funds" target="_blank">index fund</a> (an often-recommended type of fund that mirrors a particular stock index or market segment) that doesn't own shares of at least one company you might object to, though socially responsible index funds have become more plentiful. Just make your decision to abstain from certain investments with full knowledge of how it might cost you.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F6-good-financial-deeds-that-can-backfire&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F6%2520Good%2520Financial%2520Deeds%2520that%2520Can%2520Backfire%2520%25281%2529.jpg&amp;description=6%20Good%20Financial%20Deeds%20that%20Can%20Backfire"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/6%20Good%20Financial%20Deeds%20that%20Can%20Backfire%20%281%29.jpg" alt="6 Good Financial Deeds that Can Backfire" 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/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/6-good-financial-deeds-that-can-backfire">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-reasons-youre-still-stuck-in-a-financial-hole">8 Reasons You&#039;re Still Stuck in a Financial Hole</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-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/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/reach-your-money-goals-faster-with-a-simple-naming-trick">Reach Your Money Goals Faster With a Simple Naming Trick</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance college gifts good deeds loans saving money socially responsible investing Spending Money Thu, 06 Jul 2017 09:00:12 +0000 Tim Lemke 1977971 at http://www.wisebread.com These 17 Companies Will Help You Repay Your Student Loan http://www.wisebread.com/these-17-companies-will-help-you-repay-your-student-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/these-17-companies-will-help-you-repay-your-student-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/saving_for_education.jpg" alt="Saving for education" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Student loans can dampen the ability of new grads to get on their feet financially, causing stress at home and at work. According to Student Loan Hero, the graduating class of 2016 had an average student loan balance of $37,172 &mdash; up six percent from the year before.</p> <p>While it's daunting to see that number rise, the good news is that, in an effort to recruit and retain the best hires, a growing number of employers have started programs to help employees pay back those hefty student loans. Here are a few of those companies helping workers get out of debt.</p> <h2>1. Chegg</h2> <p>In April 2015, tutoring and study services company Chegg announced its college loan reduction plan for full-time employees in partnership with Tuition.IO, a company that provides a web-based platform for tracking and managing student loan payments. This benefit has an annual cap of $1,000 (less taxes), but has no cap on the total amount an employee can receive.</p> <h2>2. ChowNow</h2> <p>ChowNow has found this perk so useful in hiring talent that the company decided to double it from when it first started offering it to employees. The Los Angeles-based online food ordering company has an employer-paid student loan assistance program that matches up to $1,000 a year of employee payments.</p> <h2>3. CommonBond</h2> <p>Since December 2016, this lending marketplace platform has been granting $100 per month to its employees to pay down student loans. While CommonBond limits the perk at $1,200 per year, the company continues helping its employees until they fully pay off their student loans. Employees also have the option to refinance their student loans with CommonBond. On average, student borrowers save over $14,000 when refinancing through CommonBond, according to the company.</p> <h2>4. Credit Suisse</h2> <p>The financial services company doesn't offer a lump sum benefit to its employees, but instead provides a 0.25 percent discount on interest rates to workers that refinance their student loans with online lender SoFi.</p> <h2>5. Connelly Partners</h2> <p>Boston-based ad agency Connelly Partners works with Gradifi to offer a student loan repayment plan that improves the longer the employee stays with the company. Like a 401(k) plan, the agency matches up to $100 per month of its employees' debt payments. Employees who stick around for at least six months receive a $1,000 student loan payment bonus. Those who work for the company for five years receive another $1,000 bonus for the sixth year.</p> <h2>6. Fidelity Investments</h2> <p>The financial services firm makes an annual $2,000 direct payment to employees' student loan servicers, up to a total of $10,000. If your career with Fidelity requires you to continue your education, then Fidelity will reimburse you 90 percent of qualifying costs (up to $10,000 per year) of a work-related degree or certification program. You must have worked for the company for at least six months to qualify.</p> <h2>7. Kronos</h2> <p>Based in Chelmsford, Massachusetts, the workforce management software provider has partnered with solutions provider Student Loan Genius to pay up to $500 per year to help employees pay down student debt.</p> <h2>8. LendEDU</h2> <p>Since February 2016, the online marketplace for student loan financing has paid $2,400 per year ($200 per month) to employees with student loan debt.</p> <h2>9. Martin Health System</h2> <p>Employees working in the nursing field at Martin Health System in Florida can receive up to $2,000 per year to help pay down their student loans. In addition to this benefit from Martin Health System, Florida nurses can also work in areas with staff shortages to qualify for the state's Nursing Student Loan Forgiveness Program or the federal Perkins Loan Cancellation for Nurses and Medical Technicians.