Defending Against Identity Theft

In an increasingly digital world, privacy seems to be getting easier to maintain, right? No more paper bills to shred, no more paper mail that could be tampered with... wrong. The internet is positively the most dangerous place to risk your personal information, and what with Facebook publicizing everything about you, down to your birthday and hometown, your identity is in more danger now than ever. For skilled identity thefts, your full birthday and full name are all that is required to begin snagging bits of your financial information or retrieve personal data about you. According to Javelin Strategy & Research, nearly 12 million people fall victim to identity theft each year, and that value is actually a 13% increase from 2011 statistics!

Your financial information is precious, we know. In order to help you maintain a secure lock on all your personal data we here at Savvy Student have a detailed list of MUSTS for your identity safety. To begin, always air on the side of caution and be aware when dealing with any websites that require your personal data. Many sites are not safe or do not provide secure links and thus tricky identity thieves can easily take advantage of mistakes you might make! Please review the list below and keep in mind that gaining back your identity, if it has already been stolen, is a much, much more difficult, lengthy, and stressful process than following these simple steps to protecting yourself proactively!

1) Password protection: not only should you use passwords to protect your computer, your files, your phone, and all online accounts (if they don't already require you to have a password), but you should also change these passwords frequently! Some websites advise changing passwords for electronic devices every 72 hours, but if you have a weak memory, that might be a bit harsh on the brain. Changing passwords for all accounts and devices should definitely be routine every 3 months, however. Furthermore, your electronic devices and online accounts should have different passwords... having the same password for every account associated with you is a sure way to become an identity theft victim.

2) Check your credit report annually! By visiting www.annualcreditreport.com you will be able to review your credit history for free from the three credit reporting agencies: Transunion, Experien and Equifax These credit reports can include indicators of possible "fishers", or suspicious transactions or hacks onto your account that can be associated with identity thieves.

3) Require Photo ID. On your credit and debit cards, rather than signing the back of the card, you can write "See Photo ID" and the employee completing your transaction is then required to ask to see ID to confirm your identity before they swipe the card. In this way, anyone using your card will be caught committing fraud, and your money will be protected.

4) Destroy all digital and hard data. Shred everything! Paperwork of transactions that have been completed, paper statements dating 10 months previous or earlier, and any documents that you don't need to keep that have personal information (SSN, license #, birthdate, etc) recorded should be destroyed efficiently. Furthermore, if you've kept email confirmations or downloaded online bank statements, if these files are not protected, you should delete them permanently from the harddrive because files that sit on a computer or online account become vulnerable to hacking. Please be advised that IRS tax returns do not fall under this category. If you have filed a return you should hold on to your paperwork for up to seven years, just be sure to keep it in a secure location.

5) Protect your SSN. Your social security number is the key to your identity. If an identity thief gets hold of that information, all other information pertaining to you will be compromised. Do not carry your social security card around in your wallet with you EVER. Also, do not ever record your SSN online when asked or prompted. It is extremely unsafe and unreliable to ever divulge that information.

Following these 5 steps is a sure way to secure and safelock all of your personal information from identity thieves! If you want more information pertaining to identity theft and protecting yourself against vulnerability, check out the links below and do some extra research! Remember, it's your identity, and your security.


http://gpluspro.hubpages.com/hub/Identity-Theft-Statistics-2012


http://netsecurity.about.com/od/newsandeditorial1/a/aaidenttheft_2.htm

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Do You Know What You Owe?

Student loans are an inevitable part of our college experience, with the price of a good education rising at a rate of 4.3% per year (U.S. Department of Education's National Center for Education Statistics). Whether for undergraduate expenses or to help pay for graduate school, loans are most likely going to be a factor in your financial aid experience. There are federal and institutional loans, unsubsidized and subsidized loans, fixed interest loans and variable interest loans... the list goes on.

However, don't fear! Savvy Student has made understanding your loans and managing your money easy by compiling all the need-to-knows about loans. The fine print can seem a bit tricky, but here at Savvy Student, we have summarized the most important facts about your loans to help you stay on top of your finances.

First and foremost, every student should be aware of the total they are borrowing and who they are borrowing from-whether it is from a private lender, a Federal loan from the Department of Education or an Institutional loan from Brandeis. It is your responsibility to keep track of the accruing interest and total amounts of each loan, Also, be sure to know the basics of your loans, including the exact interest rate(s), billing cycle and grace period. Through Sage you are able to "View Financial Aid Information" and review a tally of all the awards and loans you've received while at Brandeis.

