College and Beyond

Hi everyone-

I wanted to share some quick info about a contest that Sallie Mae, Upromise’s parent company, is running June 26 thru September 2. Prizes include:

• 1- $5,000 scholarship
• 2- $2,500 scholarships
• 3- sets of 2 tickets to the Austin City Limits music festival (includes Sunday admission tickets, round-trip airfare and hotel accommodations for two).
• 9 winners will receive a $100 gift card to Apple, BestBuy, Nike or Gap.

Prizes will be awarded throughout the 10-week sweepstakes.

The contest is for incoming and current college students and you can enter on Facebook at www.facebook.com/SallieMae by liking the Sallie Mae Facebook page and filling out a short entry form. You can also earn additional entries by sharing the contest on Facebook, Twitter, and email. 

As an added benefit, the Sallie Mae team will be sharing some student-focused financial tips on their Facebook page, some of which I wish I had known when I was a college student!!

Best of luck!

Jacki

To view the Official Rules and to enter the Sallie Mae Smart Summer Sweepstakes, visit www.facebook.com/SallieMae. No purchase necessary. Void where prohibited by law.

This week we have a guest blog from Abby at Sallie Mae. Enjoy!! -Jacki

Hi everyone,

My name is Abby, I’m a 23 year old 2010 college graduate who has been working full time now for almost a year.

After graduation, everyone goes their separate ways and on top of a huge transition you’re faced with tons of long distance friendships. Since I graduated from college a year ago, I’ve kept in touch with friends from both high school and college. It might seem hard, but the key to it is figuring out the best way to communicate while managing your busy new life. I’m going to provide some tips for any recent college graduates about staying in touch with (and seeing) your buds.

1.      Facebook and email. Message your friends with updates about your new job, networking, what it’s like living with your parents again, planning visits, etc. Both Facebook and email are great because you can create thread messages that include all of your friends. It’s nice to check your thread message during your lunch break, although we all know that’s definitely not the only time we sneak a peek at Facebook. But no matter when you do it, Facebook lets you keep up with your friends’ day to day lives.  Also, make sure you have all of your friends’ new (non-school) emails stored somewhere.

2.      Video chats. When the “real world” begins you won’t have as much face-to-face time with your friends anymore. Make up for that quality time by chatting after work with free video chat downloads such as Skype, GChat Voice, TinyChat, or iVideoChat.

3.      Plan visits. No matter your budget, these days there are all kinds of ways to travel for less. Use your weekends to check out the new places your friends are living. Use cost efficient bus options like BoltBus or Megabus. Or find affordable flights by booking travel through Upromise and get cash back.

4.      Snail mail. Of course it seems old fashioned, but once in a while it’s nice to send a package or card to a friend. Snail mail shows you put in the effort and are truly thinking about your bud. Or, shop online and send them a gift so they know they’re on your mind.  

There are many easy and cost efficient ways to keep in touch with friends these days, so don’t fret! Do you have any summer plans to visit a friend from college? How are you getting there? Let us know! -Abby

As graduation season looms over our heads, I am reminded that I graduated from undergrad three whole years ago. If you are just graduating, you’ll soon understand how college can simultaneously feel like yesterday and a hundred years away. I’ve learned a LOT since then and picked my boyfriend’s brain for his thoughts as well. There are a number of things that we wish someone would have told us (or we had figured out sooner). I share them here with you and hope others will share their advice too.

1.       It’s never too early to start networking.

2.       The world will NOT end if you do not have a job on graduation day. (I seriously thought it might…)

3.       It’s okay to move back in with your parents.

4.       Craiglist.com is a GREAT place to find free furniture or get rid of your furniture quickly. (ie. within an hour!)

5.       It’s okay to take an internship as a college graduate, especially if you don’t already have experience in an area you want to pursue.

6.       You shouldn’t be afraid of recruiters, temp agencies, and head hunters, but you shouldn’t depend solely on them either.

7.       You CAN find jobs on job sites (Monster.com, CareerBuilder.com, Indeed.com, etc.), but if you have particular companies in mind, you should look on their websites regularly.

8.       Your first job doesn’t have to be your dream job (and probably won’t be), but every professional position helps your resume.

9.       Don’t lose contact with professors and mentors. You will need them as references later.

10.   Use a budget immediately, whether it’s Mint.com, budget software, or your own Excel spread sheets.

11.   Learn how to cook. It will impress people and save you a lot of money.

12.   You will still have fun after college and will probably have more money to do exciting things like travel.

13.   Speak up! When you have a good idea and can rationalize why a change should be made, you will be respected for your knowledge. (I know this is hard when you are the youngest person in a company, but it works.)

14.   Dress to be taken seriously.

15.   Don’t miss enrollment for health insurance when you start a job. It only happens once a year. Also- stay on your parent’s health insurance as long as you can because a family plan is cheaper.

16.   Real life is boring compared to college. It takes effort to see your friends and have fun.

17.   Start saving for emergencies. If you aren’t living at home, you are an adult and your parents won’t want to bail you out all the time.

18.   Unless you’re VERY lucky, you can’t eat like you did in college. Your metabolism will start catching up with you.

19.   Pay off your credit cards when you have a job, and pay as much as you can before you have to start paying your student loans.

20.   It’s really hard to interview once you start a full-time job.

21.   Pay your student loans on time, trust me.

22.   Join a wholesale club for groceries, toiletries, gas, etc. It will save you a lot of money.

23.   It’s okay to change direction in a few years and even go back to grad school to make that change possible.

24.   A degree does not entitle you to a full time job.

25.   It’s okay to go to bed at 10pm and to not go out EVERY weekend, but you are still in your twenties so HAVE FUN!

The best news? I just read an article that the job outlook for the class of 2011 is the best it has been since 2007 so good luck!

-Jacki

I was telling a friend about my job at Upromise recently and what the program is about. What was his first comment you ask? It was, “Do you have an app?” I felt a little out of the loop because I have a Blackberry and very few apps, but I told him that one was in development. Well, if you haven’t gotten our emails or seen the banners on our website, the Upromise app is HERE. The more I thought about it, the more I realized how necessary an app is for our generation. I heard recently that we are more likely to forget our wallets than our cell phones and I’ve done it (oops!). Soon that may even be okay, if we’re able to start shopping in-store with our phones!

