Tag Archives: College

6 Easy Money Saving Tips Any Student Can Use

20 Apr

Jim Wang, Wallet Hacks
wallethacks.com

College is a fantastic time of exploration, freedom, and growth.

It’s also a time when many of our habits are formed, especially those about money and saving. These habits can have a ripple effect on your life so solidifying a few good practices today can help you better manage the future.

I have a list of 40+ money tips for college students, which cover the basics like emergency funds and budgeting, but today I wanted to share an extra set of just money saving tips every college student needs.6 Easy Money Saving Tips

Avoid credit card debt at all costs

It’s so easy to charge everything to plastic. Whether it’s textbooks, equipment, or a pizza, make sure that you pay off your credit card bill in full each month.

It’s so tempting to pay the minimum and push the debt off another month, but that will result in you paying hundreds of dollars (if not more!) in interest for nothing. If you don’t believe me, you can use this calculator to do the math yourself and find out how much that $20 pizza will cost you!

That’s money you can use to save for your retirement, for a new car, or your first house. Avoiding debt, especially high interest credit card debt, is priority number one after graduation.

Start budgeting

Budgeting isn’t the most fun thing to do but getting in the habit early is a good idea. When you budget, you have a better sense of where your money is going.

You can use tools like Mint or Personal Capital to help automate the process and when you’re older, you’ll appreciate the wealth of historic information you’re recording now.

Cook more, eat out less

Your studies and your social activities will probably take up a big chunk of your time, so you’ll be tempted to eat out more than you cook if you’re not on a university meal plan.

Resist the temptation! Eating at a restaurant, even a quick service one, is far more expensive than cooking at home. In the beginning, you’ll be terrible at it. Everyone is.

But stick with it and try to cook as much as you can. It’s healthier, cheaper, and you’ll get better the more often you do it.

Take advantage of student discounts

Businesses give student discounts all the time. They know that students don’t make a lot of money and they still want your business, so they’re willing to give you a break if they know you’re a student.

Always keep your student ID on you and ask if a student discount is available – you might be pleasantly surprised.

Use your student loan for tuition only!

Some student loans are deposited directly into your student account and some are deposited directly into your bank account. If you have one of the latter, do not use the money for anything other than tuition and school related expenses.

If you have no other choice, you can use it on necessities but your goal should be to avoid debt as much as possible. Sometimes you don’t have any other options, and that’s understandable, but make sure before you saddle yourself with student debt.

Earn a little cash in your spare time

We all have downtime during the day and on weekends – try to find a way to turn that time into money.

Whether it’s taking on a side gig, earning some cash online through surveys, or something bigger – building a side hustle that earns a little extra money can pay dividends in the long run. There are a lot of sites online that will pay you money for small segments of work, or gigs, and you can easily finish them in 5-15 minutes of down time.

Jim Wang writes about money on his personal finance blog, Wallet Hacks. Get his strategies and tactics for getting ahead financially and in life by joining his free newsletter.

 

How to Fill Out the FAFSA When You Have More Than One Child in College

18 Jan

Got 2 or more kids attending college

Having one child who is heading to college can be stressful, but having to help multiple children at the same time can feel like too much to manage. While I can’t save you from a forgotten application deadline or the “how to do your own laundry” lessons, hopefully, I can help make the financial aid part of the process run more smoothly with these tips:

How many FSA IDs will my children and I need? How many FAFSAs do we have to complete?

An FSA ID is a username and password combination that serves as your legal electronic signature throughout the financial aid process—from the first time your children fill out the Free Application for Federal Student Aid ( FAFSA®) until the time their loans are paid off. You AND each of your children will need your own FSA ID. Parents and students can create their FSA IDs here.

Each of your children will need to fill out a FAFSA. Your children will also need to provide your (parent) information on their 2017–18 FAFSA unless they are going to graduate school, were born before January 1, 1994, or can answer “yes” to any of these questions.

