Why do most teens get a job? So they can earn money and spend it, right? Well, evidently not.

A new survey conducted by TD Ameritrade Holding Corp. shows that 63 percent of teens save their money to help pay for college. This is much higher than our parents’ generation. Only 40 percent of the generation before us saved money when they were teens. This finding was somewhat unexpected. Most adults assume that if teens are actually saving their money, they will spend it on the latest fashions, entertainment, or electronics.

In response to the new trend, Joseph Peri, CEO of the Council for Economic Education, said “it’s a pleasant surprise that we’re seeing young people paying that much attention to the importance of this issue. Part of teaching the importance of investing is showing that the best investment a young person can make is an investment in themselves.” Read the rest of this entry »

It’s no secret that higher education has become outrageously expensive. With that in mind, it’s worth putting in some serious effort to find yourself some financial aid that doesn’t have to be paid back—that is, scholarships and grants. Yes, it can be time consuming to look for scholarships and to fill out all of those applications, and it can be frustrating when the answer is “no” (and it will be more often than not, most likely). But with some work, you can reduce your student loan debt and your stress level by finding some free money—so believe me, it’s worth all that painful effort!

So where do you find scholarships? Here’s one thing many students don’t know: most scholarships are local, as opposed to national. That is, you’ll find lots of businesses, religious organizations, minority organizations, and others who are looking to give away money to students from a specific geographic region. These scholarships usually are for less money than national scholarships—but they also are far less competitive.

How do you find these local scholarships? Your high school guidance counselor or college advisor is one good source to ask. Be sure to visit the library and check out the most recent scholarship directory you can find. If you or your parents belong to a community or religious group, ask if there are any scholarships available to members, or if they can refer you in the direction of a scholarship. Also, take a look in local publications. And, of course, you’ll want to search the Internet.

One thing to watch out for: companies that want to sell you information about scholarships and grants. They’re all over the Internet. Scholarship and grant information is readily available for free, so don’t let anyone sucker you into this scam.

Remember, lots of money is out there. You just need to take the time to apply, and to have a thick enough skin to deal with rejection. Best of luck searching for scholarships and grants!

Many people choose not to attend college not because they cannot afford the education. Many individuals believe that they do not qualify for scholarships and simply give up the dream of attending college. There are numerous misconceptions about college loans as well. College loans are an excellent way to pay for school without having to add stress while in school.

A lot of individuals think that they do not qualify for loans. The fact is that banks, companies, private entities and even the government all give out loans for educational purposes. Anything related to education is considered an expense such as tuition, books, housing, lab fees, food and many other factors. The question remains as to how and where can someone receive access to these loans?

The best option is to talk to a college or high school admissions counselor as to what specific loans are best for your personal needs. Once you have found the school you wish to attend talk to a financial or admissions counselor about the specific requirements that the school has concerning tuition and financial obligations. Although rare, some institutions allow individuals to pay for tuition on a payment plan instead of lump sum payments. If you do decide to do a payment plan then you will need a smaller loan over a longer period of time from the loan provider.

Take the time to apply for grants and scholarships. There are thousands of hidden organizations willing to give away money to eager students. Do online research to locate scholarship opportunities. Fill out the FAFSA and SAR government aid options to further augment your monetary situation. After you have applied for financial aid and received any scholarships from the college of your choice, factor in the bottom line total of how much money you are going to need to cover all costs of a college education.

Check with your local bank first before reaching out to a specific college loan provider. Banks will usually offer more reasonable interest rates than other private loan providers. Banks will have college loan options tailored to your specific degree and major. Some banks will also have access to many different types of private and sometimes government loans such as the Stafford Loan, PLUS loans, School Certified Private Loans, which are dependant upon your school’s participation in the program, and Non-Certified Private Loans. The greatest plus banks have is that your loan can be repaid in a time frame that is comfortable with your schedule. Many private loan providers want students to repay loans starting within 6 months of graduation.

Private loan companies such as Astrive Loans, eStudent Loans and American Educational Services make college loans their top priority. Each company is different but mostly offers more information than banks on the student loan process. Students can easily search and apply for thousands of loans, research financial aid options and gain quick access to money. The downside of private loan companies is the structured repayment schedule, high interest rates and the impersonal feeling of not having a private banker at your disposal.

Before making any decision research all options thoroughly and decide which loan is best for your personal situation.