Kiplinger.com: 10 Things to Avoid Buying for College Students

When I was a college freshmen, I wanted to buy every item listed on the school shopping list. But there is no need for parents or students to snap up every item on the shopping list, according to Kiplinger.com’s list of "10 Things College Students Don’t Need." Here's a sample from that list:

"1. New Textbooks. To avoid paying unfathomable new-book prices, see whether your university offers a rental program — or rent from a Web site such as Chegg.com, where you can save up to 85%. Order the book for a one-time fee—for example, about $60 plus shipping for a $180 calculus book—keep it for a semester, then return it with free shipping, or you could buy it. Or, head to the used-book lot. For example, BigWords.com searches the Web for the best prices on used textbooks.


2. Big Meal Plan. Brain food is important, but avoid loading up your child's meal account with enough money to feed the football team. It’s best to start with a low number of meals and see how much your student uses. Many colleges will give you the opportunity to replenish the meal plan midyear. You could also supplement your kid's meal plan with gift cards to the local grocery (or the local pizza joint). Or you can buy gift cards at GiftCertificates.com.


3. A High-End Laptop or Desktop Computer. An inexpensive laptop should meet your student's computer needs. For example, you can buy an Acer Aspire One, which has a 10.1-inch screen and weighs just 2.4 pounds, for less than $300 at Best Buy, WalMart or Target. Be aware, though, that netbooks don't have DVD drives or huge amounts of storage space, so it'll cost extra to get plug-in external drives or memory cards.


4. Printer. Here's what you can save by skipping this unnecessary item: about $50 for a printer, $30 for replacement ink and $9 for a pack of paper. For about $10, your child could buy a flash drive instead, save his 20-page term paper on it and print the paper in the campus computer lab, which you may already be paying for. Some schools include a technology fee in room and board costs—$100 per semester in some cases.


5. Cable TV. These days, you don't have to foot a hefty cable bill when your child can catch the latest movies and TV shows online. http://www.hulu.com/, http://www.veoh.com/ and http://www.fancast.com/ let you download current TV shows for free. The movies offered on these sites are slightly old, but you can get a Netflix DVD-rental subscription for as little as $5 a month. "

The full list of 10 Things College Students Don’t Need.

Kiplinger.com’s Back to School 2009 package

Prepping for College Exams Without Spending a Fortune

With a 16-year-old high school student in the house, we're preparing for the college entry exam also known as the Scholastic Aptitude Test (SAT).

Paying for exam prep classes can be expensive. Prices range from $1,100 for a series of classes to about $3,400 for 26 hours of private tutoring. One private company charges $400 for an Internet-based self-study program.

We found an attractive, instructor-led prep course in the Miami-Dade College catalog. A two-week program, representing about 24 hours of classes, is available this summer for about $200.

In addition to affordable college programs at community colleges, I found several other options.

• Check out the library. The local library branch may offer free SAT preparation workshops or other resources. The Broward County Library system has offered SAT prep classes. Likewise, Miami-Dade Public Library has a ''learn-a-test'' database, with sample tests and other study tools. Log on to the library's home page and use your library card to browse through the database.

• Create a study group. Before enrolling my teen in the exam prep course at Miami Dade College, I considered launching an SAT study group with other families in my neighborhood. The group would share the cost of a tutor, and each family would be responsible for purchasing learning guides and other study aides.

• Target online sources. From sample tests to study guides, I found several free online resources. For instance, Studyguidezone.com provides model questions and ''self-improvement links,'' with step-by-step help in algebra, essay writing and other topics. The site also offers useful tips about controlling test anxiety. Other online sources include: www.testpreview.com, www.collegeboard.com and testprep.sparknotes.com. Of course, some of the online sites offer fee-based options, but the free menus typically include excellent material and study tips. ______________

Here's how to buy my book:

@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

The Cost of Delay: Don't Put Off The College Savings Plan

Late-grade penalty flashback: I recently registered my children in a state-run prepaid college savings plan. And I am feeling the sting of delay and regret. There's a financial penalty for procrastination.

The delayed savings penalty feels like a tardy-grade penalty. As a student, I was docked points when I turned in late term papers. For example, an essay that might have earned a 95 (a solid A) would have been knocked down to an 85 (a humble B) because of tardiness. Ouch.