Example: You have three children who are going to or who are in college. You’ll need four FSA IDs—one for you as the parent (only one parent needs an FSA ID) and one for each child. You’ll need to fill out three FAFSAs, one for each child.

Can I transfer my information from one child’s FAFSA to another so I don’t have to re-enter it?

Yes! Once your first child’s FAFSA is complete, you’ll get to a confirmation page. On the confirmation page, you’ll see a hyperlink that says, “transfer your parents’ information into a new FAFSA.” Make sure you have your pop-up blocker turned off and click that link.

TIP: If you want the process to go as smoothly as possible, your second child should have his/her FSA ID handy so you’re ready for the next step.

FAFSA 2017-18 confirmation-transfer sibling info

You’ll then see the alert below confirming that you want to transfer your information to another FAFSA.

FAFSA 2017-18 confirmation-transfer sibling info pop-up

Once you click “OK,” a new window will open allowing your other child to start his or her FAFSA. We recommend that your child starts the FAFSA by entering his or her FSA ID (not your FSA ID) using the option on the left in the image below. However, if you are starting your child’s FAFSA, choose the option on the right and enter your child’s information.


IMPORTANT:  Regardless of who starts the application from this screen, the FAFSA remains the student’s application; so when the FAFSA says “you” it means the student. If the FAFSA is asking for parent information, it will specify that. When in doubt, refer to the left side of the screen. It will indicate whether you’re on a student page (blue) or a parent page (purple).


2017-18 FAFSA Login Page Student or Parent

After you select the FAFSA you’d like to complete and create a save key, you’ll be brought to the introduction page, which will indicate that parental data was copied into your second child’s FAFSA.

FAFSA 2017-18 confirmation transfer sibling info success

Once you reach the parent information page, you will see your information pre-populated. Verify this info, proceed to sign and submit the FAFSA, and you’re done!

NOTE: If you have a third (or fourth, fifth, etc.) child who needs to fill out the FAFSA and provide your information, repeat this process until you’ve finished all your children’s FAFSAs.

I have education savings accounts (529 plan, etc.) for my children. How do I report those on the FAFSA?

You report the value of all education savings accounts owned by you, your child, or any other dependent children in your household as a parent investment. (Read “What is the net worth of your parents’ investments?” for more information.) If you have education savings accounts for multiple children, you must report the combined current value of those accounts, even if some of those children are not in college yet or are not completing a FAFSA.

Example: Child 1 and 2 are filling out the FAFSA. Child 3 is in 8th grade. They each have 529 college savings plan accounts in their names.

  • Child 1 account balance: $20,000
  • Child 2 account balance: $13,000
  • Child 3 account balance: $8,000

You would add $41,000 to any other parent investments you’re required to report and input it when asked, “What is the net worth of your parents’ investments?” on each of your children’s FAFSAs.

How does having more than one child in college impact the amount of financial aid my children qualify for?

Having multiple children enrolled in college at the same time could have an impact on your children’s eligibility for need-based federal financial aid.


TIP: We often hear about families who choose not to fill out the FAFSA again because they believe that they won’t qualify for grants or scholarships, especially if they did not qualify the previous year. This is a huge mistake, especially if you will have additional children entering college. Read on to learn why.


Schools use the following formula to determine a student’s eligibility for need-based financial aid:

Cost of attendance (COA) – Expected Family Contribution (EFC) = financial need

Let’s break down this formula:

Cost of attendance: This will vary by school, so if you have two children attending different schools with different costs, their financial need may be different, even if their EFC is the same.

Expected Family Contribution: The information you provide on the FAFSA is used to calculate your child’s Expected Family Contribution (EFC). The EFC is a combination of how much a parent and student are expected to contribute towards the student’s cost to attend college. The EFC is not necessarily the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. It is a number used by your child’s school to calculate how much financial aid he or she is eligible to receive. Since we recognize that a parent’s annual ability to pay doesn’t change as you have more children enroll in college, we divide the expected parent contribution portion by the number of children you expect to have in college.

