FAP898: Student loan debit cards, CNBC, cheap laptops, free stuff
FAP898: Student loan debit cards, CNBC, cheap laptops, free stuff
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Weekly Financial Aid Roundup
I was on CNBC this week to talk about financial aid for parents who have lost a job. Given the jobless reports, this is a very timely topic.
This is really stupid. From NASFAA:
“A controversial program at the City Colleges of Chicago to put student loan refund money on pre-loaded debit cards now has enrolled about 6,300 students from all seven campuses,” Chi-Town Daily News reports. “The cards, provided by JPMorgan Chase, carry high fees for withdrawing money, checking balances and talking with a bank teller. … While it’s usually free to get money from Chase’s 14,000 ATMs, City Colleges students using their Chase debit cards must pay $2 each time. Talking with a teller is $10, something that’s free for all other Chase customers. Even checking account balances on the Chase cards costs $1.25. … [Wright College student senator Christopher Collier] says while the cards are costly, he expects them to become the standard way for students to get their refunds.”
Commentary
As a rule, I try to avoid badmouthing others, even competitors, but I’ll make an exception here. $1.25 fee just to check your balance? $2 for a withdrawal from an in-network ATM? Betcha get a double hit if you withdraw from a non-Chase ATM.
If you get one of these debit cards, withdraw every penny from it in one shot if you can and put it in a regular checking or savings account. Here’s one sponsored by ING Direct that won’t charge you to check your balance. [full disclosure: the Financial Aid Podcast earns a very modest fee that can be measured in pennies for that sponsored link]
You’ll also want to check out local community banks and credit unions on campus for checking and savings accounts to put your student loan refund balances into. Personally, I’m a huge fan of credit unions, as they offer the same options as banks do, but typically have lower fees, better savings rates, and terrific personal service. If you need to find a credit union near you, check out www.NCUA.gov.
Also this week, tons of FAFSA application volume, far more than last year, as well as no-frills college.
Scholarship Update
The College Assistance Migrant Program (CAMP) is a 100% federally-funded grant available only during your college freshman year. You must be a U.S. citizen or U.S. permanent legal resident, be obtaining your GED or high school diploma, and be seeking a four-year academic degree to be eligible. You and/or your family must been migrant or seasonal farm workers doing agricultural activities directly related to the production of crops, dairy products, poultry or livestock; the cultivation or harvesting of trees; or fish farms at least 75 days during the past 24 months. Additionally, you can only apply this scholarship at one of the (38) existing colleges that have this federal grant. Participants of the Migrant Education Program (MEP) and the Workforce Investment Act (WIA) are encouraged to apply.
Details at our free college scholarship search site.
Other scholarship goodies:
- My free Scholarship Search Secrets eBook
- ScholarshipPoints.com monthly scholarships
- Our $10,000 scholarship
News You Can Use
This week, covering the ultra-cheap laptop.
Jobcast
Just a quick reminder that there’s a LinkedIn video on FinancialAidPodcast.com talking about how to leverage LinkedIn for job search.
Also, we’re hiring.
Free Stuff Friday
If you feel like shopping for a 55 gallon drum of mayo, Sam’s Club has a free day pass. Remember that bulk isn’t always a money saver unless it’s something that’s non-perishable.
Bayer’s giving away a pill tote.
GMail has multiple inboxes now. Handy if you’re job hunting.
Google Apps, Google Calendar, and GMail all have offline modes now.
As mentioned earlier, Edubuntu for Linux and OpenDisc for Education.
Free Song of the Week
5 most recent Financial Aid Podcast posts
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Reminders
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+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ Online degrees programs and directories at Edvisors.com
+ Free college scholarships contests!
+ Open an FDIC-insured savings account today!
+ Stafford federal student loans at StaffordLoan.com
+ Parent PLUS loans at ParentPLUSLoan.com
+ Graduate student loans at GradLoans.com
+ Private student loans available at any time - visit PrivateStudentLoans.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.
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