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The Financial Impacts of Studying Abroad: A Cost-Benefit Analysis

The Financial Impacts of Studying Abroad: A Cost-Benefit Analysis

Studying abroad has become increasingly popular among students seeking to broaden their horizons and gain a global perspective. While the experience offers numerous personal and academic benefits, it’s crucial to evaluate the financial implications before embarking on this journey. Conducting a cost-benefit analysis helps students make informed decisions and assess whether studying abroad aligns with their financial goals. In this article, we will explore the various costs and benefits associated with studying abroad and provide insights into conducting a comprehensive cost-benefit analysis.

Understanding the Costs of Studying Abroad

Before diving into the financial analysis, it’s important to understand the different costs involved in studying abroad. These may include:

Tuition and program fees: Many study abroad programs charge additional tuition fees on top of regular university tuition. These costs can vary significantly depending on the destination and the program’s duration.

Accommodation expenses: Renting a place to live in a foreign country can be a significant expense. It’s essential to research affordable housing options and consider whether on-campus or off-campus housing is more suitable.

Travel and transportation costs: Airfare, local transportation, and travel within the host country should be factored into the budget. Prices can fluctuate based on the destination and time of year.

Cost of living in the host country: The cost of daily expenses, such as food, groceries, utilities, and entertainment, can vary greatly from one country to another. Researching the cost of living in advance helps estimate these expenses accurately.

Health insurance and medical expenses: Health insurance coverage is essential while studying abroad. Research and budget for health insurance costs, as well as potential medical expenses that may arise during your stay.

Visa and documentation fees: Obtaining the necessary visas and permits often incurs application fees. These costs should be included in the overall financial assessment.

Miscellaneous expenses: This category includes expenses such as books, study materials, cultural activities, and personal expenses. It’s important to set aside a budget for unexpected costs that may arise during your time abroad.

Identifying the Benefits of Studying Abroad

While studying abroad comes with costs, it also offers a wide range of benefits that can positively impact both your personal and professional development:

Enhanced academic experience and learning opportunities: Studying in a foreign country provides access to diverse academic resources, specialized courses, and renowned professors. It can broaden your knowledge and expose you to new perspectives and teaching methods.

Cultural and personal growth: Immersion in a different culture fosters personal growth, empathy, and intercultural understanding. It allows you to gain a deeper appreciation for diversity, tolerance, and adaptability.

Language proficiency and communication skills: Living in a country where the language is different from your own provides a unique opportunity to improve language skills and enhance your communication abilities. Fluency in multiple languages can be a valuable asset in an increasingly globalized job market.

Global networking and career prospects: Studying abroad allows you to build an international network of peers, professors, and professionals. These connections can open doors to exciting career opportunities, internships, and global collaborations.

Increased independence and self-confidence: Living independently in a foreign country requires self-reliance, problem-solving skills, and adaptability. It boosts your self-confidence and self-esteem, making you more resilient and capable of overcoming challenges.

Intercultural awareness and adaptability: Experiencing different cultures firsthand develops your intercultural competence and adaptability. These skills are highly valued in a globalized workplace and contribute to personal growth.

Conducting a Cost-Benefit Analysis

To assess the financial impact of studying abroad, it’s important to conduct a thorough cost-benefit analysis. Here are key steps to follow:

Quantifying the financial investment: Sum up all the costs associated with studying abroad, including tuition, accommodation, travel, and living expenses. Create a comprehensive budget that reflects your expected expenditures.

Estimating the potential return on investment: Consider the potential benefits, such as improved career prospects, networking opportunities, and personal growth. Although these benefits may not have direct monetary value, they contribute to your overall development and future opportunities.

Considering the short-term and long-term financial implications: Assess how studying abroad aligns with your short-term and long-term financial goals. Determine whether the potential benefits outweigh the immediate financial costs and if it’s feasible to manage any resulting financial obligations.

Assessing non-financial benefits and their value: While financial considerations are crucial, don’t overlook the non-financial benefits of studying abroad. Assign a subjective value to these benefits based on their importance to you and their potential impact on your personal and professional life.

Weighing the costs against the benefits: Compare the total costs against the potential benefits and non-financial value. Analyze the ratio between the investment and expected returns to determine if studying abroad is financially viable for you.

