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Thursday, November 20, 2008



Going to college can be one of the best things you can do for your future. College means making new friends, living independently and focusing your studies. The opportunities are boundless, but for many people there is a huge financial hurdle to overcome.

Here are some tips for staying out of debt while you are a student.
  • Don't get a credit card unless you absolutely need one. Don't be a sucker. Those guys sitting behind the sign-up table are not there to help you. They're there to make money.
  • Avoid non-academic debt. It might seem like a good idea to put that Xbox on a credit card, but it's not. Focus on developing good money skills with cash. Worry about credit later.
  • Join a credit union. don't just sign up for a random bank giving away t-shirts or frisbees at registration. Track down a credit union in town, or do some research into online banks.
  • Skip spring break or vacation close to home. Many students come back broke from spring break, which can cost $1,500 or more. If you work during the summer earning $10 an hour, it will take you a month and a half to net enough money to cover your spring break expenses. That leaves only a month to earn money for the next school year.
  • Set up a budget. It not only helps you stay on track, it also gives you a feeling of control and the peace of mind of knowing you have enough money to make it through the school year.
  • Find ways to cut expenses. Browse local newspapers for coupons. Limit booze and cigarettes, which are two of the most expensive habits you can have. Find movie theaters that offer reduced prices, or buy movie coupon books that offer discounts. Take advantage of free or inexpensive activities on campus. Limit your purchase of CDs. Plan ahead so you can avoid incurring ATM fees. Leave your car at home and walk whenever possible.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.12%
30-yr. fixed jumbo7.88%
15-yr. fixed5.75%
15-yr. fixed jumbo7.50%
7/1 ARM6.25%
5/1 ARM5.88%
3/1 ARM6.00%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.12%
10/1 ARM7.88%
40-yr. fixed7.38%
*Mortgage Rates Updated: 11/20/2008