That's how I feel about the recent enrollment in the college plan for my three kids. Here are the approximate numbers for a plan that involves pre-paid tuition for two years of community college, followed by two years of a state university or college:

• Child #1 (age 16): Monthly fee: about $600
• Child #2 (age 14): Monthly fee: about $240
• Child #3 (age 11): Monthly fee: about $120

As the numbers indicate, the monthly college savings bite is much smaller when you start earlier. A monthly college savings bill of $120 translates into only $30 a week and can slip under the financial radar with minimal pain. But $600 is harder to swallow and difficult to digest each month!

For the same plan , a parent registering a newborn would pay about $82 a month or roughly $20 a week. Of course, I am grateful that my children are now enrolled in a pre-paid tuition plan, and I am grateful for the financial assistance my parents will provide. But if you have school-age children, I urge you to start saving early.

Mimi Whitefield, a Miami Herald writer, recently wrote an excellent story about financing education: A mom offers practical tips on paying for college

Here's another article from College Board: 529 Prepaid College Tuition Plans Freeze Costs at Today's Rates

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Here's how to buy my book:

@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

No-Cost Colleges: Flying Cheap Under the Radar

There are colleges and universities that offer free tuition. That's good news as I consider various options for my 16-year-old son. My current favorite: a four-year education plan consisting of two years of a local community college, completed with two years at a traditional college or university.

We're also going to explore the wide range of scholarships, grants and other awards available nationwide. Even Mercedes-Benz USA has a scholarship program and there are various essay-writing competitions that offer scholarship money. (see link below)

Meanwhile, the following article about tuition-free programs offers great information.: Pssst! Wanna Go to College for Free? by Alison Damast. Here's a snippet from that article:

Tuition-free colleges -- also known as full-scholarship colleges -- remain one of higher education's best-kept secrets. True to their name, they are institutions that guarantee to cover the entire student-body's tuition. There are only a handful of such schools in the U.S., which is one reason they are often overlooked by students, parents, and high school guidance counselors during the college search, says Sandy Baum, a senior policy analyst at the College Board. "It's not a trend of the future. It's just a certain niche market. These schools have unique situations that allow them to go tuition-free," she said. --Pssst! Wanna Go to College for Free?

Helpful links:

Where the College Scholarships Are

Can You Spot a College Scholarship Scam?

Financial Aid Calendar

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Here's how to buy my new book:

@ Amazon.com
@ Barnes & Noble
@ Borders
@ Target.com

Private Fund Provides College Scholarship Money as Lenders Pull Back

Even as college loans dry up for many community and four-year college students, at least one private scholarship program in New York City is fighting the trend. The Teak Fellowship -- featured in the June issue of Town & Country magazine -- is actively providing financial and academic aid to low- and middle-income students.

So far the fund has provided roughly $28 million in tuition assistance to 200 college-bound students. I wish that there were more programs like this in other regions of the country, especially since some banks have opted to stop lending to students who plan to attend community colleges and smaller four-year programs. Students attending elite schools will not face the same credit crunch, according to published news reports.

Here are links to some of those stories about the lack of student loans for students attending community colleges: KCTCS off some loan lists and College Families Bushwhacked by New Loan Legislation.

"Our mission is to deliver on the American ideal of meritocracy," Justine Stamen Arrillaga, founder of the The Teak Fellowship, told Town & Country. "We want to reward kids who have talent, ability and drive."

Arrillaga launched the fund in response to two tragedies: 1) The 1988 murder of Teak Dyer, her high school classmate and best friend, and 2) the 1997 fatal shooting of a gifted, low-income student, who was enrolled in an academic program that was under Arrillaga's direction.

"Justine Stamen Arrillaga made it her life's work to give children a chance at successful futures after two of the people closest to her were robbed of theirs," according to the Town & Country feature written by Erik D. Price.

Contact information: 212-288-6678

teakfellowship.org

Here's a link to a free search engine from College Board that helps families locate scholarships and grants for college education.

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Digg!

Kiplinger's: Top 100 Values in Public Colleges

Kiplinger.com has re-launched its “Best Values in Colleges.” The Special Section includes Top 100 Values in Public Colleges and tips about paying for college and arranging financial aid.

Here are a few of the titles from the section:

Get a Head Start on Scholarships

More Money Smart Kids

College Just Got Cheaper

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6 Ways Going Back to School Can Pay Off

Going back to school for a graduate degree can increase your earning power and provide other professional bonuses. In this article (Six Reasons to Return to School in ’08,) writer Vicki Salem outlines why a degree represents a good investment.

