The college years can be a wonderful time for young adults to learn more about themselves and discover what direction their lives should take. It is also can be a financially challenging time as students try to balance tuition, room and board, books and supplies, and related costs, often doing all of this while making little or no money.

Millions of students leave college in debt, with some finding themselves in the precarious position of being unable to pay their financial obligations, and wrecking their credit in the process.

Public Service Announcements – Capiche

Last month the Advertising Council (Ad Council), in partnership with the U.S. Department of Treasury, announced the launch of a new public service advertising (PSA) campaign which has been designed to encourage young adults between the ages of 18 and 24 to take control of their credit and personal finances. One of the spots related to the campaign, Capiche, is embedded within this article for your review. As with all Ad Council spots advertising space is donated by the media.

According to a study conducted by Sallie Mae, more than 50% of college students accumulate more than $5,000 in credit card debt while in school. Additionally, credit card issuer Capital One reported that only 10% of high schools in America teach financial management with 75% of graduating seniors not being able to understand basic investment principles.

Credit Can Help Us Meet Our Dreams Or Create A Nightmare

“When we are able to finance things like a home, a car, or a college education, credit can help us bring our dreams within reach,” said Dan Iannicola, Jr., Treasury Deputy Assistant Secretary for Financial Education. “But as we see in the headlines, those dreams can become financial nightmares if we don’t manage that credit carefully and wisely. We hope this campaign will meet a critical need, educating young adults on the importance of responsible, informed borrowing.”

Related Links

• www.Controlyourcredit.gov
• www.AdCouncil.org
• www.ustreas.gov/

Tags: Ad Council, Capiche, Capital One, college students, credit, credit cards, debt, PSA, Sallie Mae, student debt, Treasury Department

Illinois college students got some very good news over the weekend.

No, it wasn’t the Fighting Illini’s 47-21 Saturday gridiron thrashing of in-state rival, EIU, rather it was the Sunday decision by eight credit unions to join with two state agencies to create a $100 million aid fund for students.

Overcoming The Current Credit Crunch

The fund was established to help students who are currently having difficulty getting credit to obtain student loans in the face of tougher borrowing restrictions imposed by lenders as a result of the current economic climate. As many as 20,000 students are expected to be helped through the fund, especially those with low incomes.

In a prepared statement, Illinois Governor Rod Blagojevick said, “This financing package will enable thousands of students to attend college this year, knowing they can pay their tuition.”

Students who need additional funding assistance can also ask their parents to apply for a PLUS loan or apply for help from Sallie Mae. PLUS loans allow parents to borrow as much as 100% of college costs which includes tuition, room and board, books, and related fees.

Speaking of Football…

Getting back to football, Illinois’ pounding of EIU was just the right medicine the team needed following its 52-42 opening week loss to #6 Missouri.

Last week, Illinois was able to keep pace with Missouri, but they still yielded 549 yards, not quite as bad as the 633 ceded to USC in a 49-17 Rose Bowl drubbing last year, but still a major concern. On Saturday, the Illini still gave up well over 400 all purpose yards to EIU, but with Louisiana-Lafayette next up, the team will have an extra week to pound a weaker opponent, letting Juice Williams rack up additional yardage and scores while giving the defense a chance to get everything right before the team embarks to Happy Valley on September 27th to take on the Nittany Lions.

(Source: State of Illinois)

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Tip – Is a lack of money keeping you from finishing your college education? Consider Federal Pell Grants which never have to be repaid or a work study program offered through your school. Upperclassmen can sometimes find work as a professor’s assistant while private student loans and Stafford loans offer ways for you to borrow money which can be paid off after you graduate.

Tags: credit unions, Illini, Illinois, PLUS loans, Rod Blagojevick, Sallie Mae, student aid, Student Loans