Three New York City college students shaved their own student debt this week when their public service video, “Repair Your Credit — Repair Your Life,” took top honors at the fourth annual Financial Awareness Video Festival sponsored by the Federal Reserve Bank of New York.
The festival challenges college and university students to create a compelling 30-second video that teaches their peers how to build and use credit wisely.
Do you have debt haunting you this Halloween? I do. It’s (cue the scary organ music) — student loan debt! Eek!
Don’t run away in panic, though. Keep on reading to learn more and explore my 10 favorite personal finance blog posts from the past week.
The first year of college for many freshman means getting their first student credit card. While the Credit CARD Act of 2009 severely restricts handing out plastic to those under 21, you can get a card if your parent co-signs on the card or if you can prove that you have the income to pay the bills. Your first credit card can be a great personal finance tool, but can also bring disaster if used recklessly.
A college student I know recently asked me if I had some tips for using his first credit card, so I thought I would share my ideas here as well. And for more money and credit advice, check out 10 of my favorite blog posts from personal finance bloggers from the past week.
If you lose thousands of dollars in the game Monopoly, you may very well wind up bankrupt. However, all financial ruin abates when you put the pieces away, with no harm done to your actual assets. That’s not the case with an investment in graduate school.
I’m about to borrow $150,000 to pay for my legal education, and I’m doing it far away from the safety of a game board. I know I stand to lose a lot more from this transaction than a utilities or a railroads card.
You see them all around. I was warned at a very young age to avoid them at all costs. I was cautioned never to get too close to the promoters behind … the credit card booths (insert old horror movie scream here).
You know which ones I’m talking about:
“Free Phoenix Suns T-shirt! Just sign here!”
“Trip to Bora Bora? Just sign on the X …”
“Cool hat! But first, I need your address.”
I wanted to see if the passage of the credit card reform law had made a difference on campus. Here’s what I found.