A few months ago, I enrolled in a master's program for personal and professional reasons. During informal chats with fellow students, I realized that many of my peers had similar objectives. Here are the six reasons outlined in the article, with my own observations tossed in.

1. New Job; New Career Direction: Many of the fastest-growing careers, require a bachelor's degree or higher. For example, my goal of teaching on a college level requires at least a master's degree.

2. Salary upgrade: Many pay scales are linked to education. Getting a higher degree can lead to a higher paycheck.

3. Better marketability: In a competitive job market, an advanced degree can provide an edge.

4. Personal goals: A few of my classmates enrolled in our master's program just for "personal fulfillment." And honestly, even if I don't go on to teach on a college level, earning a graduate degree still represents one of my personal goals.

5. Networking: The academic community provides an excellent setting for networking, with well-connected experts in different fields. In the writing business, for example, many writing instructors have contacts with editors, publishers and agents. Professors are also excellent mentors and a valuable source of job leads and insights. Classmates are also a bonus.

6. Personal investment: I loved this quote from the article:

"Education is an investment that always pays you back," assures Dr. Susan Aldridge, president of University Maryland University College. "Housing prices may decline and stocks may plummet but an education lasts a lifetime -- bolstering your earning potential, enriching your intellectual life, and paying big dividends in personal satisfaction.”

My other reasons for returning to school:

1. Feedback: I've been working on a short-story collection and I submitted short stories to fulfill some of my class assignments. Getting feedback from instructors provided valuable insights about my work and material.

2. New information: While fulfilling class reading and research assignments, I acquired information, data and insights that were helpful with my assorted creative writing projects. Not only did I enjoy the formal lectures, but I also valued the comments and discussion offered by classmates.

3. New contacts. It wasn't just about career networking. Enrolling in a graduate program helped me to make new friends and to chat with a wide range of professionals that I would never have met otherwise. We all had different backgrounds, but a common interest in a liberal arts education.

Jan. 1: New Financial Aid Season for Students Begins: Tips for 2008

Applying early for financial aid can give you extra credit. That's one of several tips on this fact sheet about financial aid for college students. This guest post provides excellent suggestions:

"FAFSA Tip Sheet

Students can apply for financial aid by completing a FAFSA (Free Application for Federal Student Aid) so that they can get as much free money for college as possible. Grants (do not have to be repaid) are available from the federal government, state governments and higher education institutions, yet more than 8 million students miss out annually because they do not complete the FAFSA form (“Missed Opportunities,” American Council on Education, 2006.)

• Know your deadlines: Deadlines vary by school and state so make sure you are aware of them. Some schools require applications in addition to the FAFSA, so check with your target schools to make sure you have completed everything.


• Apply early: The earliest you may submit the FAFSA is Jan. 1. The closer to Jan. 1 you apply, the better your chances are of getting money for school you’re entitled to from the government, the state or your school.


• Apply online@fafsa.ed.gov: This reduces mail time and reduces the chances for error.


• Apply even if you think you may not qualify: Every high school graduate with a social security number is entitled to free or cheap money to pay for college. Money for college comes as need-based funds or non-need based funds. Income is only one of the criteria on which money for college is based; you can’t make too much or too little money.


• Do not rule out schools based on price: Last year there was approximately $150 billion available to help families pay for college (according to the College Board). Generally, the higher the total school costs, the more money you are entitled to receive. When selecting a school, consider several factors such as academics, size, location and cost so that you find the school that is the best fit for you. For additional information:


• Check out CollegeAnswer.com. The website features advice and tools to help pay for college including FAFSA assistance and a free scholarship database with more than 2 million scholarships worth $15 Billion. "

Source: OLSON – For Sallie Mae

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Previous Posts

Today:
My Mom Fired Her Holiday Presents

Insights on Suze Orman & Other Links I Liked: My Weekly Reader

Yesterday:
Guest Post: Don't Waste Money on Insurance for Rental Cars
Out of Balance: Overdraft Fees Sting Consumers for $17.5 billion
Kiplinger's: Top Retirement Scams

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Digg!

How to Make a Part-Time Job Work: Tips From College Students

What's the best strategy for working part time while taking either grad school or under grad classes? I asked that question to several students. My husband -- who attended full-time classes and worked part-time shortly after our second child was born -- also provided some tips. In earlier posts, I've provided tips from my Dad, who often worked several jobs during my childhood.

