Yes, I graduated. And yes, I receive student discounts despite no longer being a college student.

Many colleges and universities will normally take your student ID from you on the day of graduation – a subtle way of barring you from accessing any of there facilities after you’ve completed your time with them. (An alumni card does not qualify you as a student and therefore would not justify a ‘student’ discount.)

Back in school, those with a student ID were entitled discounts for haircuts, Chinese takeout, movie tickets, train tickets, Microsoft Office, and probably a whole bunch of other goodies that I’ve never taken advantage of purchasing at a good price. For some reason, my university didn’t require the surrender of student IDs (at least not for me).

At the time, I just thought, “Hey, it would be a good souvenir” but it turns out it has actually helped me saved some serious money. Even though I have moved back home to NYC, there are still a few instances when a student discount didn’t hurt.

• Museums
  New York City is the home of many tourist hotspots such as the American Museum of Natural History, Intrepid Sea-Air-Space Museum, and the MoMA. A regular adult ticket could cost upwards of $16. With a student ID, the ticket price could be reduced by 25-40%. It added up to bunch of savings for me as I visited them.
• The Apple Store!!
  Actually, it was much to my surprise that Apple offered educational discounts. Frankly, I believe loyal customers would pay for their popular products even if they didn’t offer educational pricing. No complaints here as I was looking for new laptop. Showing them my old student ID got me $100 off on my MacBook Pro. Too bad there were no student discounts for my iPhone – and there are none for the iPad, yet.

Doesn’t Hurt to Try
Should I be ashamed that I am abusing this privilege despite the fact that I’m no longer a student? If you could flash a card and get a discount (no matter how small), wouldn’t you do it too? So, no, I do not feel bad for doing so.

As long as my face continues to resemble the photo on my student ID, I’d try to take advantage of any possibility of a student discount. For all they know, I could be 30 years old and be attending graduate school. I’ve got student loans to pay so these discounts would sure help with that.

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This is a guest post from Mr Credit Card from www.askmrcreditcard.com. Mr Credit Card was a student a “long” while ago, but today, he is going to be writing about some mistakes to avoid when you graduate and enter the working world. If you are looking for a credit card, please check out his best credit card deals and offers section.

So you’ve finished your work, you’ve passed your classes and earned a degree that’ll make you rich, right? For a lot of students who’ve recently graduated, this might be the time to really start the party, because after all, you deserve it. Here are some very common money mistakes that recent grads make that usually just end up putting them in an even larger financial burden than they already had.

1. Overspending on the wardrobe. The first thing that many folks who graduate do is to go on a shopping binge on a new wardrobe. After all, you’ve just finished living in pajama pants and hoodies for 4 years, now it’s time to step it up and dress like an adult. Being well dressed and wearing nice clothes does not mean spending all of your money on designer fashion. Shop the sales and clearance and look for deals and great buys instead. If you really do need some fancy clothes for your work, save up for it.

2. Partying and drinking more while out of school. Maybe you only partied a little during school, or maybe not at all and now that you’ve graduated you feel like you should. Just because you’re done with school, it doesn’t mean you’re suddenly able or should be partying and drinking with friends a year afterwards. Also playing Mr. Big and picking up the tab doesn’t always reflect your success to your friends and family, but that you’re wasting money. Look for other ways to celebrate that may be cheaper and save the money for something that won’t give you a hangover the next day. This is almost like the Starbucks effect, but I guess we’ll just call it the Happy Hour effect.

3. Eating out too much. A lot of students are sacrificing great meals during school by eating Ramen noodles and frozen pizza until they graduate, so of course when it’s all said and done they can’t wait to indulge a little in something that doesn’t go in the microwave or come with its own packets of seasonings. Unfortunately, eating out is a bad habit that can end up becoming extremely expensive. The best thing would be to improve your cooking skills from Ramen Noodles to something more conventional!

4. Buying swanky gadgets. Everyone loves gadgets and college graduates are no different. Once you make it to graduation though, this is no time to splurge on brand new cell phones and laptops, nor new plasma TVs and home entertainment systems. Believe it or not, the gadgets that brought you through your 2, 4 or 8 years of education, are still good enough until you can actually afford the newest and swankiest of gadgets. And, if you didn’t have it before, you probably don’t need it now.