We’re still in phase one of the mobile app and are looking to expand it quite a bit, but it offers what I think is most essential right now. It allows us to find retailers who offer cash back based on our current location (or you can type in a zip code to look for another location you plan to visit too). I can’t count the number of times that I have been out, needed to find a place to eat, and had NO IDEA what was around. Doing a random search for restaurants or searching on the GPS has not really worked out well for me. One time I even got to the point that I used the GPS search and drove ten miles to the nearest restaurant, a Denny’s, only to find it had been remodeled into a bank!

I’ve played with the new app on my coworkers’ phones (again having iPhone envy) and it’s pretty cool. For over 50,000 locations it shows Upromise partners, percentage cash back offered, directions, and operating hours for gas stations, our in-store partners, and restaurants where you can dine in or take out (plus user ratings for restaurants!). Download for free here and think about using it, especially the next time you are wandering around starving. Let us know what you think and what you are looking for in phase 2. -Jacki

Mother’s Day is May 8^th this year; a day you are supposed to show your mother just how much you appreciate her. Often, we choose to do this with gifts, which I generally have difficulty with after Christmas in December and my mother’s birthday in March. By May I’ve generally used up all of my genius gift ideas for the year. Below are some of the gift ideas I have used in the past and some I am considering for this year. Hopefully this list will help you in your own search and you’ll find it is, for the most part, low in cost.

Experience gifts for both of you:

Don’t forget- your mother loves you and wants to spend time with you. Show her you feel the same. As my mother always says, it’s important to “make memories.”

• Take her to dinner/lunch/brunch
• Take her for a mani-pedi or massage
• Give her tickets to a play, game, concert for you both

When you live far from mom:

It’s the thought that counts, even if you can’t be there for this day.

• Flowers are always a hit
• Webcam for you to chat with each other
• Gift cards for her to splurge on herself
• FREE option- plan your next trip home

For those who are crafty:

The gifts from the heart are always the ones that result in happy tears, and are generally a lot cheaper.

• A picture frame of you and the family (if your mom doesn’t have 100 already)
• A poem or handmade card of thanks
• “50 Reasons Your Mom is Great” box - this is what I made my mom last year. It looked kind of like the link, but I made it myself and only put 50 things, much more manageable. I bought a small glass box at Michael’s, ribbon, and a nice piece of paper, and printed out 50 reasons my own mom is great, cut them out and now my mom has a great office decoration/paper weight and something that makes her happy (and teary-eyed).

I’m debating what to go with this year. What are the best gifts you’ve ever given your mother?

Jacki

After writing the resume post, I realized I didn’t mention something almost equally as important, the Cover Letter. I think the resume is more of a puzzle to figure out than the cover letter, but if you are missing the point or not writing a cover letter at all, you are missing out. Sometimes employers won’t even look at your resume unless there is a cover letter. Although some industries may not require them at all, I suggest always having a letter you can adapt in case you run into a request for one. I think a cover letter serves two main purposes:

• The cover letter provides an opportunity for you to elaborate on your resume. You want to elaborate on your best accomplishments, but not repeat your resume. This is also an opportunity to explain anything in your resume that might confuse the employer, such as employment gaps.
• The cover letter is a sample of your writing, so PLEASE make sure you proofread!

Questions that need to be answered:

1. Why are you writing?

         a. What position are you applying for?

         b. How did you hear about this position?

                 i. Don’t be afraid to name drop if applicable! (Tip: Make sure the person whose name you are dropping knows first and is okay with it.)

2. Why are you the best candidate for the job and organization?

         a. Why are you qualified for this exact position?

                 i. Refer to the job description and use examples to explain how you possess those specific skills

         b. What are you looking to get out of this position?

                 ii. Describe how you are looking to advance your career in a specific area and any future goals that apply

         c. Why do you want to work for this company? Be specific.

3. What will your follow up be like?

         a. Will you contact them after a specific period of time and how? (Tip: Make sure to check and see if the description says “no phone calls” before you say you will follow up by phone.)

Other Tips:

1. If there is a hiring manager listed, address the letter to that person (Tip: Spell their name correctly!)
2. Tone should be both professional and conversational.
3. If you are applying to many similar positions, you don’t have to write an entirely new cover letter for each application. You can customize a couple of different sections instead and have different versions for different types of positions you are applying for, saving you time .

Lastly, please please please do NOT forget to PROOFREAD and double check the information. (You WILL NOT hear back from someone if you use the wrong company name- I've done it. Oops!) Have any other questions or tips that have worked for you? Let us know-

Jacki

And check out some other great resources for Cover Letter tips:

Purdue Owl

Virginia Tech Career Services

Interview Mastermind

Thanks to Kelly O’Connell, Jason Caplin, and Alex Smith for their insight on this one!

I’m at a stage in my life where I live a little too far away from my family to travel home for the Easter holiday, mostly because it is on a Sunday and my parent’s house is 4+ hours away. Surely I’d have to factor Easter holiday traffic into that number and then I’m basically looking at needing to take some extra time off. Additionally, the last two years I was working a part-time job on Saturdays and so it was even more difficult.

While I didn’t spend the holiday the last couple of years with my family, I did still want to celebrate. Last year was especially nice. My boyfriend and I went to mass in the morning with a friend who belonged to a church she highly recommended. Then (and I realize this is slightly embarrassing to admit) my boyfriend and I exchanged Easter baskets.

Honestly, I love giving gifts and look for any excuse to do so. I also have a total sweet-tooth, making Easter a favorite holiday. (Ok- every holiday is a favorite holiday!) I can’t reveal my Easter Basket plans for this year as my boyfriend may be reading, but Upromise has a good list of deals here that includes candy and small gift ideas. I generally like to grab things I know he has had his eye on (movies, books?) or something he may need (a new tie for work?).

 Finally, last year we had Easter dinner with some friends: ham, veggies, potatoes, and I baked chocholate cream pie and an orange cream trifle. While it wasn’t quite my traditional Easter with my family, it was really nice and enjoyable. We haven’t quite decided what to do for Easter this year, as we live in a new area. What are you thinking of doing?

