HOPEChat Transcripts: Money Management 101

@HopeScholarship Q1: How do you feel about college #students & #creditcards? Would you encourage a student to get a #creditcard@themoneycoach #hopechat

@Themoneycoach:  @HopeScholarship Q1) Credit cards aren’t the problem. Problem is we don’t teach students proper credit/debt mgmt #hopechat

@HopeScholarship: Q1: What are some things #collegestudents can do to build/protect their credit? @themoneycoach #hopechat

@Themoneycoach@HopeScholarship 3 tips: only charge what u can pay off ea month, pay all bills on time & minimize student loans #hopechat

@fitted_life: Q2: What do you look for in loans when applying for financial aid while attending school? @HopeScholarship #hopechat

@Themoneycoach:  @fitted_life @HopeScholarship Q2: Always pick federal loans 1st. They have lower rates & better payment options #hopechat

@HopeScholarship: Q2: Let’s say that you’ve gotten in over your head with #studentloandebt? What are your options? @themoneycoach #hopechat

@Themoneycoach@HopeScholarship If student loans are excessive, here are 7 ways to pay them off fast. http://bit.ly/9mLhqg #hopechat

@HopeScholarship: Q2: How can students & young professionals keep their #studentloandebt in check? @themoneycoach #hopechat

@Themoneycoach@HopeScholarship To reduce loans, seek scholarships/grants, use work-study programs & only take PAID internships #hopechat

@Themoneycoach@HopeScholarship Also, here are 5 websites that anyone with #studentloans should know http://bit.ly/cjPwob #hopechat

@HopeScholarship: Q3: What are some tips for our soon-to-be-college graduates managing their newfound wealth? @themoneycoach #hopechat

@Themoneycoach:@HopeScholarship A3: It’s OK to start small. Even if you can just save $20 to $100/month, that’s a start. #hopechat

@drpcraighu Lord KNOWS I need as much info I can get about student loans…I’m bout 200k in!! @HopeScholarship @themoneycoach #hopechat

@drpcraighu @themoneycoach I’m actually still in school. I’m finishing up my 1st year PhD…and I’m struggling to find employment #hopechat

@Themoneycoach@drpcraighu Aha, a PhD; thus those big loans. :-) While you’re looking, consider fed govt work. They help repay $60K in fed loans #hopechat

@Themoneycoach@drpcraighu You’re very welcome. BTW, that program is called the Federal Student Loan Repayment Program. Good luck! #hopechat

@DNLee5  Right now I’m trying to rehab my #studentloans so I can get out of default. Pls tell me it gets better to manage after this. #hopechat

@Themoneycoach@DNLee5 It totally gets better. After student loan rehabilitation, your credit is “wiped clean” too. #hopechat

@HopeScholarship: Q4: If a student or young professional is interested in starting a stock portfolio, how do they get started? @themoneycoach #hopechat

@Themoneycoach@HopeScholarship For investing, I like mutual funds rather than stocks. You get instant diversification & prof. money mgmt. #hopechat

@HopeScholarship: Q5: Is #graduateschool a wise investment in a bad economy?@themoneycoach #hopechat

@Themoneycoach@HopeScholarship Use #commonsense with grad school. If you’ll only make $40K a year, why go $100K into debt? #hopechat

@unoCHANCE Q5) It delays loans but you have to look at the cost benefits because it means more loans in the end. #hopechat

@Themoneycoach@unoCHANCE Agree w/you 100%. Problem is: most people OVERestimate their expected salary after graduation & UNDERestimate expenses #hopechat

@HopeScholarship: Q6: Should a new #collegegrad negotiate their first salary offer if it is lower than what they expected? @themoneycoach #hopechat

@Themoneycoach@HopeScholarship Absolutely! I’m all about negotiating. If you don’t ask, you won’t get… & employers expect it #hopechat

@unoCHANCE If you are a college student w/ lil to no credit history how long does it take to establish a good credit score? @themoneycoach #hopechat

@Themoneycoach@unoCHANCE After a credit card, student loan, or car note is reported 2 credit bureaus for 3 months, you’ll have a credit history #hopechat

 

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