5. Abusing the credit cards. This is an easy one to fall into, and not just by college graduates. Upon graduation, the world is yours and all you can think of is jumping on the high paying job that you were trained for and letting the cash roll in. If it takes a little while that’s okay, because you have credit cards and you can pay them later, right? Unfortunately, the high paying job doesn’t always land at your feet as soon as you take your gown off and you certainly don’t want your entire salary going to paying credit cards – something that the recent CARD act hopes to assure.

Don’t abuse your credit cards with the intention of worrying about it later. Never be tempted to carry a balance on your credit card. Do not fall for low interest rate offers. Instead, pay your bills in full every month. Use either a cashback rewards credit card or a gas credit card if you drive and travel a lot and save some money in the process. Once again, remember to pay your bills in full.

6. Not being savvy when grocery shopping. This is similar to eating out a lot. College graduates are probably the last to use grocery store coupons or shop the cheapest prices on bologna especially when they’ve most likely been choking down Ramen for a while. It is still a good habit to get into right away to prevent spending unnecessary gobs of money on groceries. If you have the time, learn to use coupons. There are lots of Mommy sites that will teach you a thing or two on the subject.

7. Celebrating with an expensive trip. Woohoo you’re free from school forever, now you should take a 2 month backpacking vacation across Europe, right? Actually, this is probably not a great idea since a) vacations cost money you probably don’t really have in your pocket yet and b) it’s best to start looking for a career in your field as soon as possible. Rather than enjoy the good life, learn the right to enjoy it. You simply have not earned that right just by graduating. Remember, money talks in this world.

8. Purchasing a new set of wheels. As a college student, you may have spent the majority of your time while getting educated, either carpooling with friends, driving a clunker that has since been silly stringed and covered with class of 2010 graffiti or just plain old walking. Many graduates feel very strongly about purchasing a brand spanking new vehicle upon graduation and end up with a car payment as much as most home mortgages. Take the silly string of your clunker and get as many miles out of it as you can. Get a used car if you really have to.

9. Renting a new crib by yourself. Who’s sick of dorm rooms and roommates? A college grad is sick of it, that’s who, but living by yourself and renting a fancy new apartment is actually a waste of money. At the very least, keep one of your buddies around to share the rent so you can save some money for the house that will be an even better investment in the long run.

10. Forgetting to save for retirement. When you are young and feel like you can conquer the world, the last thing you will bother about is retirement savings. After all, it seems so far away. But always sign up for your company’s 401k plan or whatever retirement plans they offer (especially if they match). If your company does not have a retirement plan, you can set up your own Roth IRA and start investing with less than $1000.

Look Further Down the Road
Sure you deserve to treat yourself, but decide upon a treat that is minimal and won’t put you in debt in the long run. After all, you don’t want to spend the rest of your life in your new career paying off everything you splurged on as soon as you graduate. Make wise decisions now and you’ll reap the rewards later.

Simon’s Note: As a somewhat-recent graduate myself, I’ve made a few of these mistakes as well with a few upgrades in the closet, an iPhone, and a PS3 since graduation. But, it is important to note that many young adults make these mistakes WHILE IN COLLEGE too – which is even worse.

(Photo credit: CarbonNYC)

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As part of my 2010 financial goals, removing at least half of my higher interest student loan was second on the list. Last week, my mom questioned me about how I was doing regarding student loan repayment. I let her know that I was paying the minimum amount on the loan at the lower interest rate while paying as much as possible on the high interest loan.

My mom consulted my father and decided that it was pointless to have me pay $400+ in interest this year when they have the funds to pay it off. But, of course, I’m not getting away scot-free here. Essentially, they will be buying my student loan and I have to pay them back.

What started out as a 10-year loan at 6.441% APR will be an interest-free loan with an indefinite duration. How great are my parents?

Many may think though:

Hey! This guy is just another deadbeat like many of the other college grads who says they’ll pay their parents back when they borrow money. Then they end up being 40 years old and still haven’t given a dime back.

