Posts Tagged ‘ student loans ’

10 TIPS FOR SAVING $$ AT COLLEGE


CollegeStudent-Pig1. Create a budget before heading off to school.

Sit down and evaluate how much money you have to spend and what you will need to be spending it on. Will you have a job at school? How much spending money will you allow yourself a week? Do you need to go grocery shopping or do you have a meal plan? Are there bills that you will need to pay monthly? What forms of transportation will you be using? Prepare yourself for your regular expenses and put aside money for the fun things that you want to do!

2. Saving money on text books – shop around.
The biggest mistake many college students make is buying textbooks from their school bookstores. Often times many online distributors such as Amazon, Chegg and eBay offer textbooks at a fraction of the original price. Used books are significantly less expensive than new books. Renting a book is a great option. Whether you rent or buy your books, if you don’t need them for reference for subsequent classes, sell them at the end of the semester. Many online distributors buy back used books and their websites will direct you through the sell-back process (sometimes with free postage). Check with your campus bookstore for their book buy-back process, too.

3. Limit the amount of times you eat out.
Once you reach that limit, cut yourself off. Also, check your meal plan – does it offer “swipes” at partnering restaurants near campus?

4. Cut out excessive habits.
There is always that one weakness that ends up costing you an enormous amount of money. $4 a day for coffee before class is $20 a week! That would be $300 a semester on coffee! What could you do with $300 in your pocket?

5. Always pay your bills on time.
Skipping a bill here and there doesn’t seem like a big deal, besides you’ll pay them eventually, right? This can actually end up costing you hundreds of dollars in late fees and even ruin your credit score. If you need a reminder, make a calendar of when all the bills are due, that way you will never miss one. You can also use an online bill pay service to schedule your payments.

6. If you don’t need it, don’t buy it.
Let’s be honest, you don’t really need 200 channels of football. Use that money for something more useful or on something you can’t go without.

7. Do you really need a car at school?
Many colleges offer free student bus services around campus/town or rides to the airport, bus terminal or the train station. Check with your school for options. Many offer day-long bike or car rentals for a nominal fee.

8. Take advantage of free on-campus activities.
Many colleges and universities offer a variety of free social events on campus. Remember, you pay a student activity fee, so take advantage of these events.

9. Do not use loan money for anything that does not go toward your education.
Your student loans are for your tuition, room and board, and educational expenses. Borrow only what you need and don’t use this money on anything else. Remember, you have to pay them back once you are no longer in school.

10. Flash your student ID for discounts.
Many businesses  including movie theaters and restaurants offer student discounts. Always ask and show your ID.

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Guest Blogger: Megan Lopez, Marketing Intern (student at St. John’s University, New York)

Stay on track with financing college


college kids

High school graduation is right around the corner. There’s no way your baby is old enough to be going off to college. You just waved goodbye to kindergarten and you’re dealing with the fact you really do have a child old enough to be in college. And it costs how much? What do we need to do when? What’s a parent to do?

We know there are many important steps to getting your son or daughter into school, so here’s a college preparation checklist to help keep you on track:

Now:
• Complete income tax forms as early as possible (information is needed to complete federal and state financial aid applications)
• Complete the Free Application for Federal Student Aid (FAFSA) and the Pennsylvania State Grant Application. The FAFSA can be completed online at www.fafsa.gov and the PA state grant application can be found at www.pheaa.org.
• If the college/university requires additional documents or applications, be sure to complete those, too. Make sure all forms are completed before each school’s deadline.
• Continue searching for scholarships now and the entire way through college.
• Plan college visits if you’re still deciding on the right school.

April through June:
• Financial aid packages/award letters and college acceptance letters will start rolling in from schools. Keep track of them and pay attention to any deadlines.
• Thoroughly review the award letters to determine how much financial aid (grants, scholarships, work-study and loans) you’ll receive and how much is still needed to bridge the gap between the cost of attendance and the amount of aid offered.
• If financial aid and college savings plans aren’t enough to cover all school-related expenses, start researching additional options (ex. monthly payment plans with the school, federal & private student loans, etc.)
• Attend one of our financial aid seminars for addition details on financing a college education. They’re scheduled for April 24, May 22 and June 26. You can register online at
www.members1st.org.
• Complete applications for student loans if necessary.
• Open a checking account and VISA® Debit Card with us for your child and set up across account transfer capability so you can transfer money from your account to your child’s account.
• Celebrate graduation with family and friends!

Not sure what do make of the entire student loan process or just need to talk to someone with some expertise? Call Tiffanie DeVan, our Specialty Loan Administrator, at (800) 283-2328, ext. 6017 or (717) 795-6017 or email devant@members1st.org.

 

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