Student Loan Library

Why is my College GPA Important?

2008-01-07T13:54:00.000-08:00

Some people have a habit of putting forth only minimal effort in all of life’s endeavors. In college, aiming to simply earn a passing grade in each course is not enough. What you may not realize is that your GPA can follow you for years after you have graduated college, attesting to your determination and ethic to potential employers. Though an employer may not rely solely on your GPA to assess whether you should be considered further for a job opportunity, a respectable GPA certainly speaks more highly for your character than having barely fulfilled the minimal requirements of your degree. Not only will a poor GPA be a glaring imperfection on your resume when you enter the workforce, a low GPA could cause you to lose a valuable scholarship or financial aid, or waste valuable student loan funds. Achieving a respectable GPA involves consistent effort and relentless dedication in every single class, and making up for a bad start is more difficult than getting on the right track from the beginning.

One important step toward earning a great GPA is being aware of how your grade is calculated in each class. Each professor should outline the system by which your grade will be calculated at the start of the class, and the grading system can vary greatly from class to class. Be sure that you are aware of each component making up your grade and work to diligently fulfill every requirement. If pop quizzes administered during class make up a percentage of your final grade, attend every single class meeting so you will not miss one. Failing to take advantage of every opportunity to earn credit will hurt your class grade and thus your GPA.

You may need to adjust your study habits to fit each class. Attending every class meeting and diligently paying attention to the professor’s comments about exams will give you an edge when it comes to testing in a particular class. Exam and quiz formats vary greatly, from multiple choice to essay to word problems, and studying in the wrong way can be detrimental. Also important is knowing what material will be covered on each exam. Does the exam strictly cover textbook material, or is all subject matter covered in lecture also fair game? Professors often incorporate a bit of both into their exams, so attending class and taking detailed notes goes a long way.

In addition to knowing grading policies and adapting study habits, earning a high GPA requires that you be consistent. Being prepared sometimes and winging it other times is not a good strategy for building your GPA. Earning a degree is not supposed to be easy, and the students who excel are those who are consistently prepared in every class.

The numerous distractions and temptations surrounding the typical college lifestyle can make it difficult for students to remain focused on their grades. Inevitably, many college freshmen do not make it past the first year. In order to rise to the top in college and beyond, you must set high goals and be relentlessly dedicated to accomplishing them from start to finish.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Dorm Life – Survive the Transition

2008-01-07T13:52:00.000-08:00

Many college students live in a dormitory for at least their freshman year in college. Student housing can be an economical living arrangement for students that provides opportunities to get involved in campus activities and make new friends. For students making the inaugural move away from the comfort and discipline of their parent’s home for the first time, dorm life can also be quite a shocking lifestyle change.

When moving into a dorm room, it is important to pack appropriately for the space you have available. Dorm room space is usually quite limited, with a few drawers, a small closet space and community bathrooms. Dorm living may require paring down a bit if you are accustomed to a massive wardrobe and ample storage. If your dormitory does have community bathrooms, be prepared with a caddy to transport your shower items to and from the restroom conveniently, as well as a pair of shoes you can wear in the shower. You will also need some type of basket or hamper in which to transport laundry between a common laundry facility and your room. Collapsible hampers make an excellent choice for living quarters with minimal storage space. To save space, coordinate with your roommate in advance to avoid bringing duplicates of items that you and your roommate can share, such as an iron, microwave or television.

Dorm living often involves sharing close living quarters with a roommate, a first for most college freshmen. Having a roommate is just one of the many drastic changes to which college freshmen must adjust in order to make the most of their college experience. Whether the roommate is a friend or a random pairing, some compromise will likely be necessary in order for each party to get the most from his or her living arrangement. Respecting one another’s wishes can be particularly challenging when two roommates operate on different sleep or study schedules. Maintaining a patient and polite tone when expressing your concerns or making requests of a roommate can go a long way toward creating a living environment in which both parties can thrive. And remember, if you request that your roommate alter any aspect of his or her behavior to accommodate your lifestyle, you must be willing to do the same for him or her. On the other hand, you do not want your entire year to be affected if you have a roommate with whom you cannot work out your differences. In this case, you may speak with your Resident Advisor about getting a new roommate or transferring to a single inhabitant room.

