College, Career, Life » money

Costs Every College Student Should Consider

collegecareerlife — Sat, 03 Sep 2011 22:36:31 +0000

The following post is contributed by Elizabeth Cutten. Liz manages, FindCollegeCards.com, a place for college students to find their first credit card, as well as find helpful college tips.

As a college student, you need to be aware of all your expenses. This way, you can budget your money wisely and avoid spending too much on things that are not really necessary for your education. So what are the costs every college student should know about? Continue reading below to find out!

1. Tuition and other school-related fees

The first thing you need to know about college is how much your education will cost. This will include tuition and other related fees. Take note that such fees vary depending on the college or university you’re enrolling to. The costs for tuition and other fees may also change every semester. Tuition and other school fees may range from $2,000 to more than $20,000 a year. If you want a cheaper college education, you can enroll in community college. However, there are also national institutions or four year colleges which are affordable, particularly for in-state or resident college students. For a two-year public college, total expenses may amount to $14,000. For four-year public colleges, total expenses range from $18,000 to $30,000. For private colleges, a four year course will range from $36,000 to $37,000 (Trends in College Pricing, College Board).

2. Board and lodging

Another expense you need to be familiar with in college is how much your room or dormitory is going cost. Oftentimes, colleges require students to live in campus dorms to get them adjusted to college life. On campus room rates can be arranged through the college on a quarterly or semester basis. Off-campus, apartments may cost as much as $1,200. If you want to save, you can also opt to share a room with friends or classmates or consider working part time to help you augment your expenses. Electricity costs may reach around $125 a month.

3. Food

Food is obviously something we can’t go without, and is something to factor in our budget as well. Food is cheaper inside the campus, especially if it’s already part of the meal plan. You can spend around $30-$70 a week for food. Just try to cut down on junk food and eat healthy food instead like fruits and vegetables. You get 1150 resident points a semester. Think of that s $1150 to spend at the dining halls and Adele’s. You get 250 Terp Bucks. That’s $250 to spend at the convenience stores, cafes, and delis. Things cost about what they would cost at any food court. Just keep in mind, some food at the convenience store is a little overpriced.

4. Supplies.

The last thing you want to take into consideration is your supplies to prepare you for school. Whether you need a new laptop, new bedding for your dorm room, or supplies such as a backpack and notebooks, these are all something to take into consideration.

College is an expensive time in an adult’s life. Now would be a great time to sell things you no longer use, have a garage sale, or ask for extra hours at your job to help you save up some last minute money for these expenses above.

© Andrea for College, Career, Life, 2011. | Permalink | No comment | Add to del.icio.us
Post tags: budget, college, expenses, money

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25 Free Financial Resources for Recent Graduates

collegecareerlife — Sun, 14 Nov 2010 03:51:49 +0000

As a new graduate, you may have loans to pay back, and you probably aren’t earning a lot (if you have any income at all). You may also be adjusting to a new city and starting a new job. How do you begin to save for the future, pay off debt, and establish your career when faced with so many challenges and few financial resources? Try these free online resources to help you save, spend, and invest wisely:

Find a Job and a Good Salary

Find out what you’re really worth at Salary.com. Enter your job title, location, experience, and education to get detailed wage and benefits information.
Salary negotiation isn’t easy, especially if you don’t have a lot of experience. Read Monster’s negotiationg tips for entry-level candidates.

Pay Back Your Loans

Paying back student loans can be a challenge on an entry-level salary. The calculators at FinAid.org will help you find the best payment schedule based on your income.
Read The Smart Way to Pay Off Student Loans at US News Money.
About.com’s article, Should I Pay Off My Student Loans Early?, offers the advantages to paying off loans early. One big advantage: saving on interest.