Example: Let’s assume that all of your dependent children have identical financial information and that the calculated EFC assuming one child in college would be $10,000. Here’s how each child’s EFC would change depending on the number of family members attending college full-time.

Number of dependent children in college full-time Each child’s EFC
1 $10,000
2 $5,000
3 $3,333
4 $2,500

Financial need: Please note that schools differ (sometimes greatly) in their ability to meet each student’s financial need. To compare average school costs schools based on family income, visit the CollegeScorecard.ed.gov.


Nicole Callahan is a Digital Engagement Strategist at the U.S. Department of Education’s office of Federal Student Aid.

Photo by Getty Images

Off-Campus Life: The Good, the Bad, and the Happy Medium

21 Nov

Leah Steppe- Public Relations and Advertising, Peer Counselor
www.purdue.edu/mymoney

For Rent Sign

Deciding where to live while you’re in college is a big decision for most. It’s your home away from home. There are hundreds of different living options while you are in college house, apartment, duplex, or dorm. One way to narrow down your search is to answer one simple question… Do you want to live on or off campus?.

To help ease the decision let’s discuss pros and cons to living off campus.

Distance

Pro: Many housing options (house, apartment, duplex) are considered off campus but are actually within walking distance to campus.  Living within walking distance can be great for students who want to live close (especially students who don’t have a car) but do not want to live in the dorms.

Con: Living off campus can mean living OFF campus, be careful what you look for. Although, many residency options are close to campus, there are just as many that are not within walking distance and require additional transportation… Most places around Purdue University are less than 10 miles or closer to campus so the drive really isn’t bad. Check out our article “Is It Worth It to Own a Car In College?” to see if you can afford the cost of transportation or for ideas on other means of transportation, some apartment complexes even have their own shuttle service.

Cost

The cost of living off campus can be significantly cheaper than living on campus, but it’s all about how and where you live.

Pro: Living off campus can be cheaper if you live in the right place. Typically, living further off campus can save you money on rent but your transportation costs may increase.

Photo By DrJunge

Typically, the nicer the apartment (i.e more amenities) the more expensive it is so you have to be careful. Living in a smaller place with more roommates can also save money by spreading the costs of living with more people (not just rent, but utilities, transportation, and food too). You also have the ability to buy and make your own food which means you can save a lot of money if you shop wisely. If it is your first time on your own or you just want to learn how to cook for less check out “Suiting Up Your Kitchen” or “When Raman Just Isn’t Enough, Why you Should Cook!”to learn quick tips on setting up your kitchen and cooking more than out of a box.

Con: Living closer to campus can be more expensive because you have the luxury of living close to classes, food, and entertainment. Living in a nicer, larger apartment with many amenities can be more expensive as well. The cost is greater because the demand for those apartments will be higher and real estate is all about location location location.

Space

Zami student housingPro: Moving out of the dorms means having a lot more space. When you live in an apartment or a house you usually have your own bedroom which means no more sharing a bedroom. You also could have your own bathroom or one you share with 1 or 2 other people, which is better than a whole floor of people. Almost all apartments or houses are going to offer more space than a dorm, just be sure to do your research.

Con: You may end up paying more for that space though if you choose to live in an apartment complex with lots of amenities. The fewer roommates you have, the more space you have, but you typically end up paying more for a 2-bedroom apartment versus a 4-bedroom apartment. Also, it costs money to heat and cool all that extra space too, something you didn’t have to account for when living in the dorms and the heating bill can really add up in the chilly Indiana winters.

Lease

Signing a lease means you are locked into living in that space for as long as the lease says, unless you sublease your place. Most leases around Purdue University are for a full year which means you are responsible for paying rent even when school is not in session.

FDR signing paperPro: This can be a good thing for those students taking summer courses, working on or around campus for the summer, or if you just want to get away from home for a while.

