Spring Cleaning: Exchanging the Old for the New

Despite the constant changes in weather (from bright and sunny to dim and rainy) Boston is getting warmer. As the temperature changes so must our wardrobe, making this transitional period the perfect opportunity to clean out our closets. Now the word clean may sound like a chore, but think of it as a chance to make money.

As we find ourselves with unwanted clothing in good condition, we should consider bringing our duds to the following consignment shops. Some will give cash or store credit on the spot, while others will accept more high end items and will issue a check once they sell.

1) Buffalo Exchange, 238 Elm St. in Somerville
Located in the heart of Davis Square (and located a short walk from the Davis Square T), Buffalo Exchange will accept gently worn trendy clothing from men and women. Once a buyer comes up with a price for such items, they'll offer 30% in cash or 50% in store credit. Items that Buffalo will not accept may also be donated at the Goodwill right down the block.

2) Poor Little Rich Girl, 255 Elm St. in Somerville, 166 Newbury St. in Boston, and 121 Hampshire St. in Cambridge
Despite the name, Poor Little Rich Girl is a consignment store for men and women. Each of their three locations will accept new or gently worn trendy clothes, shoes and accessories (especially if the items are vintage). Poor Little Rich Girl issues a check to it's clients once all items have sold.

3) The Closet, 175 Newbury St in Boston
The Closet works the same as Poor Little Rich Girl, but they only accept top name brands. And, although they may be more selective, for clients that have high end items, they'll get the most money back here and at Second Time Around.

4) Second Time Around, three locations on Newbury Street in Boston (176, 219, 324) and one location in Harvard Square (8 Eliot Street)

Of course, leftover items can always be taken to Global Thrift on Moody Street in Waltham where clothing donations are always appreciated.

So, now that we are officially on Spring Break, this may be the perfect opportunity to freshen up our closets and make a little extra money while doing it.

-Savvy Student

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Goodbye to Overdraft Fee's...

Bank of America is one of several area banks that students at Brandeis belong to. As with other banks, Bank of America provides checking and savings account options and provides their account holders with debit cards for easy access to their money. In the midst of exams and deadlines it is not uncommon for a busy Brandeis student to forget how much money is left on their account thus resulting in one or more overdraft fees and creating a new headache to resolve.

At Savvy Student we do not support one bank over another. However, we do wish to keep you up to date with the most recent information and changes in the world of personal finance.

Starting this summer Bank of America, our nation's largest debit card issuer, will be doing away with the overdraft fees for debit card purchases and ATM cash withdrawals.

For banks, this means eliminating the fee that only last year generated $20 billion dollars in revenue. Now, instead of allowing consumers to overdraft, if they've reached the last pennies in their account, their card will be declined. For college students this means more security and peace of mind. Now, students will be prevented from maxing out their accounts thus allowing them to better manage their finances.

Starting this summer, the ATM will also notify the card owner of the overdraft fee and provide the option to proceed or not with the cash withdrawal. A new Federal Rule also requires banks to have customers' consent before providing any overdraft services as opposed to previous years when many banks automatically enrolled the customers.

So, now when you are grabbing that cup of coffee to awaken your senses for an exam you can rest assured that you won't be hit with an over draft fee making that $3 cup a very expensive one.

If you would like to read more about these changes please refer to the New York Times article here.

Savvy Student

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Graduating? Read this:

It took you several years and many sleepless nights to get to this point. You are finally a second semester senior. Congratulations!

Now it is time to turn your attention to post-graduation plans. Many of you may be thinking about getting a job, going to graduate school or what to do with all your new found free time. However, many graduates overlook the most important plans they need to make.

To keep you on track, we've compiled a list of items to add to your to-do list:

1. Moving Out
If you don't plan on moving back in with your parents, you will need to create a monthly budget. This begins with taking a realistic look at what you can afford based on your income and current expenses.
First, understand the difference between gross pay and net pay. Gross pay is your salary before taxes; net pay is your salary after taxes. When considering affordable housing, use your net pay.
Now create a budget (there are many spreadsheets online and in previous posts in this blog) that encompasses everything from food and cable to haircuts and subway tickets. If expenses outweigh income, you need to use a critical eye and reduce the amount you spend each month.