Budget and Track Expenses

Lesson 2 of Money 101 at CNN Money covers budgeting basics such as listing expenses, setting goals and cutting costs. Easy to read, simple budgeting guide for anyone that’s new to budgeting.
YoungMoney.com has personal finance calculators for budgeting, loans, savings and retirements. The site also has sections on entrepreneurship, careers, and investing.
Download free budgeting worksheets My Money.gov. The site also offers many other free financial tools and resources, including information about debt, investing, insurance and loans.
Track your spending for free online using Thrive. You can also set financial goals and chart your progress. By connecting all of your accounts, you can get an overall picture of your financial health.
Mint, a free online personal finance software, also offers free expense tracking and personal finance tools. As with Thrive, you can set goals and connect your accounts.
Learn the basics of money management at Kiplinger.com. The guide offers tips on saving, budgeting, and how to cut spending. Explore other sections on Kiplinger, including investing, retirement, taxes, and insurance.

Get the Best Rates

Search nationally or locally for the best interest rates on savings accounts, CD’s at BankRate.com. Use one of Bankrate’s debt management calculators to figure the cost of paying minimum on your debt or your credit risk.
Find the best rates on auto loans, savings accounts and CD’s at MoneyAisle.com.
Choose the best cell phone plan, credit cards, cable service and gas stations by using BillShrink to search for the best prices in your area.

Find the Lowest Prices

Shop at your favorite retail stores and save with discounts found at RetailMeNot.com. Participating stores include Amazon.com, Old Navy, and Barnes and Noble.
Before you shop, compare prices on your favorite items at PriceGrabber.com. From groceries to electronics, you’ll find the lowest prices available.
Discover what others are paying for goods and services at CostHelper.com.
Rent can take a huge bite out of your paycheck, especially in a large city. Find the best rent rates in your area at Rentomenter.com.
Search for the lowest rental rates at Rent.com. Enter the maximum you can afford to spend, and view results for your area.
If you just graduated and haven’t found a job, or if your employer doesn’t offer health insurance, you can find individual policies, including short-term insurance, at ehealthinsurance.com. Enter basic information (zip code, age, gender, tobacco use) and see monthly prices for plans offered in your area.

Build Credit

Credit Karma offers free credit score estimates along with simulations based on potential changes (closing an account, paying off debt, etc.). You’ll also find educational articles that teach you about credit scores and reports.

Save for Retirement

It’s never to early to start saving for retirement. Use the retirement calculator at CNN Money to see how much you need to save to reach your retirement goals.
Should you save for retirement or pay off debt? Your money priorities, first to last from MSN Money will help you prioritize your spending.

Give Wisely

Before you give to a charity, do your research on where exactly your money goes. Charity Navigator allows you to search for charities based on category, rating, or location. You’ll also find resources to help you become a better donor, including question you should ask before donating and tips to avoid scams.

More Financial Resources

For more financial advice, read Get a Financial Life: Personal Finance In Your Twenties and Thirties by Beth Kobliner. You may not have learned about personal finance in college, but it may be the most important skill you can gain.

© Andrea for College, Career, Life, 2010. | Permalink | No comment | Add to del.icio.us
Post tags: college, debt, finance, loans, money

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Tired of Spending Less? Make More Instead!

collegecareerlife — Mon, 18 Oct 2010 11:00:12 +0000

The following guest post is contributed by Mark Macaluso, who writes on the topic of Masters in Accounting Programs. He welcomes your comments at his email id: mark.macaluso985<@>gmail<.>com.

It’s a dreaded word that no one likes, yet must adhere to if they want to avoid consequences that are worse. I’m talking about “budgeting” and “being in debt” – if you don’t budget and stick to your budget, you’re definitely going to sink deep into the black hole of debt, unless you make millions and have a perennial source of money that is. The problem with a budget is that it ties you down; and because it is restrictive, it induces a feeling of helplessness and despair, especially when you want something badly yet cannot afford it. If you give in to temptation and splurge, guilt combines with debt to make you even more miserable. So you’re in a no-win situation either way – you’re stressed if you stick to your budget and stressed even more if you stray from it.