FLEXIBILITY

"I picked a job where they were flexible about working around my schedule," said my husband Avi, who worked at a latte cafe while attending full-time classes for an interior design degree program.

As an undergraduate, Lisa Ibanez, of Hialeah, worked up to 20 hours a week for two years in the infant room at a preschool affiliated with the University of Miami.

“I changed diapers. I gave bottles. I prepared food,” recalls Ibanez, who is now a grad student at UM.

She enjoyed working with children and appreciated the flexibility of her on-campus assignment, which enabled her to easily shift between classes and work. As a graduate student, she now works on campus as a research assistant and enjoys the same level of flexibility that she encountered during her undergraduate years. Campus-based employers are also lenient during mid-term and final exam periods and make accommodations during academic crunch periods.

“All of the people knew that we were students first and employees second,” says Ibanez.


RISE EARLY

Alex Jean-Jacques, a work-study student from Hollywood, Florida: As a senior at Broward Community College, Jean-Jacques works six to eight hours a day in the school’s financial aid office in downtown Fort Lauderdale.

On a typical Tuesday, for example, he wakes up at 4:30 am to lift weights and prepare for an 8:00 am class on campus. By 10, he reports to the Financial Aid office, where he works until 4:30 pm. After a three-hour evening class, Jean-Jacques studies until midnight. It’s a long day, but the perks of campus employment extend far beyond the paycheck.

“I’m able to learn more and gain more experience, especially while working in an office,” says Jean-Jacques, who hopes to be an architect.

HAVE FUN & MAKE THE MOST OF YOUR COMMUTE

"I also picked a job where I had fun," my husband Avi said. "I'm real social. Working in a coffee shop wasn't a tremendous hardship to me."

He also picked a part-time job that was near his school and he really used his commuting time to study. He took the bus (cheap transportation) and used the bus ride to read for class.

THE ABC'S OF WORK-STUDY PROGRAMS

For many students work-study programs bridge the fiscal gap between professional aspirations and the five-figure annual costs of higher education. Most colleges and universities offer a diverse mix of work-study programs, which provide student workers with a paycheck, work experience and flexible schedules. The various programs involve federal, state and private funds.

Under the Federal Work Study program, the U.S. government provides colleges and universities with the funds to cover up to 75 percent of the cost of work-study salaries. Individual schools finance the remaining balance of the student payroll. Students can apply for the Federal Work Study program by filling out the Free Application for Federal Student Aid (FAFSA). Work-study grants are awarded based on need, but students are urged to apply early for the federal program because of limited funds.

PAY AS YOU GO: THE ANTI-DEBT PLAN

Work-study programs are an earn-as-you-go opportunity to help students pay for their college education,” said Marcia Conliffe, Associate VP of Student Success & Enrollment Management Services at BCC. “By earning money to cover their educational expenses, students are not forced to borrow as much in student loans that will need to be repaid after graduation.”

TAPPING INTO MENTORS

Many of the students, I chatted with worked second jobs that provided mentors and resume experience for their post-school careers.

Catalina Castillo, a second -year student and a psychology major, works three hours each day in the media relations department where she tracks, files and distributes newspaper articles about Miami-Dade College and its affiliated programs. The job pays $6.40 an hour and Castillo says that the office experience provides excellent training for her future career as a psychologist.

Miami-Dade College also participates in Florida Work Experience Program, a state program that reimburses private companies that hire MDC students. Using state funds, Miami-Dade College reimburses employers 70 percent of the cost of student salaries, according to Luis Betancourt, MDC’s director of Work Programs. On behalf of the school, Betancourt actively recruits local companies to participate in the work-study program, including law firms and other professional services companies.

“The companies cut costs and save money, and the students get a foot in the door,” Betancourt says. “You have students working alongside people who might possibly become mentors.”

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The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection
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'Stomp the Yard Movie' Features Work-Study College Student

Yes, it's possible to afford college while "stepping," studying and attracting the sweetheart of your dreams. That's the frugal message from Stomp the Yard, a hit movie now playing in theaters across the country.

The storyline travels to "Truth University," a fictional Historically Black University and College, (HBUC) where the lead character, DJ, enrolls on a scholarship. As part of his scholarship, he works on the grounds maintenance crew run by his uncle on campus.

While planting flowers, hauling clippings and cutting grass, DJ learns a lot about life. He takes pride in his work and many scenes in the movie feature DJ hard at work. In fact, although the movie features the stepping, stomping, hip-hop dance moves of the lead character, many scenes showcase DJ as a work-study student. He works just as hard as he steps.