2. Moving Home
If you do plan to live at home after graduation, have a serious discussion with your parents about what, if any, changes there are in their expectations from you. Perhaps you will pay rent or contribute toward food costs. You must factor this into your budget.

3. Build an Emergency Fund
Start building an emergency fund. Your fund should equal at least 3-6 months of expenses. Car repairs and medical emergencies are the biggest drain on your funds and can be devastating if you're not prepared. Save a fixed amount each month to make it manageable.

4. Secure Health Insurance
Most likely up to this point you have been covered under your parents' health insurance but this coverage will probably end with your graduation. Now is a good time to investigate a new plan. If you have a job lined up, check with your employer about joining the company plan. If you aren't employed yet, shop around for the best rate on a plan.
Going to graduate school? Check with your parents' plan to see if and for how long they will cover you. Many insurance companies will cover students up to a certain age.

5. Credit Card
Most college students make it through school using cash or a debit card. However, now that you are out in the real world, it's time you start building credit. If possible, apply for a credit card before graduation; if not, apply right after and set up online banking. You need to begin building a credit history so you may purchase a home, qualify for lower interest rates and take out a loan. Once you get a credit card, you must make your payments on time. Missing a payment can put a huge dent on your credit score. And, if you overspend you may not be able to dig yourself out of debt so easily. The lesson: don't spend more than you have.

6. Student Loans
College is expensive, and most students must take out student loans to pay for their education. Now that you are graduating, you need to find out how much you owe in student loans. At Brandeis, students with loans receive a pamphlet detailing the amount of each of their loans and the total, and are required to go through exit loan counseling to understand their repayment options. Once you have the total in mind, figure out how much you can afford to pay each month. This should not exceed 8-10% of your income. If you can afford to pay more than the minimum balance, do it! You will pay your loans off faster and save a lot in interest. A good rule of thumb is to spend about $10 for every $1,000 that you borrow.

So, before you walk across the stage to "Pomp and Circumstance", spend some time setting personal, career and financial goals for yourself. Make them fun, practical and realistic. If you keep track of when you meet them, it will make you more motivated to reach other goals and you will have a greater sense of accomplishment!

Best of luck,

Savvy Student

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Understanding Registration Holds

Registration for Fall 2010 is just around the corner and some of you may have difficulty adding or dropping classes due to holds on your student account. There are a number of different types of registration holds and not all of them come from the Office of Student Financial Services. In an effort to make this spring's registration run more smoothly we want each of you to understand your account and what may be preventing you from signing up for classes on time.

When you are registering for classes, if you receive an error message through SAGE that indicates you are on hold, the first thing you should do is check the student account page. You can reach your account summary by first finding the "Account Inquiry" link beneath the header titled "Finances". Then, click on "Activity" at the top of the page to see a detailed list of charges, financial aid, and payments.

Registration Holds from Financial Services:

1) Past Due Account Balance: If you have an outstanding bill on your account, you will be placed on hold until it is paid in full. To avoid this hold and a late fee, please be sure to make your payment on or before the deadline. Keep in mind that wire transfers can take up to one week to reach our office, so if you send your wire a few days before the bill due date, you will likely still be placed on hold until we receive the payment.

2) Monthly Payment Plan Past Due: If you are enrolled in a payment plan but have not made your monthly payment, you will be placed on hold until we receive notification from Tuition Management Systems that you have made the payment.

3) No Entrance Counseling: If you are receiving student loans you must complete Entrance Counseling at the beginning of the first semester in which you receive those funds. You will also need to sign a promissory note for your loans. For federal loans, you will only need complete these steps once during your time at Brandeis. For other loans, you may have to complete them once per year.

4) No Exit Interview: Whenever a student with loans separates from or leaves the university, they must complete exit counseling. If you are returning to Brandeis after a leave of absence, you may be on hold if you did not complete exit counseling when you withdrew. Though you'll be back at Brandeis, you may still have to get the exit counseling out of the way in order to remove this hold, so stop by our office if you see this message on SAGE.

If you do have a Hold on your account for a reason other than Financial, please contact that individual department to see whats steps are require to have the hold lifted.

-Savvy Student

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Private Loan Options

Students are awarded financial aid based on eligibility or need, but often times their award package doesn't cover all of their expenses. In cases like these, many families look to additional loans as a way to afford tuition, housing and fee's. The process of finding a private loan can be quite daunting, so never fear Savvy Student is here.