Secondly, keep in mind that repaying your loans, while a necessary hurdle to any graduated student's financial life, is a surprisingly flexible process. If you ever get confused or worried that you are not understanding the terms of your loans, know that there is additional assistance! You should keep in touch with your loan servicer. A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Here at Brandeis you have the luxury of being able to contact our Assistant Director of Student Loans, Steven Doona. Steven is your go to guy for any questions related to student loans. He may not be able to help you with regards to private loans, but he will be able to answer questions regarding the Stafford and Perkins loans, Brandeis, Saval and Wien loans.

Also, when completing entrance counseling for your loans, take note of any special circumstances that may apply to you and work to your benefit. See the link below for details about special circumstances and loan repayment. For example, loan debt can also be forgiven, cancelled, or discharged; in other words, if you fall under certain circumstances, you may not be required to pay back your loans.

http://studentaid.ed.gov/repay-loans/deferment-forbearance

Please note that even if you do not complete your education, you must still repay any loans that you have taken out (unless the following circumstances apply to you).

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation

If you are not fortunate enough to have your loans forgiven or deferred, the next step after graduation is to set up a repayment plan. Important factors to consider include your cost of living (rent, food budget, utilities expenses, etc), your income, and any assets or funds you may have set up to save for repaying loans. Below is a chart that details several types of plans and what monthly payment would be required to repay the loan debt. Be sure to read through the chart column "Quick Comparison", which identifies the pros and cons of each type of plan compared to the others on the list. For example, the standard plan has a lower interest rate over time, but the graduated payment plan allows smaller amounts to be paid initially, followed by increased payments over time (for example, if your salary is one that receives an automatic increase per year, you may want to pay more over time to complete your loan repayment sooner than a 10-year standard plan).

http://studentaid.ed.gov/repay-loans/understand/plans

Now, with all this inside knowledge, you can relax! Loans can be stressful, but only if you don't know what you owe.

~Savvy Student

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Consumer Caution

Now that school is back in session, the holiday season will be upon us in no time at all. However, that means holiday shopping is looming on the horizon, and retailers are already preparing their planned attack on consumer wallets.

First and foremost, the rave behind Apple's new iPhone 5 will be sure to cause pockets to empty in the upcoming months. Apple has made it a habit to release its new products just ahead of the holidays so as to entice purchasers to spend extra dough on that "special item" for a loved one. Or, in a much more simple sense, Apple's relentless flow of new, expensive gadgets calls for tech-lovers everywhere to jump in-line at the local Best Buy or Apple store whenever a new product is rumoured to be released. However, one should be cautious by this advertising: items that are labeled to be "must haves" usually are marked up on the shelves. Furthermore, their value drops steadily from the date of retail release, so buying any product a few months after it has been released is a much wiser option. Additionally, by waiting patiently for a reduced or sale price, one can also do research about the actual quality of the product. The iPhone is a great example of a device that gets a lot of attention for a few new features but lacks in lasting impact, because every iPhone is more or less the same, run off of the same operating system and with all the same apps available. Cautious buyers should develop patience, rather than try to snag the newest item ahead of the sales period for this very reason!

Apart from Apple products, other companies and stores have a way with luring customers to spend big bucks during the holiday season. Major department stores, such as Macys, often act aggressively towards generating holiday spending by sending out large volumes of catalogues, flyers, sales coupons, and deals-inserts. Newspapers are chock-full of "the latest" bargains that will be emerging at the local Kohls, JC Penney's, Macys, and more, and it is quite obvious that retailers are expecting a slow sales year for the upcoming holiday stretch. Be aware that better bargains come to those who wait, so buying now to save later might not be the best strategy.

So in the next coming months, as you will no doubt be flooded with coupons and advertisements, be wary. Try to stay away from product hype and the latest bargains, instead looking at good quality products that are worth the bang for your buck!

Check out this Time article for more information on upcoming email marketing efforts!

Happy Shopping!
Savvy Student

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Textbooks and Tabling and FREE GIVEAWAYS, Oh my!

Today is your lucky day! The Brandeis Office of Student Financial Services (the wonderful team behind Savvy Student) is having it's first ever tabling event TODAY from 11-2 at Brandeis University in lower Usdan! We'll be handing out information fliers about this blog, our Twitter page, and our Facebook page, as well as talking to students about what our office does and providing money-management tips. All students who come by and "like" our Facebook page (we will have a laptop available so you can do it then and there) will be given a raffle ticket and will have a chance to win a gift card to Lizzy's Homemade Ice Cream! We'll also have free cupcakes and cookies, so stop by if you want to chat over a snack! The first 5 students who visit our table will also get an adorable free Brandeis University piggy bank, so make sure you get there early!!