Con: It can be a hassle though as a lot of students will go home during the summer which means paying rent for a place you are not even living at.

Deciding where to live while you are away at college is a big decision. Make sure you do some research before choosing a place because once you sign that lease it is difficult to get out. Here are some resources to check out for help in finding the right place for you:

  • Boiler Apartments
  • Purdue Housing Fair: Takes places once a semester on campus. Several apartment complexes hand out information about their apartments and free stuff! Dates will be announced at beginning of each semesters.
  • Purdue Off Campus Housing

The right place is out there for everyone whether it’s on campus, off campus, right next to campus, or somewhere in between. Just be sure to find the right fit for you and remember there are pros and cons to living on and off campus. When you find the right place it will not be a dorm, apartment, house, or duplex it will be your home.

Entering Loan Repayment? Tips for Recent Grads

16 Nov

repay-banner

Whether you’re a recent graduate whose loans are just entering repayment or you have been making payments for several years, there is a very real chance that educational loan payments may be causing you a financial hardship. For recent graduates, there is a lot of info covered in federal exit counseling and it would be easy to have missed some of it.

Loan Servicer Navient has put together a list of their Top 10 Things to do Before You Make Your 1st Loan Payment. The key to successfully repaying your loans with any Loan Servicer is understanding your responsibilities as a borrower and the wide range of tools available to help you throughout repayment. Your Loan Servicer doesn’t want you to default and you definitely don’t want to default on your loans either!

While there isn’t much that can be done about the amount you owe since you’ve already borrowed it, you can still choose from several different options for repayment.  The Institute for College Access and Success created a Top 10 Tips for recent graduates, a handy reference for borrowers.

Unless you chose otherwise, you’re probably enrolled in the Standard Repayment Plan which spreads your payments evenly over 10 years. This is both the default plan as well as the most aggressive repayment option available. However, there are several other options a borrower can choose which can limit the repayment per month to 10% of  discretionary income and reduce payments to as little as zero dollars per month (depending on income). For more information, check out Acacia Squire’s piece in NPR about her experiences and what options may be available to you.

 

 

A Procrastinator’s Guide to Making Your College Class Schedule

14 Oct

When you think of that person in college who is always on top of everything, has their classes for next year already figured out and knows every stop from now to graduation then you’ve basically described the opposite person of me. Organization and planning never came easy for me, not that I ever really cared much about it. However, as life got crazy busy for me in my last couple years of school I found that I needed some ways to keep my life together as I was figuring out the next semester’s classes come registration time. Here are some tips that can help fellow procrastinators plan their semesters.calendar-schedule-procrastination

Start off by checking out your degree plan (your myPurdue Plan) and what requirements you need to stay on track toward graduation. While there’s seemingly a million things early on, you tend to see the light after a couple years and the classes that you need to take later become fewer. Pro Tip: leave a few generals classes for your last year – they typically have multiple sections and are easy to schedule around that senior seminar class that is only offered once per year. Once you know what requirements you need to check off and what classes you might be interested to do so, it’s time to meet with your advisor.

Before you sign up for classes, most colleges force you to meet with your academic advisor. Even if they don’t, it’s something you should try to do. However, that’s not to say that it should be the first part of planning your next semester. Your advisor is much more effective if you come prepared! Having the previously mentioned wish list of classes and what objectives you have left using your myPurdue Plan worksheet will make your meeting much more productive and give you time for those other questions your advisor can help with, like internships and post-grad plans.

So now you know what classes you should be taking and have your other questions answered it’s time for actually signing up. The key here is knowing your life. Not everyone is cut out for 8 a.m. classes. If you’re going to skip for sleep rather than go, find a way to work around it rather than handicapping yourself. Try to spread out your difficult classes, both across semesters and across days of the week.

Also take into account your life outside of class. If you have to work, have an idea of what your schedule might look like. One of the positives of having an on-campus job is that they tend to be able to fit hours in around your schedule rather than trying to get you to do the opposite.

