Useful Topics for Borrowers

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Am I in Financial Trouble?
College is a Time to "Trade Down"
College and Money
Find a Job:
  How to Write a Résumé
  How College Planning Can Save You
    Money
  How to Write a Cover Letter
  How to Have a Successful Interview
  Where to Look

Useful Topics for Student Loan Borrowers

Am I in Financial Trouble?

Credit cards are easy to get and fun to use, but if you aren't careful, you can get in over your head. But how do you know if you're in trouble?

Are you:

Using your savings or credit card for regular expenses like groceries or your car payment?
At your credit card's limit?
Using one card to make payments on another?
Paying your bills late?
Being denied credit?
Receiving calls from collectors?
Counting on overtime or an extra job just to get by?

If you are in trouble, here are some steps to take:

Set up a budget. Now. And follow it. Visit http://www2.eac-easci.org/calc/college_budget.htm to learn more.
Make it a priority to spend less than you earn, and to earn more than you spend. Maybe you can cut back on your grocery bill or maybe you need to get a second job. The right choice is the one that works best for your situation.
Stop using your credit cards! Think you can't afford to? You can't afford not to.
Make your minimum payments. If you can't, call your creditors to see if you can work out a reasonable plan.

It's best to stay on top of your money and never get into credit trouble. But if you do, keep in mind that you can always work your way out of it.

How College Planning Can Save You Money

Many students head off for college planning to try out different classes and decide on a major, or focus for their studies, later. This plan can and does work, but it's important to understand that not having a plan before you start college can cost you money, and here are some of the ways:

Changing your major is an expensive decision, since each major requires different classes. The more focused your studies are, the less money you will waste on unneeded classes.
Transferring colleges can also cost you money, since credits that you've already earned and paid for may not transfer with you or count toward your requirements at the new school.
Taking longer than necessary to complete your degree is expensive. Taking five years to complete a four-year degree means an extra year of living expenses and a year that you won't be earning money out in the "real world." And if you have unsubsidized Federal Stafford loans, it means another full year of interest accrual.

Sometimes, our plans change, and that's okay. But it's a great advantage to have a plan, and to be aware of the financial effects of changes to that plan as you make your decisions.

Learn more about college and career planning here.

Money and College

In college, it seems like everyone you know has money to blow on late-night pizzas, new clothes, and spring break trips. But blowing your money or racking up debt on credit cards may be something you come to regret over time. Before you spend money, ask yourself:

Can I really afford it?
Even if you have the cash, do you actually need that cash for something else, like tuition or books? And if you can afford something, you don't have to borrow for it!
How much will it cost me?
Don't forget all the interest you will pay if you charge the purchase.
Does this purchase help me meet my goals?
Debt can add stress and burden to an otherwise secure financial future. That can really get in the way of your goals.

The choices you make now will affect the lifestyle you can afford later. Be responsible with your money. Live like a college student now, so don't have to live like a college student forever.

Instead of an Expensive Spring Break Trip, Try.

Working
Going home and visiting Mom
Volunteering with Alternative Spring Break (www.unitedway.org/asb/)
Catching up on your sleep
Reading a great novel
Planting a garden
Catching up on your classwork
Starting a new exercise routine
Organizing your stuff and selling some of it
Visiting a friend

Find a Job: How to Write a Résumé

Below are ten tips for writing a great résumé, to help you land a great job.

Your résumé (and your job search) needs an objective – know what your goal is and state it clearly.
Don’t just list your jobs, but include what you accomplished at those jobs.
Make sure you have absolutely no grammatical errors or typos.
If you are still in school, list the degree you are in the process of earning.
Skip fancy colors and patterned paper. Good-quality paper in white or ivory with black print is standard.
Be honest!
Review, and maybe rearrange, your résumé based on each separate job for which you are applying. Make sure it is up-to-date and highlights the skills best suited to the position.
List your telephone number and an e-mail address that you keep current and check often.
Keep it short. Potential employers should be able to easily scan your résumé, not have to shuffle through extra pages.
Before you consider submitting your résumé by e-mail, make sure that
- It looks just as professional in an electronic format, and
- The employer will accept an electronic version.
Learn more, and see sample résumés at:
And visit your college’s career placement office for guidance.