Since an individual dormitory can house hundreds or even thousands of students at once, dorm life offers ample socialization opportunities for students. Engrossed in their newfound freedom, many freshmen fall prey to the abundant distractions and neglect academics as a result. Adjusting to dorm life and to college in general involves striking a balance between academic responsibilities and having fun. If you fail to focus on your education, your GPA can suffer, causing you to lose a scholarship or financial aid, and student loan funds are wasted if you do not earn credits. You may have to make the effort to go to a library or another quiet location to study if the noise levels in your dormitory are too distracting. While some students love the constant activity in a dorm setting, others dislike it and cannot wait to take the next step. Regardless of which group you fall in, try to appreciate dorm life for what it is—a once in a lifetime opportunity to experience college life to its fullest.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Survive the Holidays on a Student Budget

2007-12-18T10:48:00.000-08:00

College students anticipate the holiday season for numerous reasons—final exams are over, festive celebrations lie ahead and to top it off, no class for weeks. But if you are like many students, the excitement surrounding the holidays is marred by the looming pressure to give the perfect gift to everyone on your nice list. These ideas for surviving the financial pressures of the holiday season are designed with the student budget in mind.

-Look for opportunities to save on travel. If going home for the holidays involves taking a flight, it is best to purchase airfare as far in advance as possible to get the lowest price. Also, experiment with the rates for departing and arriving on different days of the week, because prime travel days are always more expensive. If your travel plans involve several hours on the open road, having a tune up beforehand can improve your vehicle’s fuel economy and save you money in the long term. Issues such as a clogged air filter, worn spark plugs, and underinflated tires can cause your vehicle to consume more fuel than necessary and cost you more at the pump.

-Tap into your creative side. Even a $20 gift can be difficult to afford when you are trying to give a gift to everyone on your list. Purchasing a pricey gift for everyone is not only unnecessary, but self-imposed pressure to be everyone’s Santa can cause you to overspend and go into debt. Expressing a sentiment does not have to cost a fortune; you can save money and add a personal touch by using your imagination to put together homemade gifts with minimal investment. For instance, create individual, decorative packages of hot chocolate mix for loved ones, and couple each with a recipe and a mug personalized to suit that person’s taste. Simply pairing creative packaging with holiday basics can make for a personalized and memorable gift that doesn’t break the bank.

-Organize a gift exchange. Regardless of whether your social circle is large or small, the pressure is on when it comes to giving holiday gifts to friends. No one wants to be the friend on the receiving end of a holiday gift unprepared to spread the love in return. An organized gift exchange can be a fun way to alleviate the pressure from everyone. There are a few ways to go about a holiday gift exchange. You impose an expenditure limit, have each friend draw a name and bring one gift for that person. Or, you can arrange a “Dirty Santa” type exchange, in which everyone brings one gift, draws a number, and gifts are selected and opened in numerical order. Typically there’s a twist—each person may open a new gift or take a previously opened one from another player. Organizing a gift exchange provides the opportunity for a fun social gathering and removes the pressure for each person to purchase several gifts for friends.

-Capitalize on your time out of school. Many retail stores, restaurants and other businesses seek seasonal staff to cover the high demand of the busy shopping season, providing the perfect opportunity for students to earn extra income without committing to long term employment over the holidays. Students have a lengthy hiatus from school during the holidays, affording them the free time to earn some much needed extra cash.

The holidays are a time that should be centered on family, friends and reveling rather than financial struggles and societal pressures. Students can free themselves of the pressure to overspend by indulging their creativity and making conscious effort to minimize spending over the holidays.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

College Students can Save Big in Small Ways

2007-12-10T15:04:00.000-08:00

When it comes to saving money, every little bit counts. Even the least budget savvy students can make their income, student loan or funds from parents last longer using these simple ideas for saving money in college:

-Take advantage of student discounts. Companies which offer discounts to students on goods and services do not always advertise that they do so. By showing a valid student ID, students can get discounts on movie theater tickets, computer software, airfare, food at restaurants, the list goes on. Student discounts are particularly common in areas near colleges, so make sure to ask whether student discounts are offered at the establishments you frequently patronize.

-Anticipate your needs and minimize shopping trips. Though drug stores offer many common household items as well as groceries, their convenience comes at a hefty markup. If you wait until you run out of paper towels and toothpaste to purchase more, you will likely end up at the nearest convenience or drug store paying top dollar for the items you need, not to mention picking up your favorite overpriced snacks in the process. This habit can diminish funds fast. Keep a running list of items you are almost out of on your refrigerator, for instance, and make one trip to a reasonably priced grocery or discount store to purchase everything on the list. Not only will you pay less for the items on your list, you will avoid the trap of making multiple trips to the store and wasting money picking up extra items on each visit.