None of my plans have changed though. Without a doubt, I do not expect owing money to my parents for more than the next few years. My goal is still to pay off at least half of the balance that I will owe my parents. This is definitely going to reduce the amount of stress and worries that I have on my ability to pay off these loans – while at the same time saving money.

(Photo credit: Perfecto Insecto)

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The provisions of the Credit CARD Act of 2009 targeting youth and credit will be going into effect Feburary 22, 2010. President Obama is on a mission to reduce the availability to young consumers in an effort to solve a problem that hurts so many of us college graduates today – we graduate with too much debt.

Here is a summary of the major changes that will affect young adults:

1) Less Access to Credit Cards Before the Age of 21
The CARD Act’s most significant rule is putting the lockdown on availability of credit cards to young adults. Reckless spending has always been an activity that people identify with the similarly ruthless lives of many young adults. Well, the time has come to limit the spending power of everyone under the age of 21.

• Credit cards can no longer be issued to anyone under the age of 21 with the exception that
  (i) they have an adult (of at least 21 years of age) to co-sign the credit card agreement.
  (ii) or, they can provide proof that they are able repay the debt they incur.
• Pre-screened credit card offers cannot be available to consumers under the age of 21.
• Joint credit card accounts can only have their limits increased with the permission of the adult accountholder.

2) A Close Watch on College Campuses
College campuses are hotspots for credit card companies. Their pretty booths with free t-shirts, pens, toys, and other stuff will cease to exist within close proximity of campus locations. Hopefully, less college students will become victims of consumer debt.

• Credit card companies are banned from offering free goodies as incentives to get students to sign up for credit cards in or near campus.
• Companies must also disclose the details of their contracts with colleges and universities regarding their marketing towards students and alumni.

3) Promotion for Financial Literacy
A major reason why everyone is having problems with debt is because they didn’t learn how to handle money at an early age. Now, the government is taking the initiative to change this trend that is ruining the financial futures of people.

• The act will require certain federal agencies to examine federal financial and economic literacy programs available to the youth ranging from kindergarten to 12th grade and adults.
• They must also recommend methods of funding and promotion of financial literacy programs.

Some of My Predictions
I’m guessing I was fortunate enough to not be caught in the middle of these changes. For those who are actually financially responsible during their younger years, the Credit CARD act may be a slight, but not major, setback. Also, just because these particular provisions are targeting young adults, it doesn’t mean they are the only ones affected – parents should embrace these changes as well.

For the future I foresee that:

• there will be less credit card debt for college students
• there will be a larger burden on parents to support their children
• students will borrow more on college loans
• college students are no longer a profitable market for credit card companies
• credit card companies will find loopholes to extend credit to young consumers
• many co-signers will have their credit histories ruined
• personal finance classes would be a standardized educational requirement

Alcohol is prohibited to everyone that is under the age of 21 but we all know that law hasn’t much of a restraint. How will this act fair in making a difference?

What are some of your thoughts on this act and how it’ll affect the younger generations? Share some of your predictions on the effects of this legislation.

(Photo credit: Rain Rannu)

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Most freshmen entering college and automatically enrolled in some sort university meal plan. And, many end up spending all of it before the semester is over due to overprice food at campus food courts.

After ditching my campus meal plan during junior year, I was only able to shop for groceries by taking the bus during weekends. Because I only visited the supermarket once a week, I had to plan out my meals beforehand so that I wouldn’t end up wasting anything I didn’t finish – and so that I didn’t starve to death if I didn’t buy enough food.

Isn’t it just annoying when hot dog buns come in packs of 8 and franks come in packs of 10? I’d have to buy 5 packs of buns and 4 packs of franks just to make sure I don’t have any extra pieces lying around.

If I hadn’t set up a grocery budget and rationed my food, I think my college debt would have been much larger.

To Those With Meal Points
I know that schools put meal points on your student ID cards. They are essentially debit cards where the money can be spent only at the establishments in or around campus.

When I was on these meal plans, I realized that I paid very little attention to the account balance. Because the money on the card was already paid for when I paid for tuition, I spent my points quite willingly – and used them up before the semester was over.