Jacki

As a part 2 to my earlier post about networking, I know there was some interest in mentoring. I’ve outlined my thoughts below and would love to hear your feedback.

Who is a mentor?

• By my own definition, a mentor is someone in your field that inspires you and someone you can learn from. They might share with you some tips and tricks of the trade and if you are lucky, they may have a network of connections they would be willing to introduce you to.

Where can I find a mentor?

• Professors- especially those with professional experience are often willing to lend advice 
• Career Services- some schools have mentor programs for their seniors. Check to see if yours is one of them
• Alumni Services- see if your Alumni Services office can put you in direct contact with people in your field.
• LinkedIn- search your school’s alumni groups for people in your field and reach out for insight
• Internship Managers and Co-Workers- don’t be afraid to reach out to other people you work with and you think you could learn from
• Career Managers and Co-Workers- you will work with many people who have a variety of specialties and experience. Get to know your co-workers and determine who you can learn what from

How do I get these people to become my mentors?

• This is a tricky question. I have had several fantastic mentors already in my short career. I’ve had two undergrad professors I’ve stayed in contact with, my internship manager, and my first full-time manager. They became friends and mentors, willing to share their industry insight with me. Yet, I don’t think any of those people were intentionally trying to “mentor” me. I suggest you keep your eye out for people you get along with, who also have some great experience to share. Show them that you value their friendship and assistance. I’ve found most people enjoy helping others, especially young people they think have a lot of potential.

Feel free to share any other mentoring tips below!

Jacki

With the date being April 11^th, for those of you who haven’t already filed your taxes, you have only 4.5 days left to do so. I highly recommend Turbo Tax, which I mentioned in an earlier post, as it’s free to e-file your federal taxes (if you use the standard form) and under $30 to file your state taxes. Angie, who writes the Mommy Saves Best blog had some other great tips in her latest post “Tips to Make Tax Filing Less…Taxing.”

My bigger topic for today’s post is “What are you going to do with your refund?” CNN said the average person received about $3,000 back last year. That’s a pretty significant amount, especially for someone like me. (Unfortunately, last year I paid about $3,000!! This year I was more on that target).

The financially responsible thing to do would be to pay off your credit cards and/or make a payment to your student loans. The fun thing to do would be to spend your refund on a vacation, new car down payment, or new technology you have been holding out for.

This year, I decided to do both. Having moved into my apartment relatively recently, I decided to use my tax return to splurge on couches and a new TV. We got a great deal on the couches in the sale section of the furniture store, brand new leather couch and love seat for $800. The TV was a 40" Philips LCD 1080p 240Hz HDTV a we bought from Sam’s Club on sale and also received 1% back from Upromise. I even paid off one of my credit cards, which felt GREAT!

So what did you do with your refund this year? (See what our fans on Facebook said here.)

-Jacki

“It’s all who you know,” right? I’m sure you have all heard this expression many times before. While I don’t think it’s “all” who you know, having a large and varied network can only help your career whether you are seeking employment, hiring, looking for clients or partners, etc. especially in our current economy.

How to Network:

• Join your local professional society 
• Join your local alumni organization 
• Join a young professionals society 
• Volunteer 
• Join professional and alumni groups on LinkedIn
• Follow professionals in your field on Twitter

Tips to Make this Work:

• ALWAYS carry business cards
  • You can make some very cheaply on Vistaprint.com (ie. 500 premium business cards for $10 + free shipping) and get 5% back, if you don’t have professional ones. Make sure to include your name, phone, email, address and field.
• Keep in touch with former professors and co-workers through email, LinkedIn, or Facebook.
  • You WILL need references for jobs and letters of recommendation if you decide to go to grad school

While it is easy to say “attend networking and professional society events,” I realize that can often be very intimidating, and it is for me sometimes too. When I was interning I was very lucky to have a wonderful manager and mentor named Michelle, who always invited me to attend Public Relations Society of America events with her. This was great as I had someone to introduce me to people and wasn’t standing awkwardly by myself. If you want, try and find a friends or co-worker to attend these networking events with you. Often you will be seated with others, so you will have to be brave and introduce yourself. Reveal the charming person you are. You never know what will come of it. Any other networking tips that have worked for you?

Jacki

P.S. Special thanks to Michelle Wade for always being a continued inspiration. (Pictured below, L to R: Me, Katarina Sunthorn, and Sarah Webster- all interns for Michelle Wade (right). Don’t forget to network with people a few years older than you too- they might recommend you for a job like I did!)

One of the toughest parts of starting a new job for me is determining the appropriate attire. I realize that sounds silly, but how you dress determines if you are taken seriously or not and when you are young, you NEED to be taken seriously in the workplace. I’ve now worked at three different companies. The first’s dress code was business attire (like professional attire model and fashionista, Lisa Medina, is modeling below), the second was casual, and the third (Upromise) is business casual/casual. Even so, there are always people who seem to take it too far. Casual to me does not mean that you should wear basketball shorts, jeans that have a hole from thigh to calf, or a shirt that is open to your mid-stomach… when I see those things (which I have) I wonder if these people were dared to wear it or if it was a joke. (Maybe you’ll see some of these tomorrow for April Fools’ Day?) 

My suggestion for the first couple of weeks at a new job is to dress nicely until you gauge how everyone else is dressing. Some companies have “casual Friday,” but expect casual to mean that you can wear jeans and should still be wearing heels or dress shoes. You REALLY don’t want to walk in on the first Friday wearing your old sneakers and a college sweatshirt if that isn’t appropriate. Another great gauge is your boss, particularly if he or she is the same gender as you. There are some standards I would recommend starting with:

1. No ripped jeans
2. No sweatshirts
3. No flip flops
4. No offensive words/phrases
5. We shouldn’t be able to see your stomach or underwear
6. Clothing you wear to the beach, for yard work, to dance clubs, exercise sessions, and sporting events is probably not appropriate. (About.com)

My boyfriend and I often shop for “work attire” together and our favorite stores are: Banana Republic, Express, Gap, and H&M. I’ve also found some really great staples (pants, cardigans, etc.) at Target and Marshalls for much cheaper prices and got some great deals last week at NY & Company. What’s the worst work attire faux-pas you’ve seen? Let us know below!