</p> <h2>10. Moonlite Bunny Ranch</h2> <p>In 2015, Dennis Hof, the owner of the legal brothel Moonlite Bunny Ranch in Nevada, promised to match 100 percent of his employees' student loan payments for two months, up to the full amount that they made during that period.</p> <h2>11. Natixis Global Asset Management</h2> <p>All Natixis employees receive an annual $1,000 student loan repayment benefit, up to $10,000 over a 10-year period. The company used to require that workers reached five years of employment in order to receive a lump sum benefit of $5,000, but did away with the requirement in July 2016.</p> <h2>12. Nvidia</h2> <p>This computing giant offers comprehensive student loan repayment options. First, employees working at least 20 hours per week who graduated within the previous three years can apply for a reimbursement of $6,000 a year for qualifying student loan payments, up to $30,000. Second, employees who successfully refinance their student loans with SoFi receive a bonus ranging from $200 to $500 and pay no loan origination fees. Third, employees who need to go back to college can receive a reimbursement of up to $5,250 each year for qualified job-related educational expenses, including tuition and books, as long as they earn at least a B average.</p> <h2>13. Powertex</h2> <p>The clothing design company was among the first businesses in Wisconsin to partner with Gradifi to offer a student loan repayment assistance program. Powertex gives eligible employees $100 per month for student loan payments for up to six years.</p> <h2>14. PricewaterhouseCoopers (PWC)</h2> <p>Associates and senior associates at the consulting firm receive $100 per month ($1,200 a year) toward student loan payments for up to six years.</p> <h2>15. SoFi</h2> <p>Many employers partner with SoFi to offer a student loan repayment assistance program. The online lender also offers its own eligible employees $200 per month to help them fully pay back student loans.</p> <h2>16. Staples</h2> <p>The office supply retailer offers top-performing full-time employees $100 a month for three years, for a total of $3,600 in student loan assistance. To maintain their eligibility, employees must meet set criteria throughout the entire three years.</p> <h2>17. Aetna</h2> <p>As of January 2017, the health care company matches employees' student loan payments of up to $2,000 per year, with a lifetime maximum of $10,000. The program is available to employees who have graduated within the previous three years from an accredited institution.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthese-17-companies-will-help-you-repay-your-student-loan&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThese%252017%2520Companies%2520Will%2520Help%2520You%2520Repay%2520Your%2520Student%2520Loan_0.jpg&amp;description=These%2017%20Companies%20Will%20Help%20You%20Repay%20Your%20Student%20Loan"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/These%2017%20Companies%20Will%20Help%20You%20Repay%20Your%20Student%20Loan_0.jpg" alt="These 17 Companies Will Help You Repay Your Student Loan" 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/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/these-17-companies-will-help-you-repay-your-student-loan">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/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-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-you-didn-t-learn-in-college-but-you-should-have">10 Things You Didn’t Learn in College (but You Should Have)</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-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-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/college/college-resources">40+ College Resources for Parents and 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/7-unique-ways-millennials-are-dealing-with-student-loan-debt">7 Unique Ways Millennials Are Dealing With Student Loan Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Job Hunting college companies contributions education employee benefits jobs loan repayment plans student loans Thu, 22 Jun 2017 09:00:10 +0000 Damian Davila 1968233 at http://www.wisebread.com 9 College Expenses You Aren't Saving For http://www.wisebread.com/9-college-expenses-you-arent-saving-for <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/9-college-expenses-you-arent-saving-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-517076077.jpg" alt="Parent finding college expenses she didn&#039;t save for" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Worried that tuition and room and board will bleed you dry when your kid goes off to college? Pfft. Wait till you get a load of all the expenses you didn't account for! You'll want to sit down for this.</p> <h2>1. College prep items</h2> <p>You'll want to send your kid off to college well prepared &mdash; with things. Things like study and work supplies, dorm room necessities, snack foods, toiletries, a new computer, maybe a new phone. It's amazing how easily items pile up when you're shopping for college.</p> <h2>2. Traveling home and back</h2> <p>No loving parent can go too long without seeing their kid &mdash; especially their freshman year in college. So, you'll need to account for travel costs to get your child back and forth to your home if they attend a school that requires more than a few hours' travel.</p> <p>&quot;Create a travel budget by researching typical costs for airfare, train, or bus, whichever mode of transportation is available to you, and estimate the number of times your child will head home throughout the year,&quot; suggests money-saving expert Andrea Woroch. &quot;If they have a car and are driving [a long] distance away from home, propose that they carpool to save on gas and tolls if applicable.