More Student Deals

We're preparing for a brand new school year and while picking classes, buying books and outfitting dorm rooms are undoubtedly time consuming, you should start thinking about all of the things you'd like to do or try during your time at Brandeis. There's never a shortage of cultural events and restaurants to try in Boston and in the Greater Boston area, so it's important to know where the best student deals are to maximize those precious "poor college student" funds. That's where Savvy Student comes in.

1) Cheap Thrills Boston

Every day blogger Rob V. updates with events and happenings that are either free or under $10. Bookmark Cheap Thrills and check it around noon every day (Rob only posts events on the same day).

2) 15% off at Eastern Mountain Sports (there's a location close to the shuttle stop in Harvard Square)

3) 10% off at JP Licks (locations in Harvard Square, Davis Square and on Newbury Street)

4) Harvard University has an online guide to cheap arts & entertainment events in the city here.

5) Get 10% off with student ID at J. Crew!

We'll continue updating with more affordable fun throughout the school year. Enjoy!

Savvy Student

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An Oldie but a Goodie: Buying Books Without Breaking the Bank

The beginning of a new semester arrives in a flurry of setting up dorm rooms, catching-up with friends and preparing for classes. And in all this preparation, students must face the burden and expense of buying their course textbooks. All students know the harsh feeling of sticker shock as they watch their total climb higher and higher out of the realm of affordability. Yet as painful as the buying process can be, receiving 10% of the cost of all those books back when selling is even more defeating.

So, with the acknowledgment that textbooks are a vital part of your educational experience, what can students do to ease the burden?

Buying Textbooks:

While the campus bookstore may be the most convenient and fastest way to acquire all of the books you need for the semester, you may save money by doing a little digging first.

1. Buy Books Online-

There are many online companies that sell textbooks. E-bay, half.com and Amazon are all obvious choices, but there are many other smaller companies that offer good deals. It's best to start looking as early as you can to compare prices. Of course, you should also try to buy early to ensure that your books arrive in time for your first class.

2. E-books-

This option can be less expensive than purchasing paper books. E-books can be read on a personal computer, and it is sometimes easier to carry around one laptop over several heavy textbooks. However, there are a couple things to consider when buying an e-book. Some textbooks are not available in electronic format. Also, you must have a computer and if the book is needed in a class where the professor forbids laptops, you could be unprepared.

3. Borrow or Buy from a Friend or Split the Cost of a Textbook-

Ask around with the people you know who may already have the textbook you need. See if they would be willing to lend it to you or sell it for a low price. You often get the best bargain for books by making a deal with another student.

Another option is splitting the cost of a course text with another student taking the class. Of course, this requires greater coordination and cooperation between the students sharing the book. It also may not be practical for classes with heavy emphasis on the reading material.

4. Library Reserves

Often, Professors will put required texts on reserve at the library. If you are willing to hike over, you can borrow the book for two hours at a time. With this option, you get the textbook for free. However, it requires greater planning on your part to make sure you get to the library early and allow for the possibility that another student may have already borrowed the book.

5. If all else fails, or after considering your options and you feel as if buying at the university bookstore is best for you- buy used. Some "used" books come at significantly lower prices than its' "new" counterparts.

Some other things to consider:

- Discuss with your Professor the possibility of scanning the necessary portion of a textbook onto LATTE instead of requiring students to buy the entire book.
- Ask your Professor if sharing a secondary text is appropriate.
- Ask your Professor what older editions of the text are usable for the course.

Selling Textbooks:

1. Sell Online-

You can often get more money back for your textbooks by selling them online if you price them competitively. There are a couple of online options. First, you can sell to an online company like Barnes and Noble Textbook Buyback, which will pay you a greater percentage of your textbook than the bookstore usually would. Second, you can sell online directly to a buyer through web-sites like Amazon and half.com. However, both of those companies take a small cut of your profit (usually around 15%). You must also ship the book and wait for payment while the bookstore provides instant gratification.