Plan on taking 15 credits every semester! If you take 12 one semester, you have to make it up somewhere down the line and that sets you up for a potential 18 credit nightmare. This will keep you on track to graduate in 4 years. Not staying on track for 4 year graduation has a whole host of potential issues that come up including the costs of extra tuition & lost wages from not working, losing state financial aid, and running out of federal financial aid  and 4-year scholarships.

Once you’ve taken care of the scheduling aspect, everything else starts to fall into place. You know your class times, you can figure out what time you’re busy with student organizations, you can fit in your work schedule and then everything else is left over for leisure, study, and class work time. Classes typically only take up less than 20 hours per week of actual in-class time. If you add that plus a mythical 12 hours of sleep per night, and 12 hours of work each day, you still have 52 hours of free time to devote to everything else (including homework) in a week. The key is finding a stable pattern that can help you take care of what you need. For us disorganized and unscheduled people knowing that you absolutely cannot procrastinate a project until tomorrow because your only actual time to work on it is today can make a world of a difference. If you have a relatively consistent schedule you can know this rather than being overwhelmed the next day because that paper is due tomorrow but you’re supposed to be at a club meeting tonight!

Other random tips:

Use ratemyprofessors.com to get an idea of what instructors are best.

Seriously, use a planner or calendar or something to put down when papers are due, when tests are, and other big events that could get in the way. I had at least half the crisis moments when I could actually see when I would have busy times coming.

Figure out your study style. Some people need to read and highlight, some people need to write and rewrite notes, and some learn by teaching it to others. If you’re spending hours every night in the library for one class you’re probably doing it wrong.

Also, your ideal study & homework time! I killed it between dinner and bed time but couldn’t find motivation earlier in the day. Some people do it right after class, it’s up to you to figure out!

Remember that you can’t teleport from one place to the next. Factor in travel time!

Healthy Eating on a College Budget

29 Sep

Heather Kessler, Purdue University Alumna
www.purdue.edu/mymoney

healthy-eating-on-college-budget

Is it really possible to eat healthy while on a small college budget? There are many guides on the internet offering advice on this topic. I’ve gone ahead and broken down a few of the most common suggestions.

1)      Always have low-budget healthy staples on hand.  This is just a small list of what can be helpful to have in the pantry or fridge at all times.

list of healthy foods

2)      Have a plan before you shop.

  • Check to see what is on sale that week at local grocery stores, and what coupons are available
  • Make a menu for the next week (or two)
  • See what you already have in stock in your kitchen
  • Make a list of the other items you need
  • Stick to that list while shopping for items
  • Try to stay around the perimeter of the grocery store as this is where the healthy produce tends to be.  The aisles usually contain items that have been processed and are not very healthy.

grocery store producs

3)      If you struggle with buying more when you have a card, plan how much you are willing to spend ahead of time and get just that amount in cash.  This will help you keep to your pre-determined budget and be less likely to overspend.

4)      For fruits and vegetables try to stick with what is in season and on sale, as it will keep the prices down.  Frozen vegetables are also good to use and will keep longer (and can usually be found at lower prices than fresh vegetables).  Canned is okay, but they tend to use more preservatives in the canning process.

5)      For lean protein on a budget, try to stay with white meats.  Chicken and turkey are both great options.  If you are willing to spend a little more money, salmon or tilapia offer wonderful health benefits.

6)      Whole grains offer the most nutrition for the dollar with items such as bread or pasta.  Try to avoid white bread and pasta since they are processed and most of their nutrients have been taken out.

Try not to waste any of the food you have, you invested good money into those items and they should be used.  If you need ideas on different entrees to make with the same ingredients Pinterest or The Food Network have many different ideas and they are easy to navigate through.  Here’s to healthy eating and more money in your bank account!

