Don’t deny it; you know you have a closet full of free t-shirts you got when you signed up for a credit card on the way to a football game. Those damn banks and credit card companies have tents and tables all over campus luring you in with free sh*t if you sign up for one of their student-specific credit cards.

Free stuff and a new credit card? Hell yes! What’s the harm, right?

How about serious credit card debt (an average of $2,623 for college seniors nationwide)? Or serious credit issues - the kind that got us into this whole recession mess in the first place - after graduation?

We all know that credit card companies target college students because we don’t know how to handle our money, but it seems they aren’t the only ones profiting. According to the New York Times, our very own universities are selling our information to those guys! Instead of protecting us and our futures, our schools are handing us over to the sharks and promoting our potential to incur serious debt.

Shouldn’t universities - places of learning - teach us how to manage money instead of profiting from our lack of experience? Doesn’t working with credit card companies go against the role of a university in the first place?

What do you think?

[Photo courtesy of NYTimes.com]

[College kids are notorious for being poor. And why shouldn’t we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only “balance” we’re familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR’s at the campus bar?

If you disagree with everything I just said, you probably don’t need this column. But if you’re nodding along because you’re officially an adult and still don’t know how to manage your money, then you might want to pay attention every week, because I’m going to (try to) get you through this, and make you a successful saver and a wise spender.]

I’ve been writing a lot about how to manage your money in bank accounts and with credit and debit cards. That’s the tricky stuff. As poor students, we are good at finding bargains and at least trying to make our money go a long way. That said, it’s easy to fall into certain traps when what we think is a good “deal” comes our way…and we end up paying dearly. Here are some scams to avoid in order to really save some dough.

1. Gym Memberships.

Beware of whatever type of deal a gym is trying to pitch to finagle you into joining. Why? Because they are probably lying. Okay, I’m bitter about this one. I needed to join a new gym at home for a couple of months, so I signed up for free guest passes at all the gyms in my area so I could work out for free and not buy anything. Next thing I knew, a Bally’s rep was selling me a special offer: $25 a month for a membership that I could transfer anywhere. He told me that if I got back to school and didn’t want to make the trek to the nearest Bally’s, I could freeze my membership for $4 a month, and when i started using their clubs again, I could continue to pay the dirt cheap fee.

The reality? Only the first transfer would be free, so I’d be paying in the future for every new Bally’s I tried to switch to; the “freeze” thing didn’t exist, and I was forced to pay the monthly fee even though I wasn’t working out; I’m stuck in a year contract, and now I have an express hatred for Bally Total Fitness Clubs. Needless to say: gyms are definitely places to read the fine print. Read More »

[College kids are notorious for being poor. And why shouldn’t we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only “balance” we’re familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR’s at the campus bar?

If you disagree with everything I just said, you probably don’t need this column. But if you’re nodding along because you’re officially an adult and still don’t know how to manage your money, then you might want to pay attention every week, because I’m going to (try to) get you through this, and make you a successful saver and a wise spender.]

Last week, I discussed the pros and cons of both credit and debit cards. One risk I run when using my credit card is letting my spending get a little out of control. When you rack up a hefty credit card bill, you essentially lose money, because with every month that goes by that you haven’t managed to clear the balance, the more fees get tacked on to your current statement.

As college students, large bills can easily get out of control, and I know I have often felt like I was drowning in bill payments. After all, most of us can’t work full-time or even well-paying jobs, and if we have a huge exam or a paper on the horizon, we may force ourselves to cut back our hours, and likewise, our weekly income.

If you have hundreds (or even– eek! thousands) of dollars in credit card bills looming over your head, sometimes a credit card balance transfer (to a zero interest card) is just what the doctor ordered. But is it worth it, and should you do it? Read More »

[College kids are notorious for being poor. And why shouldn’t we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only “balance” we’re familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR’s at the campus bar?

If you disagree with everything I just said, you probably don’t need this column. But if you’re nodding along because you’re officially an adult and still don’t know how to manage your money, then you might want to pay attention every week, because I’m going to (try to) get you through this, and make you a successful saver and a wise spender.]

Everytime you whip out the plastic at the grocery store, liquor store, or gas station, the cashier asks automatically, “Credit or Debit?” It’s a simple enough question, though to many, it may be redundant. I mean, who cares what type of card it is as long as it buys you a pack of smokes, a 30-pack, or a week’s worth of Ramen Noodles?