To sell a textbook online without facing a cut in your profit, post your wares on craiglist.

2. MyBrandeis-

The MyBrandeis forums are a great place to sell textbooks because the students viewing your ad are Brandeis students who may take the same course with the same required reading. It is often easy to meet up with the student for the swap because you will both be on campus at the beginning of the semester.

3. Sell by Word of Mouth or Post Ads-

Ask your friends if they will be taking the course that you have the textbook for, or if they know someone that will need it. You can also post fliers around campus advertising the textbooks you will be selling, and at what price.

4. Second-Hand Book Shops-

What to do with all of those novels you bought for Brit Lit? Well, second hand bookstores may buy them! Of course, the point of selling your books is to make money and the point of a second hand bookshop is to sell cheap books, so they may not pay you top dollar. However, if the campus bookstore won't pay you anything, it is a better deal.

5. Donate to libraries or charities

Some donations are tax exempt! That's another way to save money.

6. Of course, if you're too lazy to list your books online or lug them to a bookshop farther away, the campus bookstore will pay you for many of them. The buyback quote tends to be up to 50% of the sticker price assuming the book will be used the following semester. Be sure to bring your books in early because if the book is being used again, the bookstore may only buy that book until it has enough for enrollment. The bookstore may also use things like Brandeis and national demand to price books.

You can save on books without sacrificing your educational experience. To make sure you are getting the best deal, compare options and do the legwork yourself.

Welcome Back,
Savvy Student

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Consumer Protection

At Savvy Student, we always do our best to bring you the most up to date news as it pertains to the world of personal finance. That being said, we would like to introduce the recently created Bureau of Consumer Financial Protection created under the Financial reform Law signed by President Obama back in July. The agency will have the authority to rewrite the rules regarding mortgages, credit cards, and loans and will be responsible for ensuring that firms adhere to these rules. The hope is to prevent consumers from being taken advantage of by firms that dole out high interest loans to individuals and families without the means to repay. The agency will also ensure that credit card holders are protected from arbitrary rate increases and exorbitant fees.

You can find a detailed description of the new agency here (and the full bill here), but we have highlighted some of the most relevant points (also from the source provided).

The Consumer Financial Protection Bureau intends to:

• Apply to “consumer financial products or services.” These are understood to include financial products or services that are to be used primarily for personal, family or household purposes.

• Address all forms of credit, deposit, and payment products and services offered to consumers. It can also address related products and services such as prepaid debit cards, loan servicing, debt collection, and debt-related services.

• Have the power to determine that products, features, or practices are unfair, deceptive, abusive or unsustainable. Its powers should include banning, restricting, or imposing conditions on practices, products or features, creating product standards, and requiring special monitoring, reporting and impact review of certain products, features or practices.

• Require that all disclosures are clear, simple and concise.

• Take a lead role in educating consumers about all credit matters. Review and streamline existing financial literacy programs.

• Test disclosures regularly to see if they are clear and reasonable.

• Have a five-member board - Four appointed by the President, and subject to confirmation by the Senate and the fifth is the Director of the National Bank Supervisor.

• Provide a unified mortgage disclosure.

• Require credit card companies to provide calculators that give payoff terms under different circumstances (i.e., only making minimum payments or paying off in only a year).

• Require credit card issuers to offer "plain vanilla" credit cards in addition to other, more complex products for consumers who want basic cards.

• Review mandatory arbitration clauses in consumer financial contracts to assess fairness. If needed, develop standards for fair dispute resolution or ban mandatory arbitration clauses in certain products (such as mortgages).

• Have jurisdiction over debt collectors and debt buyers.

Many of these new rules are applicable to college students. Educating consumers about credit, ensuring that terms for loans and credit cards are clear and generally testing disclosures to ensure they are reasonable will greatly benefit the college-aged consumer. The point of all of this is to demystify the field of personal finance and make it more approachable for non-professionals.

Make sure you check out the resources we provided for more information. We’ll keep you updated as the agency begins its work.

Thanks,

Savvy Student

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