You don’t need to work retail or deliver pizzas to make money in college. Many on-campus opportunities have the potential to act as good resume-builders and keep you interested in the task at hand while providing you with a (modest) wage. They don’t all have to be federal work study positions, either, although it does work in your favor if you have some financial need when applying for campus jobs, and some will bump up your hourly wage if you can boast some experience in that field.

And now the not so good news. A recent article in The Chronicle of Higher Education looks at student pay at the more unique campus jobs across the country. Not to scare you away from working through college at an on-campus job, but according to one example in that article, a student office assistant making $7.25/hour in the chemistry department at the University of Notre Dame would have to work 135 hours a week and 50 weeks of the year to cover tuition, room, and board. These wages will probably compare to most off-campus jobs you find near your college as well, however, so you may as well investigate all of your job options. Even if you’d be making more elsewhere, it may be worth the convenience and experience to work on campus.

Some examples of hourly wages at on-campus jobs:

• A student custodian at the University of Montana - $7.25
• A beef-barn farmhand at North Dakota State University -$8
• An interpreter at the natural history museum at the University of Minnesota, Twin Cities - $9
• A tutor for at-risk elementary students at the University of Florida - $10
• A database builder for the African studies program at the University of Wisconsin at Madison - $11
• A (disrobed) art model at the University of Arizona - $15
• A computer assistant/programmer/Web developer at the University of Illinois at Urbana-Champaign - $17.02

It probably won’t allow you to retire early, but an on-campus job could help you make ends meet and pay for some of those expenses that seem to crop up out of nowhere while you’re pursuing that college degree. Balancing work and college certainly has its advantages - you’re able to potentially lessen that student loan debt, build up your resume and learn the value of time management and responsibility - but it can be difficult, especially if you’re a freshman being bombarded by all your campus has to offer. Browse through our site for tips on how to land and keep a job and keep your academics in line if your financial need means working your way through college.

Posted: under College Budgets, College Life.
Tags: campus life, College Budgets, College Life, money management, work and college, Work-Study

Comments (0) Nov 06 2009

Tuition and fees aren’t the only college costs families are finding hard to swallow these days.  Room and board is also on the rise–now nearing $16,000 a year at some colleges.  A survey of the most expensive college dorms found that students attending The New School’s Eugene Lang College in New York City can expect to pay more than any other college students in the nation for standard-option housing and a meal plan, at $15,990 per year.

Rounding out the top five were Cooper Union in New York City, at $15,275; Suffolk University in Boston, at $14,544; the University of California at Berkeley, at $14,384; and the New York Institute of Technology at Manhattan, at $14,290.  By contrast, the average college room and board costs for 2009-2010 were $8,193 at public four-year schools and $9,363 for private colleges.  Students who want extras can expect to pay a lot more–to get an idea of how much, check out the New York Times‘ run-through of a few of the swankiest college living arrangements that have debuted recently on three campuses.

The list of the top 20 was largely dominated by schools in cities with high costs of living, where housing costs of $12,000 to $16,000 per year might not seem all that unreasonable. However, when you consider the fact that these costs are for a standard double room without any extravagant extras, students may still want to see if they can get a better deal living off-campus.  It’s possible to pay a comparable price to on-campus room and board for your own bedroom in many locations, and considering college students’ general ingenuity when it comes to apartment penny-pinching and packing people into houses and apartments, living off-campus could very well be a cheaper option than the dorms, regardless of where you attend college.

However, living off-campus isn’t always the best or cheapest option, even if the hefty price tag for a shared room and mediocre dorm food offends your sensibilities.  Before you decide where to live (if you’re given that option–some colleges require students to live on-campus all four years), come up with a sample budget, taking into account realistic costs for housing, food, maintenance, and commuting to and from campus.  For example, don’t budget for walking 20 blocks each way in the winter or eating nothing but ramen and leftover cookies you snag from your department’s faculty meetings, unless that’s really how you intend to live.  Think about what you’re giving up, as well–easy trips to class, free cleaning services, and a close sense of campus community.  If you’re not saving much by living off-campus, perhaps those things will encourage you to stay.