Case studies and real-life examples: Research case studies and real-life experiences of students who have studied abroad. Analyze their financial situations and outcomes to gain further insights into the potential financial impact.

Strategies to Minimize Costs and Maximize Benefits

While studying abroad can be costly, there are strategies to minimize expenses and maximize the benefits:

Scholarships, grants, and financial aid options: Explore scholarships and grants specifically designed for study abroad programs. Additionally, inquire about financial aid opportunities from your home university or external organizations.

Researching affordable study abroad destinations: Some countries offer lower living costs and tuition fees compared to others. Research study abroad destinations that are affordable and align with your academic goals and financial capabilities.

Budgeting and financial planning: Create a detailed budget that includes all anticipated expenses and explore ways to save money while abroad. Track your spending and make adjustments as needed to stay within your budget.

Part-time jobs and internships abroad: Seek opportunities for part-time jobs or internships while studying abroad. Not only can these help cover expenses, but they also provide valuable work experience and networking opportunities.

Exploring housing alternatives: Consider alternative housing options, such as homestays, shared apartments, or student residences. These options may offer cost savings compared to traditional accommodations.

Utilizing student discounts and benefits: Take advantage of student discounts on transportation, cultural activities, and attractions. Many countries offer special benefits to students, allowing you to save money while enjoying your study abroad experience.

Consult with Study Abroad Consultant: Engaging with a study abroad consultant can provide valuable insights and guidance. These professionals have extensive knowledge of study abroad programs, scholarships, and financial planning strategies. They can help you navigate the process and provide personalized advice based on your specific goals and circumstances.

Additional Factors to Consider

In addition to the costs and benefits, there are other important factors to consider when evaluating the financial impact of studying abroad:

Exchange rates and currency fluctuations: Keep in mind that exchange rates can impact your budget significantly. Monitor currency fluctuations and factor them into your financial planning.

Impact on existing student loans or financial commitments: Assess how studying abroad will affect your existing student loans or other financial commitments. Consider repayment plans and any potential deferment options while studying abroad.

Repatriation costs and adjustment upon returning home: Returning home may involve repatriation costs, such as travel expenses and resettlement fees. Anticipate these costs and include them in your financial analysis.

Cultural differences and potential challenges: Different cultures may have varying costs of living and social expectations. Research and consider cultural differences that may affect your daily life and budgeting.

Opportunity costs of studying abroad: Reflect on the potential opportunity costs associated with studying abroad, such as missed career or academic opportunities in your home country. Evaluate whether the benefits of studying abroad outweigh these opportunity costs.

Conclusion

Studying abroad offers a transformative experience, but it’s crucial to evaluate the financial impact before making a decision. By conducting a comprehensive cost-benefit analysis, considering strategies to minimize costs, and factoring in additional considerations, you can make an informed choice that aligns with your financial goals and aspirations. Remember to weigh the tangible and intangible benefits, assess your financial capabilities, and carefully plan your study abroad experience to maximize its potential impact on your personal and professional growth.

SEE ALSO: Things to Remember When Moving Abroad for the Semester

Six Considerations To See If Studying Abroad Is Right For You

Six Considerations to See if Studying Abroad is Right for You

Getting the opportunity to study abroad is exciting, especially if you haven’t traveled much before. You’ll experience many new things, meet new people, make new friends, and see some fantastic sights.

However, for all of the positives of studying abroad, there are just as many challenges that you may face as well. This is not to say that studying abroad is a bad idea, but before you take the leap, you should take the time to understand what you are getting into.

The more research you do ahead of time, the more likely you are to have a better experience. Below, we’ll dive into some top things to consider to help you decide if studying abroad is right for you.

1. The Educational Benefits

Let’s start with something positive — the academic benefits.

Studying abroad fosters learning and intellectual development, which have been shown to improve grade point averages and completion rates. So even though you may have to learn a new curriculum structure depending on where you study abroad, the educational benefits are generally worth it.

Furthermore, many study abroad programs offer access to majors or courses that might not be available to you in the States. So not only will studying in a different country potentially help you improve your grades, but it can also provide you with more learning opportunities.

2. Travel and Moving Logistics

While moving to another country to study might be exciting, it will also come with its challenges. For example, just the logistics of getting everything together so you can move overseas can be a nightmare if you aren’t fully prepared.

You’ll need to sort out your travel documents, like your passport and visa, and make sure your parents have copies in case you lose them. You’ll also need to figure out how to move things over with you or if you’ll just buy new items once you’re there.

