Tag Archives: college

Volunteer to Help Pay Student Loans

If you are like me, you paid a pretty penny for your college education. I however, decided to finance most of my education in the form of student loans (private and federal). It amounts to a great sum and I wonder how I am going to pay it off every day. Looking back, I know I would have been able to pay for college with cash and yet didn’t.

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I know it’s going to take a lot of hard work and dedication to pay of the majority of the loans but I am always looking for other avenues. Volunteering is one of those avenues. As you will see, there are plenty of ways to get your college education paid for by volunteering. As a bonus, you are doing good things to help around your community and the world. Here are some resources for paying off your student loans while volunteering:

AmeriCorps

Each year, AmeriCorps offers 75,000 opportunities for adults of all ages and backgrounds to serve through a network of partnerships with local and national nonprofit groups. You can volunteer in various areas such as education, business, housing, disaster relief, health, technology and more. You serve for 12 months and receive a living stipend up to $7,400. At the end of your service, you receive a $4,725 education award to be used toward your federal student loans or your tuition if you are currently in college. AmeriCorps is also the group that offers the VISTA program.

Personally, I looked around the site and found a few good positions that I would be interested in. There were several positions in financial education, foreclosures, and housing. Check it out because there is something there waiting for you!

Peace Corps

Peace Corps volunteers serve in 74 countries in Africa, Asia, the Caribbean, Central and South America, Europe, and the Middle East. Collaborating with local community members, Volunteers work in areas like education, youth outreach and community development, the environment, and information technology. The Peace Corps provides volunteers with a living allowance while they are serving. It enables them to live in a manner that is similar to where they are stationed. After completion of the program, the Peace Corps provides volunteers with a $6,000 payment to help with the transition back to a normal life.

While serving in the Peace Corps, volunteers are able to defer their federal student loans until they are finished with the program. If you have a Perkins loan, you will be eligible for a cancellation of 15% for each year you spend in the program. If you spend more than 2 years, you can have 20% of your loan cancelled in years 3 and 4. In all, you can have up to 70% of your Perkins loan cancelled.

Teach for America

Teach for America is an American non-profit that enlists America’s future leaders to help end education inequality. The program will place you in a low-income school in various locations around the country where you will teach students (you do not need an education degree). The great thing about the program is that you receive all of the same benefits as other professional teachers in the school district. In other words, you receive the same salary and health benefits as beginning teachers.

During your two years as a teacher, you can receive forbearance (they still pay the interest) of your student loans. Plus, at the end of each year you will receive a $4,725 education award that can be used to pay off federal student debt.

Military

The military offers many great education benefits while you are in the service or after you leave. With the active duty and verterans GI Bill, you can receive up to $1,075 per month for education and training. If you are in the reserves, you can receive a reduced benefit of up to $297 per month.

Charity for Debt

Charity for Debt offers a unique program in which you can volunteer your time with various non-profits in return for the payment of parts of your student loans. The program is still in the pilot stage and is currently only being offered in Dallas, Oklahoma City, and Washington DC. Basically, you volunteer your time at various sponsored non-profits and you receive anywhere from $15 to $20 per hour (tax-free) that is then used to pay your student loans.

Personally, I have signed up for this progam since I live in the DC metro area. I will keep you informed on how the process goes and if it even takes off.

Does anyone else know of any other ways to volunteer your time and have you student loans paid?

Money Genie: I Grant You 3 Financial Do-Overs

Today is your lucky day! The personal finance genie has graced this site with his presence. What’s he doing here? Well, he has come to grant you 3 financial do-overs.

What Would You Change Financially If You Had the Chance?

The genie wants to know what financial decisions you would change if given the chance. Do you wish you began investing at 18? Do you wish you never set eyes on that guy giving away t-shirts in college if you signed up for a credit card? Here are my 3 wishes:

1. I wish I never saw a credit card in my life

I’ve never wanted to get too much into detail about our personal finances because some people who read this blog obviously know me. However, I will admit that I have made some bad decisions concerning credit cards over my lifetime. I received my first card at 18 and I could just feel the immense power that it had. That power caused me to feel financially invincible and it caused me much financial harm. Let’s just say that it will take me quite awhile to dig myself out of this financial hole that I have dug.

