3 Money Traps to Avoid in College

Photo Courtesy of BusinessWeek.com

By Erika McDaniel

  

Transitioning from High School to College is a new and exciting time for many young people.  Along with the joy and nerves comes a new found sense of freedom.  For many of us, it is our first experience away from home and the rules our parents set for us.  However, along with that freedom comes responsibility. We are now responsible for our time, academics, and our money.  In college, it is easy to fall into money traps that can stay with us long after we graduate.  Here are 3 common money traps college students can fall into.

1.       Credit Card Debt – Credit card companies make it easy (probably too easy) for college kids to get their hands on credit cards.  When I went to college (way back in the dark ages) credit card companies would come to campus for the first couple of weeks of school and sign students up right there on campus.  I’m not sure if they do this anymore – I told you it was the dark ages – but regardless, it is way too easy to get a credit card with a decent credit limit and sky-high interest rates to match.  It’s a fair assumption that as an 18-year-old kid adult you’ll be working to establish credit for yourself.  A credit card seems like a sure fire way to do this, right?  It could be.  Though, it’s far more likely that you’ll use your credit card for everything from trips to the mall and late night pizza runs and find yourself paying off the monthly minimum on hundreds or even thousands of dollars in debt.  If you rack up $2500 worth of debt on your credit card with an interest rate of 13.29 % (which is not great, but not horrible) and pay a minimum monthly payment of $30 it would take over 16 years to pay off the card.  Not to mention that you’d be paying over $6000 in total fees and charges.  You could go to college 4 times over in the time it will to pay off that card.  Hardly seems worth it.

2.       Keeping Up with the Jones’.  Or Kardashians.  Or whomever you want to keep up with – Look, I get it.  I graduated from Howard University which is consistently ranked in the top 3 most fashionable colleges year after year.  You want to go to class and you want to look good.  You need those hot new shoes, that great jacket and those dope jeans.  The new spring collections just hit the stores and that handbag has your name all over it.  The Jordan 15’s are being re-released (again) and you need them!  The truth is – you don’t need them.  Or the bag.  Or the jacket.  Or the jeans.  You are in college to score an education not a contract with Wilhelmina models.  As tempting as it is to make sure you have the latest styles, freshest manicure and cutest haircut, try to resist the urge.  Besides, we’re probably charging those J’s and that LV bag to your credit card and we know where that will get us.

3.       Fast Food Joints – Have you ever looked around a college town or neighborhood and noticed the number of greasy joints in a few block radius?  This is not by accident.  College kids love food.  Fast.  But your daily fast food habit can add up quickly.  Forget about gaining the “Freshman 15.”  Lots of kids gain the “Freshman 30” or “Freshman 50.”  And besides blowing calories, you’re also blowing money.  Let’s just say you eat a value meal ($7) 3 times per week for the approximately 36 weeks you’re in school.  That’s $21/week spent on fast food.  Or, $756 per year.  And this doesn’t include any other meals you might eat out as well.  If you’re school offers a meal-plan, do your wallet and your waistline a favor and opt-in.  It will provide you with a variety of healthy (and not so healthy – let’s be honest) options for you to eat for a fraction of the cost you’d pay to eat out all the time.  Often, colleges require underclassmen to participate in a meal plan.  It’s cost effective and helps you stick to a healthier diet.

There are just some tips to get you started as you make your transition from high school to college.  Have you heard of any other ways that people blow their money at school?  And would you be interested in tips on how to keep more money in your pocket?  Let us know you’re thoughts below by commenting and sharing what you think.  Our goal is to help you become a happy and successful college student!

10 Tips on Writing the Best College Essay Ever

Photo Courtesy of amarketingexpert.com

By Cora Atkinson

I may have oversold the title a little bit but I think these 10 tips will certainly help you put your best foot forward when it comes to writing the dreaded college application essay.  I have scoured the web, injected some of my proven tricks and compiled a list that you will want to print out and tape to your wall after you are done reading. 

