An analogy for college students and Monopoly lovers

I was never a fan of handing over those yellow paper dollars to my opponent because I landed on his piece of property on Illinois Ave. Just like handing over those fake paper dollars in Monopoly, paying off student loans will feel the same way. But in the game of Monopoly, it does feel better when I make an investment by buying a piece of property. And paying off student loans should feel like making an investment in Monopoly. Though at first all you see is money being taken from your bank account, later you will see the results when people start paying you for landing on your square… Or rather when your student loans diminish. There are positives to making those monthly payments. The burden is being relieved.

Photo by Mikael Miettinen

Payment Options for Student Loans

There are 4 options that can all be negotiated with your lender, whether it was a private lender before the law on private student loans changed, or whether your sole lenders are companies backed by the government. After graduation there will be a 6-9 month grace period where graduates will not have to pay off student loans, so they have time to look for a job (so they can afford the payments). Unless the graduate is in forbearance with their lender, which allows more of a grace period, he or she will start paying off loans with an amount that is negotiated with the lender. The minimum is usually about $50. Graduates are able to switch their payments to larger payments monthly. The most important thing is to stay on the same page with the lender.

Payment Option 1: Standard Payment

Graduates who have found a well-paying job soon after graduation will start paying off loans in the form of standard payment. This is the best option because loans will be paid off after 10 years, and it has the best interest rate. While this is the quickest payment option, it is also requires the highest monthly payments.

Payment Option 2: Graduated Payment

Writing a check

This option is for graduates who have found a job that starts off with a decent wage that will steadily increase over time. The loan payments will start off by mirroring the small wage and over the next couple of years for the next 10-30 years the payments will increase like the graduate’s wage.

Payment Option 3: Income-Based Payment

This payment option is set up so that monthly payments will be based off of what the graduate is making in their current income. This is for those who have seasonal jobs, or jobs that fluctuate with seasons. With this option, graduates will have 15 years to pay off their loans.

Payment Option 4: Long-Term Payment

This payment plan has the worst interest rate, because the payer has chosen to pay the least amount per month. This means that by the end of the 30 years it takes to pay off the loan, the loan payer will have paid almost double than they initially borrowed.

If you have questions about any of these options, contact your lender. Or ask your mother, she usually knows.

Right now is the perfect time to do some post-spring deep cleaning out of closets, bookshelves and garages. School has just ended for those on the quarter schedule, and behold it is summer. Whether your closets are bulging with clothes, your bookshelves are bending from too much weight, or you’ve got an unused bike in the garage collecting dust, think about recycling your stuff to businesses that would buy them from you. Some extra cash and extra room sounds nice, does it not?

Selling Clothes

When selling clothes there are a couple of things to look for, before taking them directly from closet to store. Most shops only take clothes that are in good condition. Which means:

Photo by apreche

• rip and tear-free
• no loose seams
• stain-free
• good condition

Some shops may only take clothes that are ‘in season.’ This means during summer season they will not take winter jackets, and during winter they will not take shorts and tank tops. Keep these things in mind, so you aren’t rejected for all of your winter clothes when you go in during July. You can call certain stores like Buffalo Exchange and ask what kinds of items they are currently buying from sellers. Some other places you can sell clothes: Plato’s Closet, Ebay, Crossroads Trading

Selling Books

Depending on where you sell your used books, there are certain things that buyers look for. It is most likely that buyers will not buy a book if it has these qualities:

Photo by Rob Enslin

• Rips, tears, stains or odors
• Tape repairs
• Beaten up, in worn-condition
• Covered in stickers or price markings from other stores
• Writing or highlighting (with the exception of owner’s name in front)
• Pages falling out
• Broken spines/bindings

These are the qualifications for Powell’s Books in Portland, OR. It is also mentioned that the prices they pay for books, online or in-store, are based off of what they think it will sell for, as well as the ‘desirability, current and historic market values, in-print prices, conditions, and [their] current stock levels.’ Some other places you can sell your books: Cash4books, Half.com, Barnes & Noble, Amazon

Selling Bikes, old furniture, televisions, etc.