Our first piece of advise is to do your research...

A website that we often refer to and use is BorrowSmart. A link is provided on our Student Financial Services website. BorrowSmart is a tool that allows borrowers to compare different loans, their interest rates and terms to determine which one best meets their needs. The difficulty with securing a private loan is the time in which it takes to be approved and certified before it finally reaches the student's account.

Second, plan accordingly and apply early.

In the mind of a college student and/or parent footing the bill, if the funds do not hit the account when they are supposed to disaster strikes. Many students rely on outside loans to pay for food and housing, on or off-campus. If the funds are not readily available from a loan the student is stuck in a very unfortunate situation. Even if a private loan has been approved, the funds may not be available to the student until an advisor has "certified" the amount which can only happen with cooperation from the bank.

So, to avoid these private loan pitfalls the best thing to do is prepare ahead of time by doing research to determine which lender you wish to work with. Apply early, so that the loan will be approved and certified well before the bill comes due. Credit applications are typically valid for 90 days. If you begin the process two months ahead of time you should be well on your way.By waiting, the loan may be delayed. If there is a delay on funding covering an account balance, the student may not be able to add or drop courses thus increasing the student's anxiety and frustration.

If you have questions about this process please feel free to stop by the Office of Student Financial Services to get assistance. We can not tell you which lender to select, but we can offer up advice on the process.

Good luck,

Savvy Student

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Easy Money: Scholarships, Grants and More

With the bulk of winter on its way out and spring on its way in there is much to be thankful for this time of year, including (you guessed it) financial aid (well, maybe you didn't guess it, but this is Savvy Student!).

Tax season is upon us and that means it is time to apply for or renew your financial aid. The steps are mostly the same whether you're a first timer or going into your senior year. And, if you have not applied before, but find yourself struggling to make ends meet you should apply, as you may very well receive assistance.

Most students seeking aid are asked to submit the following:

• CSS Profile available through the CollegeBoard (www.collegeboard.com)

• FAFSA (Free Application for Federal Student Aid available at www.fafsa.ed.gov)

• Completed prior year's Federal tax returns (in this case 2009) including all signatures, schedules, W-2's and business returns if applicable.

Students needing financial assistance must submit these materials by mid-April. The priority filing deadline for this year is April 23rd. If any documents are missing or new ones are required Student Financial Services notifies you via email. So, please check your spam blocker because these messages are important.

Once the CSS Profile is submitted students will be prompted with instructions on sending their Federal returns to IDOC. For students unfamiliar with IDOC, it is a service provided by the CollegeBoard by which returns are scanned in and images are produced for our office.

Once all materials have been submitted the student's file will be reviewed. In the May/June time frame most students begin receiving their "gift" by way of a Student Financial Services envelope detailing their award.

The steps seem fairly simple, but can actually be quite complicated. If you have questions about your award package or applying for aid for the first time please stop by our office as we are always happy to help.


Savvy Student

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Grocery Store Savings

If you're like many people, you stroll through your local supermarket without giving much attention to its design. Most people are not aware of the time and effort that grocery stores put into figuring out which expensive items to place at eye level and so on.

Because there's a strong correlation between an item's location and its price, knowing how to analyze the supermarket layout can help you slash your grocery bills. Savvy Student wants to bring you the 411 about grocery stores so you do not leave the store spending twice the amount you planned too.

Strategically Placed Sale Items

Stores realize their weekly ad specials are what drive customers into the store, so these specials are often placed in the back of the store so you will have to walk through the aisles to get to the prized item – stopping to pick up other items along the way. By stacking sale items in large displays at the end of aisles, the retailer hopes to make up for a lower profit margin with additional sales.

Avoid Impulse Buys

On the other hand, pricey convenience items are often located near the checkouts, where you'll be more likely to make a spur-of-the-moment purchase. The same item may be at another location in the store at a cheaper price.

Beware of Pricey Pairs

Stores sometimes carefully match up two or more grocery items that fit together, pushing a higher-priced selection in the process. If an item is usually partnered together such as salsa and chips, picking up the salsa that is right in front of the chips is more expensive than actually going to the aisle strictly for salsa and other condiments.

