Student Loan Help

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Does money really make the world go around, because I was under the belief it circled on its rotational axis at a 23.5 degree angle from vertical at 1000 miles per hour with no monetary influence, but that’s just me. Others have theorized that money actually makes the world go down like the Dow on black Tuesday. So which is it? Does it make the world go down or around? I guess it all depends on your vantage point and wallet size. The bigger your wallet, the greater your chance of motion sickness.

My goal is simple; find a way to beef up that wallet of yours devoid of any dizzy spells. The number one way to turn your paper thin wallet into a certified Jenny Craig candidate is to take someone else’s money! Scholarships provide the perfect gateway to which I speak.

You would be astounded at the number of scholarships you actually qualify for, and you don’t need to be Deans list to qualify either. I can not possibly stress enough that you need to take the time to look. I’ve even created a top 5 list to help streamline your search.

I get calls from desperate college graduates all the time who inform me they are in over their head with their student loan payments. And as sure as the sun rises in the east I’ll be fielding calls once again this May from despairing students who just graduated looking for advice, but at that point the damage is already done. The point of this blog is to put you in front of the 8-ball instead of behind it

Being proactive about the cost of your college education opposed to reactive can save you thousands of dollars and a whole lot of stress in the long run. And I promise it won’t be long before you’re spinning around the sun with your Ray-Ban sunglasses and calling Jenny Craig to let her know that big is beautiful. Student loan debt is the only thing you need to lose.

Two things people do not always realize:

1) You must complete the Free Application for Federal Student Aid (FAFSA) in order to qualify for federal student aid, including the Stafford Loan. There is still time left so get it done online at www.fafsa.ed.gov.

2) You are not done once you complete the FAFSA. You then actually need to apply for a Stafford Loan - and any other aid you are interested in. Talk with your financial aid officer, seek other resources and apply as early as possible.

To find College Scholarships, visit www.StudentScholarshipSearch.com

Do you struggle to save money? If so you are certainly not alone. Saving money is challenging. I equate it to dieting, exercising, or not seeing your friends for an extended period of time.

Dieting. It is so hard to shed those pounds and so easy to put them on. One brownie sundae and months of hard work are just flushed down the toilet. A moment on the lips a lifetime on the hips certainly rings true. Comparatively when you put the effort into saving money, much like dieting, you want to be rewarded when you get to the other side of that speckled rainbow. Be strong my friends – don’t stop at the first taco stand. If you are saving to buy a new car – shop around. See what’s out there. If you’re going to indulge, after you’ve worked hard to save, do so with the knowledge that you’ve made a sound purchase. Obviously you will be spending those dollars eventually – just don’t do so frivolously on a brownie sundae.

Exercising. Once you stop it’s hard to go back, isn’t it? I once committed to a regiment which included 200 sit-ups, 100 push-ups, and a 2 mile jog per day. Then I went on vacation to Seattle Washington for a week and got out of the groove. That was 14 years ago and now I look like a baby cow that hasn’t milked for six months. Once you make a commitment to budgeting your money – stay on that wagon! If you fall off it’s that much harder to climb back on. My wife has fallen off several times to the point that she doesn’t even want to hold a credit card anymore because she doesn’t trust herself. Let’s just steer clear of the wagons all together gang. We can ride in style - a nice stagecoach perhaps?

“Now I look like a baby cow that hasn’t milked for six months.” David E. Bonvie

Not seeing your friends. The days, weeks, and months fly by so quickly without seeing your pals. That’s just the way it is these days. But just because you don’t see them doesn’t mean they’re not there. And just because you throw that credit card statement in your desk draw doesn’t mean it’s not there either. Don’t burry your finances in the Bermuda Triangle with your friends. Out of sight, out of mind doesn’t work in the world of finance. Tackle your issues head on as painful as it may be. Rip the band aid once and move on.

I want you all to be lean, mean, socialites with a few bucks in your pocket. I want you to dance like nobody is watching. Maybe then you can sit down and enjoy that brownie sundae without regret.

Is money the root of all evil? I guess it depends on who you ask. If you ask the man with all the money he’ll sing you a happy tune and do a little dance. If you ask Mr. Bojangles, on the other hand, you may still get the dance, but he’s just dancing for your spare change.

In recent weeks I have been preaching the power of discipline and the rewards of time, but I know my target audience doesn’t want to hear that. You want the Wii, iphone, and whatever the latest gadget is right now. And I can’t say that I blame you – I want them too. The problem with having everything now however is that you have to pay later, and pay dearly you will.

Let’s say you purchase the iphone and Wii without any of the frills. That will run you about $1,000. That’s a lot of mucho dinero. Now let’s say you put them on your credit card earning 9.9% (many of my friends have cards around 13%). If you make minimum payments it will take you about 5 years to pay it off and it will be double the cost!

Waiting use to just apply to your wedding night, but not anymore. So wait to make that purchase. Throw down the cold hard cash after you’ve saved up; you’ll save yourself hundreds of dollars in the process. Before long you’ll be the one tossing your spare change into someone else’s Mr. Bojangles tip jar as you hum along your merry way.