Posted: under College Budgets, College Costs, College Life.
Tags: College Budgets, College Costs, College Life, money management, Roommates

Comments (0) Nov 05 2009

Private student loans may soon come under increased federal regulation as Congress takes up legislation that would create a consumer financial protection agency.  The bill moved out of the House Financial Services Committee yesterday and will soon go to a floor vote.

Lenders fought the legislation, but the proposed amendment to exempt student loans from the agency’s oversight was defeated in committee.  A brief but heated debate also arose over whether the agency should also regulate “gap loans” made by private for-profit colleges directly to students to help cover tuition and other expenses.  Ultimately, the panel sided with the schools who argued that new Truth in Lending restrictions already offered students sufficient protection in regards to borrowing from schools.

Student loans are only one of several aspects of lending that would be regulated by the new agency.  They’d be accompanied by mortgages, credit cards, and other bank-based loans.  This comes in addition to legislation that’s already been passed that will limit lenders’ ability to market credit cards to college students.  However, auto financing plans offered by car dealers were exempted and the agency’s role in regulating smaller banks and lending institutions was also limited by amendments.

Backers of the proposed regulatory agency hope that its creation will offer greater protection to consumers, including college students, who find themselves overwhelmed by risky debt or deceptive lending practices.  They hope that they will be able to limit the extremely high interest rates and confusing terms that accompany some private loans.  Student lenders have previously come under fire for questionable lending practices and have paid out large settlements and agreed to new codes of conduct governing their practices of marketing loans to students and offering incentives to colleges to promote their services on “preferred lender” lists.  Private loans have also seen increased regulation this year, with previous student aid legislation requiring them to disclose terms up front, among other steps taken to make their lending practices more transparent.

Posted: under College News, Student Loans.
Tags: college news, credit cards, financial aid news, money management, private loans, Student Loans

Comments (0) Oct 23 2009

The Federal Reserve Board proposed new regulations last week that would prohibit creditors from issuing credit cards to anyone under 21 without the consent of that applicant’s parent or guardian, or proof that the consumer would be able to make the required payments on their own. Those rules would amend some of the provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009, a bill passed by Congress last May that, among other things, would hinder credit card companies from getting college students to sign up for offers at on-campus booths.

You know you’ve seen it before - the free T-shirt that you probably wouldn’t wear, but was appealing anyway because it was free. All you had to do was sign up for a credit card. An article in The Chronicle for Higher Education when the bill was first moving through Congress described college students as the most targeted population when it comes to new customers for credit card companies.

Critics of the bill then said that college students, who take on a slew of new responsibilities once they get on campus, should be treated as adults. And during a time when students are more apt to use credit cards to pay for college expenses, they shouldn’t meet obstacles when using their credit cards for college expenses. According to a recent survey by student lender Sallie Mae, 84 percent of undergraduates have at least one credit card; 92 percent of those undergraduates use the cards toward college expenses. College students’ average balances are more than $3,100.

So what’s the bigger problem? Having access to credit to pay for college expenses, or preventing college students from accruing large sums of debt?

Credit cards should be used as the last line of defense, and ideally for emergencies only. There are many options out there for you to find money for college that have nothing to do with being faced with high interest rates and exorbitant fees. Do your research to apply for college scholarships and grants that would result in free money to cover your college expenses. Consider a part-time job on campus if you have the time and can balance work and college. And while not as desirable, investigate low-interest student loans to supplement your financial aid package.

If you need to use credit, make sure you’re keeping within a manageable budget, and only charging as much as you’d be able to realistically pay off at the end of the month. The decisions you make now will matter post-graduation, and any decision involving opening a new line of credit should be approached with caution. Stick to one card if you need one, and if you find yourself in debt, pay off as much as you’re able to each month until you’re done. (Don’t be using that card while you’re trying to pay it off, though.) Browse through our site to see more tips on budgeting, how you can avoid mounds of credit card debt, and how to keep your credit card score healthy.