If this wish came true, I would live my life with MUCH less stress. As many of you know, debt puts a huge weight on your shoulders. You have to continually focus on the final outcome of being debt free. Having that vision helps you continue the battle and kill debt a lot faster. I cannot wait for that day to come!

2. I wish I fully funded my Roth IRA every year since I opened it 7 years ago

All I can say is that I started out on the right path. I opened a Roth IRA when I was 18 (actually, my uncle did it for me). However, over the years I completely neglected it and managed to only put around $1,500 into it. I know a lot of you will say that I lucked out because of the market collapse, but I do not see it that way. If I would have put the max in each year ($31,000 total) and invested it in an index fund (Vanguard Total Market),  I would only have around $27,000 in the account. Frankly, that sucks. However, that would be $26,000 more than I currently have in it and if I had done that every year, I imagine my credit card debt wouldn’t be as high.

3. I wish I would have paid my way through college and not taken on student debt

Looking back, I know I would have been able to pay my way through college (undergraduate AND graduate). Yet what do I have to show for it? Many times the average debt of a typical college student. In plain english, I was stupid. I really have no idea where the money went that I earned while working during college. It could have easily went to my school and yet it didn’t. I just want to scream from the hilltops for being so dumb. Don’t get yourself in the same mess I did. PAY CASH FOR COLLEGE!

I really wish there was a money genie and he could take care of all my financial woes. Unfotunately, there isn’t and I will have to live with my decisions and learn from them.

What are your top three financial mistakes? Share them with us in the comments!

Do you have a blog? Share your financial do-over wishes with your readers! Link back to this article so we can have a collection of them all. Hopefully this can be a large resource for younger individuals (college students) on what NOT to do financially at a young age.

UPDATE:

The genie has been making his way around the blogosphere. Check out some of the places that he has been:

Mrs Micah

Suburban Dollar

Budgets are Sexy

Free Money Finance

Joe Taxpayer

Give Me Back My Five Bucks

Punch Debt In the Face

Fighting Foreclosure

My Financial Recovery

Weekly Roundup – May 3rd

Welcome to this weeks roundup! There were plenty of great articles this week and it was hard narrowing them down to some of my favorites. However, I did it and am very happy to share them with you.

On a side note, I wanted to mention that I have resurrected the Carnival of Money Stories. It is a weekly blog carnival where bloggers share their unique money stories/experiences. I am currently looking for hosts. It is a great way to get some recognition (and links) from other bloggers. If you do not want to host but would rather submit one of your articles, head over to the submission page.

Articles of the Week

My Life ROI give you 6 signs that the recession is ending. I hope #2 doesn’t end soon. We are shopping for our honeymoon!

Wealth Pilgrim has 7 steps to turn your college-bound kid into a financial genius.

Pinyo at Moolanomy says that college students should take responsibility for their financial situation.

Miranda at Yielding Wealth recommends not using your 401(k) as a savings account. I second that!

Matt at Stupid Cents has a great tip on how to get discounts at eBay.

Is it better to sell to an atheist or a virgin? Kevin at The Money Hawk lets you know the answer.

Baker at Man vs Debt compares Suze Orman and Dave Ramsey. Which one is right?

Hope you enjoyed this weeks great posts!

Carnival of Twenty Something Finances – DC Edition

Welcome to this weeks edition of the Carnival of Twenty Something Finances! Last weekend, the future Mrs and I headed down to Washington, DC to check out the famous cherry blossoms. Although it was VERY crowded, I must admit that it was an amazing time to see them. DC is a great place to see on the cheap. Most museums in the city are free and they have a great transit system. Personally, we parked outside of the city at one of the free metro stations and rode the train all day. It cost us about $5 per person and we did not have to deal with the horrendous traffic and confusing streets.

Sprinkled throughout the carnival this week are some common places to see while visiting DC. Like I mentioned before, most of these sites are free to the public. You can get away with spending very, very little compared to other cities. I advise packing a lunch for you and your family as food can be rather pricey if you purchase it from vendors. Anyway, off to the carnival!

This is a picture that we took in the midst of the trees. The cherry blossoms were at their peak this year from around March 28th through April 12th.

Editor Picks

Debt Kid shows you that getting a mortgage after foreclosure is not so simple.