A meal plan is part of a school’s tuition and could be paid for with student loans. It contributes to the debt that we find out we have once graduation comes around.

Many other college students with the meal plans can relate to this and would probably advise to:

• Set a spending limit per meal. Estimate how many days are in a semester and calculate how much you spend per meal. A stop sign will light up in your head every time you step into the dining halls.
• Downgrade or opt out of the meal plan. Don’t play according to the school’s rules regarding meal plans. You need to see your own money flowing out so that it actually hurts every time you buy food.
• Check your points regularly. Ever have your heart skip a beat when you log onto your bank account with a balance that was dwindling to $0? If you see that you are losing something, you may do more to prevent it from happening.

To Those Who Without Meal Plans
After being on a meal plan for the first 2 years, I spent the last 2 years living on campus but without a meal plan. That’s right – I began to cook (or at least what I considered to be cooking).

The frequency that I was able to visit the supermarket was limited, which helped control overspending. If I could go every other day, I’d probably pick up a lot of junk food.

Rationing my food on a per-meal basis resulted in me knowing I had enough bread for X number of sandwiches and that I had enough chicken for X dinners during the week.

If a student totaled what they spent with a meal plan during any single week, that money would be able to feed them twice as long if it was spent at a supermarket. Taking that into account, a lot of money can saved over the course of 4 years.

• Plan your meals. College life outside of classes will be spontaneous and unpredictable but try to make up a food schedule for yourself. Note what, when, and how much you’ll be eating and try to stick to it. The key is to not waste any food – which is the same as not wasting money.
• Cook a little. Just a little. Because cooking involves some math, it creates a mindset that will be beneficial when you divide up your food so that you can make complete meals. Cooking also involves some creativity and improvisation. If you had bread left over that was intended for sandwiches, then maybe eat the rest with a can of Chef Boyardee or use it for toast at breakfast.
• Have supplemental foods ready. Peanut butter and jelly, American cheese singles, and ramen noodles are all great for a back up meal if you find that your refrigerator is empty. As always, don’t expect to live on this stuff – not the healthiest way to eat.

In the end, the whole point is to budget your food just like you would with money. Both of which would serve to help college students survive without going broke (or should I say without going into debt).

(Photo credit: Thirteen Of Clubs)

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The Citi Dividend Platinum Select Visa Card for College Students is my first credit card that I receive almost 2 years ago during my junior year in college. My experience with this card has been above expectations (compared to the stories I’ve heard about credit cards in general). Without a doubt, it has been a great card to begin building my credit history along with providing my desired perk of getting cashback.

As of 12/1/09, the terms of the Citi Dividend Platinum Select Card for College Students are:

• 5% cashback on purchases at supermarkets, drugstores, gas stations and utilities for the first 6 months, 2% thereafter
• 1% cashback on all other purchases
• Introductory APR of 0% for the first 6 months
• No annual fee
• Does not require proof of income or a co-signer

These terms have not changed ever since I got my card.

I’m afraid that this review would be one-sided because I honestly have no complaints and nothing but praises for this card. This cashback card performed its duties as I intended for it to do without any problems while giving me a flawless customer experience. Short of handing out a higher cashback percentage, these are some of the features that I found to be worth highlighting:

1) Simple Online Web Interface
The CitiCards online account management website is very user friendly. What I like is that everything about your credit card account is laid out in front of you (e.g. balance, APR, available credit, credit limit, and cashback balance). I can just log on, see the status of my account and log off.

2) Someone Is Watching My Card Activity
This is not a compliment to the credit and identity monitoring program (with a fee) that they push onto their customers. I did not sign up for that program and was glad to know that Citibank cared enough to give me a call when I made a purchase for my sister. The $800 order for a keyboard certainly would seem suspicious even to me and knowing that someone is watching my account in case I lose my wallet or card.

3) Is That My Photo On The Card?
Yes, it is. The Citi Platinum Select cards have the option of being a photocard, which asks me to send in a photo of myself that they put on the card. And, they also put your signature on the front side of the card (which I blurred for security reasons). This is a great way to safeguard my identity in the event that my credit card is stolen. It will hopefully alert a cashier that the card doesn’t belong to the person using it. Nice to know that the thief will fear hearing “Hey, this isn’t your signature!” or “Hey, you don’t look Asian!”. I’m surprised that this feature isn’t a standard on all cards – credit and debit.

