First-Year Finances 101

Entering your first-year of college is an exciting yet overwhelming experience. While academic and social concerns are probably high on your list, don't neglect your financial needs. Learning some tips and monitoring your accounts will ensure that you won't go broke by Halloween.

1. Splitting the Bill with your Parents- Before move-in day, take an hour to sit with your parents and discuss who will be responsible for which expenses. Perhaps mom and dad will buy your books as long as you pay for your dinners out. Save your summer job paycheck or land a job on campus to avoid getting in a bind.

2. Understand your Financial Aid- If you have a merit scholarship, understand the terms you need to abide by to keep it. Some merit scholarships require you to re-submit the FAFSA each year. For need-based aid, understand the terms of your loans and ask questions if you aren't sure. At the beginning of the year, students need to sign promissory notes and go through entrance counseling for their loans. Students need to re-apply for aid every year!

3. Which Bank?- If you haven't already done so, set up a checking account! Look for a bank that has a free debit card and low minimum balance requirement. As of this coming year, 09-10, all working students must have direct deposit.

4. Plugging Money Leaks- Watch your spending from the day you move-in. Evaluate your spending after one month and see where most of it is going. Are you running off campus to Dunkin Donuts for coffee every day? Use your meal plan to get coffee on campus or even brew your own. If your budget can't accommodate all of your spending, decide which items you can go without or pick up extra hours at work.

5. Monthly Transfers- Consider having your bank transfer a fixed amount monthly that will help with living expenses. If you transfer all of your money into your checking account at the beginning of the semester, you may spend it more freely than you should.

6. Consider Credit Cards Carefully- If you don't have much experience managing your money, you may want to wait to acquire a credit card until you've used your debit card, balanced a checkbook and familiarized yourself with your online accounts. Once you have the knowledge and experience to spend wisely and pay your bills on time, then you should apply for a credit card. It is easier for students to get a credit card than for those who graduated so you should have one before graduation.

7. Communicate with your Roommate- Most incoming students will have a roommate. Both of you will want to outfit your room to suit all of your needs and may agree to split some of the big ticket items like a fridge or TV. However, you may want to agree to bring separate items (i.e. roommate 1 brings the fridge, roommate 2 brings the TV) instead of splitting the cost of each item, in order to avoid ownership spats later.

8. Safeguarding your Financial Information- Keep things like bank statements, your social security number and other personal financial information tucked away in a safe location. You may even consider buying a small safe.

9. FREE- Always look for cheap or free entertainment and food. This is bountiful on a college campus. Attend cultural events, sporting events, club activities. There will sometimes be free or cheap concerts and events to go to in Boston. If properly thought through, you could eat for free for weeks.

10. Student Discounts- Always ask if there is a student discount. You can get them at places like the movie theater, museums, even car insurance. That's right, you can save on car insurance by being a good student.

Welcome to College,

Savvy Student

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Landing a Job on Campus

On-campus employment gives many students their first opportunity to gain experience while allowing them to earn a little extra cash. In many cases, students depend on their on-campus jobs to help afford the small, but frequent expenses associated with living away from home. Things that were once free, like cleaning supplies and use of a washer and dryer are suddenly going to cost money, and working a few hours per week is a great way to earn enough money to pay for these little necessities while saving something for the future.

Student’s wanting to work in the U.S. must prove that they are eligible for employment and Brandeis is no exception. Before beginning work, students must complete several forms and provide appropriate documentation proving their eligibility. The process of gaining employment is rather simple, but the documents can be somewhat confusing. Our hope is to clarify the process thus allowing students to begin working in a timely manner. Please review our advice below for student employment.

1) Be Prepared In order to work on-campus you will need to provide appropriate documentation proving you are eligible to work in the U.S. Please look at the List of Acceptable Documents and come prepared with the proper forms. The Office of Student Financial Services will only accept original documents, copies are not permitted. If you are and international student you must have a social security number before you can begin working. Please visit our office to pick up the appropriate form to begin the process of applying for a social security card.

2) Complete All New Hire Paperwork and Obtain a “Blue Card” Once you receive a job offer you will need to visit The Office of Student Financial Services. You will be asked to complete all new hire paperwork including our I-9 Employment Eligibility Form, W-4 Federal Tax Form, M-4 Massachusetts Tax Form and if you are international student the Foreign National Information Form. Once you complete the I-9 and W-4 Forms you will be issued a “Blue Card”. Be sure to keep your card in a safe location as it indicates to employers that you have completed all of the necessary paperwork. For those of you receiving financial aid, the blue card will also tell employers whether or not you are receiving Federal Work Study or University Employment. If you misplace your card don't fret just pay our office a visit and we'll sign a new one for you.