Search High and Low

Within the aisles, shelf positioning is also an important factor. Higher priced items will generally be placed roughly within eye level--in the are between four to six feet off the ground. The less expensive items will be placed on either the lower or top shelves--out of first glance area. Private label brands will also be featured at eye level because the store is making a higher profit percentage on that item when compared to its national brand.

Look in the 'Right' Direction

Most people are right handed and tend to reach in that direction so placing expensive items on the right of a comparable item that is less expensive can help get extra sales.

Go Straight for the Milk and Eggs and Don't Stop Along the Way

It happens every time. You run to the store for those essential groceries -- and end up walking out with a dozen bags full of stuff.

There's a reason why the meat, eggs, milk and other staples are located so far from the entrance. Supermarket designers lay out the basics along the perimeter to get customers who stop in to pick up a few things to pass by other tempting foods, linger just a bit longer and hopefully pick up a few things that weren't on the list.

To avoid detours that can tempt you to load up your cart, Savvy Students suggests sticking to the store's perimeter.

The Bottom Line

By taking a little time to analyze the supermarket's layout, you can target the most budget friendly areas and keep more money in your wallet. Visit the website below for additional information on how to save at grocery stores.

http://financialedge.investopedia.com/financial-edge/0210/A-Map-To-Grocery-Store-Savings.aspx

See you at Hannaford,

Savvy Student

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Financial Literacy Across America

In our search to provide additional resources for you we came across the University of Michigan's Money Management website created by their Office of Financial Aid. It is nice to see other schools making the effort to increase financial literacy. If you would like to view Michigan's personal finance site please click here.


The information posted by U of M is very similar to that of Savvy Student, however, they do provide additional links to websites we hope you will check out such as www.youcandealwithit.com. This website was created by the American Education Services (AES), an unincorporated division of the Pennsylvania Higher Education Assistance Agency (PHEAA).


The University of North Texas is also assisting their students by providing a Student Money Management Center. Most of their services are provided in-person with counselors, however, their website also highlights fun articles on such things as 529 Plans, Warren Buffet and Credit Cards. Check UNT out here.

The Minnesota State Colleges and Universities System connects student to budgeting and debt resources while the Division of Student Affairs at Montana University seek to offer their students tools on general money management.

Financial literacy is an essential life skill that many people are not well versed in. Home economics and technology classes are taught in schools more often than courses specific to everyday money management. Not everyone has the knowledge or skill that leads to financial freedom. As easy as it may sound sticking to a budget, saving money and climbing out of debt can be very challenging. In the midst of all of this it is nice to know Colleges and Universities including Brandeis are doing our part to help combat this problem and lead to a more financially savvy student body.

Thanks,

Savvy Student

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Frugal Outings: Nightlife

Boston and Cambridge are two excellent cities to catch a live show, but when tickets and convenience charges end up costing you more than $30 each time, it's difficult to consider on a student budget. For about a third of the price of concert tickets, you can have fun dancing with your friends while checking out live local bands and DJs.

Some spots we recommend are:

The Pill @ Great Scott, 1222 Commonwealth Avenue in Allston, (617) 734-4502: If you're 21, make your way to Allston for Great Scott's weekly dance party. Take the 70 bus to Watertown Yard and transfer to the 57. Get off at Brighton Ave. & Harvard Ave. (Total cost = $7.50)

Paper @ Harper's Ferry, 158 Brighton Avenue in Allston, (617) 254-7380: If you can't get into The Pill, check out Harper's Ferry for Paper, a bi-weekly dance party on Thursday nights. Paper will be held next on March 11th. (Total cost - $12.50)

Throwed @ The Middle East, 472 Massachusetts Avenue, Cambridge, (617) 864-3278: Check out the link for more details. Throwed is similar to Paper in Allston, but it's more accessible from Brandeis. You can take the shuttle to Harvard Square and walk for twenty minutes down Mass. Ave. towards Boston, or you can hop on the 70 bus which will take you right to Central Square, a block or two away from the Middle East. (Total cost - $10 if you take the shuttle, $12.50 if you take the bus)

Let us know if you check out any of these venues and tell us what you think. If you have any suggestions for cheap nightlife in Boston and Cambridge, send an email to sfs@brandeis.edu and we'll post your ideas.

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