July 2012 Bonus Issue - Page 8

What The Debt Really Means Younger students may not fully understand what $50,000.00 of debt really means. For a 19 year old who has never owed any money to anyone in the past it is hard to understand the impact a $600 monthly loan payment will have on their overall finances immediately after graduation. With loan payments deferred until after graduation many students are not accustomed to budeting for and paying rent, utilities, transporation, and loan costs. Two Alternatives To Tuition • Scholarships. In order to improve your chances of getting the most scholarship money make yourself attractive early on. Maintain excellent grades, get involved in extracurricular activies, score well on your SAT test, do volunteer work, and of course apply for many scholarships. Lynn O’Shaughnessy, of TheCollegeSolution.com, says, “The vast majority of college scholarships come from the schools themselves and not from private scholarships. Unfortunately, most kids limit their search to private scholarships from places like Coca Cola, Intel, Lion’s and Kiwanis clubs and other sources. The typical private scholarship is worth less than $2,000 and it’s a one-shot deal.” • Skilled Labor. Another alternative that offers tremendous potential is modern skilled labor and the technical trades. Many building, engineering, and utility companies are dying to hire and are offering specialized training and tuition-free education. For example, in Pittsburgh, Pennsylvania, the Builder’s Guild trains apprentices for higher paying skilled labor positions in the building trades. In the March 2012 issue of The Quarter Roll Financial Entertainment Magazine, Jason Fincke, Executive Director of the Builder’s Guild stated, “From an educational standpoint our apprentices are given training both on the job and in our state of the art training facilities on the most modern equipment available. From a financial standpoint our apprentices have an advantage other students do not have. Apprentices enjoy a tuition free education, and earn a salary with benefits during their 3-5 years of training.” TQR Let’s Take A Break! 10 Biggest Mistakes Renters Make “Buy Renter’s Insurance! It is very affordable ($10-12 a month on average) and is the only way you can cover your personal property in the event of a loss.” Jim Recht, Agent with Farmers Insurance Group 1. Signing a lease without reading it carefully. 2. Signing a lease that doesn’t fit your life. 3. Not taking pictures when you move in. 4. Not checking out the neighborhood. 5. Not getting renter’s insurance. 6. Paying too much in rent. 7. Not taking action if your landlord breaks the law. 9. Eliminating rental prospects based on square footage alone. 10. Not taking your roommate to appointments. Get the entire article at msn.com 4 The Quarter Roll July 2012