$126.00 annual fee for "dorm insurance"

Off to school? Protect those valuables. The main choices a student should consider when looking at dorm insurance are:

1. Should the student be added to Mom and Dad's homeowners policy?
2. Should the student get a separate policy of their own?

Insurance companies offer renter's insurance and it is probably a better option than Mom and Dad's policy, here's why:

Renter's insurance has a deductible of 25-50.00, while Mom and Dad's policy probably has a deductible of 500.00-1,000.00.
It is much easier to replace those items that are 1500.00 (laptop) on renter's insurance... replacement cost 50.00 compared to 500.00-1,000.00 on the homeowner's, and the more expensive homeowner's policy is protected from going up due to claims from the student whos been ripped off at school.

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Do You Need Insurance?

Believe it or not, as a college student you will accumulate possessions that are considered valuable. Whether its a laptop, PC, television, Ipod, cell phone, or whatever else you can think of, your "stuff" will be very expensive to replace. If there is a flood, fire, theft, or even if you just lose or break something, there will be hassles involved with getting that stuff back.

• You could turn to your parents for cash
• You could spend money that you may not have (credit cards)
• You could get STUDENT POSSESSION INSURANCE

That's right, students have the ability to insure all of their worldly possessions for replacement value. What's great about this is that the rates are very low because most students don't have that much stuff. This may not be for everybody but I think its at least worth a look. They say that insurance is for what you can't think of. In college that could never be more true.

Need some Testing Accommodations?

If you have some special needs for college board tests here are some things to review:

1. The first things to consider
2. General information
3. Eligibility forms

More and more potential students are requesting "special needs" from schools as they prepare for college boards, SAT's, and ACT's.

Check out our friends at collegeboard.com to learn more.

Give us some feedback on our Blog.
Thanks, Mike.

Where Do You Bank While In College

In addition to the classes you decide to take, the clubs and activities that you decide to join, and even the sports that you play, the decision of where to bank can eliminate quite a few headaches in a college career. Such a choice holds especially true if the institution is a far distance from home. For instance, and I speak from experience, what happens when you need money in Pennsylvania, but mom and dad live in Nebraska?

• Can they wire the money? They could, but there is a stiff fee for doing so, plus you have to travel to a designated spot to get the cash.
• How about sending it through the mail? That may work also, but what if you need the money quickly?

These are things to consider when you are looking to set up a bank account for college. Collegeview.com provides some insight to this dilemma along with other aspects of student life that you may not be thinking about. Check it out and tell me what you think!

Credit Cards...Beware!

College students turn to credit cards….

As conventional college financing becomes more difficult to get and college tuition continues to soar students are turning to a quick and easy fix…credit cards. Be careful…credit card companies have some enticing schemes to get cards into college students hands.

Some facts:

• 51% of college students got their first credit card before starting college.
• 45 % said they are interested in getting another card in the upcoming year.
• 1 in 4 said they had been charged a late fee. 45% say more than 1 late fee.

College students are an attractive market to many credit card companies because most adults already have too many cards. According to a PIRG survey of 1500 students at 40 colleges in 14 states the average senior is graduating with an average of 2,500.00 in credit card debt.

Here are some helpful tips:

• Get a low limit card with a good interest rate.
• If you have an outstanding balance, make sure you pay more than the minimum
• Don’t be late or miss a payment
• Have a plan to pay down the debt before you use it again
• Get a part-time job or a second job to help pay down debt
• Transfer balance to a lower interest card…be careful of transfer fees
• Get advice from Mom and Dad

Credit Pitfalls

I went to college to get an education. I wanted to learn about business and finance, maybe a little marketing and take some art classes. I left school with a degree in business and a $3500 balance on a credit card. Mind you I didn't use it to pay for the education that I got. In fact, I couldn't honestly tell you what I even bought. All I know is I got that card two weeks into my freshman year because they were giving out free t-shirts with every application.

I may sound like an idiot running up a balance like that but the truth is I am not alone. On average students carry $2200 in credit card debt, and that figure doubles if they decide to go to grad school.

The key to avoiding these pitfalls is education, and the right kind of card. I found a site that specializes in cards designed just for students. Check it out and see if any fit your needs. More to come!