3) Complete and Submit the New Hire/Rehire Form This document must be completed by both you and your hiring supervisor before you will be added to the Brandeis Payroll System. Additionally, this form is requested for every new job you are offered.

4) Sign Up For Direct Deposit Beginning this year, all Brandeis employees (students and staff) will be required to participate in direct deposit. Direct deposit ensures that your money will be deposited directly into the account of your choice either checking or savings and replaces having to manually deposit checks.

*Only students with Federal Work-Study or University Employment will be permitted to work prior to October 1^st.

We also field several questions regarding Federal Work-Study and we have included a brief Q and A below.

What is work-study and how do I get it?

Federal Work-Study is a work program funded by the federal government whereas University Employment is funded by Brandeis. Students may work either on-campus or at an approved off-campus community-service agency. To elaborate further, the work study program is offered to those students who complete a FAFSA and demonstrate enough need to be eligible for the program. University employment is strictly offered to international students and restricts their ability to work off-campus. Both programs are awarded for the full year.

Is work-study deducted from my bill? Will my paychecks go directly to Brandeis?

While work-study is considered a part of the total financial aid package, it is not deducted from the bill. Instead, work-study students are responsible for finding employment and will be paid through weekly deposits into their accounts. This money can be used to pay for life's necessities like laundry and toiletries. These expenses are actually built into the Cost of Attendance budget which is used in calculating financial aid.

What happens if I get a job and my work-study allotment runs out?

Fortunately, many on-campus employers will keep work-study students on even when their allotment runs out. Depending on funding, other employers may have to terminate their students. Any concerns about work-study should be directed towards the Assistant Director of Student Employment, Kristyn Burke or the hiring supervisor.

What makes work-study more beneficial than regular on-campus employment?

Work-study students have the advantage of being able to apply for jobs as soon as school starts, while students without work-study cannot be hired until October 1st. Additionally, work-study earnings will not be considered as a part of the financial contribution in determining eligibility for aid.

How can I find an on-campus job?

The Office of Student Financial Services will list all employment opportunities online at “brandeis.edu/offices/sfs” under “Job Opportunities”. Our office also hosts a job fair every fall where students can meet employers to discuss potential opportunities and complete applications on the spot.

Have any more questions about student employment we haven't covered? Let us know by sending us an email to sfs@brandeis.edu or leaving us a comment on this post.

Happy job hunting,

Savvy Student

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Buying Textbooks 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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College Shopping: By the Season

Department stores score big with back to school merchandise. From computers to small appliances and even bedding, the summer months can be very rewarding for big box stores, and because of the increased demand for these items, you won't find the best deals. By waiting to make your purchase you can save money on almost everything you need for college.

We already covered an article about the products and services that are at their lowest prices due to the economic situation, but did you know that pricing on certain items is cyclical with the seasons? Kiplinger compiled a list of the "Best Buys" for each season, and we have decided to feature the most popular items we think college students are buying.


For Fall:

• Travel: We don't recommend you splurge on a vacation during the Fall semester, but if you're planning to spend time off campus in any of the surrounding areas, you'll find the best deals on day trips and tourist attractions in the fall.
  
• Baking Supplies: Grocers will offer deals in anticipation of the holiday season, so if you're a baker, stock up in November! You should keep some baking supplies in your room to save you money during those late night study sessions when you're really craving a chocolate chip cookie. You can also use your baking skills to make new friends. Every college student loves free food!
  
• Appliances: New models flood the stores in the fall, so you can get a deal on last year's microwave or blender when retailers are most inclined to move their stock.

For Winter:

• Computers: If you're ready to purchase a computer for school, you may be able to save a ton of cash by waiting a few months. There are plenty of computers you can use on campus, so try to hold out. You'll likely score an even better computer than you otherwise would have if you rushed to make the purchase over the summer.
  
• Linens: Avoid the rush in the fall and and wait until January to buy most of your bedding for your room. It's true that you'll need to find twin extra long sheets, so bringing your sheets from home temporarily may not be an option, but you don't have to buy more than one set before you go away to school. You can stock up on back-up sets in the winter.
  
• Digital Cameras: If you're an amateur photographer or you just want something to capture all of your first-year memories, wait until January to find a great sale on a digital camera.

For Spring:

• Outerwear: Maybe spring is too late to purchase your coat, but if you are looking to replace the one that was ravaged by the New England snow and ice, you can find some closeout deals on last season's stock of coats.
  
• Utensils and Kitchen Gadgets: If you're moving into an apartment or into a dorm with a kitchen, you'll need some kitchen supplies. Buy your colanders and forks in April or May. This is also helpful for graduates!
  