We have also found a neat article to go along with our last post, "Barganing for Books." This USA Today article has a ton of information about the best sites to buy, rent, or sell textbooks. Some of the sites listed include Chegg, Neebo, and Half.com. We hope these sites help you through your text book hunt this Fall! Pease let us know if you have any additional tricks that have helped you save on books!

Happy Saving! And we'll see you later today in lower Usdan!!
~Savvy Student

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Bargaining for Books

Now that you are finally settled in and practically done picking classes, it is time to start thinking about your handy little (or sometimes quite big) friends, better known as text books! For many, this can be an overwhelming burden to your bank account. However, Savvy Student has found alternative options for getting the books and information you need leaving you with cash to spare.


1. Rent!

Renting books and textbooks had become one of the best ways to save money. Not only can you rent your textbooks for half the price, but you also will also forgo the hassle of selling them back at the end of the semester, if you are not interested in keeping them. Renting textbooks is now available through the Brandeis Bookstore, as well as online retailers such as amazon.com and half.com.

2. Purchase E-books

Do you own a laptop, Ipad, Kindle, Nook or eReader? If so,  you may now use these devices to study with. Many companies are now offering their textbooks in an electronic format which tends to be far less expensive than a physical textbook and a lot lighter too. Even better, you may have access  to ebooks on your smart phone!

3. Compare Options and Buy Used

While new books are always an option, the bill can add up very quickly. If you want to guarantee your books are not worn out and highlighted by previous owners, buying brand new books is your best option to guarantee that. If you don’t mind a little wear and tear, buying used books is the optimal way to save money this semester. While it may take some research in order to find the best deal, you can save hundreds of dollars. The first place to look is the Brandeis bookstore, which has a limited supply of used books, but you would not need to worry about waiting for your books to arrive or the shipping costs involved.
If the book is not available used at the bookstore, your next best options are amazon.com or half.com. The benefits to these two online retailers is that they compile a ton of sellers and their listing prices for a particular book, so that you can find the optimal choice for the best price.

4. Buy Books Cheap and make the world a better place

There is one other great resource that sells used and new book and tries to help others at the same time. Better World Books is an online retailer that uses the power of business to change the world. They collect and sell books online to donate books and fund literacy initiatives worldwide. With more than 8 million new and used titles in stock, they are a self-sustaining company that creates social, economic and environmental value for their stakeholders. Want to know more good news? BWB also provides free shipping worldwide! Make sure to check out this great company for your books at http://www.betterworldbooks.com/.

There you have it- now it’s time to hit those books and start off your semester being financially savvy!  Doing your research and finding the best price for books will only pay off in the future when you are looking for some extra cash for the weekend.

Happy Shopping!
-Savvy Student

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Jobs Report

In the midst of an election year, it seems news about the job market and student loan debt is all over the place, which can be a little scary to think about at the start of a new academic year. Although Savvy Student can not change the facts and figures being reported, we can certainly help by offering tips regarding your student loans and providing you with information as it relates to the inevitable job hunt.

In many cases, student loans are unavoidable: many students need loans for undergrad, grad, or both, and by the time one graduates, it seems that the loan total has skyrocketed. However, with federal loans you have until the end of the academic year to return or cancel any unused portion. Instead of borrowing the maximum amount in loans for the semester, only borrow what you think you need and try to differentiate between your needs and wants to come up with a bottom line. Federal student loan interest rates are lower than most credit cards, but interest does accumulate, so borrow only what you need and think about the cost involved over the life of the loan, as it may help deter your spending. Additionally,  for every $1,000 borrowed you should plan on roughly $12 per month for repayment. You should also consider ways to cut back your spending or think of cheaper alternatives. As it is the start of the semester a large percentage of your refund check or expenses go towards the purchase of books, but instead of buying new try comparing the cost of renting your textbook or buying it used online.


Another helpful hint from our office is to read the fine print! Do you remember having to complete "entrance counseling" and sign that pesky "promissory note"? The copious amount of information provided during the online entrance counseling, while annoying to read through, actually contains many important facts that, in some cases, may leave you debt-free after graduation.


As for the job market and internship arena, the numbers may look glum, but that doesn't mean that your Brandeis education won't pay off. Visit the Hiatt Career Center to get help with your resume or to set up mock interviews. Practice makes perfect, so when you do get the call for an interview you will be prepared to make a great first impression and hopefully land the job. Also Forbes published a great article on what mistakes young job seekers are making. Whether you have done this or not please take note and check out the article here. And, finally remember the more applications you submit the more chances you have of getting a call back. It also pays to network as the phrase goes, it is not always what you know, but who you know.


Good luck this semester,

Savvy Student

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