Jacki

P.S. Great reference with more details for women at Jezebel.com.

P.P.S. Great reference for men at AskMen.com.

*Special thanks to Lisa Medina for her support!

I recently spoke to a friend who needed help with her resume. We are a couple of years out of college, but we determined that she was never educated in resume writing. (Insert my groaning about her being a health science major and not learning basics in college). So I decided it could be helpful to offer a few points about resume writing for college students or really for anyone interested.

I have my own opinions about what sets a person apart when a resume is only reviewed for an average of 10-30 seconds. These tactics have been successful thus far for me and others I have helped with their resume, so that should say something, right?

• Content: Contact info at top, 3-4 relevant jobs (in chronological order starting at present), skills, leadership and/or volunteer experience

• Design: 10-12 pt. standard font, .5-1” margins, use of bullets (about 4 per job), bold, underline, and italics, avoid templates, and keep to ONE PAGE. I know, I know. You are terribly interesting and cannot possibly fit everything on one page. Until you have had 3 full time jobs, you can fit everything on one page. Trust me.

• Education: If you have full time experience, education should go after that experience. If you haven’t worked full time, then your education is your greatest accomplishment, put it first. Also list your GPA, but only if it is worthy of bragging rights (3.0 or above). If you are applying for a job that you have no work experience in, but took a class in, create a section on your resume called “Relevant Course Work” and describe what you’ve learned in that field.

• Leadership/Volunteer Experience: Were you on your sorority’s executive board? On student council? Were you a team captain? Did you plan a blood drive, collecting over 500 pints? Include what sets you apart!

• Skills: Identify your special skills. If you are an expert public speaker, fluent in 3 languages, excel in Adobe Dreamweaver, or can really do anything on a computer, include it. I can’t count the times I’ve been asked if I knew how to use Microsoft Office. Ridiculous, I know, but not everyone realizes that.

• Verbs: Resume etiquette is to avoid pronouns and instead use interesting “action verbs.” Boston College has a great list here that will make you sound more impressive. Also, if the job was in the past, verbs should be in past tense. AVOID: “duties included” or “responsibilities included”

• Numbers: Want to sound REALLY impressive? Include numbers on your resume. Did you manage 5 interns, 10 volunteers, a budget of $100,000, or 10 programs at once? These numbers make your resume seem real and are truly eye-catching. 

Lastly, PROOFREAD. Show your resume to every friend, parent, professor, career counselor who will review it. Do you have any other tips that have worked for you? Post below! Until next week…

Jacki

P.S. Here are some other helpful sources for you to reference:

• 44 Resume Writing Tips, Daily Writing Tips
• 15 Tips for Writing Winning Resumes, Quest Career Services
• 5 Tips for Better Resume Writing, Dummies.com
• Sample Resumes, Boston College

P.P.S. Thanks to professional career advisor and friend, Kelly O’Connell, for your added assistance on this one!

Happy St. Patrick’s Day everyone! Any good plans for the day to celebrate? Last year I took a shot at making corned beef and cabbage for dinner. I think I’ll be SKIPPING that one this year and opting for a shepherd’s pie instead. I don’t know about you, but besides St. Patrick’s Day, March makes me fantasize about warmer, longer days and exotic places. (How obvious is it that I didn’t go on Spring Break?) I know I want to travel somewhere this year and have been trying to determine what I can afford and what the best deals are. I also just received my federal tax return, which is “burning a hole in my pocket.”

Originally I was hoping to make it to Italy, but with the cost of airfare alone in addition to my grad school tuition that might have to be a graduation gift to myself next year. Right now, I’m between a cruise, an all-inclusive resort, and something in the U.S.- maybe San Francisco or Washington, D.C.? Naturally I’ve been spending my down time playing on travel sites to determine my options.  With the Upromise College Savings I tell myself the “big spend” isn’t so bad, right? This week I’ve found the best deals from Boston for May on:

• Cheaptickets.com (1% for college) – Airfare to San Francisco for about $300
• CheapCaribbean.com (2% for college) – Airfare and all inclusive stay for 5 nights to Riviera Maya for about $700
• Norwegian Cruise Line (3% for college) – about $800 for a Gulf cruise out of New Orleans with an ocean view

No matter what I choose, I need to start saving a bit more. Have you seen this article on Kiplinger.com “25 Ways to Waste Your Money”? I think I’m going to try to focus on one method a month that I’m not already doing to cut down on my spending (aka to add to the vacation fund). I want to start with #2, checking my car manual to see if I should be getting oil changes less frequently. I never have time to get them anyway, so it would be great to cut them off the to-do list. Have you tried putting $10 a week away (or another saving tactic) to save for a vacation? I’m debating it, but don’t know if I have the willpower…

Anyway, Happy St. Patrick’s Day! Happy travel-planning and let me know if you have any feedback!

Jacki

P.S. Click here for all travel options that offer cash back. 

I’m 24. I work full time (at Upromise) and go to grad school full time. I have little free time and less disposable income. Just being honest! That being said, I’m always looking to save as I imagine most college students and recent college grads are, both to pay off loans and for the future. Today’s post is the first for the “College and Beyond” Blog. I’ll be talking about things that are relevant to our age group and, when applicable, how Upromise can help.

A lot is going on this week. Midterms for one- thank goodness that’s over! Spring Break here I come. Too bad my Spring Break consists of just not having to go to class, as I still have work. Somehow, it seems like a vacation anyway. Are any of you going on tropical vacations? I would love to live vicariously through you.

In financial news, I finally paid off one of my credit cards that’s probably had a balance for 5 years. Cliché, but it feels like a weight has lifted. I’ve been doing some research and it seems that everyone says to put as much as you can into paying off your credit cards first, then focus on paying off private student loans followed by federal student loans. Studenomics 2.0 had a GREAT article recently called “20 Financial Moves in Your 20s.” While I don’t totally agree with every step, I think it’s still something great to reference as a guide.