Debt Ninja at Punch Debt in the Face wants to know what’s your favorite dumb but fun expense? I would have to say that mine was my iPhone. I love it with a passion but I really do not need all of the features and the added expense.

Jerry at Deal Supermarket talks about getting unplugged with frugality. This was a very creative post!

DR at The Dough Roller gives you 10 tips to declutter your finances.

The Washington Monument is the most prominent structure in DC. It was built in 1884 in honor of George Washington. It’s free to get in but make sure you get their early!

The Rest of the Field

KC Lau shows you 5 ways to take charge of your finances.

Fabulously Broke in the City shows you why a small space does not mean you put your life on hold and whine.

Bank Savings Review let’s you know about four banks that gave their TARP funds bank.

Kathryn at Out of Debt Christian has the top ways to waste money on your home.

Shaun from Learn Financial Planning shows you why being frugal is just the first step.

SVB at The Digerati Life helps you choose the best online stock brokers for cheap stock trades.

Personal Finance Analyst wants to know if saving money damages your quality of life.

Patrick at Cash Money Life tells you when you should tell your boss that you are pregnant.

The Smithsonian Institution has a ton of great free museums to see in DC. You can go to the Air and Space Museum, Museum of Natural History, Freer Gallery of Art, etc.

Mr CC at Ask Mr Credit Card let’s you know how American Express submits your credit information to the credit bureaus.

Matt at Fine-Tuned Finances compares new credit card programs for saving for college.

Ginger at Ginger Won’t Snap has some credit card fraud problems.

Peak Personal Finance has 3 smart personal finance tasks that you are probably putting off.

Diego at Bankling shares with us his top 50 economics blogs.

Big Cajun Man at Canadian Personal Finance Blog has some advice for new grads.

Patrick at Money Saving Deals gives us the lowdown on how to get up to $150 from TradeKing.

RJ at Our Financial Planner shows you the miracle of compound interest.

The Lincoln Memorial is another great (free) site to see in the city.

MoneyNing shares with your his review of Everbank.

Jeff Rose at Good Financial Cents let’s you know what to do if there is a layoff pending.

Destroy Debt shows you how to get the last drop out of many popular products.

Pinyo at Moolanomy shows you how to transfer credit card balances.

Raj at DebtGoal is cutting the bill on digital services.

Wren at True Adventures in Money Hacking shows you how to get a free car. Really!

Dan at Everyday Finance gives you the best CD yields in April.

Jim at Bargaineering shows you how to pick the best credit card.

J Money at Budgets are Sexy gives some advice on Roth IRAs vs 401ks.

Visit Arlington National Cemetery and pay your respects to the thousands of fallen soldiers. You can also view the resting place of JFK and see the Eternal Flame.

Patrick at Military Finance Network shows how the stimulus plan assists military members affrected by the mortgage meltdown.

Credit Card Assist wants to know if you have ever looked at your credit card closely.

Apply 4 Credit wants to know if credit card protection plans are really worth the added cost.

Christian Personal Finance is giving away a free subscription of Kiplinger’s personal finance.

Investing School compares Etrade, TradeKing, and Zecco.

Mike at Money TLD lets you know that some expired foods can still be edible.

Eric at Twenties Money has five pieces of advice for twenty somethings.

BillEater shows you how to avoid debt reduction scams.

Kyle at Suburban Dollar gives you his review of CashCrate.

Saturday Sneak-Peak: PimpYourFinances.com

Welcome to this weeks edition of Saturday Sneak-Peak! Every week I explore a personal finance blog and give a brief review of the site. My major intent of the adventure is to expose everyone to new and/or obscure blogs. Up this week is PimpYourFinances.com. David has commented on the site a few times and I greatly appreciate his input. This blog would be nothing without you readers!

David is a twenty-something college grad who is just trying to get his financial house in order. He is tired of his debt and wants to rapidly decrease it while increasing his savings. David has a very unique writing style and I think that is what has given him a lot of success over the past few months (he has only been blogging since October of 2008). Here are a few of my favorite posts:

Are Savers Dooming the Economy? NO!!

What Would Bilbo Do? 14 Money Lessons from “The Hobbit” (Featured on MSN SmartMoney)

12 Easy Ways to Sabotage Your Financial Life In College

The Escalator Not Taken

I also asked David a few questions to help you get to know him. Here they are:

YMR: What inspired you to start a PF blog?