Your Federal Loan Repayment

23 Sep

Honest businessman

Alanna Ritchie is a content writer for Debt.org, where she writes about personal finance and little smart ways to spend (and save) money. Alanna has an English degree from Rollins College. Join our Debt.org Google+ Community

repay-banner

As you fill out your intent to graduate forms and begin looking into the post-college future, your stomach might start to turn. You might start to panic and it may become difficult to breathe as you start imagining your monthly student loan payments. Stop, take a step back, BREATH, and let’s think about the situation.

But guess what? There’s good news!

Not only do you have a six month grace period after you leave school or drop below half-time attendance for your federal student loans, you also have numerous options for repayment plans. A grace period is a period of time after borrowers graduate, leave school, or drop below half-time enrollment where they are not required to make payments on certain federal student loans. Some federal student loans will accrue interest during the grace period, and if the interest is unpaid, it will be added to the principal balance of the loan when the repayment period begins. Repayment plans are designed to accommodate the needs of graduates entering the job market and receiving introductory salaries, while carrying the responsibility of handling additional bills, like rent, insurance, gas and groceries.

You do have options. If the standard ten-year plan with fixed payments is too much for you to handle, contact your lender to negotiate payments that match your budget. Not sure who your lender is? You can view all your federal loans and their lenders online from the National Student Loan Database.

Which Plan Meets Your Needs?

Cartoon Family Portrait

Federal student loans come with a variety of repayments plans that are offering based on requirements such as income, family size, or loan type. Examples of federal loans include Direct Loans or Federal Family Education Loans, which could be Subsidized Stafford loans, Unsubsidized Stafford loans, or PLUS loans. There are three main categories of repayment plans for you to consider.

First, the Graduated Repayment plan will allow you to begin making lower payments. Although, like the Standard plan, this plan must be completed in ten years, the lower payments gives you time to increase your salary. Every two years, your monthly payments will increase.

Second, if the Graduated plan is still more than you can afford, the Extended Plan allows you to take up to 25 years to repay loans. There is more flexibility with this option, as you can choose between a fixed or graduated payment.

Finally, there are four different repayment plans that consider your income as a factor. Some of these plans also consider factors like family size, spouse’s income, and total amount of loans. Although these have similar-sounding names, each has specific requirements and formulas which influence the monthly amount you will owe.

Four plans with income factors:

Federal Loan Consolidation

While you are researching different payment cycles and methods, you may consider a Federal Loan Consolidation. A Federal Loan Consolidation allows you to merge all your Federal Student Loans into one loan. This can include your Subsidized Stafford Loan, Unsubsidized Stafford Loan, and Perkins loans. Once all your Federal Student Loans are merged into one loan, you will only have one monthly payment and one interest rate attributed to the loans. However, note that this will likely not reduce your overall interest rate since it is weighted by loan. As you can see, a Federal Consolidated Loan may allow for an easier way to manage monthly repayment.

How Can You Prepare Now?

cartoon roadmapGet in the habit of putting a portion of your paycheck in savings now, before you start paying back your loans. This will force you to make a budget and spend less every month, so when the time for repayment comes, it will be easier to part with this percentage of your paycheck.

The money you save up during your grace period can also be used as an emergency fund of accessible cash for unexpected situations. This cushion can enable you to afford your loan payments even when you have unexpected expenses such as a flat tire, broken arm or speeding ticket. Preparing yourself for the future can protect your loan debt from growing any larger.

Make sure your loan servicer has updated information, including your phone number and email. Your servicer will need this information in order to communicate any new information on your loans, including when your next bill is due.

Choosing a plan and taking a proactive approach with your finances can help you smoothly adjust into your repayment period.

Cost of Attendance: Explained

21 Sep

Whether you know it or not, there is a limit to how much financial aid you can receive in a year. This is reflected in your Cost of Attendance (COA), which is sometimes referred to as your “budget” when speaking to a financial aid counselor. It includes 1. Tuition & Fees; 2. Housing & food; 3. Travel; 4. Books/ Supplies; and 5. Miscellaneous (think laundry or other random expenses). Your COA is NOT what you are being billed, rather it is an estimate of the total cost of attending school for one year.