There are a lot of pros and cons to using both credit cards and debit cards, and many people adamantly side with one form of plastic or another, much like people adamantly side with either Obama or McCain. Personally, I’m a debit kind of girl. My brother, on the other hand, swears by credit. What gives?

A debit card is like your plastic checkbook. You might not need cash in your hand, but you need to have the funds in your bank account to make a purchase. A credit card, however, lets you splurge now and pay later– even in small monthly increments. In this case, the credit card may SEEM like it has its advantages, because you can pay for your spring break trip now, and spend the next three months waiting tables to pay for it. Read More »

The summer of 2008. A summer drowning in recession, debt, ridiculous gas prices, and boring, trashy television (I mean, Greatest American Dog??). Lots of things seem to be going wrong…or at least…discussed to the point of having us all believe they’re going wrong…and many teens and twenty-somethings are turning to the web to air their grievances.

Because 2008 isn’t just the summer of expensive corn and Obama-rama, it’s also the summer of TMI. Over-sharing has become a form of communication for our generation; from blogging about bad dates, to blogging about our self-indulgent issues, to blogging purely to become famous. No matter who we are, we can become stars overnight by uploading naked photos, name-dropping about a wild party, or simply having an ounce of literary ability and a snarky way with words.

By late July, 2008, the percent of people in the US who haven’t seen a celebrity vajayjay flash or heard someone say, “dude, I’m gonna blog about this!” is monumentally small, and it seems like every day a new gossip or 24 hour news site pops up. However, amidst the clattering of fingers on keyboards and snapping of flashbulbs, I can’t help but wonder if this constant need to be seen and heard is actually doing us any good. Read More »

We all know we’re not supposed to mention our ex-boyfriends when we’re on a first date with a new hottie. Common sense, right? An article on The Frisky puts ex-boyfriend as the #1 word not to mention as a first date. But what about the other top 4 words you’re not supposed to mention? Maybe not so obvious. Or maybe completely and sickeningly obvious. Do they really think we’re that dumb?

Coming in at #4 ion the list of words not to say on a first day is rash. You know, that skin condition you have that may have been caused by the sun, but might also have been caused by another’s bodily fluids (the forbidden ex-boyfriend, perhaps?). Oh, and it may or may not be contagious. Every guy’s dream come true! Come on, girls. If you’re talking about your rashes on a first date, I’m going to take a wager and guess that you’ve never had a boyfriend. Unless he’s the constantly sick, allergic to everything type. Read More »

Last February, Miami Herald reporter Natalie McNeal set out to do something that I think we all wish we could do: Not spend money. Of course, she had to buy necessary things, but she made a “vow of frugality” to not eat out, buy clothes, or visit a salon. Also like many of us, McNeal is a self described “fritterer”, not spending her money on huge purchases, but buying a bunch of little things that tend to add up.

That first month, McNeal saved $400. Her Miami Herald Blog, The Frugalista Files, follows her as she navigates her way through pre-recession spending and saving.

Her blog has information on budget building, stories about spending thriftily, and links to other helpful sites like this one that gives you some tips on how to eat healthy on a college student’s budget.

Most interesting to me, is that McNeal started this blog in part to keep track of her progress and also have a means by which the public could hold her accountable, keep her on her spending toes, so to speak. I think it’s a great idea for anyone (like me!) who has trouble curbing their spending and staying on a budget. Read More »

Standford University announced that it will be joining schools such as Harvard and Yale in the effort to reduce the tuition burden for middle class families by giving full financial aid to anyone whose family earns less than $100,000 a year.

The rising cost of tuition at private universities (frequently over $30,000 a year, not including room and board) often hits middle class families harder than most people realize. Families making a middle or upper middle-class income are usually ineligible for federal aid or tuition assistance from their school. According to the Project on Student Debt, students who take out loans during college have an average of $22,000 in debt upon graduating from a private university.

Experts say that this is part of major shift in what colleges consider to be the “needs” of middle class students. Unfortunately these generous admissions packages are only available for students attending schools with massive endowments, like the ivies and other long-standing institutions with generous alumni.

Hopefully, as endowments increase across the board, some of that wealth will trickle down to the people who need it most: students!