DJ has an incredible work ethic. And that was a message, I was so happy to share with my boys. (We watched the movie at a super-cheap matinee near my parents' home.) The dance, stepping and stomping scenes are electric.

Work-study programs are a valuable way to finance college. My parents attended Cheney State College, another HBUC in Pennsylvania. As college students in the 50s and early 60s, they worked hard while attending classes.

Fastfoward to Georgetown University in the fall of 1976, and you'll find me in the school cafeteria dishing out hash brown and quiche. That was the first job I ever had in my entire life, excluding babysitting. (I was a pampered suburban girl.) The tuition at Georgetown was expensive, and my parents paid for most of it. But I helped out a bit with summer jobs and work-study jobs on campus.

Here's a list of my positions on campus:

*food server in the cafeteria
*peer counseler for the Minority Student Affairs program
*summer housekeeping staff (cleaned dorm rooms for salary and free room during the summer months)
*writing tutor at the Writing Center run by the Prof. James Slevin.
*resident assistant (dorm floor leader)


I loved my years at Georgetown and every form of employment added a lot to my sense of self, responsibility and character. The work-study program was an important part of my education.

Here's a link to an earlier post about college costs, denial and families.
Free money Finance also offers this excellent piece on college costs.
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Repaying Mortgages to Pay for School & Other WSJ Links I liked

Here'a rundown of stories that caught my eye today in the Wall Street Journal.

I liked this story: when to repay your mortgage from writer Terri Cullen, who goes through the nuts and bolts of her family's plan to pay off their mortgage early in order to finance her young son's college education.

She does a great job of walking the reader through an important financial and personal situation, with real numbers and heart.

Gerry and I will be that much closer to paying off our 20-year fixed-rate mortgage, a process we're hastening by making additional principal payments of $195 a month. (Why the odd figure? I'll get to that later; the short story is that it is part of $395 a month in spare cash we debated over where to invest. ) Our goal is to have the loan paid off before our seven-year-old son Gerald enters college in 2017, leaving us with income available to meet any potential shortfall in our college savings. --WSJ

Want hot custom-made clothes for less? Go to Asia! That's the word from this piece called "Jetrosexual" about tailor-made bargains in China and Hong Kong. It's a cute piece and a fun read.

Business travelers have long frequented tailors in Hong Kong for conservative attire like suits and French-cuff shirts. But as a new crowd of young jet-setters flocks to Asia's growing tourism hubs, like Phnom Penh and Ho Chi Minh City, they're discovering their own tailoring bargains. Carrying pictures ripped from fashion magazines and originals bought at home, they're requesting customized knockoffs of everything from Marc Jacobs cords to "Project Runway" dresses -- and treating Asia's tailor shops as a personalized version of H&M, the Swedish discount chain that has made high-fashion designs accessible to the masses. -WSJ

I also enjoyed the weekly Tastings column. This week, the libations menu includes finding (relatively) affordable, mixed cases of wine. Great info with links to online wine vendors.

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Congress Eyes More College Aid: WSJ

Led by Rep. Nancy Pelosi, frontrunner for new House Speaker, the new Congressional leadership has made affordable college education as a top priority, according to a piece by Anne Marie Chaker in today's Wall Street Journal.

The agenda is likely to include: cuts in student loan rates, more aid for low-income families and a tuition tax credit for parents, including middle and upper-middle class wage earners.

Among the measures Democrats have proposed is halving the interest rate on some federal student loans, which could save students thousands of dollars over the term of their loans. Parents could benefit from a proposal to allow tax deductions for tuition paid by families earning up to $160,000 a year. And lower-income families could get added help from a possible expansion of the federal Pell Grant program. --WSJ

Here's the link to the complete article, which has some interesting points about how the program will be funded and what kind of bi-partisan support will exist.

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55 Ways to Zap Student Loan

Debt Consolidation Lowdown has a great list featuring 55 ways to slice your student debt.



Tips include:
.

Contact your rich uncle. Don’t have one? Don’t worry. Just get onto the website MyRichUncle, which provides money from private investors to college students who need help with education expenses. In return, you have to agree to pay a fixed percentage of your gross future income for a fixed period

Other tips include:

Start looking early for extra credit. For instance, taking Advanced Placement classes in high school can earn you college credit and community colleges are a great place to get a head start on credits before going to a four-year university, where the cost per credit hour is much higher.

Check out the other 53 tips.