For example, if you have a vehicle, will you ship it or leave it at home with your parents? Shipping a car overseas is possible, but it can be expensive. However, if you will need a way to get around once you’re there and public transportation isn’t an option, then shipping your car is worth considering.

3. Healthcare Logistics

You also need to consider how you will receive and pay for medical care when you are studying abroad. The last thing you want is to end up sick in another country and not know how to get the help you need. Even if you are in good health, with no preexisting conditions, you never know what could happen.

So it’s a good idea to sit down and look at your health plan. Some health insurance carriers provide overseas coverage, while others don’t. If yours doesn’t, you should look into overseas student health insurance and research the healthcare facilities you will have access to once you are there.

4. Culture Shock and Language Barriers

While getting to experience a new culture is exciting and beneficial to you, it can also be a big adjustment. Many study-abroad students find that learning to adapt to a new culture — such as new traditions, languages, policies, and behaviors — can be difficult and can negatively impact their learning experience.

In short, studying abroad can be a culture shock, and if you don’t speak the native language of the area you’re studying, it can make things even harder. That being said, if you prepare for these big changes and know what to expect, you might have an easier time adjusting.

5. Financial Challenges

Managing your finances can be another challenge when studying abroad. Not only is there the cost of studying at an international university to consider, but there are many other out-of-pocket expenses. Unfortunately, it’s not uncommon for study-abroad students to run out of money in these situations.

So before you move overseas for your education, ensure you have a solid financial plan. You’ll need to budget for things like food, personal items, transportation costs, entertainment, and extracurricular activities. You may also need to get financial support from your parents or look into getting a job while you’re abroad.

6. Personal Growth and Opportunities

Ending on a positive note, studying abroad can teach you many things about yourself and open you up to many new opportunities. It can teach you new skills, such as self-awareness, communication, independence, and adaptability. And it can open your eyes to new cultural experiences and help you make new friends.

Study abroad experience also looks good on a resume, which can open you up to more career opportunities, both in your home country and where you studied.

Final Thoughts

Though studying abroad has some potential downsides, don’t let this deter you. If you really want to study in a new country and experience a new culture, there is no reason why you can’t make that happen. You’ll simply be more likely to have success and enjoy the experiences if you take the time to do some research and fully prepare yourself for the things you will face.

SEE ALSO: 10 Splendid All Time Academic Benefits of Studying Abroad

Should I Buy This? A Guide for Budgeting in College

Should I Buy This? A Guide for Budgeting in College

College is an exciting time for many reasons. In addition to learning the skills you will need to land an amazing career after graduation, it is also a chance to gain some independence away from home and set up your own little life. The trap that many graduates fall into is that they get some extra money from side gigs or student loans and spend it too fast or waste it on the wrong things. If you go down the wrong path for too long, then you could find yourself in financial ruin.

The solution is to create a budget, see what is left over, and then make smart money decisions that will allow you to get what you need without landing in financial hot water. Let’s talk about how students can change how they think about money.

Create A Budget And Focus On School

The first essential step toward financial security in college is to create a budget. You need to sit down and look at every dollar you have coming in from side gigs, financial aid, and anything you get from your parents and then compare that to your monthly expenses. Factor in everything you pay every month, from tuition and room and board to your food budget, costs for extracurricular activities, and books. Consider using a personal budget worksheet to make these calculations.

Look at how much you have left and make the proper adjustments to your lifestyle and buying decisions. Remember that while you are in college, your schooling is the top priority. If you need to decide between spending one hundred dollars on a pleasure trip to Denver or on a class that can help you in the future, then go with the educational opportunity.

Also, if you need to decide between different electives, then do your research so you can spend your money on the class that will further your career. So, if you are going into business and you want to start your own company someday, then an accounting class is a good use of your money. If your future career might involve public speaking, then consider presentation design classes. These seminars can teach you how to put together facts and create attention-grabbing presentations. Public speaking is a great skill that could give you a leg up in your career.

Get Smart About School Supplies

Even if you avoid extracurricular activities and just stick to your classes, you will find that college gets more expensive by the day. That is why you must be smart about what you need to buy and also consider alternative solutions.