In Upromise news, I’m pretty happy with my recent transactions, especially the two pairs of summer sandals I got from NineWest.com!

Yes, I did taxes too… mine and boyfriend’s taxes. Great tip- you can do your federal taxes on Turbo Tax for FREE. It made the $28 cost of filing state taxes worth it because of the overall convenience (and 6% Upromise savings too!) Have you had any great savings in February? Let us know…. more to follow next week.

Jacki

In case you missed Sallie Mae's Smart Money Online Chat, you can view a replay of all the questions and answers. You'll find great tips on saving for education, setting goals, smart money habits and more from members of the Financial Planning Association.  Take a look at the replay here.

The increasing cost of higher education is in the news every day and on all of our minds, whether we’re saving for college long-term, short-term or paying for it already. The puzzle we’re all trying to solve is “how can I afford college tuition,” right?

There are tons of tips for making a college education affordable, and one of our partners, Kaplan Test Prep*, will be hosting a panel of college admissions and family finance experts to give you the best of the best tips at a free webinar on January 19th at 9:30 pm EST called “How to Lower Your Child’s College Tuition”.  The webinar, sponsored by Upromise, will drill down into some of the top tips on everything from financial aid & scholarships to budgeting and investment to help you prepare for the day your student’s tuition bill arrives, and hopefully reduce the anxiety of planning for college.

The panel is pretty impressive, including:

Katherine Cohen, Ph.D.: Leading independent college admissions counselor and best-selling author of The Truth About Getting In and Rock Hard Apps. Cohen is the Founder and CEO of the educational admissions consulting companies, IvyWise and ApplyWise.

Mandee Heller Adler: Founder and Principal of International College Counselors, a global leader in college admissions.

Janet Bodnar: Bodnar is the Editor of Kiplinger's Personal Finance Magazine, and author of Money Smart Women, Raising Money-Smart Kids and the "Money-Smart Kids" column at kiplinger.com.

Lynnette Khalfani-Cox, The Money Coach®: Lynette is the author of the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom and Perfect Credit: 7 Steps to a Great Credit Rating.

Joyce Schnur: Joyce has more than 20 years of financial counseling experience and is the co-author of Kaplan Financial's Personal Financial Planning Theory and Practice.

Check it out and let me know what you think. As I always say, if you learn one thing, it’s worth it. Feel free to add your own tips for lowering the cost of college education below and register for the free webinar here.

*You can earn 2% Upromise college savings when you make a purchase through Kaplan with your registered card. Click here for details.

Following is a guest blog post from author and family financial expert Ellie Kay. Ellie is working in partnership with Upromise and is being compensated for her time.

The holiday season is one of my most favorite times of the year and this year, more people are getting into the idea of gifting than last year. In fact, according to Deloitte’s 2010 holiday survey, 62% of consumers plan to spend more or the same this year, a 11 percentage point rise from Deloitte’s 2009 holiday survey and the highest level since 2006. So spending has increased again, but I think that strategic spending is more important now than ever.

It’s important for consumers to be careful and thoughtful in the decisions they make when it comes to buying gifts this holiday. That’s why I’ve partnered with Upromise to tell my friends about the gift of education.  So while parents and grandparents (even favorite aunties) are splurging on kids, why not work on saving for kids too by providing for that cute kid’s college education?

Consider opening a 529 account for any beneficiary or transferring gift money using Ugift into an existing Upromise Investments administered 529 college savings plan. If you don’t already have a 529 plan account, then you are missing out on the benefit from tax deferred growth and the fact that withdrawals are exempt from federal income tax when used for college expenses. Please keep in mind; withdrawals for non-qualified higher education expenses may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Also, making a gift contribution into one of these plans this time of year means that you can possibly take advantage of year-end state income tax deductions. Just check to see if you are eligible for state income tax deductions or credits for contributing to a 529 account. For example, parents and grandparents can contribute as much as $13,000 ($26,000 if married filing jointly) into a 529 plan without incurring gift taxes. A special rule allows married couples to gift up to $130,000 ($65,000 if single) as long as no additional gifts are made to that beneficiary over a five year period*. A qualified tax advisor would be a great resource to answer any additional questions you might have. Plus, you don’t have to be a parent or grandparent to participate, other friends and family can make contributions to your child’s 529 plan by gifting money or by buying gifts, which brings me to my next point—how to save money by spending money.

Most people know about Upromise from signing up for their rewards program. Members can participate and save for years by going to Upromise.com and purchasing through participating online retailers. These are stores where shoppers would go anyway, but with Upromise they get anywhere from 1% to 25% back for their eligible purchases. Last holiday season Upromise members received $12 million in college savings rewards from eligible holiday spending. There is no fee to join, and members have collectively earned $575 million in college savings from purchasing items online or even buying gas or groceries. You can even use Upromise partners to book business travel or eat out at restaurants that participate in Upromise Dining – then you can elect to have these college savings swept into 529 plans administered by Upromise Investments. Saving for college is that easy with Upromise!

So consider giving the gift of education to a child you love—either by saving or spending, and the world will be a much smarter place!

Happy Holidays!

Ellie Kay

America’s Family Financial Expert ®

www.elliekay.com

^*In the event the donor does not survive the five-year period, a pro-rated amount will revert to the donor's taxable estate.

For those who missed Sallie Mae's live scholarship chat with author Kelly Tanabe, you can view of transcript of it on Sallie Mae's Facebook page.

You'll find some great information and tips on writing scholarship application essays, how to stand out from the competition, eligibility, and much more.

Also, if you haven't already, be sure to check out Sallie Mae's free scholarship search to scan through millions of scholarship leads.

November is National Scholarship Month and and Sallie Mae is celebrating by hosting a free online chat. High school seniors and returning colleges students and their parents can get answers to how, where and when to find free money, and share insider tips and advice. 

Expert Kelly Tanabe, co-author of 12 on college admissions and paying for college, including her latest “The Ultimate Scholarship Book 2011,” chats live 9-10 p.m. EST on Nov. 17 on www.Facebook.com/SallieMae.

Sign up now here to reserve a spot. Advanced questions are welcome and will be answered during the chat.