-Treat yourself with a tradeoff. Spending your money wisely does not mean you have to give up every indulgence. Make sacrifices that will allow you to save up for a splurge. For instance, cut back on the number of meals you eat at restaurants for a designated time period, and use the money you save to treat yourself to something you cannot usually afford. Regardless of whether you splurge on clothes, a steak dinner or a video game, choose wisely and consider your indulgence a reward for having the self control to save money. You may just discover the inspiration to save money more often!

-Make every cent count. Start a coin jar, and drop all of your loose change into it as often as possible. Modern coin machines have eliminated the need to spend countless hours rolling coins in order to cash in your pennies. Coin machines allow you to trade in coins for their cash value minus a service fee (usually a percentage of the total), though many stores providing access to coin machines will give full credit if you redeem it in the store. Using a coin jar allows you to save money without much thought, and regular contributions can add up fast.

Saving even a small amount of money can be extremely rewarding, and even more so if you can manage to contribute to a savings account. College students are often under the assumption that their money problems will magically be solved once they graduate and get that assured high paying job. Ask any recent college graduate, and you will likely hear that this couldn’t be further from the truth. Many entry level positions are unglamorous to say the least, and marginally sufficient to pay the bills at best. Developing good money saving habits in college will benefit students throughout their collegiate career and beyond.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Establishing Credit as a College Student

2007-12-06T09:27:00.000-08:00

Some college students shy away from credit altogether in effort to be financially responsible. The prospect of becoming trapped under the weight of unmanageable credit card debt can be quite daunting, and many students are not confident in their ability to manage debt responsibly. Though refraining from opening a credit account in effort to remain debt free can seem like a sound financial choice, a lack of credit can be detrimental in the future as having a solid credit history becomes increasingly important.

Contrary to commonly held perceptions, having a credit card does not necessarily equate to spending beyond one’s means and falling prey to mounds of debt. Managed responsibly, a credit card can be utilized as an instrument to build an excellent credit score that will expand the financial options available to a student in the future. Without credit history and an acceptable credit score, it may be difficult to impossible to get a car loan, obtain cellular phone services, and buy or even rent a home.

Your credit score is a numerical rating of your repayment history that lenders use to ascertain the risk of lending to you. Establishing a good credit score will allow you not only to get approved for a student loan, vehicle financing and other types of loans you may pursue in the future, but will help you qualify for better interest rates, equating to true dollar savings in the long run.

Like it or not, your credit score remains with you, so it is best to be conscientious and make effort to boost it from the beginning. Your FICO credit score is calculated based on your track record of making timely payments on accounts (35%), the ratio of account balances to available credit (30%), the length of your credit history (15%), new accounts and applications (10%) and the mix of the types of credit you use (10%). As you can see, a majority of your credit score is calculated based on your history of making payments on accounts on time. Staying up to date on all accounts, including credit card bills, loans, utility accounts and cell phone services, will contribute positively to your credit score over time. Even during months when you are short on funds, making a partial payment on time is better than making no payment at all before the due date. Almost as important as having a solid payment history is managing the levels of your total debt vs. the total amount of credit you have available. Some common sense is in order here—an outstanding credit card balance of $1,900 is worse on a card with a $2,000 limit than it is on a card with a $10,000 credit limit.

Waiting until you are ready to buy a house or a vehicle a few years from now to start paying attention to your credit score will likely result in disappointment. Building good credit involves responsibly handling all of your financial responsibilities and debt consistently over time. Managed wisely, a credit card can be a valuable tool for building credit or improving your credit score. Even with a good credit score, you can be denied loans because your credit history is not lengthy enough. Practicing financial responsibility with all accounts will provide a solid foundation on which you can build your credit score over time.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Planning for College: Uncover Hidden Costs

2007-11-20T09:15:00.000-08:00

The average cost of a college education increases every year, and is expected to continue doing so in coming years. However, the benefits of obtaining a college education far exceed the costs. An October 26, 2006 U.S. Census Bureau report states that in 2004, people with only a high school diploma had average annual earnings of $28,645, while adults with a bachelor’s degree raked in an average of $51,554. With the prospect of significantly higher lifetime earnings made possible by a college degree, it is easy to see why so many Americans are willing to make the investment despite the soaring cost of college. As students enter college and take the first step toward a promising financial future, they are also faced with budgeting for the hidden fees and costs that will inevitably arise. When it comes to funding a college education, whether it is through a grant, student loan, or income, paying tuition is just the beginning. Budgeting for these hidden costs will help you avoid financially straining surprises along the way:

-Textbooks and other necessary supplies. The price of textbooks can be summed up in one word: expensive. It is not uncommon for students to spend $400 and up for the books they need for one semester, so failing to plan for such costs is a major mistake. Adding to the cost, some classes require materials in addition to textbooks, such as a portable memory drive, a specific calculator, art supplies and the like. These costs are of course in addition to the basics you will need to have on hand at all times—notebook paper, pens and pencils, notebooks and binders.