4) My Citi Card Says “I Will Only Pay You Once”
It is a wonderful feeling to know that when you pay for stuff online, you are sure that the online merchant doesn’t have the liberty of charging you more than once. CitiCards have a nifty tool available to cardholders called a “Virtual Account Number”. It generates a random card number that is linked to your account but it will work with only one merchant at a time and it expires at the end of the month that it is used.

5) Higher Limits and Lower Interest Rates – Yum!
With my goal of building a good credit history, this card has helped me increase my revolving credit limit substantially. Upon first receiving the card, I was offered a credit limit of $3,000 but it has been increasing consistently in $1,000 increments every 6 months. Also, my post-introductory rate has been steadily reduced to 11.249% (at the time this article was written) which is competitive those cards that don’t even offer cashback (as of 12/1/09, the post-introductory rate is stated to be as low as 16.24% at CitiCards).

I am not suggesting that every college student get this card because everyone has different financial habits and responsibilities. It is always smart to take precautions when signing up for a student credit card. Certainly, if one cannot handle a credit card, even the best cards out there pose a danger to one’s financial health – especially that of a college student.

As I hope for this Citi Dividend Platinum Select card to stick with me for a long time to come, I will be updating my experiences with the card whenever possible. If Citibank decides to hike my interest rate after the publishing of this post, I’ll be sure to trash this positive review!

*I am a non-endorsed consumer of this financial product. I am not receiving any form of compensation for providing this review. This review represents my honest opinion based on my own personal experience.

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In the minds of most young college students, the word “credit” usually accompanies the word “card”. Debt, credit reports, and credit scores certainly do not have priority over getting A’s and surviving college life. But, credit will be a significant part of everyone’s life after college so it is crucial for a college student to pay attention to their credit.

Since I believe that I have great credit for a 22-year-old college graduate, how I got it may be a good example for those entering and those already in college. Last year, my FICO score was 728, which isn’t bad, and a recent checkup on my credit report showed that my credit was squeaky clean. So, with a recent credit limit increase on my one and only credit card, my score should be the even higher.

Here is a quick overview of my credit relationships since college:

• Freshmen Year. Despite the bombardment of credit card marketers, I didn’t fall victim to their aggressive tactics and free T-shirts. Based on my FAFSA, I qualified for a $2,625 subsidized Stafford loan and took it – opening my first line of credit.
• Sophomore Year. Nothing much changed here. Again, my FAFSA qualified me for a $3,500 subsidized Stafford loan and took it.
• Junior Year. This year, I started Realm of Prosperity and learned a little more about credit so I did not take any loans. I was able to afford tuition because I received a $3,000 federal grant for good grades. But, I did get my first credit card. It was a student card with a $3,000 credit limit and received a $1,000 credit limit increase every 6 months.
• Senior Year. Because I changed majors, I was ineligible for a $4,000 grant so I took out a $2,852 subsidized Stafford loan. By graduation, I had $9,297 in debt and a credit card with a limit of $7,000.

Sticking To The Basics

1. Always paying my balance in full was my goal with a credit card. The sole purpose of my credit card was to receive cashback while paying for my living expenses. Do not listen to anyone who says carrying a balance is good for your credit. Develop good repayment habits early.
2. Take out loans only in the amount that you need. I was naïve during freshmen year when I received a school refund and thought it was free money but it was actually the extra money from the loan after covering tuition. Afterwards, I took the time to calculate how much I’d need to borrow instead of just accepting the total amount offered.
3. Stick with federal loans as much as possible. The terms on private school loans are subpar compared to the advantages of federal loans. Here is some great advice for college students to help reduce their financial burden.

A Changing Future in Credit
With the upcoming credit legislations, those under the age of 21 will have need a co-signer or proof of income before they are issued credit cards. When I signed up for a student credit card, all they needed was proof that I was a college student.

This doesn’t mean students can’t build credit. A secured credit card, which is a basically a credit card backed by readily available funds, is a great option to start building credit. All that is needed are some student loans and a small revolving line of credit with no violations of any kind.

