FAP614: Top 10 Back to School Financial Tips, Emma scholarship, mail bag, David Ippolito

Student Financial Aid News
Top 10 (+1) Back to school financial tips
1. You don’t need a credit card on campus.
2. Make a budget BEFORE the semester begins. Figure out what kind of money you’ll be able to earn and what you’ll be spending – and stick to it.
3. Team up with a roommate, dormmate, or friends to enforce each others’ budgets. The power of the group works.
4. Go for a lot of walks on campus. You’ll meet a ton of new people, and you won’t have to spend money to do it. Being visible is the easiest way to meet new people.
5. Everything marked free isn’t. Beware of any free offer that requires you to sign up for anything. Not saying it’s bad, just know what you’re signing for – like a stealth credit card application.
6. Some of the best conversations you’ll have are on playgrounds. Hang out at places like that vs. cafes or other money-spending venues.
7. Check your campus email every day for the first month or two. Financial aid offices often send notices to campus email addresses. Don’t miss a bill.
8. Buy and bring to campus an indoor dryer rack. You’ll cut your laundry bill in half and the rack will pay for itself in weeks, especially if it’s around $18.
9. Bring resealable containers. I’m not saying bring them into the dining hall or anything… but, you know. Make sure you don’t skip meals if you’ve paid for them.
10. Have a small lockbox in your dorm room. Keep your checks, debit card, etc. in there and locked up. Make it a combo lock so that if you lose your keys, you’re not out of luck.
Bonus tip: If you have a student ID card that’s tied to any kind of financial account, punch a hole in it, stick it on your keychain, and put your keychain on a lanyard.

Scholarship Update
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Mail Bag
+ Ericka writes in: hi, i have gotten married since I last applied for financial aid so I was wondering if I need to redo all of that or what now that my name has changed
+ First, congratulations
+ Second, you shouldn’t need to redo it as it’s tied to your SSN, but do update your school
+ File your FAFSA at FAFSAonline.com
+ Whitney comments on the blog: This actually reminds me of the late 80’s to early 1990’s when interest rates were 12% and houses were being foreclosed by people who got “upside down” on the mortgages, just like they can now with car loans- you owe more than it’s worth.
+ There’s an advanatge to some people in this market, but far too many are getting killed and squeezed. I agree- if you don;t have to sell a house- don’t. Things that used to be on the market for minutes now around here now linger for months or longer.
+ Expect to see the rental market grow again, and the level of first time home ownership decline. Expect seniors getting ready to retire to be in dire straights. And be smart with your money and hang on tight.
+ Eric comments on the blog: Even after all the fear and the shakeout, things are still much worse than most realize in the core financial and housing markets. There’s more to come.

Podsafe Music
+ David Ippolito, Talk Louder

Reminders

+ Private student loans
+ Stafford loans | Other federal student loans
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA tutorials and free help
+ Financial Aid Podcast Show Notes at FinancialAidNews.com.
+ The Financial Aid Podcast is a publication of the Student Loan Network.

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