But if you’re a little clever, you’ll realize that if A-B comes up with a negative result, you can convert the answer to the positive in two ways – by decreasing B or by increasing A. And since cutting down B is tiresome, why not look for ways to boost A instead? The solution to budgeting woes is to increase your income – when you have enough to spend, you don’t have to stress out about money all the time. So how do you go about making more money?

Take on a second job: Moonlighting is a very good way to bring in more money, especially if your primary job is not too taxing and you have enough time on your hands. You not only earn two incomes, you also use your time more productively. However, the added responsibility of another job could become too hard to handle – you could end up running yourself ragged and fail at both jobs. So unless you’re very sure you can manage another job, don’t commit yourself to anything strenuous and which demands effort and time.

Make money off the Internet: Lots of people have done it, and many are still doing it; so why not take advantage of the accessibility and omniscience of the Internet and use it to make some money? If you own a blog or a website, you can earn revenue through advertisements. You could also use your free time as a freelancer if you have online marketable skills like writing, web designing, we development, graphics designing, proof reading, tutoring and so on. Various online job sites have hundreds of projects and assignments listed, so create a resume, build your profile, and get started on your online venture immediately.

Find money in what you own: Most of us don’t realize that we have money lying all around the house; we only need to make the time to find it. You could earn some extra cash by holding a garage sale of all the things you don’t use and which are still in good condition – you’d be surprised at how much money these impromptu sales bring in. You could also make money off recyclables – paper, aluminum cans and empty bottles are worth money. So instead of throwing them in the trash, store them separately and you can sell them every month or so.

It’s much more fun to make more money than to spend less, so use your brain, apply yourself, and lead a satisfactory life.

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Colleges Put Money Before Students

collegecareerlife — Wed, 26 May 2010 11:02:23 +0000

Recent articles have questioned the benefits of a college degree. Tuition costs are rising every year, while colleges continue to churn out thousands of graduates each year in fields where there is known to be a glut of professionals. This practice is more noticeable during a tight job market, but it’s nothing new.

Although prospective students have a responsibility to weigh the costs and benefits of a given degree, colleges are guilty of admitting students that are obviously not prepared for college and for not being honest about job prospects. Some might argue that students who graduate from college are better off than without an education, even if they don’t find a job in their chosen field. Maybe if they didn’t have to take out mountains of loans to finance it, but most students graduate with significant debt. It’s doubtful that these students would burden themselves with tremendous debt if they were told upfront about their career prospects. Yes, some of these graduates will find work related to their degrees , but many won’t (especially those without connections).

If universities are going to charge such high tuition rates, they need to be more accountable to students, parents, donors and taxpayers. First, universities should be more selective. The drop-out rates at many public universities are shameful. These students likely borrowed thousands of dollars and are no better off for it. Secondly, job placement statistics should be honestly reported and prominently published. Finally, colleges should do more to offer internships and other opportunities that increase graduates’ marketability.

A small percentage of lucky students can go to college just for the experience and don’t have to worry about paying off loans after graduation. However, middle and lower class students can’t afford that luxury. These students invest considerable time and money obtaining a college education and need a return on the investment. It’s time for colleges to put ethics and concern for students ahead of money.

© Andrea for College, Career, Life, 2010. | Permalink | One comment | Add to del.icio.us
Post tags: colleges, debt, ethics, money, school, universities

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Tips for Saving on Textbooks

collegecareerlife — Thu, 25 Feb 2010 13:50:41 +0000

A recent CNN Money article has confirmed that textbooks are huge rip-off, with prices nearly tripling from 1986 to 2004. Not only are textbooks overpriced, but publishers will rearrange a few chapters and call it a new edition. I have a few tips to help you save on textbooks.

Use an older edition

Even if the required textbook listed is the newest edition, ask your professor if an older edition will work. Sometimes instructors will provide updates for students if changes are small.