When selling old bikes, furniture, televisions and other things that are stowed away in the garage, there is usually more leeway when it comes to pricing, because it’s the seller who sets the price. Selling these items is usually done online so the price is comparable to the quality. Here are some websites where you can sell your stuff: Craigslist, Ebay

Photo by jayhay312

Summer 2010. We are moving back home, some to our parent’s houses, some to an independent and cheap apartment. So begins the vacation that has been looked forward to for the past 13-15 years of life. There are so many possibilities for what this summer holds, and there are ways of holding onto it longer than the short 3 months that the big guys in administration give us. So to make it go by as slow as possible, here are some ways to savor this summer, whether you are working at the gas station or within a close proximity of cleaning products that your mother has bestowed upon you. A job is a job, and with or without one you can take advantage of copious amounts of sun and a lack of nagging professors.

Hold onto it with two hands, fists clenched.

1. Take a lot of pictures. Whip out that D60, disposable, point & shoot, or iphone. That’s probably the most tech-savvy option.
   

   Road Trip

2. To take pictures, you first need some kind of adventure. Take a road trip and visit a historical landmark that’s nearby but has always been too touristy for your taste. Fanny packs and ugly sandals aren’t that bad.
3. If you are working this summer, enjoy working while you do. I say, no excuses for monotony unless you are Will Ferrell in Stranger than Fiction.
4. Have a garage sale for some quick and easy money. Getting rid of stuff and slapping a price tag on it is one of the easiest ways to make money, especially during this time of year. ‘Tis the season to go garage sale-ing.
5. Remember that place called college? Forget about it, at least for the approximate 3 months that we have. You will have plenty of time to go back and think about it all you want. But for now, think summer and no school.
6. If you’re in summer school, take a deep breath and say, “I’m getting ahead.” Repeat 3-5 times.
7. Do as many things outside as possible. Help your grandmother with her garden, play Frisbee in the park, read in a hammock.
8. Listen to summer music and watch summer movies. Personally, nothing sounds more like summer than country music which is my guilty pleasure. And no movie says summer more to me than Stand By Me. And while we’re on the subject, nothing smells more like summer to me than Aloe Vera.
9. Learn something. Even though it’s summer, it doesn’t mean we have to remain stagnant. Brush up on a foreign language, check out a book on Russian history, learn how to cook Cajun cuisine or how to do East Coast Swing.
10. Go to a music festival with a group of friends. Camp out, stay up all night, listen to tons of music.
11. Take plenty of trips to large bodies of water i.e. ocean, lakes, rivers. Any beach you can find will suffice. Lather up on the sunscreen too.
12. BBQ your heart out.
13. Stow away those winter scarves and sweaters and bring out the shorts.
14. Sell those old books! Half.com is a great place to sell books if you don’t end up selling them at your school’s bookstore.
    

    Photo by umjanedoan

    And you can usually get more for your books when selling online or in stores that buy used books.

15. Take a bike ride. If you don’t have a bike yet, look for one on craigslist.
16. Drive with the windows rolled down and the music turned up loud. This is the epitome of summer.

Though we would like to play ultimate Frisbee all day, read books of our choice all night, and make time for eight hours of sleep in between all of that, it isn’t possible while being an employed student. The reality of college life is that there are hours spent daily on textbook readings, writing papers, working so that tuition is paid for, and then class. For some reason I thought I would be much more willing to do work once I was in college. And that is partially true, because what I am learning is applicable to my future career and that glorious diploma.

But overall, there are just a lot more activities cramped into a smaller amount of time. That is the college life, and we are supposed to deal with it somehow. There are some practical things students can do to balance a life of school, work, sleep and play. So why didn’t they tell us these things before we started this kind of life? Because they say we are supposed to learn on our own.  They are right in doing this. But now I will tell you some things that have been helpful to me on this journey thus far.