Responsible use of a credit card in college is a sure-fire way to come out of college with a good credit history.

Any other recent graduates or even current students care to share your credit scores along with what lines of credit you used to achieve that score? Everyone has a different financial scenario in college and the more insight we get, the more future students will benefit. Even those with bad credit can help warn against the mistakes a student might make in college to ruin their credit.

(Photo credit: inkynobaka)

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Even though I’m done with college, my experience can still be useful for all students (new and returning). With classes starting or having already started, a few of the past articles regarding topics in college may help students control their finances and save a little money doing so.

• College Life Without a Meal Plan
• Great Financial Aid Advice For College Students!!!
• Volunteering Instead Of Working
• College Students: Take Care of Your Dorm
• Frugal Textbook Buying Tips
• Making Use Of My Tuition
• Two Students That Started Their Own Mini Businesses In College

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Almost 3 weeks ago, I was offered an interview for a position that would support my applications for dental school. It was a coincidence that the interview was on my birthday and I had hoped it would provide some luck for this birthday boy. And certainly enough, I got the job!

As my first full-time job coming out of college, I was fully devoted to it. Since the position would be an essential stepping stone towards my dream career, I’m not going to disappoint my boss and, most importantly, myself.

Honestly, the first few days of work were quite an overload on my body and mind. I was expected to learn everything from the previous employee in about one and a half days. I’ve always thought of myself as a quick learner so it wasn’t so bad. Also, 12-hours workdays were quite overwhelming. I return home ready to crash the bed. With the many responsibilities put on me, I believe I’ve become a valuable part of the office.

Everything has gotten to be routine for me at work and that makes it much easier. My boss has expressed much content with my performance and the great part is that I’m learning a lot. A boss that is easy to talk to and is willing to teach is very hard to come by nowadays. After 3 weeks, I am now helping to train others.

Ups

• Learning a lot.
• Stable source of income.
• Adds to my dental school applications.
• Flexibility in work hours.

Downs

• Less time for family and friends (especially after long days).
• Deprived attention for the blog.

Now that I’m somewhat acclimated to work, I should be able to make the most of the time that I do have. With income, I also should be saving for a large payment towards my college debt (first payment in December), which I expect to deviate from the set repayment plan.

Photo credit: Joe Mabel

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Don’t argue it. Every college student wants, needs and uses money. Some have part-time jobs. Some don’t.

For those that don’t, a few have created their own business and became their own boss. Entrepreneurial spirit is rampant in the young adult generation and some ideas have the potential to become success stories.

I have also become somewhat of a businessman myself but not to the great extent of a few that I have witnessed in my years in college.

Review tutor

 This one is obvious. But, I’ve seen one student create a big business from teaching other students. He was smart not to do simple 1-on-1 sessions at the library. He taught his own classes which were reviews for chemistry courses (a very popular and nerve-racking curriculum). Simple word-of-mouth and flyers was all the marketing he needed.

These sessions didn’t cost the mere $20 per hour. He was charging close to $100 per class. I attended one of these classes and he was good. This business wouldn’t thrive if he wasn’t fully competent in this field. He even made his own materials and explained everything so that it was easy to understand. His fame throughout campus led my school to take action to try to break up this gig.

Mobile Barber Shop

Guys like to have their hair cut every 1-2 weeks. For those who live in dorms, don’t have any form of transportation, and want to save a little money, they turn to the person that comes to them and cuts their hair for $5 a pop in their bathroom. With a basic haircut set that costs no more than $50, the college barber has set up a popular business.

He makes business cards and offers free haircuts when students refer a number of their friends. He was so busy that he used his Blackberry to keep up with the appointments!

Many Others Out There

Granted, not any college student can go off and start their own little business because it takes motivation and dedication to do so. Plus, the aforementioned individuals need to be really good at what they do. The tutor has to be smart and have great communication skills that can get a concept across. The barber has to be somewhat artistic with some knowledge of hairstyles.

There are probably many other businesses that college students have set up. Any other college students or graduates seen anything similar?

Photo credit: ilovepaisley

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