By the way, be sure to try Sallie Mae’s free online scholarship database which contains about 3 million scholarships worth more than $16 billion. It’s available at www.SallieMae.com/Scholarships. Users of the scholarship tool will automatically be entered for a chance to win Sallie Mae’s College Answer Scholarship, a $1,000 monthly giveaway*.

*No purchase necessary. Void where prohibited. For a complete set of sweepstake rules, please visit us online.

Following is a guest blog post from parenting expert and author Dr. Michele Borba. Dr. Borba is working in partnership with MasterCard, Upromise and Bank of America and is being compensated for her time.

As parents, we enjoy the journey of watching our children go from the diapers to the cap and gown, from the bottle to the diploma; and then giving ourselves a pat on the back for a job well done. But in order to get to that point it takes smart saving, and lots of steady planning. Although it may seem impossible when hearing about the rising cost of higher education, it is not out of reach as long as you have a strategy that starts early in your child’s life. Here are five tips to get you started on saving for your child’s future:

Get the kids involved. Get your child in the habit of saving from an early age. If you give your child an allowance, require that a certain amount is set aside to save. For instance, if the allowance is $3, then have $1 go to savings. Deposit the money into a savings account, money market, bond, etc. and then it can be applied towards the long-term goal of college tuition.

Save while you spend. Look for programs that help you earn money towards college. One great option is the Upromise^® World MasterCard^® credit card from Bank of America, which allows you to earn 1% college savings on all of your purchases. Anyone can join Upromise for free and apply for the card. Earnings from everyday card savings are automatically deposited into the account and can then be transferred to a tax-advantaged 529 plan, a high-yield savings account, used to pay down a student loan or you can request a check or you can request a check. By using the card for everyday purchases like groceries and gas, you will be able to accumulate savings over. Check out Upromise.com/cardcenter, to learn more about the card and the hundreds of participating merchants that offer money back for your child’s education, helping you build a strong foundation for the future. 

Get the family and friends involved. Make savings a family affair. Ask family members to sign up for free at Upromise.com, where 1%-25% of their eligible online purchases at hundreds of merchants can earn you money for your child’s college education. They can also use their Upromise World MasterCard and have their earnings transferred to your child’s Upromise account for additional college savings.

Contribute on a regular basis. This not only helps in saving for your child’s future, but can help you maintain a long-term investment strategy, as well. Every month take a certain amount of money – even if it is a small amount – and put it in a college savings account. Even the smallest amount will add up over the years. Hopefully this will become a routine and you will think of your regular payment to your child’s savings as an essential part of your budget.

Save your change. Few people realize how much change they really have. Even a small amount can add up by taking whatever spare change you have around and putting it away. Keep the change in a jar and once it is full, you can add the change to your savings account or child’s college fund.

And for more parenting tips, read my blog at www.micheleborba.com/blog or follow me on Twitter @micheleborba.

For information about the rates, fees, other costs and benefits associated with the use of the Upromise credit card, click on the link above and refer to the disclosures accompanying the online credit card application.  This credit card program is issued and administered by FIA Card Services, N.A.  MasterCard and World MasterCard are registered trademarks of MasterCard International Incorporated, and are used by the issuer pursuant to license.

Special Notice: Join us on August 12 at 1:00 ET for a live chat with Dr. Borba on Upromise’s Facebook fan page.  Click here for details and to RSVP.

Here's some advice on eight big wasy to save from TODAY's financial editor Jean Chatzky and CNBC's personal finance correspondent Sharon Epperson, including some thoughts about Upromise, on NBC's TODAY show.

We Need Your Help!

The Upromise Scholarship needs your help! For each new Facebook fan between now and February 15, Upromise is adding $1 to the Upromise Scholarship (up to 25K). It only takes a minute to share the link and you can make a difference in the lives of college students in need!

Simply click on this Facebook link, select a message, pick a badge and click share.  That way it will post to your wall and in your news feed so your friends can see.

Similar to the Princeton Review or Collegeboard.com, Unigo.com and Campusdirt.com are two college search engines designed to help parents and students find the best match for college. Although the sites have the same purpose in mind, the two vary in several ways.

Campusdirt.com has a more direct approach gearing their site towards parents. The site provides information on important topics that many parents are looking to learn more about such as campus safety, college loans, and admissions processes. Campusdirt is easy to navigate and is separated into direct categories making it easier for parents to find what they are looking for. The articles from this site are straight forward, and provide to-the-point information on the topic at hand.

While Campusdirt is a more parent based site, Unigo.com, gears its' site towards the potential and current college student. This website not only provides information about colleges but also incorporates more social aspects that circulate college campuses. The site includes information on laptops, provides photos, and has open forums for potential and current students to discuss anything college related.  Unigo also contains more informational aspects such as a list of top ranked colleges, a personal college matchmaker, as well as in-depth explanations of the college admission process.

Within the financial aid section students can compare and buy text books online from over 10 different sites - definitely a quick and easy economical way to purchase text books. A large portion of the site includes tips for students on how to save money- whether it be where to find student loans, scholarships, application fees waived, etc. All of the information provided can be useful for parents but letting the high school junior or senior in on some of the future responsibilities.

The two sites do an excellent job of providing information about college and its surrounding aspects. Campusdirt.com supplies its users with a simple and informative site, while Unigo.com allows for a more broad view of the college experience.

For information on Campus Bound's services, visit www.upromise.com/campusbound.

As the school year approaches and students are preparing to enter college we thought it would be good timing to provide advice from a current student for students just entering college.  This blog entry was written by Cara, a senior at Quinnipiac University in Hamden, CT.

SOON TO BE FRESHMEN

Starting college is a new and exhilarating experience.  Leaving behind your family and friends, your room, the comfort of your mom’s home cooking, or even your favorite pizza shop will most likely leave you feeling homesick and lonely at some point in the year. But college also presents a chance to reinvent yourself, to meet and make friends with people unlike anyone you have ever met, and to learn to be self-sufficient, or at least somewhat more independent.  In addition to preparing mentally for the excitement of freshman year, there are plenty of things you can do to make your transition into life as a college student a smooth one.

One of the most important things to remember is that your four years of college go by faster than you could ever imagine.  Before you know it, you will be a senior, so you want to make the most of every minute, both academically and socially.