&quot;</p> <p>They can also use a site like <a href="https://www.zimride.com/" target="_blank">Zimride</a>, which will connect them with other college students looking to share a ride.</p> <h2>3. Local transportation costs</h2> <p>If your child has a car on campus, you're looking at the cost of a parking pass plus insurance and gas. If they don't have a car, you'll need to consider a new bike and investigate the cost of public transportation passes. These costs can add up, as well. College students don't tend to be holed up in their tiny dorm rooms while not in class.</p> <h2>4. Food outside the meal plan</h2> <p>College meal plans are expensive enough by themselves, but don't count on those being your child's only source of food. Many campus dining halls close earlier than you probably think, and late night study sessions require energy. Plan on having to send them some extra dollars for groceries, snacks, and late-night diner runs.</p> <h2>5. Greek life</h2> <p>I was interested in joining a fraternity when I went to college. It signified the quintessential coming-of-age experience to me, and I liked the idea of having &quot;brothers,&quot; as I wasn't close with my own growing up.</p> <p>Nice sentiment, but it got expensive real quick.</p> <p>My dues were about $400 per semester, I wanted to buy new clothes every time we had a formal or theme party, and if something went wrong in the house &mdash; like the one time a drunk alumni brother smashed up our soda machine &mdash; we had to collectively cover the cost. By the end of four years, I had spent thousands of dollars to be part of this exclusive club &mdash; which, in hindsight, was worth every penny considering the memories I made. So, I guess what I'm saying here is &hellip; grab your checkbook.</p> <h2>6. Sports and extracurriculars</h2> <p>If you're the parent of a child whose athletic skills have earned them a college scholarship, congrats; consider yourself lucky. On the other hand, if your child is perfectly average but still wants to play sports or join extracurriculars, you'll need to cough up the cash.</p> <p>&quot;Sometimes participating in extracurricular activities on campus can cost extra money,&quot; says Johan Zhang, co-founder of CollegeVine. &quot;Whether it's paying for club dues, schoolwide participation fees, or even apparel, at many colleges there exists a hidden cost to joining and being an active member in extracurricular activities..&quot;</p> <p>Be sure to consider this and save up in advance.</p> <h2>7. Your trips to see your child</h2> <p>Bringing your kid home is going to cost you, and so is traveling to visit your child. You may also want to attend things like orientation weekend, parents' weekend, and other events hosted by the college. You'll need to factor in transportation, lodging, and food, so budget wisely.</p> <h2>8. Off-campus living</h2> <p>Eventually your kid will outgrow the dorm and want to live off-campus. This usually happens around junior year, but sometimes you can hold it off until senior year. With that comes the expense of monthly rent, renter's insurance, furniture, utility bills, and a security deposit that you're never going to see again. Make amends with that right now; it's already spent.</p> <h2>9. The extended plan</h2> <p>Listen, I'm rooting for you to get your kid in and out of college in four years, but, well... the odds aren't in your favor.</p> <p>&quot;At most public universities, over 80 percent of students will take more than four years to graduate due to overcrowded or unavailable classes,&quot; say Adrian Ridner, CEO and co-founder of Study.com. &quot;That means if you are planning on four years of college expenses, you could be under budgeting by 25 percent to 50 percent. Taking low cost college courses online can be a great way to stay on track and graduate on time. Another factor that can extend your child's time in school is lack of college readiness. This may mean completing remedial courses that do not count toward graduation.&quot;</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/9-college-expenses-you-arent-saving-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-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/heres-what-you-need-to-know-before-buying-a-college-meal-plan">Here&#039;s What You Need to Know Before Buying a College Meal Plan</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-things-financial-aid-might-not-cover">6 Things Financial Aid Might Not Cover</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-countries-where-you-can-retire-for-1000-a-month">5 Countries Where You Can Retire for $1,000 a Month</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/9-freshman-shopping-tips-to-cut-college-costs">9 Freshman Shopping Tips to Cut College Costs</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-earn-1000-a-month-or-more-as-an-online-tutor">How to Earn $1,000 a Month or More as an Online Tutor</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Education & Training college dining plans dorm rooms expenses food costs fraternities hidden costs kids sororities students transportation travel Tue, 11 Apr 2017 08:00:16 +0000 Mikey Rox 1923858 at http://www.wisebread.com 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/14-dorm-essentials-that-make-student-life-easier">14 Dorm Essentials That Make Student Life Easier</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/heres-what-you-need-to-know-before-buying-a-college-meal-plan">Here&#039;s What You Need to Know Before Buying a College Meal Plan</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/should-you-borrow-student-loan-money-from-amazon-prime">Should You Borrow Student Loan Money From Amazon Prime?