Find a Job: How to Write a Cover Letter

A cover letter is how you introduce yourself to a prospective employer. It is used to highlight the parts of your resume (which should be attached) that are most relevant to the job for which you are applying. The tips below provide guidance on making sure your cover letter is one that will be noticed.

Research the employer – know as much as you can about what they do, who they serve, and how you can best help them.
Follow standard business letter format for the introduction and closure.
Keep it well under one page, with the following three paragraphs:
- Paragraph One – Why you are applying and to which position. If you are not applying for a specific potion, mention why you are interested in the employer.
- Paragraph Two –Summarize how your qualifications match the position requirements.
- Paragraph Three – Direct the employer to your enclosed resume and state your availability for an interview. Be sure to end on a positive note.
Proofread! There should never be any type of grammatical or typo errors on your cover letter or resume.
View sample cover letters at these web sites:
- http://www.quintcareers.com/cover_letter_samples.html
- http://jobsearch.about.com/od/coverlettersamples/

Find a Job: How to Have a Successful Job Interview

Giving your best impression during a job interview is a vital step toward landing the job of your dreams. But, how do you do that? Follow the steps below to get started:

Research the company in advance.
Practice with a friend.
Be prepared to discuss anything that is on your resume.
Arrive on time. Give yourself extra time to find where you need to go.
Dress well. Have a good idea of how you might dress if you got the job, and dress one notch above that for the interview.
Make eye contact, smile, and try to relax.
Take the time to think about your answers and speak clearly.
Have questions of your own prepared. Stick to job duty questions, not salary or benefit questions.

Learn more about job interviewing at:

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Find a Job: Where to Look

Whether you’re looking for your dream job or just starting out, knowing where to look for a job is your first step:

Almost every community offers a career center or Department of Labor office, which is able to provide guidance on your job search.
If you are a current college student or recent graduate, contact your college’s placement office.
Old-fashioned methods still work: Check newspapers (or their web sites).
Online sources work also:
One of the best sources for job opportunities is word of mouth (networking). So tell everyone: your family, friends, and acquaintances, that you’re looking.

For more information on getting a job, check out these EAC articles:

College is a Time to “Trade Down”

Your parents provided a good life for you. Maybe you began college with a new or newer car, chose a private dorm room, and want to continue the spending habits you had in your parents’ house.

But continuing these habits on your own dime during college can lead you to graduate with extra debt (student loan, credit card, or other) that will affect your future for a long time.

Try “trading down” instead. Trade down from:

A private dorm room to a shared dorm room (or from an apartment to a dorm)
Eating out to eating at the cafeteria
Your new car (and its loan) to an older, paid-off car
Buying expensive clothes often to buying less expensive clothes less often

Live like a college student now, so that you don’t have to later.

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Useful Topics From 2007
Borrowing Student Loans - The Smart Way!
College Students: How to Live on a Ramen Noodle Budget
Completing Your Renewal FAFSA
Credit Cards: The Consequences
Deciding Whether to Borrow
Deciding on a Lender
Holiday on a Budget
How Much Can I Borrow?
How to Get Ahead with Money
How to Live Like a College Student
Get Ready for Repayment
Know Your Total Student Loan Borrowings
Scholarship "Secrets" Revealed
Student Loan Eligibility - Don't Blow It!
Take Charge of Your Spending
What to Learn Before College

Useful Topics From 2006
Borrowers Impacted by Hurricane Katrina
Credit Cards and College Life
Making Payments While You're Still in School
Military Deployment
PLUS Loans - Are They for You?
Save Your Pennies
Scholarships
Staying in College: Hang in There!
Subsidized or Unsubsidized - What's the Difference?
What is Entrance Counseling?

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