Juggling Work, School and Life

1. Addressing procrastination: If I would have realized it was okay to say ‘no’ to friends, then I would have said it a lot earlier and a lot more. But one of the issues (partially) is that there is always a trip to Bubble Tea or another episode of Lost being watched. It’s so easy to make the decision to put off homework until 11 pm. And then when the time comes to do work there is a lack of motivation and an overwhelming presence of drowsiness. For me, the drowsiness usually trumps the little motivation that is there and I submit to defeat once more. The moral of the story is, just say ‘no’ when you know you should go do what needs to be done.
2. Having a flexible job is extremely helpful when you are a student. During the weeks when classes are heavier, it is reassuring to be able to reschedule work around big exams and study sessions. The flexibility may rest upon the duties of the job, your employer, and other factors. If working for your school, chances are they are going to be more flexible when it comes to your hours and your schedule around high-stress weeks. Even the fact that you are a student should be proof to your employer that you are a student first, but your job is still important to you. All in all, try to find a job with flexible hours in case school gets too heavy.
3. At the beginning of each quarter or semester, create a schedule for classes, work, important events and deadlines. Having this information down in print will be a relief when deadlines are approaching and stress levels start rising. Having a schedule and sticking to it is the goal. If this goal is attained, you have succeeded in self-discipline and organization skills. Juggling classes and work is no easy task, but it is definitely doable.
4. Pencil yourself in. Intentionally take time out of your week for yourself. This time should be spent doing whatever it is that you love, or whatever will keep the big picture in mind. Whether it is going for a run, playing a good game of chess or laying in the grass and looking at the clouds, make that time for yourself during the hustle and bustle of the week that requires more work than play.
5. Go to bed and wake up at the same time everyday. Doing this will help you get into a groove for your schedule, regardless of what you have planned for the day.

Best of luck to you on balancing the different aspects of your life. Knowing what your priorities are is key. Do this and you will not have to worry about missing deadlines because another area of your life is too overwhelming.

Working in retail is a good idea

I think that most of us could agree, as college students, that we are not in college so that we can earn a job in retail sales. Nothing against the industry—it’s huge and there are a ton of great opportunities with great employee benefits—but it is highly probable that students in college are earning a degree to go towards something else. But I want to point out too that there are some great things about folding clothes and working in a fast-paced environment, that will make students more hirable (and also that retail isn’t just folding clothes). First of all, not every one is cut out for a job in retail. I say this because it is not a walk-in-the-park like high school students make it out to be.

Since it does require hard work, it is a job worth considerably taking this summer. And why would we want a job that requires hard work? Because it is helpful to our resume and our future career.

Retail realities

• According to Wikipedia:

Retailing consists of the sale of goods or merchandise from a very fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser.

• Working in retail requires: Hard work (sometimes for little pay), good customer service, problem solving skills
• Retail is the second largest industry in the U.S. Therefore, it’s a huge driving force in the country’s economy and there are a lot of opportunities to receive jobs in the industry.

Rewards of the industry

• Retailers usually offer employee discounts, which are helpful if it is a store that holds a lot of practical items.
• Depending on your status as an employee, whether you are part-time or full-time, retailers offer employee benefits such as vacation time and health insurance
• If it’s a seasonal job, there is no obligation to coming back and you can be up front that you will move on to other opportunities, be them school or a career of your interest.
• The hours are very flexible to change around school schedules (or spontaneous road trips during the summer). Though work is never something that should be blown off, retail is great because it gives employees the opportunity to have a flexible schedule.

*Photo of sign by: sylvar Photo of cash register by: House of Sims

If you’ve already checked the cushions…

There is always the option of hand washing and hanging to dry. Which really is not as bad as it sounds. It can’t be worse than an overflowing dirty clothes hamper, weeks overdue of a wash. But this is what happens when our pockets are dry of quarters. There is always the option of begging, too. But here are some more practical options for getting some short-term work and some quick cash.

• Be first in line to sell your books at the end of the semester—that way they sell for more!
• Sell some clothes at a second-hand store
• Offer to babysit for a friend on a Friday or Saturday night, so they can have a break and you can make some quick cash
• File your taxes and get back any income taxes that have been taken out of past paychecks
• Have someone pay you to file their taxes
• Take part in an on-campus research study that pays people to participate
• Offer to do someone’s chores, in return for a small stipend
• Take back cans and bottles
• Are you crafty? Do you know how to crack an egg and mix? Make things and sell them for cheap
• Sell stuff on Craigslist—it’s the easiest way to make known your uselessness for something and then get rid of it, while putting some cash (or quarters) into your pocket
• Wash cars, mow lawns, weed out yards for families in your neighborhood
• Donate plasma
• Participate in online surveys, answering simple questions, to make quick money through Amazon Mechanical Turk

Most of these suggestions probably will not be able to pay for your tuition. But most of them will get you at least one clean load of laundry. Which is what really matters, right?