Shop online

You should NEVER buy textbooks from your campus bookstore. Even if you need a new edition, you’ll probably find it cheaper at sites like textbooks.com.

Share a textbook

If you won’t need your book every day, you can share it with a classmate. Find another student that you can rely on to come to class every time.

Check the library

College libraries usually carry copies of textbooks, so look to see if a copy of your textbook is available. You might not be able to check the book out, but you can make copies of any pages you need to take home or to class.

Visit the publisher’s website

If you know you won’t be using the entire book for class, you might be able to buy and download individual chapters online. It’s a great way to save paper and money.

Another way to save money is to sell back your book immediately after the semester is over. Visit Bookscouter.com to find out where you’ll get the most for your used textbook.

© Andrea for College, Career, Life, 2010. | Permalink | No comment | Add to del.icio.us
Post tags: college, finance, money, textbooks, tips

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What Young People Should Learn from this Recession

collegecareerlife — Sat, 19 Sep 2009 21:52:17 +0000

Recent college graduates seem to have been dealt the worst luck of any graduates in history. It’s true that finding a job out of college will be a big challenge for most and I don’t want to minimize the burden that recent graduates are facing. However, you are lucky in that you can learn something from what many older workers are experiencing. A few things I’ve learned from this recession:

Never rely on an employer to take care of you. Of course most graduates will need to work for someone else to gain experience and pay back loans. But after you’ve gained experience, you should be prepared to work for yourself if necessary. This may mean consulting, freelancing, or starting a small business. If you do ever lose your job, you will have some money.

Be conservative with your money. Don’t buy more house than you can afford, save as much as you can, and live simply so that a layoff won’t be as devastating. When you’re working hard you feel entitled to splurge, but cutting back on some of the luxuries might not be as bad as you think.

Don’t take your job for granted. In the past, workers could count on life-time employment at a company (barring any major mistakes). Now, employees must work every day to justify their relevance. Don’t every get complacent, no matter how long you’ve worked at a company. Keep up with industry trends, take continuing education classes, and diversify your skills.

It’s easy to forget past recessions when the economy is good, but another one will occur eventually and you should be prepared. The news stories about laid-off workers are depressing, but they can serve as cautionary tales for young people that haven’t made the mistakes of older generations.

© Andrea for College, Career, Life, 2009. | Permalink | 3 comments | Add to del.icio.us
Post tags: economy, money, recession

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Private College Experience-Public College Price

collegecareerlife — Sat, 30 May 2009 13:00:09 +0000

Public universities offer a variety of extracurricular and academic options and are generally less costly than private colleges. However, private colleges don’t usually suffer from overcrowding like public universities and they allow for more interaction with professors. Fortunately, public universities offer some alternatives that provide the benefits of a private college without the cost.

Branch Campuses – Large public universities may have branch campuses to offset overcrowding on main campuses and to attract non-traditional students. I’ve attended classes at a branch campus of my university and preferred it to the main campus for several reasons: smaller classes, newer facilities and more mature students. The downside is that they may not offer as many courses as the main campus.

Honors Colleges – Most larger universities have established honors colleges which offer smaller classes and more interaction with professors. Honors colleges may have their own curricula and/or extra required projects. Admittance is usually based on ACT/SAT scores, high school GPA, and extracurricular activities.

Community Colleges – You may be able to avoid overcrowded classes by taking them at a community college. Certain courses at large universities tend to be very large, but they may be smaller at a junior college. Just be sure they will transfer to your university.

Summer/Intersession Courses - Summer and intersession classes tend to be smaller and campuses will be less crowded. Taking summer or intersession classes can also help lighten your course load in the regular semester.

Before you pay $30,000+ for the private college experience, look into these options at public colleges. You’ll get the benefits of both a large university and a smaller college without the huge tuition bill.

© Andrea for College, Career, Life, 2009. | Permalink | No comment | Add to del.icio.us
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How to Pay for School after Losing Your Job

collegecareerlife — Thu, 09 Apr 2009 22:03:36 +0000

The following is a guest post from Karen Schweitzer who writes about online education for OnlineColleges.net and serves as About.com’s Business School Guide.