  1. Tuition is the biggest variable between students when it comes to COA. The three different standard levels of tuition are based off of your residency as shown on the chart. This will also include your differential fees as well.tuitionfees-image.jpg
  • Differential Fees are added tuition costs for certain colleges or with specific majors (Engineering, Krannert, Polytechnic, and Computer Science).
  • Then, there are fees for classes like horseback riding, wine tasting, etc. While these are added to your bill like Differential Fees, they are not automatically added to your COA! The exception is the course fees for Aviation Tech majors.
  • These Differential and Course Fees are the same for every student regardless of residency.
  1. After Tuition & Fees, everything else other than Travel is the same for each student’s COA, regardless of their residency.housingfood-image
  • Outside of tuition, your biggest expense is almost always going to be your housing and food.
  • If you live on-campus or have a meal plan, this will be included in your bill from Purdue.
  • However, if you live off-campus it will not be on your bill but will still be included in your COA.

Your COA says that on average you should be spending $10,030 combined for your housing and food costs. Depending on your situation this might be much higher than you actually need or it might not be enough.

  • If you find that your housing and food costs will be significantly lower, consider borrowing less if you are taking out student loans.
  • If it is much higher and you need financial aid to help, contact the Financial Aid office.travel-image
  1. The travel portion of the budget is one that will end up extremely different from one student to the next. This is generally meant to be enough for a student to visit home twice throughout the year, but as you can bet the $370 is woefully inadequate for an International Student unless you’re driving to the closest areas in Canada from West Lafayette.bookssupplies-image
  1. Books and Supplies attempts to estimate the costs for your textbooks and other supplies needed for the year (pens, folders, notebooks, etc.). You may also consider using this money in order to buy a computer for yourself in order to do your classwork. If this is the case and your current aid will not be enough to cover it you may consider contacting the Financial Aid office to help increase your budget.miscellaneous-image
  2. The Miscellaneous category are all of the other incurred student costs that don’t fit neatly into the other categories. Costs like toiletries, laundry, clothes, and other personal expenses are included in this diverse category. Although they are smaller purchases, if they are unaccounted for, they can chip away at anyone’s budget.

If you feel like your Cost of Attendance is not representative of your costs of being a student at Purdue for a year and gives you too little room for aid, please contact our Financial Aid office. Conversely, if you find it is higher than you need and you are borrowing to help finance your education, seriously consider taking less in loans! Every dollar you don’t borrow is one you don’t have to pay back – with interest. You are also able to have allowances for child care or other dependent care and costs related to a disability, which is also added into your COA, but you must contact the Financial Aid office for assistance.

Keep in mind that if you increase your Cost of Attendance, that only increases how much aid you are eligible to receive! If you already have less aid than your COA, you probably won’t be getting more just by increasing it.

Financial Aid Contact Information:cost of attendance explanation.jpg
Walk-in appointments in Schleman Hall room 305
Call-in at 765-494-5050
Both available from 8:00 a.m. – 5:00 p.m. EST Monday through Friday.

Need a Part-Time Job During the School Year?

16 Sep

www.purdue.edu/mymoney

broadcast-purdue

Are you worried you won’t have enough money to have fun while you’re on campus this fall? If your parents have finally gotten sick of you asking them for money, you might consider getting a part-time job on campus. I know, I know, being a student is a full-time job, but how else are you supposed to keep up with the latest trends and enjoy a cup of Starbucks every few days? Especially without racking up more debt than you may already have from student loans. Earning a little extra cash during the school year not only helps you financially, but as reported by Student Employment Services at Purdue University, working 8-12 hours per week may actually help in academic performance and student retention.  Probably because working students learn better time management skills.