For instance, while many new students get excited about buying new books for all of their classes, a trip to the cash register can be a sober reminder that the average college textbook costs between $80-$150. Multiply that by six classes, and you could go through all of your money before you know it. Instead, consider the idea of buying your textbooks used, or you can ask about renting the books that you need. You can rent books on campus or use popular sites like Amazon Textbook Rental. Renting is a much more affordable option, especially if you never plan to read the book again after the class ends.

You can also save money by avoiding the purchase of electronics and costly devices instead looking at inexpensive online apps. As an example, many students may purchase the Microsoft Office Suite so they can use Word and Excel for their classes. As an alternative, you can use free apps, like Google Docs and Google Sheets, and perform the same actions for a fraction of the cost.

Also, if you find yourself scanning a lot of schoolwork into your computer, you may be attracted to the idea of buying an expensive scanner. However, you can save a fortune by using a mobile scanning app that allows you to simply take a picture of your document and add it to your electronic files without the need to carry around bulky hardware.

Handling Miscellaneous Expenses Outside Of The Classroom

Of course, handling your finances in the classroom is only half of the battle. You also have a personal and dorm life to afford. The good news is that for just about every expense, there is an alternative. For instance, decorating your dorm can be fun, but the expenses can quickly get out of hand, so find an affordable way to make this space your own by making DIY decorations and buying furniture and bling from the thrift store.

Food costs are also a big issue for many college students. If you have a busy schedule, then you may think that eating out at a fast food restaurant is all you have time for, but if you go out to eat every day, the expenses can get out of control. So, consider the idea of going to the grocery store to get all of the food that you need for the week. In addition to saving money, if you try this tactic, then you will have all the food that you need right there in your dorm, so you don’t have to leave when you get hungry.

When you do need to travel to the store or to the library for your study group, consider the costs of taking public transportation versus using Uber or Lyft. Taking the bus may not be the most luxurious way to travel, but you could be spending a fraction of the cost. In Illinois, the cost of public transportation is close to $3 versus the average Lyft ride, which costs closer to $20. The point is that there is always a more inexpensive way to do things. You just need to do your research.

As you can see, it is possible to make a smart budget that can make college much more affordable. Consider the tips here, and you’ll be able to buy everything you need and have some cash to spare.

SEE ALSO: How to Prepare For Your First Year of Living in a College Dorm

4 Ways College Students Can Pursue Self-Improvement

4 Ways College Students Can Pursue Self-Improvement

College is an opportunity to obtain a degree that can propel you forward in your career, but it’s also much more than that. For example, the college experience can be a foundation for self-improvement.

Self-improvement is essential for developing a healthy relationship with yourself, growing your skillset, and ensuring you step into post-grad life prepared and confident. Ultimately, self-improvement puts college students on a path to living more fulfilled lives.

College students can pursue self-improvement and reap the benefits mentioned above by doing these four things.

1. Learn New Skills

College won’t teach you everything you need to know to succeed. Still, you must learn as much as possible for real self-improvement. Therefore, it’s essential to develop skills that have nothing to do with your coursework in ways that aren’t fostered between your college’s walls.

Start with online tools for self-improvement. For example, there are various educational videos to choose from on YouTube. You can use Khan Academy’s free academic network, connect with other learners, and pick from thousands of video lessons. E-books and social media platforms like Clubhouse are also excellent self-education resources.

You may have to learn new skills in your free time, and it may be little by little. However, it’s essential to truly improve.

2. Prioritize Health and Wellness

A little over 40% of college students navigate depression and anxiety symptoms. And, unfortunately, 75% of them won’t seek treatment.

Moreover, college students are known for poor diets, irregular sleeping habits, excessive alcohol consumption, and improperly balanced exercise — all of which lead to poor physical health. Poor mental and physical health only impedes self-improvement.

Bettering yourself requires you to hyperfocus on health and wellness. Take care of your physical body by exercising regularly and eating well, both of which also help naturally regulate your hormones. See your primary care physician and any specialists regularly to ensure your internal organs are functioning correctly and your muscles and bones are in good shape.

You must nurture your mental health in college, too. Make self-care a part of your everyday routine. Manage your stress levels. Ensure you have a life outside of school. Get out into nature, practice mindfulness, and pursue your passions. If you need an extra layer of support, enlist the help of a therapist or counsellor. When you prioritize your health and wellness, it’ll be easier to make self-improvement constant.

