SavvySugar

Goodbye Free Stuff, Hello Better Credit Card Practices

SavvySugar — Fri, 25 Sep 2009 04:30:23 -0700

Times have changed since I was in college, and I'm not just referring to the escalating cost of tuition. Banks hawking everything from free t-shirts and water bottles to free pizza used to set up their tables around the university center attempting to attract unknowing students to sign up for credit cards. As of February 22, 2010, those banks won't be allowed to coerce young adults with free stuff in exchange for completing credit card applications.

The uprooting of these tricky tactics is part of a farther reaching credit card reform act, which also includes a clause disallowing those under age 21 to be approved for a card without a co-signer if the applicant doesn't have proof of income. The goal is to reduce the number of students who accumulate consumer debt because they don't understand the implications of using credit irresponsibly.

Did you graduate with credit card debt that could have been prevented if you were better educated about credit?

8 Tips to Get Back-to-Graduate School Ready

SavvySugar — Thu, 20 Aug 2009 08:30:04 -0700

Back to school time isn't just for the kids. Nearly half of you are headed to graduate school for your first year or to continue your program this Fall. If you're not destined for the classroom, chances are you know someone who is. Get back-to-grad-school ready with my eight tips, or pass them along to a friend who's gearing up for the semester.

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Match the Quote to the Famous Commencement Speaker

SavvySugar — Mon, 08 Jun 2009 13:00:28 -0700

Several famous individuals donned caps and gowns this graduation season to address the class of 2009, called upon to inspire the freshly college educated as they enter the real world. Can you match the words of wisdom to the famous person?

Question 1 of 9

"For many of you, today, success is being able to hold down 20 shots of tequila. For me, the most important thing in your life is to live your life with integrity, and not to give into peer pressure."

How Five Class of '09 Grads Are Dealing With the Future

SavvySugar — Fri, 05 Jun 2009 04:30:57 -0700

When the unemployment rate in one county alone nearly doubles the national rate, it's easy to see how the effects could be far reaching. About 18 percent of workers in Elkhart, IN were without jobs in April, and the sad statistic has drawn media attention to the hardships of a very particular demographic - the Elkhart Memorial High School Class of 2009.

Five seniors are the focus of an ongoing msnbc.com series that will follow the students as they handle the challenges of graduating during these economic times. A couple of them will be headed to college by virtue of grants and scholarships, but others must put their dreams of higher education on hold because of recession-inflicted financial troubles.

Meet the five stressed-out students through a video of their personal stories when you read more.

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I'm Asking: What Was Your College Major?

SavvySugar — Wed, 11 Mar 2009 13:30:27 -0700

A bunch of my college friends are coming into town tomorrow and their visit has me reminiscing about the time when we all met. My friends majored in subjects across the board, from economics to dramatic arts. I loved my college major and would choose it again in a heartbeat, though I know many others who wish they had chosen differently. What was your college major? Would you have selected it if you could go back and do it again?

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No Frills Universities Could Become More Commonplace

SavvySugar — Fri, 27 Feb 2009 04:30:06 -0800

There's no question the cost of higher education has reached unaffordable heights for many American families, particularly now that middle-aged parents are dealing with the loss of their retirement savings. Some colleges are drafting new ways for kids to go to college without paying an arm and a leg or having to forgo college as an option altogether.

According to Richard Vedder, director of the Center for College Affordability and Productivity, the average cost of higher education has increased approximately 3 percent above inflation annually. And with salaries staying put or being stripped because of job loss or pay-cuts, there's just no way American families can keep up. Here are a few ways some colleges are trying to make higher education a more affordable option.

No frills: Students at a private university in New Hampshire can get a 50 percent cut in tuition or more if they skip amenities and take courses at a satellite campus.
Flat fee: Richard Stockton College in New Jersey is offering students a flat rate to take 12 to 20 credits.
Going Euro: Some colleges are offering three-year degree programs commonly seen in European universities.

Would you have taken advantage of any of these options when you were looking into colleges?

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Is It Fair For Parents to Pay For a Foot in the Door?

SavvySugar — Thu, 29 Jan 2009 13:30:57 -0800

Getting a leg up on the competition isn't as cheap as it used to be. More college students are realizing the importance of interning before graduation, and while many internships are unpaid, landing those spots isn't always free.

Internship companies like University of Dreams operate by charging students a fee to guide them through the steps of scoring a position. The fees range from $5,000 to $9,500, and after polishing students résumés, the company arranges interviews with various employers. If the student isn't chosen for any intern post, the fee is refunded.

What do you think of the tactic of paying for internships - is it fair to pay for a foot in the door?

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Most Shocking Headline: Graduates Flee US to Escape Student Loans

SavvySugar — Wed, 17 Dec 2008 13:30:41 -0800

Graduating with debt isn't the best way to start out in the real world, but it's a reality that many college graduates face. Most grads set up a plan to pay off their student loans within a certain time period, but some of the educated and in-debt have become too overwhelmed by their loans to repay them.

Instead of facing debt collectors, some students with massive debt are choosing to flee the country after they've defaulted on their loans. Grads who escape the US are running away from a problem that won't go away unless they figure out a way to fix it. There are certain cases in which some student loans are discharged or partially discharged because of hardship, and payment plan solutions for those who don't qualify for debt forgiveness - both of these are much better options than seeking a new address in another country.

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How Money Are You: Cost of College in 2008-2009 School Year

SavvySugar — Thu, 30 Oct 2008 10:30:39 -0700

Even as the economy flounders, the cost of the college experience is continuing to increase according to numbers for this year's bill, just released by the College Board. Let's all take a moment to be grateful for the college education we may have received, because in this economy, it's tougher for students and families to find the money for higher education. Take the quiz and make educated guesses about tuition and room and board in the current school year. How money are you?

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Graduates Flee US to Escape Student Loans

SavvySugar — Sat, 25 Oct 2008 11:00:57 -0700

Student loans are increasingly necessary for many students to pay for college, but these massive debts are causing some graduates to flee the country. It may seem dramatic, but leaving the country sometimes seems like the only option for grads that have defaulted on their student loans and can't find another way to escape the debt collectors.

CNN Money profiled a student loan fugitive named Chris who got a foreign address to escape his $160,000 student debt from getting a master's degree in music. He anticipated his monthly payments to be around $600, but they turned out to be a completely unmanageable $2,400. Chris says, "I am upset at myself. I could have gone to a cheaper school. But I'm most angry at the fact that for anyone who has debt that's not student loan debt, there's relief."

In some cases, student loans are discharged or partially discharged because of hardship. Chris and other graduates who feel helpless should explore these options before fleeing the country.

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