</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 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-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/why-saving-too-much-money-for-a-college-fund-is-a-bad-idea">Why Saving Too Much Money for a College Fund Is a Bad Idea</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/does-your-kid-need-an-ira">Does Your Kid Need an IRA?</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/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-4 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-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-genius-ways-to-stock-up-on-school-supplies">6 Genius Ways to Stock Up on School Supplies</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-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/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/6-questions-to-ask-before-taking-out-student-loans">6 Questions to Ask Before Taking Out 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/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-5 views-row-odd views-row-last"> <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> </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-10"> <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/how-to-earn-1000-a-month-or-more-as-an-online-tutor">How to Earn $1,000 a Month or More as an Online Tutor</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/9-freshman-shopping-tips-to-cut-college-costs">9 Freshman Shopping Tips to Cut College Costs</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/heres-what-you-need-to-know-before-buying-a-college-meal-plan">Here&#039;s What You Need to Know Before Buying a College Meal Plan</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/7-ways-students-can-travel-abroad-for-less">7 Ways Students Can Travel Abroad for Less</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> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F7-unique-ways-millennials-are-dealing-with-student-loan-debt&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F7%2520Unique%2520Ways%2520Millennials%2520Are%2520Dealing%2520With%2520Student%2520Loan%2520Debt.jpg&amp;description=7%20Unique%20Ways%20Millennials%20Are%20Dealing%20With%20Student%20Loan%20Debt"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/7%20Unique%20Ways%20Millennials%20Are%20Dealing%20With%20Student%20Loan%20Debt.jpg" alt="7 Unique Ways Millennials Are Dealing With Student Loan Debt" 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/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-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/6-questions-to-ask-before-taking-out-student-loans">6 Questions to Ask Before Taking Out 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-sobering-facts-about-student-loan-debt">5 Sobering Facts About 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/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-4 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-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-easy-ways-to-avoid-student-loan-debt">12 Easy Ways to Avoid Student Loan Debt</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/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-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/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-5 views-row-odd views-row-last"> <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> </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-8"> <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/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-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/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-5 views-row-odd views-row-last"> <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> </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-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-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-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-students-can-travel-abroad-for-less">7 Ways Students Can Travel Abroad for Less</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/7-smart-money-moves-for-empty-nesters">7 Smart Money Moves for Empty Nesters</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/frugal-ways-to-help-your-child-get-the-best-education">Frugal Ways to Help Your Child Get the Best Education</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/get-the-most-from-your-airline-miles-in-these-5-overlooked-cities">Get the Most From Your Airline Miles in These 5 Overlooked Cities</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> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-stop-student-loans-from-ruining-your-life&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Stop%2520Student%2520Loans%2520From%2520Ruining%2520Your%2520Life.jpg&amp;description=How%20to%20Stop%20Student%20Loans%20From%20Ruining%20Your%20Life"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Stop%20Student%20Loans%20From%20Ruining%20Your%20Life.jpg" alt="How to Stop Student Loans From Ruining Your Life" 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/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-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/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/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-3 views-row-odd"> <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-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/12-easy-ways-to-avoid-student-loan-debt">12 Easy Ways to Avoid Student Loan Debt</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