SAVE THE DATE: Pre-approving for a Home Workshop!

  Upgrade your PAD to a PALACE!

Purchasing a home is the first of many steps taken to establish yourself as an adult. Join Dennis Ciani from the Blanco Vista Community, as he discusses what it takes to become a home owner and how to outsmart the experts at their own game!

Date: Wednesday, March 23, 2011
Time: 5:30 p.m.
Location: McCoy 119
 
*Snacks will be provided*

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Financing With FAFSA

By Ashley Bahl

FAFSA applications are lengthy, tedious, and often times result in little financial help. As a college senior who recieved no aid through FAFSA, I wish I came upon these tips earlier in life. Instead of greedily hiding them in spite, I thought I would share with you the simple tricks and tips to get the most out of your FAFSA application:

1. Don't include retirement assets on the FAFSA. The FAFSA formula doesn't care how much you've got stashed in your IRA, 401(k) or other qualified retirement accounts and doesn't ask. You could have millions stuffed in qualified accounts and it wouldn't hurt your chances for financial aid.
   The FAFSA does ask about taxable accounts and colleges savings plans.
2. Don't assume you won't qualify for aid because of your home equity. The FAFSA doesn't inquire if you own a house, so the amount of home equity you enjoy is irrelevant. The FAFSA does ask about second homes and real estate investments.
3. Be careful what assets you include in your calculations. In addition to your home equity, don't include cars, boats, furniture or other household possessions as assets.
4. Avoid procrastinating. File the FAFSA as soon as possible. If you wait until April to file your taxes and the FAFSA, you could miss deadlines for state financial aid assistance, as well as need-based help from your child's college.
   If you can't complete your income tax return promptly, fill out the FAFSA with estimated figures.
5. List the most current marital status. You need to state what your marital status is on the day that you sign the FAFSA, whether you are married, separated or divorced.
6. Have the correct parent complete the FAFSA. In cases of divorce and separation, make sure that the right parent completes the FAFSA. The custodial parent must fill out the financial aid form, but that won't always be the person who enjoys legal custody through a divorce decree.
   For financial aid purposes, the parent who must complete the form will be the one who has lived with the student for the majority of the year. For example, if the child resided with the mother for 6.5 months in 2010 and the dad for 5.5 months, the mom would complete the form.
   Ideally, the divorced parent completing the FAFSA will be the one with the lowest income because only his or her finances will be shared on the aid form. The FAFSA won't ask about the ex-spouse's information.
7. Don't enter the wrong income tax figure. Provide the federal income tax you paid or will pay based on your 2010 federal tax return — not the tax withholdings on you and a spouse's W-2 forms.
8. Be careful about tapping retirement funds. When you withdraw money from retirement accounts, this money will be counted as part of your adjusted gross income, which will impact your Expected Family Contribution (EFC). Your EFC is the dollar amount that a school, at a minimum, will expect you to kick in for one year of your child's college expenses.
9. Avoid blank answers. If your intended answer on the FAFSA is zero, write “0” or “not applicable.” Leaving blanks can cause miscalculations and the application could be rejected.
10. Don't inflate your education. If both parents didn't graduate from college, don't list “college” as their highest education attainment even if they did attend some college. Plenty of schools treat applicants more favorably if they are considered “first-generation” college students.
11. Don't forget to list the colleges. On the FAFSA form, you can include up to 10 colleges to which your son or daughter has applied. The federal processors will send the pertinent FAFSA information to the schools on the list.
12. Double check all your figures. That's a no-brainer, but too many people skip this step.
13. Ask for help. When filling out the FAFSA, you can obtain help through the government's toll-free number: (800) 433-3243. You can also take advantage of the government's online chat sessions by using FAFSA on the Web Customer Service Live Help on Monday through Saturday. Just Google the term.
14. Correct mistakes. After you've submitted your FAFSA, you can still correct mistakes. Return to the online form and click “Make FAFSA Corrections.” Any changes will be processed within three to five days.

Gas-Saving Tips

With gas prices at an all-time high, it seems we have to completely empty our wallets to keep our tanks full. Try these tips to feed your guzzler and your wallet.

1. Skip the Drive-Thru: sitting in a drive-thru line for food, an ATM or whatever is a good way to burn gas. Just park and walk in. Not only will you save gas - you'll also burn a few calories!
2. Park Further Away: circling and maneuvering parking lots while trying to find the closest spot to the store is also a good way to waste gas. Just park further away and walk and you'll avoid the unnecessary circling.
3. Hang Up and Drive: talking on the cell can actually make you less aware of how you're driving. Try to focus on not breaking those gas-saving rules instead of jabbering away on the phone.
4. Check the Traffic Reports: taking a minute to check these before you head out may save you from sitting in traffic and wasting gas on your way to your destination.
5. Streamline Your Vehicle: things like bike racks, car top carriers and flags take away from how aerodynamic your car is on its own. Keep the add-ons to a minimum and reduce wind resistance and gas consumption.
6. Don't Lane Hop: switching lanes often means that you're accelerating and braking more often. Try keeping your lane hopping to a minimum.

