Tuesday, April 26, 2016


Graduating into Debt
By: ItsJer

Your gown is dry cleaned, your diploma is framed, and now you’re left with the lingering question of “now what?” Whether you’re graduating high school, college, vocational school or graduate school, we are here to help.

High School Graduates

First off, we would like to say “Congratulations! You did it.” We are here to calm your nerves because as you know, higher education comes with a huge price tag – we feel for you. We are going to break down how to get the most bang for your buck and introduce ways you can lower your costs.

Scholarships
Say whaaattt? Yes, you might have missed the window for a majority of these scholarships, but it doesn’t mean you missed every opportunity. Use https://www.scholarships.com/ to help you find scholarship offers. You can receive scholarships all the way through graduate school. This website also helps you find grants, offers free information on financial aid and college admissions, and more!

AMOCO Federal Credit Union offers a chance to win scholarships (4) and paid summer internships with the credit union each year. Details are posted on the website in January and you can apply up until the age of 22.

Community College

Enrolled at a Community College?

If you decided to go this route, it’s a smart one. Community College can save you a ton on classes. You can always transfer after a year or two, if that’s what you desire.

Enrolled at a University?

If you are already enrolled in a university, you can always do community courses on the side. The benefit of taking classes at a Community College is that they offer all basic classes for a fraction of the price. Also, most credits transfer over (confirm with your guidance counselor).

Books

As a newbie to the college life, you might feel obligated to buy books. Professors regularly preach about how you will not survive their class if you don’t have their book. Don’t stress, you have options!

  • http://www.chegg.com/ - rent your books for the whole semester and for cheap!
  • Library - majority of the time your college library will have the same books you need available for rent. Always check the library before buying.
  •  Find a friend - or make a friend. Splitting the cost with a fellow student will save both of you extra dollars.
  • College bulletin boards - These are spread throughout the campus and can be found in different buildings; the welcome center, the fitness center, etc. Students from previous years always post flyers about their books for sale.

Student Loans

There are a variety of student loans to pick from. Research, research, research.
What to look for when choosing a student loan:

  • The credibility of the loan provider. Always choose a trusted company.
  • The repayment plan. How long after you graduate do you have to start paying back your loan? How many years will you get to pay off your loan?
  •  Interest. How much interest will accumulate over the life of your loan?

Consider all these factors before making a decision.

Work-Study Program

If your institution offers the Federal Work-Study program, use it to your benefit. This program allows students to fulfill a part-time job at the institution, and earnings will go towards your tuition and other education expenses.

All Other Graduates

We would also like to congratulate you on your accomplishments. The sting of reality is about to set in. As much as you don’t want to be an adult, it’s too late. Don’t worry though! Just take our money advice.

Defeating Student Debt

Not only have you graduated from your chosen higher education, you have also graduated into debt – womp, womp. Here are a few tips to defeat your debt!

·         Pay frequently.
o   Check with your loan provider to make sure early payments will not be penalized. Paying frequently will help prevent rising interest.

·         Check your repayment plan.
o   Loan providers usually offer you the opportunity to change your repayment plan. As years go by, financial situations can change. Make sure you have the best plan that fits your needs.

·         Pay more than you owe each month.
o   Again, check to make sure that early payments will not be penalized. When you have extra cash, pay it towards your student loan. Paying more than you owe each month will decrease your debt and help you pay it off faster.

·         Consolidate your debt.
o   Simplify your bills into one easy payment.

Budget Routine

With great debt, comes great responsibilities. As an “official” adult, you have more responsibilities. Read our previous blog on how to be an expert at budgeting.


There you have it graduates, tips and tricks on how to handle school debt! Freshmen, you no longer have to feel like a fish out of water, and adults, you no longer have to be scared about student debt! 

Monday, April 4, 2016

Financial Literacy for Kids
By: NerdWallet

No matter how enthusiastic you are, trying to formally teach finance to kids is a tall order that is likely to make their eyes glaze over. Hold their attention by keeping money lessons relevant, age-appropriate and a bit playful.

First finances

Preschoolers can grasp that money is exchanged for stuff. Teach them the names of coins, and as their counting ability develops, explain their values. Playing “store” lets them gain skills as they “buy,” “sell” and even “price” household items.
Begin giving your children a small allowance so they can experience money in the real world, and appoint them as valuable “assistants” on your shopping trips. They'll feel important while clipping coupons and helping you find items on the shelves.

Grade-school growth

Early grade school kids can understand goals, saving and budgeting. Have them create and decorate wish lists and give them four containers for allowance labeled “spending,” “saving,” “investing” and “giving.” The spending jar is for inexpensive things kids want, such as candy or stickers. The savings jar provides a place to save for wish-list items, while the investing jar builds overall savings. The giving jar can encourage compassion as kids contribute to charities that are meaningful to them, or save to buy presents for family members.
Bring kids along when you visit a branch of a financial institution, explaining that the institutions keep your money safe and even pay you for letting it rest there. Make sure they understand the automated teller machine doesn't spew free money and only releases cash you've already put in your account. By the later grade-school years, kids should graduate to their own savings accounts. Look for those with no fees and full parental access.

Middle-school money

Middle schoolers are ready to be included in appropriate family financial discussions about basic living expenses and savings goals. Wish lists can be swapped for goal charts, and you may want to offer to match your children's savings as an incentive to help them make a special purchase.
Most kids this age enjoy the experience of running a garage sale where they can set prices, make change and bargain with customers. They'll have fun earning extra cash while you clear out space at home.

Teen finances

In the teen years, introduce savings certificates, bonds and securities as investments. You may even want to give your teens a small amount of money and let them choose mutual funds or exchange-traded funds to invest in. Encourage teens to work part-time and help them open a student checking account that has a debit card, mobile access and low or no minimum balance or maintenance fees. Consider downloading a mobile financial app to help them track spending and savings. When tax time comes, let them fill out their own return with your supervision and guidance.
No matter what the age, odds are kids would still rather play computer games than listen to you discuss money. Rather than get discouraged, introduce some fun financial apps and games. The experience kids gain through your efforts and a little help from technology will pave the way for a lifetime of financial savvy and success.


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