Before you get to college and get distracted and caught up in the excitement of dorm life, try to think about what you want to gain from your college experience. While taking the easiest classes might seem like a good idea freshman year, chances are that, in retrospect, by senior year, or even midway through the semester, you will come to regret it. Instead, sign up for the classes that interest you because those classes will be infinitely more fulfilling.

Additionally, think about what kinds of careers you might be interested in and what activities, clubs, and classes would be helpful in making that decision. College presents a diverse array of opportunities, more than high school, and possibly more than any other time in your life.  There are few other times in your life that you will have so many opportunities at your fingertips and so much freedom to take advantage of them. Although it is important to think about your future, you don’t want to let yourself feel tied down to the familiar. Leave yourself the freedom to participate in whatever you want because you never know what experiences will change your life.  Before school starts, take some time to look at your school’s website and think about what interests you. Don’t worry if you have no experience in that area or know little to nothing about it. If it sparks your interest, go, participate, learn. College, and especially freshman year, is about exploration.

College is also all about balance - finding a good balance between the academic and the social.  The friends you make in college will probably, and hopefully, be a part of the rest of your life and an important factor in your college experience. Your friends in college will get you through the tough times; they will be your family. They will be the ones eating pizza with you at 4am helping you study for an exam, bringing you food from the cafeteria when you’re sick, calming you down when you’re stressed, and making you forget about how challenging college can be.

There is no need to be someone you are not. Take advantage of the fact that you are starting with a clean slate.  No one knows you or your friends from high school and no one has prejudgments.  Let that knowledge set you free.

Above all, remember that this is a time for you.  It’s a time to grow up, to find out who you really are and a time to be somewhat adventurous.  You will have no real responsibilities other than to learn, to find out who you are, and to think about you future and that is an amazing gift. Take advantage of it!

For information on Campus Bound's services, visit www.upromise.com/campusbound.

Fantastic prizes including $5,000 are on the line in Sallie Mae's Saving for College Video Contest.  But the entry period ends on 8/1.  So take a peek at the videos that have been posted so far and ask yourself if you can take down the competition.

Here's the full scoop from Sallie Mae:

Do you have creative ways of saving for college? Tell us about it - in a 30-second video. From turning down the air conditioning to biking to work, show us your best and brightest ideas on how to spend less now to save more for future college costs. Sallie Mae^® wants to hear how you are saving to achieve the dream of higher education - whether it's for yourself, your children, grandchildren, niece, nephew, or family friend.

With our Saving for College Video Contest, one grand prize winner will be awarded $5,000, one second place winner will be awarded $1,000, and eight semi-finalists will receive $250 each. Share your video with us and you could be one of them!

The public will help choose 10 finalists by voting up to once a day between now and the Aug. 1 deadline. Entries will also be judged on quality, creativity, and fit to theme. Once the finalists have been selected, America will again be invited to vote for the grand prize winner between Aug. 10 and 25. Winners will be announced in early September as part of National College Savings Month.

Enter your video by August 1 at Tuition Tales and you could be a winner!

I recently commented on colleges misusing SATs in the admissions process and on families over-valuing the U.S. News & World Report rankings (among others) when selecting colleges.  What appropriate timing, then for this article from Inside Higher Ed.

Read it closely.  It tells the story of how one university has prioritized the goal to move up in the U.S. News rankings and has allowed that goal to drive major decisions throughout campus.  Some of the adjustments have helped students, like admitting students who have performed better in high school and creating more classes with fewer than 20 students to ensure closer faculty interaction.  However, other choices don't provide the same positive results, for example automatically rating other colleges as "below average" on the U.S. News & World Report surveys, or admitting students with higher SAT scores over those who might bring cultural and ethnic diversity to campus.

While I hope many people would be concerned about the extent to which the rankings have affected the administrative decisions at this university, this is sadly not a unique situation.  Colleges everywhere are constantly pondering ways to improve their rankings or manipulate the system.

If nothing else, I hope this points out that the rankings that are available to families may involve some arbitrary distinctions.  A college might be able to change their rank simply by using a different system for reporting faculty salaries.  If your goal is simply to graduate from a highly ranked college, by all means use the rankings heavily in your search.  But if you want to experience a rich, diverse, and engaging college community, be sure to look beyond the numbers to find the best fit for you.

For information on Campus Bound's services, visit www.upromise.com/campusbound.

A recent article in USA Today brings up some interesting concerns about the use of standardized tests in admissions.  It appears that many colleges may be ignoring important statistics when reviewing applications.

As with any test, scores from the SATs and ACTs can only be accurate to within a certain range-within that range, fluctuation can occur due to factors outside of the student's control, such as scoring error.  USA Today reports that a 30-point fluctuation in the SAT is insignificant statistically, yet colleges admit that even 10 or 20 points difference can play a large role in a student's chances for admission.

This highlights the importance of being as prepared as possible for all parts of the college admission process.  If SAT tutoring can help your score even a tiny bit, perhaps it is worth it.  If your essay can be just a bit better with advice from an expert, seek help.  If colleges are making admissions decisions on statistically insignificant data, you need to make sure you are putting your best foot forward at every opportunity.

As an aside, it would be shortsighted to not comment on this as a reflection of how number driven our society has become.  On the flip side of this issue is another big one-students selecting colleges by "rank."  Whether in US News & World Report or any other magazine's college issue, students and families often tout the ranking associated with a college and assume that a higher ranking means a school is better.  In fact, I wonder what the range of error is in that system - 2 places?  5?  10?

Springtime-it's the time for high school juniors and their parents to visit colleges, take tours of campuses, and meet with admissions officers.  All too often, however, students are caught off guard when asked by an admissions counselor, "Do you have any questions for me?"  As juniors across the country continue visiting colleges throughout the spring and summer, the following questions are ones that you might want to consider asking.  In addition, really think about what matters to you, develop a few questions of your own, jot them down and if it is appropriate, ask them.  Remember that it is important to read as much about the college as you can before visiting.  Don't ask the admissions officer or tour guide questions that are obviously answered in the literature produced by the college.