David: When I started making money at a real job, I had no idea what to do with it. So I started look around PF sites, and was disappointed that there wasn’t more stuff aimed at young people.

I started thinking that if I was desperate for information, there were probably a lot of people in a similar position.

YMR: You have had some pretty rapid success getting your name out there over the past few months. How do you explain that?

David: Thanks! It’s very flattering to think that my name is getting out and others consider me a success!

I think there are a few reasons.

First, I just try to be myself. I don’t try to write that same articles that other people are writing. I write articles that I’d want to read, especially if no one else is writing about them. That also means that I try to keep a very strong sense of humor and sarcasm.

It also means that I’m brutally honest about myself. I’ll admit the mistakes I’m making. I’ll tell people exactly how much debt I have, and the things I know I should be doing, but I’m not. I think people can relate with that, and hopefully use it to avoid similar mistakes. I’ll never pretend that I’m doing everything right.

Another big reason for what I’ve accomplished is that I teamed up with someone else when I started the site. I handle all the writing, and he does all the technical stuff. It’s allowed me to focus on writing and content – things I enjoy (and that take up most of my free time). It’s allowed him to focus on coding, layout, presentation, etc… stuff he enjoys, and is very good at.

By focusing on our strengths, we’ve done a lot more than we could have done by ourselves.

I’ve also tried to build strong relationships with other bloggers. I link heavily to the sites I like to read, especially ones that are similarly sized to mine. I need to be better about commenting on other sites though.

And one thing I definitely can’t leave out is Tip’d. It’s a social media site for personal finance. They’ve embraced bloggers, so it’s given me a way to publicize my site that didn’t exist a few months ago.

YMR: Which article has been your favorite so far?

David: The most fun I’ve had is with a post on What Would Bilbo Do? 14 Money Lessons from “The Hobbit”.

The reason I enjoyed it so much is that it came naturally. I love J.R.R. Tolkien, and have read the Hobbit / Lord of the Rings trilogy constantly.  At least 10-15 times each by now.

One day, I saw some financial undertones, and started taking notes. It came together by itself. I even ended up with 14 lessons – the same number that Gandalf intended – without trying. So it was fun and easy to put together. Plus I got to embrace my inner nerd.

And more than anything I’ve written, it struck a chord with the masses.  Get Rich Slowly linked to it.  Then MSN money did, and so did Mental Floss Magazine.  It was huge!

It was never a marketing ploy. I just wrote about something I was passionate about, and others picked up on it. It was a very cool feeling.

YMR: Do you think we will ever have too many PF Blogs?

David: Never! I think we all compliment each other. It’s great to having multiple opinions, and multiple points of view.

Even if we run out of unique ideas, you can always learn from the experiences of others.

Also, no one knows The right answers. We can all share our thoughts, but no one has it exactly right. By reading a variety of opinions, hopefully we’re all getting closer to the Truth.

It’s like good music or food. You can never have too many options. Each has their own audience, and even if they’re not normally your thing, there are some times when it hits the spot perfectly.

That’s it! I wanted to thank David again for taking time out of his busy schedule to do this interview. Head over to his site today and poke around! You will find many great things there, trust me.

Have a great weekend!

Weekly Roundup – March 29th

Welcome to this weeks roundup! There were plenty of great articles this week around the PF Blogosphere. Last week I posted infrequently and I apologize for that. I hope to get a full week of articles done today and you can expect to see my Q&A with Deena Katz (the top financial planner) on Wednesday. She has responded to my questions and I am excited for you all to read it. Anyway, enjoy these great reads!

Great Reads

Ben at Trees Full of Money witnessed a credit card fiasco at a Target checkout counter. Needless to say, this article really made me angry for some reason. You can see my response in the comments of his post.

Trent at The Simple Dollar thinks that most time management is rubbish. Head over there to see the ten things that work best for him.

Pinyo at Moolanomy has some extra income ideas for college students and recent graduates. I especially like the one on selling class notes. I wish I would have thought of that when I was in school!

Pete at Bible Money Matters wants to know if you are emotionally invested in your credit card.

Frugal Dad talks about the new Discover card for teens that creates bad habits.

I hope you enjoyed these great posts! I look forward to your comments this week!