For Summer:

• Swimwear: Shop for next year's swimsuit in August or early September. You'll probably get some use out of it towards the end of the season, as the weather tends to stay fairly hot well into September.
• School Supplies: Office supplies will be at their lowest prices during the summer. You can stock up on these, but remember to wait it out for your dorm room decor.

Check out the full article here.

Timing is of the essence when it comes to shopping for deals. Keep the season in mind when you're shopping, have a little bit of patience, and you'll come out of the stores with cash to spare.

- Savvy Student

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Credit Terminology

Anyone who uses a credit card or who is considering getting one must be savvy with the important terms that make you a responsible consumer. Know what credit card companies are talking about so you can be in charge and manage your account:

The Basics:

1. Annual Percentage Rate- A yearly rate of interest including fees and costs paid to acquire the loan.

2. Average Daily Balance- Determined by adding each day's balance and dividing it by the number of days in the billing cycle. It is then multiplied by the monthly periodic rate, and determines the monthly finance charge.

3. Cardholder Agreement- The written statement giving the terms and conditions of the credit card account. It must include the Annual Percentage Rate, the monthly minimum payment formula, annual fee if applicable, and the cardholder's rights in billing disputes.

4. Pre-approved- This simply means that a person passed the initial credit-information screening.

Activities/Actions:

1. Balance Transfer- The process of moving an unpaid credit card debt from one issuer to another.

2. Grace Period- If you do not carry a balance, then the grace period refers to the interest free time between the transaction date and the billing date (usually lasting around 20 or 30 days). People carrying a balance do not have a grace period.

3. Minimum Payment- Refers to the minimum amount a cardholder must pay to avoid going into default. Most minimum payments are 2% of the outstanding balance.

4. Teaser Rate- Also referred to as an introductory rate, it's a below-the-market rate used to entice new customers to use that lender.

5. Variable Interest Rate- The percentage that a borrower pays for the use of money, which may move up or down depending on changes in other interest rates.

Trouble:

1. Forbearance- The lender "stops the clock" in a way. You still owe the full balance and already accrued fees which you will have to resume paying when the clock starts again. This is a temporary arrangement made under specific circumstances such as a loss of employment.

2. Workout- Similar to a Debt Management Program, the bank may eliminate fees and cut your interest rate to get your finances under control. It may result in a lower credit limit and you may have to agree to stop using the card.

3. Settlement- The lender agrees to take less than your full balance as payment. However, your credit score will take a huge hit as if you were filing for bankruptcy. Usually you would make three lump-sum payments.

4. Bankruptcy- It's the last step and an arduous, expensive process that will severely impact your credit score. Sometimes, however, it is the only option left.

Do your own research and ask questions when something confuses you so you don't end up in trouble because of something you didn't understand.

Read the fine print!
Savvy Student

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Budgeting and Avoiding Money Leaks

We've written a great deal about the importance of budgets and financial planning and now we want to show you the math behind our reasoning.

Think about how frequently you go out during the week, whether you're heading to work or going out on a Friday night. Do you bring your own food and beverages with you? Do you purchase food or drinks while you're out as you want them? Try to remember all of the purchases you've made for items under $5 in the past month (without cheating by logging in to your online banking!) Cross reference your memory with your actual bank statement. You may be surprised by how many small purchases you make without realizing it. When we make small purchases, we often think that a $3 cup of coffee is so inexpensive that the purchase is meaningless to our finances. We call these purchases "money leaks" because as they add up, your cash supply gradually dwindles.

Budgeting is the best way to avoid these money leaks. If you leave your apartment or dorm with a weekly, set amount for things like food or coffee, you'll be more conscious of where your money is actually going. Try keeping only cash in your pocket when you go out and limit yourself to spending only your cash. As conscious spending becomes more of a habit, you'll likely start to look for more ways to control your cash outflow. Whether it's packing lunch, carrying a refillable water bottle or brewing your own coffee, you'll gain more control over your finances once you patch up your money leaks.


- Savvy Student

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Bring on the Deals

The economic crisis is no longer a surprise, but a reality. Families across the nation have been feeling the effects of a dwindling economy for a while now, but there is hope on the horizon and a plethora of tips and tools available to help heal financial wounds. And, whether you are making money, losing money or status quo there is a silver lining to every dark cloud. With consumer sales down (for obvious reasons) sales and discounts are on the rise. In fact, an article published by Forbes.com highlights the top 10 items consumers should consider purchasing before the economy recovers. The list includes laptop computers, cars and with the weather in New England lately, even a vacation is on the list of best buys. Check out the article and see the completed list here.

Happy shopping,

Savvy Student

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