How to plan spring break when you're on a budget

Spring break is fast approaching and of course being college students we all would love to go somewhere but don't quite have the budget to spend a lot. I recently found this article and found it to be very helpful when trying to find somewhere to go while maintaining a budget! Check it out!

http://www.ehow.com/how_2154245_plan-spring-break-budget.html

118 Tips To Take In

As a college student myself, I’m always looking for tips on how to save money. I came across this Web site that gives tips on saving money from books to entertainment. With 118 tips, you are sure to find something to keep you from breaking the bank!

http://www.collegescholarships.org/student-living/save-money.htm

Cheap, Easy Way to Get New Stuff

Do you have used books, movies, games or music sitting around collecting dust? If so, and you're willing to part with it, swap.com is a great way to exchange your old things, for new movies, books, games and music.

Swap.com is an online community of people wanting to get rid of their old stuff in exchange for new things.

All you have to do is sign up at swap.com and add items to your "want" list and items that you want to get rid of to your "have" list.

Once you have items listed under your wants and haves lists, swap.com searches for matches on your lists and brings up trades that you can do. You can browse through movies, books, music and games to find items you would like to swap for.

When you find an item you are interested in you click the "GET NOW" button and information on the product and the trader pops up. Once the trader has accepted your request, shipping information is sent to both parties.

Cost range from 50 cents for low value items to a dollar for high value items such as video games. After that, all you have to worry about is shipping.

It's simple. It's easy and it's way cheaper then having to go out and buy it.

Credit Card Craze

Before you apply for a credit card, there are a few things that should always be considered:

What will you use the credit card for? Make sure you know how you will use your credit card and what you will purchase with it before you apply. Keep in mind that every time you use the card, you incur debt that you will have to repay, with interest. You need to shop around. Before you apply for a card, ask what interest rates and credit limit you qualify for and shop around for the best possible deal. You want to look for the best option before committing yourself to any certain card.

Make sure you understand the terms. Before applying for and accepting a card, make sure you understand the terms and conditions of the plan. Read the fine print. Ask yourself whether you are able to afford the card. What are the rules for the card and are there frees for breaking these rules. Pre-approved credit cards can be tricky. Pre-approved offers tell you that the credit card company has looked at your credit report and determined that you might qualify for the interest rates and credit limit being offered. However, whether you will really get the best rates depends on your income, employment, and credit history. It is therefore important that you read the credit agreement carefully before you sign on the dotted line - there may be limitations or conditions that are not obvious in the advertisement.

Start with your credit score. Lenders make their judgment about your credit worthiness based on your credit score. A FICO score of 700 or more is considered very good; over 760 will usually qualify you for the best rates (which is up from 720 several years ago). If your credit score is less than 640, you'll probably land a high interest rate and limited credit options. Your credit score will also be used to determine the features of your card, such as the credit limit and balance transfer terms. If you're surprised by your credit score, check it for errors. Correcting mistakes is the fastest way to raise a credit score.

Before you get a credit card, be sure you know how you'll pay off the credit card. You need to take a hard look at your financial habits to determine what kind of credit card customer you are. Will you pay off the entire balance each month on time, or will you carry a balance? Knowing the answer will help you determine the type of card you need. If you plan to pay off your balance each month, then pay close attention to the rewards offered. The best type of rewards cards out there are those with no annual fee and cash back rewards. Rewards are skimpier than in previous years, so expect a 1% cash back reward rather than 2% or higher. You may also find there are reward tiers based on your spending level. If you carry a balance most months, than apply for a card with the lowest possible rate. The less you pay for interest, the more you can pay toward your balance and the faster you can pay off that card. Whatever you do, do not pay a higher rate just to get rewards.

Pick one card and apply for it. Compare three or four cards by studying the terms and conditions of these cards. Then select the best one and submit an application. Limit the number of applications you submit because each application is recorded as a credit inquiry on your credit report. Multiple applications are a red flag that can lower your credit score because people actively seeking credit are typically a higher risk to lenders than people who are not seeking credit.

Avoid store cards. Don't apply for a store card just because the store gives you an immediate discount on your purchase. The rates are usually much higher than an average card, and if you don't pay off the balance in full the first month, you could pay much more in interest than the money you saved.

Pay attention to your rate. Most rates are now variable, and they'll increase in the future as the Federal Reserve raises the prime rate.