3. Work on Your Mindset

Mindset is everything. If your mindset is inherently negative, you’ll see the world through that lens and conduct yourself in a way rooted in hesitancy, doubt, and fear.

On the other hand, when your mindset is intrinsically positive, it’s much easier to accept and navigate the tough things life throws at you, which builds character and resilience. You’re also more likely to genuinely appreciate the good and keep building on it.

You can work on your mindset by:

  • Journaling;
  • Facing your fears;
  • Listening to empowering podcasts;
  • Listing what you’re grateful for each day;
  • Committing to positive internal dialogue;
  • Surrounding yourself with good people;
  • Stepping out of your comfort zone often;
  • Reading self-help and self-improvement literature;
  • Participating in meditation and mindfulness activities;
  • Interrupting negative thought patterns with positive ones;
  • Showing yourself grace and understanding during hard times.

Even if you are swamped with college work, it is important to carve out time to take care of yourself. Working some of these tips into your routine can only benefit your performance in the long run, because you’ll be less likely to become burnt out.

4. Stay On Top of Your Finances

When it comes to college student spending, you’re usually on a tight budget. However, the majority of students use their limited money on eating out, buying clothes, and stocking up on snacks.

One of the worst things college students can do is put themselves in a financial bind. You need money to live. You also need it to advance and improve. Bad spending habits and a lack of financial literacy won’t allow you to do either. Instead, an unhealthy relationship with money incites constant stress and anxiety.

Reduce financial stress in college so you can live comfortably and pursue self-improvement opportunities. Create a budget and stick to it. Minimize frivolous spending. Keep growing your financial literacy so you’re ready to make mindful investments in the future.

In addition, financial information and other confidential documents have a lot of personal information on them. Thus, it’s essential to protect your identity and safeguard your information.

Keep your personal information in a secure place only accessible to you. It may be uncommon to shred items in college, but flash drives, receipts, or mail should be taken care of in that way.

This will help ensure none of your personal data is leaked or acquired by someone who shouldn’t have it. You don’t need that stress on top of everything else, and it will prepare you for handling sensitive information in the future. Keep your finances organized, accurate, and protected so you can build a solid financial foundation that enhances your self-improvement efforts for years to come.

There are obvious reasons for everyone to pursue self-improvement. College students, in particular, can benefit tremendously from a continuous effort to improve themselves. Not only will your college experience be more valuable, but you’ll also be prepared to step into post-grad life with purpose and confidence. Start with the tips above to prioritize self-improvement.

SEE ALSO: College Dating: 5 Ways to find Love on Campus

NFTs, and are they here to stay?

NFTs, and Are They Here to Stay?

It seems that there is a trend that has not stopped increasing and getting bigger and bigger and that is the rise of NFTs. However, will these become part of the mainstream and be shaping our everyday lives?

Early adopters

Day by day it seems that we are being pulled towards a digital world, with many countries adopting bitcoin, big brands trying their hand in NFTs and many more different adaptations. It is hard not to think that this will not be the norm sooner rather than later.

A 133-page report by Chainalysis analyses data from 2021 and shows the heaviest users of cryptocurrencies around the world. Statista created a map of those countries which you can see here. Statista commented: “Among developed countries, cryptocurrency use was most widespread in English-speaking countries – first and foremost the United States, but also the UK, Canada, South Africa and Australia. Emerging economies India, China and Brazil also registered as heavy users.”

However, at this time, there are many arguments for both and against NFTs, mainly because it is a new technology that people have just started to understand. There will be arguments for and against NFTs till there is a collective understanding of NFTs. And what exactly you can do with them etc.

Have many jumped on the bandwagon?

Regardless of your standpoint on NFTs, there is no doubting that there is an unreached potential yet, big brands and influencers have hopped on the bandwagon and started creating some popular and pricey NFTs, Nike, Hermes even meme stars such as Hasbullah have created their own popular NFTs.

If we go back to very basic product sales principles, the exclusivity and limited amount of a product increase the sales and value of it.

Now that NFTs cover the fashion, music, gaming and art industries and a lot of famous people think that this is the future, however, some do believe that it is nothing that has turned into something from an overnight hype.

Is it a paradox?

