Cutting the Cost of College
Cutting College Costs
The Big Day has arrived. Your bouncing bundle of joy has finally taken his first peek at the world. With the anxiety of pregnancy and labor over, you may be tempted to take a big sigh of relief. However, even after the cost of Lamaze classes, remodeling the man-cave into a nursery and outfitting the car with all the latest safety features, you may be surprised to find that your financial concerns just shot past the man in the moon.
While recent estimates published by the Department of Agriculture show that the cost of raising a child born in 2010 can range from $200,000 to more than half a million dollars over the next 17 years, you do have some control. A number of popular finance sites can help you minimize the overall cost of raising children, but it’s the four years after their 18th birthday that may be as high as Jack’s beanstalk. See: Inflation Adjusted Education Costs
In 2011, the cost of attending an in-state college ran between about $18,000 and $24,000 per year, with half of that going to tuition and fees and the other half going to room and board. Double that number if your child is talented enough to get into a private college. Over four years, your precious little Einstein can cost you between $75,000 and $200,000, almost as much as the previous two decades.
Don’t panic; The earlier you start the more you can bring those costs down. In fact, do it right and you might not have to pay a red cent for your son or daughter’s Ph.D. Continue reading
4 Easy Ways to Build Your Credit During College
If you’re in college or have recently entered the working world, you know first-hand that your credit score has suddenly become more important than you ever thought it would be. Go to buy a phone, and they will run your credit. Try to rent a nice apartment, and you better have zero flaws on your credit history to get approved. Your credit score will affect every financial move you try to make after college, from small to large purchases. And, if you don’t have an established credit rating, it can be even worse than having poor credit. That’s why all young adults should actively work to establish a great credit score early on. It’s not hard to do; all it takes is a little planning and a few helpful tips. But it won’t happen overnight so you need to get started as soon as possible. Continue reading
Save Money this College Season: Textbook Rental Trend Gains Popularity
By Mariana Ashley
Back-to-school season is here. And while most incoming college freshmen have factored in the cost of tuition, housing and food, most forget to calculate the added expense of what should be one of the priciest items on their school supplies list—textbooks. Some, especially introductory freshmen course textbooks, can cost as much as $200 a piece. That’s considered a small fortune to a broke college-student. Maybe that’s why some students are skipping purchasing textbooks all together and are turning to a more lucrative and economically friendly alternative—textbook renting. This trend, which really only started to take flight about two years ago, is a great money saver: students can temporarily “borrow” textbooks for a fraction of the original price.
Working While in College- Nursing Students
Job Options for Full-Time Nursing Students
Attending college is an expensive proposition. Here are a few job options for nursing students to consider in order to earn money and gain some valuable experience that will pay the bills and look good on your resume.
Nursing Student Advantage
Hospitals are notoriously understaffed and always looking for help, so, as a nursing student you have an advantage! You can help fill the hospital’s need and get on the job experience while getting a paycheck. With the demand for help so great, you can almost take your pick of the available jobs. Of course you won’t be paid as much as a nurse with a degree, but you will be paid more than at your local hamburger joint and gain valuable experience that will help you in your job search once you graduate.
College Education Loans
“A Federal Consolidation Loan is an outstanding debt-management tool. It can help you repay your federal education loans at a low, fixed interest rate with flexible repayment terms. Consolidation can lower your monthly payments by up to 60 percent.
“Consolidation allows for significantly reduced monthly payments since the repayment period may be extended to as much as 30 years depending on the total loan balance. Lower payments leave you with more money to allocate towards other household expenses including car payments, childcare, and other necessities. While extending the repayment period increases total interest payments (smaller payments are made over a longer period of time), there are no prepayment penalties for accelerating repayment.
“Education loans can vary in terms of interest rates, repayment periods, and borrowing limits. Keeping track of multiple loans with multiple lenders can be difficult. Consolidation simplifies loan repayment by turning multiple loans with different interest rates into a single loan with a fixed interest rate. The consolidated rate is based on the weighted average of the interest rates of the loans being consolidated rounded up to the nearest 1/8th percent or 8.25 percent — whichever is less.
“The NextStudent Consolidation Loan goes even further by offering an additional 0.25 percent (1/4%) interest-rate reduction for automatic checking withdrawal. By doing this you will receive an immediate 0.25 percent (1/4%) reduction in your interest rate. In most cases you can choose the day of the month the payment is deducted from your account.”
To see if you are eligible, please click here.
The Financial Aid Award Letter: Receive Top Dollar from your Top Choice
By Monica Wheeler
As financial aid award letters begin to arrive mid April, college hopefuls realize a letter of acceptance is only the first step in deciding which school they will attend in the fall. A student who applies to six colleges can receive a different award package from each school. The all- important award letter spells out exactly what type and how much financial assistance will be extended.
Many parents and students assume, based on federal regulation, they will get the same basic award from each school. But, that is far from the truth. So, what do you do when your top choice school doesn’t offer top dollar? Continue reading
Count on College – But Don’t Count on Help for Scholarships
By Lynn Carpenter
Our youngest had a natural gift for the French horn. Oh the colleges that would woo her, the scholarships that would land at her feet… it’s hard to find good French horn players. If only her interest had lasted more than a year…
Today, parents hoping for scholarships are likely to meet trouble from the other end. Their children may be steadfast –maybe they will even play the French horn if that’s what it takes–but colleges’ scholarship funds are in a squeeze. Moody’s believes college endowment funds will fall about 30% on average this year. Continue reading