Every dean remembers a few questions they've been asked; here is a sampling of their favorites.

How would you describe the relationship between your college and the local community?

Answers to this question will tell students much about the world that borders the campus and the opportunities for a life away from the daily academic regimen.  Are there jobs available?  Do eating establishments have any biases against college students?  Do they offer student discounts?  Are students welcomed in local churches and temples?  Can students become involved with social service organizations?  What about cultural or recreational outlets that supplement what is available on campus?

Does the undergraduate program take a back seat to the graduate and professional schools? 

Once again, this question has several subparts.  Are resources being channeled away from freshman courses and into doctoral programs?  Do graduate students teach undergraduate courses? 

Why do students leave this college? 

Why do some people fail to stay until graduation?  What do they discover about their choice that they did not realize before matriculating?  Is there a particular personality type that might not be suited to this environment?  Is there extra help for students having academic difficulties?  In all fairness, keep in mind that approximately 40% of all college freshmen do not finish their undergraduate program in four years.

What percentage of students support the school financially after graduation? 

The answer to this question reveals how satisfied students are with their academic and social experience.  It also tells you much about the financial health of the institution.  After all, if alumni don't support a school, why should anyone else?

What is your student/faculty ratio? 

This is a question with which to be careful, as a straight answer may be misleading.  For example, a high number of faculty members per student might mean that enrollment was dropping rapidly or the school was being mismanaged.  What you really need to know is how many faculty members actually teach and are accessible to the students?  How many primarily do research?  How many are on sabbatical?  What is the average size of a seminar?  How large are the survey courses in most departments?  What is the average size of a lecture class?

Preparing a few of these questions in advance of a college tour may be wise.  What are some of the most valuable questions you've heard while on a campus tour? 

When it comes to college admission, most students tell me they are most afraid of "not getting in."  If students have done a thorough, careful college search they will have options, but the fear of rejection is daunting for everyone.  For example, take this article from The Boston Globe about Harvard graduates being turned down for jobs.  Many high-achieving Ivy League grads may not have experienced much rejection in their lives, and perhaps the job search is the first time it hits home for them.  For others of us, it happened long ago when we weren't selected first (or second, or third) for the popular dodgeball team or when we tried out for the school musical only to learn we were "tone deaf." 

No matter the reason, rejection hurts.  So should we avoid it?  Should students only apply to schools they are sure to be accepted to?  When my students get into every school they applied to, the inevitable question is, "Should I have reached higher?"  It seems we don't want rejection, but neither are we content with complete acceptance either.

And without sounding too cliché, we do learn something from rejection.  Maybe we learn who our true friends are-they'd pick us for that dodgeball team even if we don't move very fast.  Or perhaps as an alternative to the school musical we take a photography class and discover a new passion.  And maybe, just maybe, we end up at a college that is a better fit for us than the place that dazzled us with its tough admissions standards.  Maybe that place turns out to be a college where we can excel in the classroom, make a difference in campus life, and meet our lifelong friends.

When all is said and done, maybe rejection isn't so bad after all.

While high school seniors are making final decisions about which college to attend, juniors are beginning the admissions process and are filled with questions.  As a college counselor, one of the questions I am asked most frequently by students and parents is this:  What can I do to improve my chances for college admission? 

Often people hear rumors of activities that will make a difference-volunteering through several community service organizations, traveling to assist children in developing countries, helping victims of natural disasters.  Or maybe they've heard that athletic involvement is the key to admission at selective schools because a coach can push the admissions office to see a student's ability to contribute.  Still others report of the value of musicianship, international travel, or membership in various honor societies.

Meanwhile, legacies benefit from their parents' connection to a school, and those with family friends on a college's Board of Trustees are confident in their candidacy.  Students who ace standardized tests like the SAT or ACT have it made.  And those from under-represented populations or families who can pay the full fare must have an edge, right?

While there may be some truth to these rumors, every college is different in their handlings of the above situations.  At some schools, the athlete, legacy, or naturally gifted tester may have a real advantage.  Other schools might prioritize geographic or ethnic diversity, artistic talent, or volunteerism.  A college admissions professional can let you know which schools prioritize certain talents based on current trends.  For example, in recent years, Tulane University has strongly valued community service and UNH has deemphasized the role that SATs play in their evaluation process.  However, regardless of what schools you consider, there's one sure-fire way to improve your chances at every school to which you eventually apply: earn the best grades you can in the most challenging courses you can manage.

College admissions professionals have repeated this advice over and over again:  take the most challenging curriculum that you can handle and earn the best grades you can.  Should a student take Honors or Advanced Placement classes and earn Cs or Ds in them?  Probably not.  Alternatively, should a student take easy classes and breeze through, requiring little effort?  Again the answer is no.  Instead, take courses that are challenging for you and earn good grades in those classes.

While many aspects of the college admission process are out of your control, spend your time and energy focusing on the things you can change.  You can study harder for that test.  You can choose courses carefully.  And the energy you expend to improve your grades has a direct impact on your GPA, which has a direct impact on your chances for admission.  The high school transcript is the most important part of a student's application.  Not sometimes, not occasionally, and not just at some schools-everywhere and all the time.  Invest your energy toward improving it and you'll have more college choices.

Already doing your best to earn good grades in a strong curriculum?  If so, focus on the areas mentioned earlier.  Get involved in things you enjoy, participate in your community, and do a thorough college search.  Be sure your list of schools is balanced and includes reach schools as well as target schools and places you are pretty sure will admit you.  Make sure you like all the schools on your list-not just the reach schools-and get advice from a college counseling professional who can realistically assess your chances for admission.  Write the best admissions essays you can and make sure your applications will dazzle even the toughest admissions officer. 

All these things can improve your chances for college admission, but none more so than improving your coursework and grades.  So, as the weather gets warmer and summer approaches, refocus your energies towards school.  Don't let the final quarter of the year be a struggle-put forth your best efforts in the homestretch.  Then you can focus on the rest of your application components-such as essays, resumes, and interviews-with the confidence that your transcript is the best it can be.

Want admissions and financial aid tips, advice, and insider information?

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For information on Campus Bound's services,

visit www.upromise.com/campusbound.