“The problem with NFTs is that the only thing that’s rare is the NFT itself,” Professor McCormack, a computer science professor at Australia’s Monash University said. “And in some cases, because the technology is still developing, the actual thing that you’ve bought is not contained within the NFT. There’s just a pointer to a webpage. So if that web server goes down or the image gets deleted or disappears, you have nothing. – You still own the NFT, but it’s useless.”

Professor McCormack goes even a step further discussing the environmental costs of NFTs and the trading of them. He believes that everyone involved in this industry should “step away” from the marketplace. And he adds that the trading of NFTs is “using up energy that could be used for other purposes”.

When it’s broken down like this, of course, it is a very unstable investment, especially when you consider cryptocurrencies if the market decided that BTC, ETH or a Bored Ape NFT is worthless then the hype train has stopped its journey. A lot of financial experts believe this NFT trend is somewhat fuelled by celebrities.

But no matter which way you look at it, this is just the beginning and countless technologies were labelled as too unrealistic or will not hit the mainstream, this is important to note as we are entering an age where seems everything is possible.

SEE ALSO: Why “love will make you do crazy things” Should Never be an Excuse

How to Get Out of Payday Loan Debt

How to Get Out of Payday Loan Debt

Student loan reimbursement check is supposed to arrive in the next few months, but you have to pay rent for a new apartment. You had already exhausted your emergency savings when your car broke down a few months ago. You have also applied for a second job. Unfortunately, the only available jobs are during the weekend hours. But you are already working during that time. So what’s the way out?

Lyle Solomon has extensive legal experience as well as in-depth knowledge and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998, and currently works for the Oak View Law Group in California as a principal attorney.

In a state of panic, you apply for a credit card. But the credit card company rejects your application due to your low credit score. Next, you approach a bank for a personal loan. The bank is ready to give you one. But the minimum loan amount is $3000, which is way more than what you want to take on. Plus, you have a student loan already.

You simply don’t have money. But you need a little amount of money to get by. So you apply for a payday loan and pay your rent. You are relaxed for the next few days and sleep peacefully at night. But the problem starts after 14 days when you have to pay off the payday loan along with interest and fees.

You don’t have money to pay such high-interest rates. But the lenders are not ready to listen to you, and they want money. So what can you do now? Let’s discuss your available options.

How college students can get out of payday loan debt

  1. Calculate how much you owe – How many payday loans do you have, and how much do you owe? These are pertinent questions, and you need to find the answers. Go through your loan documents to find the lenders charging the highest interest rates. Make a plan to get rid of these debts first. The sooner you get out of these debts, the more money you will save in the long run.
  2. Attend a free credit counseling session – As a student, it’s tough to navigate debt problems without proper guidance. And the best place to get the right direction is a credit counseling agency.

Certified credit counselors can suggest payday loan solutions to you. Since they are well aware of the state payday loan laws, they can even tell you if your lender is licensed in the state.

If the lender is not licensed in the state, you have the right to pay only the principal amount. Lenders may ask you to pay interest on the loan. But you can reject it.

  1. Consolidate your payday loans – If you want to reduce stress and interest rates, you need to know how to consolidate payday loans. A payday loan consolidation has significant benefits. It helps you merge all your cash advance loans into a single monthly payment plan at an affordable interest rate. This enables you to save money in the long run.

As a student, you have to take care of so many expenses – food, lodging, tuition fees, etc. A payday loan puts additional pressure on you.

You can reduce this pressure through payday loan consolidation. You don’t even have to worry about late fees and fines. But make sure you are consistent with your payments. Otherwise, your consolidation plan will be terminated. 

  1. Opt for Extended Payment Plan – If your lender is a member of the Community Financial Services Association of America, you can ask them to offer you an Extended Payment Plan. If you are approved, you’ll get a chance to pay off the debt in 4 equal installments. You will get four weeks to repay the loan. There are no prepayment penalties or fees. However, if you miss a payment, lenders may charge extra fees. Read the new agreement carefully to understand the terms and conditions properly.
  2. Settle your payday loans – Inform payday loan companies that you can’t pay the total amount. You are a college student. You don’t have so much money to pay such a massive amount. Negotiate for a lower payoff amount. Payday loan companies may not accept your initial settlement offer. Don’t lose hope and make a counter-settlement offer. They may forgive a portion of your debt when they understand that you really don’t have money to pay off the debt.

Note: Before you opt for any debt relief option, make sure you close your bank account. Unless you revoke ACH authorization with the lender or close your bank account, payday loan providers will continue to take money from it.