*Photo by Ingorrr

It’s better than a 6 hour shift at the Buy More.

Do you despise retail? Monotonous office work? Being mocked by chicken McNuggets at your friendly neighborhood McDonalds? I have good news! A job that is in high demand is being a nanny. Nannies get paid well, they have the joy and pleasure of taking care of someone else’s children, and they learn some life lessons along the way. Don’t get me wrong, it’s a tough job. But from the little experience I have with taking care of children, and the stories I have heard from friends who are nannies, it is a job that is more than worth the time, money and hard work. And men, know that this job is not limited to women.

Some prerequisites for the job:

• Being able to withstand long hours with hyper children
• Minimal knowledge of using an oven, microwave and stove to cook
• A foundation of trust with the parents, therefore showing them that you are responsible
• Having the ability to be a disciplinarian when necessary
• CPR training, or willingness to become trained
• Previous nanny experience

The experience needed is heavily dependent on your employer’s desires.

Something that is not necessary (but definitely helpful) is being able to connect with children, not only as an authority but as a friend. This can be accomplished by speaking in a tone you would toward peers rather than children, by speaking to them at their height rather than above them as an authority (but knowing when to be the authority), and assigning them tasks so they feel important and trusted. But let us focus on getting the job first.

Nanny resources

There are a ton of nanny networking websites that allow you to set up profiles and submit applications to agencies and resources available for parents in need of a nanny. Here are a few of the top nanny websites:

• www.nanny.com
• www.nannies4hire.com
• www.sittercity.com
• www.care.com

This is a great job for anyone looking for a full or part-time job during the school year or for this summer. Becoming a nanny is a good opportunity for anyone willing to earn a decent wage and gain some experience that may come in handy in the future with your own children. Remember that there are tons of families in need of someone they can trust with a responsible adult. So if you are up for the challenge, then roll up your sleeves and become a nanny.

Getting inside the mind of a scholarship winner

I’ve been researching the qualities and attributes of scholarship recipients from scholarship search services such as Fast Web and College Board, and I’ve noticed that there is something different about these students. It’s not that they are home schooled individuals who went to bed dreaming about The Golden Ratio, or didn’t have any friends growing up because they were overly dedicated to their schoolwork. No, that’s a stereotype. What I am talking about are scholarship recipients, who are creative, innovative, out-of-the-box thinkers. These kinds of people will thrive in our culture, because everyone is looking for new ideas so that their business can become bigger, better and more established.

You are a creative, innovative, out-of-the-box thinker

Don’t look over your shoulder, I’m talking to you. Education is one of the ways that shapes us as individuals, shaping an extent of our identity. Be it Math, English, Web Design, Linguistics, or Biology, the ways in which we learn as well as the content we learn expands our mind and teaches us to think differently. A math major will look at the world differently than an English major and a student majoring in Web Design will look at the world differently than a student majoring in Biology. And beyond our education, there is experience which is dense and inevitable. Are you getting my point? We are all unique individuals, just like Mr. Rogers probably said, and we each bring something different to the table. When applying for a scholarship, being set apart is the key. Whether the set-apart-ness is big or small. But we don’t have any excuses if we think we are inept to fulfill this duty. Here’s how to get that free money:

• Answer the question and follow the instructions.
• Be real, and add your own experience to what you decide to write on.
• Be original.
• Be grammatically correct.
• Know that you have a chance.
• Think before you write. Brainstorm some good ideas and create an outline to help you get going.
• Show what you are trying to say through stories and examples, individualizing your essay while demonstrating the point you want to make.
• Know your audience.
• Develop a theme. Don’t simply list all your achievements. Decide on a theme you want to convey that sums up the impression you want to make. Write about experiences that develop that theme.

What the scholarship givers look for:

• A positive and confident attitude
• A clear definition of who you are and who you want to be
• An assessment of your top skills

And here is what NOT to do. And here’s some more of what not to do.

Did tedious just become easier?

That’s what three members of the Department of Education in September 2009 explained to hundreds of high school counselors who gathered in Baltimore to hear the changes being made to the Free Application for Financial Student Aid. Hey, that applies to us! The Obama Administration announced the changes in June and they have been in effect since the beginning of this month.