Now that you’ve decided (or have been bullied into by your parents) to get a part-time job during the school year, START EARLY! This will give you an edge on everyone else searching for part-time jobs near campus.  If you want to work on-campus you have a variety of options, or if you’re willing to go off-campus, you will have even more options! To start your search for on-campus employment I would recommend you start here:

Start here for specific student employment options. Purdue University’s Student Employment website is a comprehensive job posting website with on and off campus opportunities.  This site is especially helpful if you need to search specifically for a work-study position.

Are you looking for other employment opportunities on campus?  Check out the different employment websites listed below.

Be sure to follow @Hire_A_Boiler on Twitter for daily tweets about job openings that were posted that day and other job searching tips!

Other options for employment near campus include the bookstores (either Follett’s or University Bookstore.) Also, there are plenty of restaurants and stores around campus that hire students. Just walking down the Chauncey Hill or the Levee opens more options for employment. There are plenty of restaurants there and a few shops that hire students. Make sure you get there early though; they often have to wait and see if their regular employees will be returning in the fall, so it’s good to get your name and face in their brains. There are enough employers hiring at any given time, that if you want a job you should be able to find one!

Can’t find anything there? If you are looking through alternative resources to search for jobs online BE CAREFUL!  Some online job postings sites may not screen their job postings and it could lead to a scam.  You can research the company’s track record and see if any complaints have been made through the Better Business Bureau. A safer option would be visiting a particular company’s website to see if they are hiring, or you could even call or stop by and ask for an application. Both West Lafayette and Lafayette have companies that hire part-time workers, and most of them are often hiring. If your job search isn’t going as well as you would like, don’t give up! Maybe you could work at Starbucks instead of that little coffee shop on Chauncey. If you have a close friend who works somewhere, ask if they can get you an “in” and have them tell their boss how great you are.

Good luck in your search!

Be sure to leave any job openings nearby or job searching tips in the comments! 

Renters Insurance: Pros & Cons

13 Sep

Chris Bibey is the founder of Finance.info, a website providing personal finance advice from the pros.

No matter if you are renting an apartment as a college student or a single family home as a young professional, you are going to have many financial decisions staring you in the facestudent-housing-ww.jpg.

One of the most important questions you have to answer is this: Should I purchase renter’s insurance or opt against this coverage for the time being?

Like any sort of insurance policy, you need to compare the pros and cons to ensure that you are making the right choice. Upon doing so, you will have a better idea of how to move forward.

Pros

Most people soon find that the advantages of buying renter’s insurance greatly outweigh any perceived downfalls. Here are several benefits you don’t want to overlook:

  • It is affordable. While home insurance can often times be expensive, this is not the case with a renter’s policy. For approximately $10-$15 per month, you can receive up to $50,000 of personal property coverage. These numbers are rough estimates, but give you a good idea of just how affordable a policy can be.
  • The ability to add liability coverage. In addition to coverage for your personal property, liability protection is a big deal. For instance, if somebody is hurt on your property or your dog decides to bite a neighbor, you will be protected.
  • It’s easy to obtain: Plenty of companies offering high quality renter’s insurance. Regardless of where you live, you won’t have a difficult time finding an agent who can provide you with the policy you are looking for. Investigate your current auto or life insurer, they too can have renter’s insurance policies and bundling insurance policies could save you more money.Acer Laptop

Cons

Generally speaking, there are not many disadvantages of renter’s insurance. However, here are a couple of things to keep in mind:

  • Deductible: Like any insurance policy, there will be a deductible attached to this coverage. This is the amount you will pay out of your own pocket before your policy kicks in.
  • Another monthly expense: Although renter’s insurance doesn’t cost a lot, this is an expense you have to add to your budget. Can you afford it?

Now that you understand the pros and cons of renter’s insurance, it is time to decide if it is right for you.

If you rent an apartment or home, this is a relatively cheap type of policy that can provide you with personal property and liability protection. Most agree that carrying some sort of coverage would be in their best interest. How do you feel about this?

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