The new regulations would go into effect after Feb. 2010, but the public, credit card industry and others will have a chance to voice their opinions beforehand. Other rules proposed by the Board included:

• Limiting high fees associated with subprime credit cards.
• Prohibiting increases in a credit card interest rate during the first year after an account is opened, and increases in a rate that applies to an existing credit card balance.
• Requiring creditors to obtain consumers’ consents before charging fees for transactions that exceed their credit limits.

Posted: under College Budgets, College and the Economy.
Tags: College and the Economy, College Budgets, credit cards, economy, financial tips, money management

Comments (0) Oct 06 2009

The idea of the broke college student is a well-worn cliché, conjuring up images of extreme money-saving measures.

Thrift store clothing, dumpster-dived furniture, and dinner from the manager’s special aisle or the 99 cent store are all stereotypical trappings of the budget-conscious college student.  One student in New York recently managed to come up with a creative and envelope-pushing way to save money, however.  Brian Borncamp, a senior at the University at Buffalo’s North Campus in Amherst, New York, recently decided to save money on housing by building himself a cabin in the woods near campus.

After months of sleeping in stairwells, Borncamp was 80 percent finished with his cabin when university officials persuaded him to give up the effort and make alternate housing arrangements, according to The Buffalo News.  The student had compared himself to a modern-day Thoreau with his decision to live in the woods, but claimed his decision was initially motivated by financial concerns.  He realized in May that he was unable to pay for school and pay rent, and thus decided to live outdoors.

Once he began construction on an 8′ by 10′ cabin, the university intervened, offering him temporary housing, a campus job, counseling, and other assistance, according to a statement issued by UB’s Vice President for Student Affairs.  Borncamp initially refused, prefering to go it alone, but announced this week that he’d made other arrangements and would be vacating his campsite.

While this is an inventive solution to college budget concerns, cash-strapped students don’t need to resort to camping in the woods or residing in homemade structures.  Additional assistance is available for those in need of additional financial aid, and a free college scholarship search can help you find it.  For example, if building your own cabin or emulating a reclusive author appeals to you, you might find yourself well-suited to win a design scholarship or an English scholarship.

Posted: under College Costs, College Culture, College News.
Tags: College Costs, College Culture, college news, college students, money management, Scholarship Search, student life

Comments (0) Aug 28 2009

Student loans and credit cards make up the two most dangerous, and often difficult to avoid, debt traps for college students.  While some amount of borrowing for college can make life easier for students, too much debt can make life nearly impossible for graduates.  The same goes for credit cards.  Having a card is great for emergencies and your credit rating, but running up a large balance while in college can really hurt, especially for students who were approved during days of easy credit and are now seeing rates soar and credit limits plummet.

However, Congress is working to make things easier for current credit card holders and also to make the choice of whether or not to open a credit account less nerve-wracking for new college students.  Legislation in both the House of Representatives and the Senate seeks to create a “credit card holders’ bill of rights,” curbing confusing and predatory practices by banks issuing credit cards.  While the bills have received bipartisan support, including a ringing endorsement from President Obama, there is still some concern about possible backlash in the form of even more stringent credit requirements for people who want to open credit card accounts.

Still, picking up a poorly screen printed t-shirt along with a new line of credit with an 18+ percent interest rate is a campus tradition unlikely to be missed by many.  With college students’ credit card debt still on the rise as of 2008 and relief from private loans still nowhere in sight, any new consumer debt protection will likely be welcomed by many college students and recent graduates.

Posted: under College Budgets, College Costs, College in Congress.
Tags: College Budgets, College Costs, College in Congress, credit cards, credit crunch, financial tips, money management, student debt, Student Loans

Comments (0) Apr 30 2009