Some Facts on the 2010 FAFSA

• The online application, which previously asked for more than 150 questions, now asks 22 fewer questions
• The applicant will be led to 17 less web screens than they would have in 2009
• Applications online for the FAFSA must be submitted by midnight Central Daylight time, June 30, 2010
• Corrections made to the application must be submitted online by midnight Central Daylight Time, September 21, 2010
• The online form is now more organized into categories such as, “student demographics,” “parent demographics,” “basic eligibility” and “dependency status”
• Once an applicant has filled out the application online, it will give an estimate of the student’s Pell Grant, giving them a figure of their eligibility for student loans
• Students who are married or are over 23 can skip over a section of parent finance questions that no longer apply to them
• Low income students no longer have to go through questions of assets that are irrelevant to their situation
• Students who are applying for aid in the spring 2010 quarter are able to upload their IRS tax data directly into the online FAFSA forms
• Full summary of changes on the FAFSA

There are several different ways to pay for college…

Deb: Um, hello. Would you like to look like this?
[holds out a photo]
Napoleon Dynamite: [Napoleon takes the photo and looks at it] This is a girl.
Deb: [Deb continues nervously] Because for a limited time only, Glamour Shots by Deb are 75% off.
Napoleon Dynamite: I already get my hair cut at the Cuttin’ Corral.
Deb: Well, maybe you’d be interested in some home-woven handicrafts?
[Scene continues after Rex Kwon Do TV ad Kip's watching]
Deb: … And here we have some boondoggle key chains. A must-have for this season’s fashion.
Napoleon Dynamite: I already made like infinity of those at scout camp.                                   Deb: I’m trying to earn money for college.

Though making home-woven handicrafts would be quite fun, you don’t have to earn money for college the way Deb chose to. There are other options.

1. Join an on campus group that offers free room & board. A great option for anyone with great leadership abilities who wants to be involved. For example, a Residential Advisor. Look into the benefits of positions on campus that are related to residential life and food services.
2. Attend your campus wide Job Fair: Bring a resume, dress well, and pay for college by working it off through an on or off campus job .
3. The Summer Melt is an opportunity few know about. It’s the time right before fall term when students resign their spots in a university, thus resigning their scholarship money. Writing a letter to your financial aid office asking for more money doesn’t hurt, and usually helps.
4. Write a killer scholarship essay, and use it for multiple scholarship entries. Kill multiple birds with just one sweet stone.
5. Join a free scholarship search service such as Fast web, College Board’s Scholarship Search or Sallie Mae and let them find scholarships for you to apply for.
6. Using Advanced Placement credits towards college means super cheap college credit.
7. Have the government cancel all or part of your educational loans by qualifying for loan forgiveness. To qualify for loan forgiveness you must match the criteria specified by the forgiveness program which can include community service, joining the armed services, and teaching or practicing medicine in certain types of communities.
8. Seek out jobs that pay your college tuition. Three national companies that assist employees towards their education are UPS, FedEx and Home Depot.
9. If you’ve got a knack for writing, or just have things to say that would be useful in any way to others, create a blog and make money through advertisement placed on your website.
10. Host an event (more likely if you are living in a house) and organize a house show with the musicians on campus, or host a Scrabble tournament with incentives. The suggested donation for attending should be posted as anywhere from $1 to $1,000,000.

Save Save Save

1. Accelerate your degree by getting yourself into an accelerated degree program, which cram a semester’s worth of content into a shorter amount of time. In an accelerated degree program, tuition is about half the price of a traditional degree program, while encompassing a greater intensity of work.
2. Bulk up on transfer credits! During the summer, enroll in classes at a community college that will transfer to your university and save you a whole lot of money.
3. Consider transferring into your preferred university after two years, if it is more expensive, while going somewhere else at first. Doing this will allow you to still gain the benefits of your chosen university while also taking away a diploma from the college of preference.
4. Create a budget to calculate the money you spend on coffee, late night fast food runs and other things that are unnecessary. Being able to track your money will help you save and spend responsibly.
5. Keep coupons of local grocery stores and follow weekly sales, avoiding expensive grocers.