1. Write and outline and stick to it.  When writing a personal essay you may be tempted to write on and on about a point that is not needed.  Most likely you have word limit so keeping your story written within that word count is key (you can loose points for not following instructions). You also want to write tight/concise. Therefore, having an outline will keep you on track from beginning to the end. (Tripod Tip) 
2. Be honest. The essay question might ask you about your best quality, an experience that shaped you or the reason you want to attend a certain college. Don't be tempted to write what you think the admission officers want to hear; answer the question honestly. (Collegeboard)
3. Be yourself. Take a moment to think about what interests you, what you love to talk about, what makes you sit up and take notice... then write about it. One of the biggest mistakes students make is "writing what they think others want to hear, rather than about an issue, event, or person that really had significance for them," says the dean of admission and financial aid at Hamilton College (NY). An essay like that is not just boring to write, it's boring to read.  (NACAC)         
4. Use your own voice. Admission officers “…can tell the difference between the voice of a 40-year-old and a high school senior. (NY Times) 
5. Be specific. Most colleges will give you something really generic, leaving the hard part up to you. The secret? Respond with something really specific. In fact, as a great strategy - the more generic the question, the more specific your answer. The admissions board is comprised of real people, working their 9-5 job, thinking of what to cook for dinner, trying to pay the rent. The last thing they want is "My name is Sue and I love school..." your admissions counselor will cry out of boredom. Try something a little more interesting. Instead of telling us what, tell us why. (Yahoo)
6. Proofread/Spell Check/Read Out Loud and Spell Words Backwards  You must proofread your essay in order for it to be successful. Relying on spell check is not enough.  This is your first step in writing like an adult and you will learn that spell check is not the end all be all. Next, you want to read your essay out loud.  It sounds silly but trust me it works every time. You will catch a lot of mistakes this way that are otherwise easily missed.   (Tripod Tip)
7. Don’t repeat what is already in your application. If you go to a performing arts school and all of your extracurricular activities and awards relate to dance, don’t write about how much you love dancing. Tell me something I couldn’t know just from reading the other parts of your application. (NY Times) 
8. Don't use slang.  Appropriate language should be used in college admission essays. Slang terms, clichés, contractions, and an excessively casual tone should be eliminated.(Petersons)
9. Get a second opinion. Even best-selling novelists ask other people to read their manuscripts before they're sent to the publisher. When you've rewritten the essay to your satisfaction, find someone who can give you advice on how to make it even better. Choose a person you respect and who knows something about writing, a favorite English teacher, a parent, or a friend who writes for the school paper. (NACAC) 
10. Don't expect too much from an essay. The application essay is important, but it's not the only thing that is considered. "Can [the essay] make a difference in getting the 'thin versus thick' envelope? Absolutely, but that is the exception rather than the rule." That's because admission officers look at the whole package, your academics, extracurricular activities, standardized tests, and other factors. A great essay rarely makes up for a weak academic record. On the other hand, a mediocre essay won't necessarily consign your application to the "deny" list. So make your essay as well-written as you can, but don't put so much pressure on yourself... (NACAC) 

Good luck and happy writing.

MLK DAY: A Day On, Not Off

By Maranda Ward

That blur you just witnessed was the Christmas break rolling by on skates. If you're anything like me, you have scrolled through your phone searching for the next three day weekend. Ah-ha, January 21st is a day off and it just so happens to be a two for one. Not only is this day of historical relevance because it marks the 84th birthday and life celebration of Dr. Martin Luther King Jr., but it also doubles as the Inauguration of President Barack Obama for his second, and final, term. A lot of people are going to brave the cold temperatures to get an up close glimpse of the President swearing in (again) on the steps of the Capitol.  But more than this amazing event, people are going to be finding ways to give back to their communities. 

This year Saturday January 19^th, has been officially recognized as the Dr. Martin Luther King Jr. (MLK) Day of Service. The MLK Day of Service is a part of a larger initiative called United We Serve, which is the President's nationwide call for community service.  This initiative seeks to address the big issues that plague our communities, issues such as homelessness, poverty and illiteracy. I know what you are thinking…I am just a teen how can I help and why should I help?

Well the answer is you are never too young to give back to others and lend a helping hand.  Thousands of other young people across the country have decided to give up an afternoon of hanging out with friends at the mall or catching the latest Kevin Hart film, and are rolling up their sleeves to help someone else. 

Let January 19^th be your way to jump start a year-long commitment to service. Look, you have to do community service in order to graduate so pick something you like and you may find out that helping out others actually feels good.  You may actually want to continue the commitment beyond your requirement. 

Giving back is how President Barack Obama and Dr. King started out and it is something everyone should be passionate about.  Civic engagement must start somewhere. It starts with an interest...your interest. Volunteering in your community is great. Developing and implementing a service-learning project is even better.

People young and old, all across the nation have logged on to www.mlkday.gov to find a project to help out with. There is still time for you to join in too.  You can do something big or small; it does not matter, just as long as you do something for someone else.  So, why not clean your closet and bring those clothes you have pushed to the back of it to the Salvation Army? Or grab a group of friends and volunteer to help clean up a park or run errands for an elderly person who can’t get to the store. Like Dr. King once, said, “Life's most urgent and persistent question is: what are you doing for others?”  

Coming Soon!

The day is almost here.  We will launch our new blog on Wednesday January 16, 2013.  Our blog will feature a fresh take on all things education, college prep and much more.  And the best part is that it is all dedicated to you, the student.  So check back soon to see the exciting new things we have in store.