-Deposits and start up fees for services. If you are moving into a new apartment or house, there will likely be deposits and other initial fees to begin utility services such as electricity, water, cable and telephone, all in addition to the deposit for leasing the residence. Speak with utility providers in advance to determine exactly what fees you will owe and when. If needed, inquire about payment options; some utility companies are willing to divide start up fees over a couple of months to make deposits more affordable.

-Your own upkeep. So you have allowed funds for food in your budget, great! But there are other costs associated with college living that many new students neglect to consider, such as laundry. If you will be using a common laundry facility, all those quarters can really add up! Also consider the cost for items such as toothpaste, shampoo, soap, razors, and any other items that you will purchase on a regular basis.

-Entertainment. Let’s face it—for most students, being in college is not just about academics. As long as your other bases are covered, allow some room in your budget for pleasure. Concerts, movies and other social temptations will inevitably arise, and allowing for them in your budget is a good way to avoid spending money that is designated for something else, like food.

In college or not, being confronted with unexpected expenses is a part of life. The benefits of having an emergency fund to which you contribute on a regular basis cannot be overemphasized. Smart financial decisions, such as developing a thorough budget that accounts for hidden costs and saving for unexpected expenses, will put you on track to enjoy the enduring financial benefits that arise from a college education.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Controlling Spending in College – Are the Little Things making you Broke?

2007-11-09T16:01:00.000-08:00

The first step to gaining better control of your spending is knowing where your money goes. Understanding your spending habits involves more than proudly reminding yourself that you have covered the necessities such as food and fuel this week. What about the quick stop for chips and soda at the convenience store? The four visits to the neighborhood coffee shop? Assessing what you spend means really scrutinizing where each dollar goes—then determining where you can reduce expenditures so that your funds from work, parents or a student loan will last longer.

Small, seemingly inexpensive purchases are a major financial pitfall for many college students. Spending $6, after all, does not usually have immediate consequences, and is such an insignificant dollar amount that most students do not think twice before spending it. But what if that $6 is spent on a specialty cup of coffee, and what if that innocent cup of coffee is purchased six days a week? It is easy to see how small purchases can quickly add up, leaving students broke, hungry and wondering, where did all my money go?

By tracking all of your expenditures over a two week or one month period, you will get a clearer picture of where your money is going. The idea is to understand your spending habits such that you can become more conscientious about how you apportion your money, not to eliminate everything that is not a necessity. Perhaps your daily cup of coffee is a meaningful and relaxing part of your day. Even the savings from buying a smaller size can add up, or why not invest in a coffee maker and brew coffee at home for long term reduction in spending?

One activity many students find consumes a disproportionate amount of money is patronizing convenience stores. Frequent stops for snacks and drinks at convenience stores and drug stores can add up fast, especially considering the higher than average prices charged at such places for the convenience. When assessing your spending habits at convenience stores, ask yourself, “what am I buying?” If you frequently stop for a soda, it may make better financial sense to purchase it in bulk at a regular grocery store. While you may spend $1 at a convenience store for one drink, you may find that you can get a twelve pack for around $4 and stretch your dollar further.

Another major money trap for college students is eating out for every meal. The opportunity to socialize and again, convenience, drive many students to go to restaurants for breakfast, lunch and dinner, a habit that can quickly drain funds. If restaurants account for an overwhelming percentage of your expenditures, look for ways to reduce the percentage without depriving yourself of food or socializing. For instance, if dinner out with friends is on the agenda, you can simply eat breakfast and lunch at home to justify the greater expense of dinner. Planning for meals is key—if you do not have groceries on hand to create your own meals, you will likely end up opting for fast food and putting yourself in the same, financially strained situation time and time again.

