College Success
Saving Money Every Day
Shop around for new and used textbooks online.
Compare ISBNs (every book has its own International Standard Book Number, located on the copyright page) to make sure you get the right edition. Ask if your college has a book rental or buyback program.
Be thrifty.
Pack a lunch, get a roommate, shop garage sales and thrift stores, buy used textbooks, take the bus, clip coupons, and shop around for the best cell phone, Internet access and car insurance rates.
Look into loyalty rewards programs.
Web sites like BabyMint, Futuretrust and Little Grad let you earn rebates when you shop with certain retailers or buy certain products. The rebates can be deposited directly into your college savings plan or go toward paying down your student loans.
Ask about student discounts.
For example, some banks offer free checking accounts (be sure to read all the disclosures first). Many businesses give discounts on products and services when you show your student ID.
Everyone needs to eat, but you can avoid overspending.
Don’t eat out so often, and share a meal when you do. Daily cups of gourmet coffee add up to more than $1,000 a year! You can save at the grocery store by buying in bulk, choosing generic brands and always shopping with a list. Also, never shop hungry.
Save on transportation costs.
Ride on public transportation, arrange to carpool or ride a bike when practical.
Having fun doesn’t have to cost a lot.
Instead of going to the movies, borrow a DVD. Attend free concerts in the park, street fairs, farmer’s markets and museums that offer student discounts.
Everyone should have a savings plan.
As a student or recent grad, the most important part of saving isn’t the amount but simply beginning the act of putting a little away each month, even if it is just $20. Start saving as soon as possible — it will pay greater dividends in the long run.
While You’re in College
Stay in college or you’ll lose your federal aid. If you withdraw from school, you may be required to repay your federal student aid, depending on how much of the aid you earned based on a federal formula. Before you decide to leave school, first contact your college’s financial aid office and your academic advisor to learn about any potential consequences.
If you receive a subsidized Stafford loan or a federal Perkins loan and pay off your loan in full before your grace period ends, you’ll pay no interest on your loan because none would have accrued. By doing so, you’ll save hundreds — even thousands — of dollars in interest.
If you need to borrow, you should always take out federal loans first. The low interest rate is fixed for the life of the loans and you’ll have at least 10 years to repay, along with other benefits. If you still need to borrow money after you’ve reached the borrowing limits, be sure to consider all your options.
Interested in studying abroad? You may be able to use your state and federal grants, and federal loans, to pay for it. To learn more about this visit the Association of International Educators Web site, then check with your financial aid office.
Looking Ahead Beyond Graduation?
Take a look at your e-mail address and make sure it’s appropriate for corresponding with colleges, lenders or employers. If not, you may want to get another one that’s more professional.
Love Facebook and MySpace? Know that when you’re looking for a job, employers often conduct Web searches on potential new hires. If you’ve posted anything you wouldn’t want an employer to see, consider taking it down.
Look ahead to your first paycheck. It’s a good idea to consider the starting salary for your degree or training program before you borrow. You’ll find current pay information for hundreds of jobs at in the federal Occupational Outlook Handbook also available in libraries. Explore your career options by visiting the Career Voyages Web site.
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