If you are one of the many people who are considering going back to school after losing your job, you shouldn’t let a bad economy stand in your way. There are many different ways to come up with the money you need to pay for school.

1. Community Grants and Programs. The first place to start when you need money for school is your local community. The recent downturn has prompted many local governments and community organizations to establish special programs for unemployed individuals. Some of these programs provide career education; others provide grants to cover education costs.

2. State Aid. State programs or grants may also be available for students who need financial aid. You can learn more about potential programs by contacting your state’s education department or related agencies. If aid is available, you will most likely need to apply for it using state-supplied forms. Whatever you do, be sure to follow all of the instructions and apply as soon as possible. State aid is always limited and is usually available on a first come first serve basis.

3. Federal Grants. The federal government awards billions of dollars in grants to needy students every year. The most commonly used grant is the Federal Pell Grant, which provides need-based grants to low-income students. All grants, including the Pell Grant, can be used to cover tuition costs, books costs, and other fees.

4. Scholarships. Scholarships are also an excellent way to pay for your education. Like grants and state aid, scholarship money is free money. You will not have to pay it back after graduation. Scholarships are usually awarded through commercial organizations, professional associations, and individual benefactors. You can find scholarships through the many scholarship search engines on the web. Good engines to try include Scholarships.com and FastWeb.com.

5. Government Loans. Taking out a loan to pay for your education may not seem like the ideal scenario, but the investment will eventually pay off. Research has shown that a degree can increase salary potential and competitiveness in the job market. If you decide to get a loan, be sure to look at loans that are guaranteed and subsidized by the federal government. Good examples include Stafford Loans or Perkins Loans. These loans usually have low interest rates and deferred payment options.

6. Private Loans. Taking out a private student loan may also be an option worth considering. Most banks have some sort of student loan program that can be used to cover the cost of tuition and other expenses. If you do decide to get a loan from a private bank, be sure to compare interest rates and loan terms before making a final decision. Rates and repayment options can vary from bank to bank.

7. Social Finance Companies. Traditional banks aren’t the only institutions you can turn to when you need money for school. There are companies out there who are dedicated to matching people who need money with people who have money. Commonly known as social finance companies, these organizations act as a mediator between private lenders and needy borrowers. Popular companies include Zopa, which offers low-rate loans from a non-profit member-owned credit union, and Prosper, which can help you get a personal loan from one of the company’s many partners.

8. GreenNote. Designed specifically for students, GreenNote is a unique company that offers an alternative to the traditional student loan. GreenNote doesn’t lend money directly, but it does offer a platform for students to get money from parents, friends, mentors, and strangers. Loans have low interest rates and do not require a credit check, citizenship, or a co-signer.

9. Federal Work Study Programs. Students who need money to fund their postsecondary education can also turn to the Federal Work-Study (FWS) program. The FWS provides funds to students who agree to work part-time either on-campus or off-campus. Jobs are usually community service oriented or related to your job field.

10. School Programs. A lot of colleges and universities have their own financial aid programs for needy students. To learn more about possible programs, you should contact several schools you are interested in and ask to speak to their financial aid department. The department will be able to tell you about their programs and eligibility requirements.

Guest post from Karen Schweitzer who writes about online education for OnlineColleges.net.

© Andrea for College, Career, Life, 2009. | Permalink | No comment | Add to del.icio.us
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College, Career, Life » money

Costs Every College Student Should Consider

Related Posts:

25 Free Financial Resources for Recent Graduates

Related Posts:

Tired of Spending Less? Make More Instead!

Related Posts:

Colleges Put Money Before Students

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Tips for Saving on Textbooks

Related Posts:

What Young People Should Learn from this Recession

Related Posts:

Private College Experience-Public College Price

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How to Pay for School after Losing Your Job

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