Learning to spend wisely and in moderation may take some time and ongoing effort, especially with the instant gratification to which many of today’s college students have become accustomed. Taking an honest look at your spending habits is the first step to establishing a balance between responsibility and indulgence that will not leave you starving next week.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com

Money Mistakes College Students Make

2007-11-02T13:59:00.000-07:00

Managing money effectively is a lesson many people are not taught in school. Even students who take a money management class or get financial guidance from parents or advisors often discover that there is a learning curve when it comes to putting this valuable knowledge into practice. College is the first experience many people have with managing bills, rent and other expenses on their own. Since inexperience is often the culprit for bad financial decision making, poor money management affects college students from modest and affluent backgrounds alike. Whether a student’s income is from employment, parents or a student loan, financial responsibility entails delegating funds in a way that inevitably commands some degree of sacrifice and self control. Here we examine some common financial mistakes that college students can avoid to help establish financial habits that will benefit them for years to come:

*Living beyond their means. Attempting to live a lifestyle that exceeds affordability is a mistake that can get students engulfed in debt fast. To avoid this financial pitfall, carefully assess all related costs when making a major commitment, such as signing a lease on an apartment. This means determining if you can live comfortably after paying not only rent, but all monthly living expenses—utility bills, phone charges, student loan payments, car payments and any other financial obligations you may have. Ensure that your income is sufficient to cover regular financial commitments with enough left to cover costs such as food, textbooks, gas and the like.

*Letting bills slide. Getting behind on payments and bills is a mistake many college students make. It is not uncommon for students to neglect financial obligations even when they have the money, or simply spend the money on something else. It is important to distinguish between living expenses and luxuries, and take care of living expenses first. Delaying or neglecting payment on a monthly bill will only result in the arrival of another, more daunting bill in just a few weeks. If paying a $150 utility bill now seems unappealing, owing $300 plus late fees in a month will be even worse.

*Spending every cent. Contributing regularly to an interest earning savings account is a good habit for anyone. Even if you can only spare twenty dollars per month, saving is saving. Whether you build up a sizeable nest egg before graduating college or you have to use the money for an emergency, saving money is one financial decision you will not regret.

We have all heard the adage of being a “poor college student.” Though this expression may lead the optimist to assume that financial woes become suddenly non-existent after college, this could not be further from the truth. Most college graduates work in unglamorous entry level positions for a few years out of college, and making ends meet does not suddenly get easier. Developing good money management habits in college can set students on the track to a bright financial future.

Tips for New College Students – Building a Great GPA

2007-10-25T10:45:00.000-07:00

Graduating from high school and entering college can undoubtedly bring about many changes in a student’s life. Beginning college represents an allegorical first step toward independence for high school graduates, and gives many their first glimpse of the responsibilities that inevitably accompany such freedom. With the major lifestyle change and numerous constant distractions associated with the transition from high school to college, it can become almost too easy for new college students to neglect their academic responsibilities. However, even one or two poor grades can have a lasting negative impact on a student’s grade point average (GPA). Earning and maintaining a good GPA involves constant diligence in every class, every semester. Below are some tips designed to help new college students start out and continue on the right track academically.

-Go to class. Granted, you have probably heard this straightforward advice a thousand times before. Still, many students struggle to make this simple effort that can mean the difference between passing and failing a class. Being at each class meeting gives you the advantage of hearing the lecture on the subject matter first hand, which will make studying for tests less grueling and more productive later. Not to mention, professors are typically privy to the fact that the most dedicated students attend each class meeting, and many reveal insight into the format and material of future exams during class. Missing out on key information may lead a student to take an ineffective approach to studying or to focus on the wrong information, which can lead to a catastrophe of a test grade.

-Prioritize wisely. College students are undoubtedly faced with a barrage of distractions. Whether the culprit be sports, participation in student organizations or enjoying an over bountiful social life, the numerous hours required to excel academically can be infringed upon by more appealing activities. Achieving a consistently high GPA requires prioritizing your time favorably toward attending class, studying, and doing projects, even when it requires you to sacrifice a party once in a while.

-Be a great test taker. There is an art to taking tests. Throughout college, you will notice that tests are not all created equal. In one class, the professor may create his or her own tests, while in another class the tests are standardized for an entire department. Know which are which. Pay attention to what concepts professors are emphasizing, and take detailed, legible notes. Study them exhaustively before exams, and not just the hour before. Another seemingly obvious piece of advice bears addressing—complete all class assignments, and understand their concepts. Tests often cover the same concepts, and sometimes even the exact questions, as do previous exercises assigned to the class.

The advantages of graduating from college with a good GPA are immeasurable. Particularly when you have little to no professional work experience, a potential employer may look to your academic achievements in gaining insight into your level of knowledge, determination and abilities. Maintaining a good GPA also reduces the risk of losing a valuable student loan, scholarship or other financial assistance that may require a minimal standard of academic performance for continuance. A high undergraduate GPA will also be on your side should you apply for continued education such as graduate school or law school in the future. And that can only happen if you follow at least the simplest of advice-go to class. Someday you will be grateful you did.

About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com