The bottom line

As a college student, it’s best to avoid payday loans even when you are in financial trouble. Payday loans don’t solve your problems. Instead, they would aggravate your problems.

If you need money, take out a personal loan from a friend or family member. You can also work as a freelancer to boost your income without dropping your classes.

SEE ALSO: How College Students can Save Money

How College Students can Save Money

How College Students can Save Money

Every penny matters when you are in college. Even if you have a part-time job, you’ll still likely find it difficult to make ends meet while in college. Instead of living like an ascetic, shift your focus to strategies that will help you maximize your savings.

Take Advantage of Free Offers

Check out campus bulletin boards, Facebook and other social media accounts related to your college or university and you are sure to find plenty of free offerings. From free food and drinks at social events to no-cost entertainment on campus and beyond, there are plenty of freebies available to college students. Restaurants, bars and other businesses near campus are also likely to provide students with specials and discounts that make it easy to have fun without zapping your savings.

Borrow Money From the Right People 

A short-term loan that helps you enjoy a decent quality of life in college is beneficial in that it bridges the gap between paychecks yet it can also backfire. Instead of taking out a loan from a payday loan provider, seek out a loan from a family member, a trusted friend or another institution unlikely to take legal action against you.

If you take out a payday loan and can’t repay the debt, it is in your interest to consider the merits of a payday loan debt settlement. Such a settlement reduces the debt you accrued through a payday loan by negotiating with the lender. A lower payoff amount is agreed to and paid, ultimately liberating you from the debt.

Rent or Borrow Items Instead of Buying Them

College students should borrow or rent items rather than spending large sums of money to buy them. There is no sense buying movies, video games and other expensive items when they are available for short-term rentals or even no-cost borrowing. Visit the local library, take out books, movies and music at no cost, return them on time and you won’t pay a penny.

Don’t buy Textbooks

College textbooks are egregiously expensive. It doesn’t make sense to pay an exorbitant sum of money for those books when you can access them online for free. Opt for e-books or used books and you’ll save a bundle of money.

Frequent the Dollar Store and Garage Sales

Shop at the local thrift stores, keep an eye out for yard sales and always buy second hand items. Avoid paying a premium for prescription drugs, textbooks, clothes and other items and you’ll save hundreds or even thousands of dollars each year. As an example, generic medicine that is over-the-counter is oftentimes half the price of regular medicine.

So don’t fall into the trap of shopping at high-end stores or even grocery stores that charge a premium for items that you can find at bargain basement stores. Make an effort to go out of your way to snag the best deals with the lowest prices at thrift stores and you’ll save plenty of money.

Establish a Budget and Stick to It

Fail to set a budget and you’ll end up taking on debt including a payday loan. Though a payday loan debt settlement is available to get you out of the debt trap, it is better not to get into that financial hole in the first place. Create a budget, stick to the budget’s parameters and you’ll have some money left over at the end of each month for saving or investing.

Buy Used Furniture

You’ll save a ton of money buying used furniture as opposed to new furniture. If you haven’t bought furniture in the past, you should know a living room chair has the potential to cost $1,000. Some couches and loveseats cost several thousand dollars.

Opt for secondhand furniture and you’ll spend 25% or even less of the cost of new furniture. You can find used furniture on social media such as Facebook’s Marketplace and websites like Craigslist. Used furniture is also available at Goodwill stores and other second hand stores.

Buy in Bulk

When was the last time you bought economy-sized groceries? If you are like most college students, you rarely, if ever, buy items in bulk as you probably don’t have a family. Opt to buy large quantities of items sold in economy-size packaging and you’ll spend significantly less than you would have if you bought smaller portions. Keep in mind, you can always store the excess in a fridge, freezer or storage space for use in the semesters ahead.

Don’t pay for a Car

The average college student desperately wants a car as it provides an opportunity to experience life to the fullest off campus. However, cars are expensive as they require a monthly loan payment, auto insurance, repairs, maintenance and more. Add in the cost of gas and it is difficult to justify spending your limited discretionary income on an automobile. 

Instead, opt for a rideshare service such as Lyft or Uber. Keep in mind, you can always walk, ride a bike or take public transportation for free or a fraction of what it would cost to take a cab or drive your own vehicle.

Author Bio: 

Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch. She lives in Kansas and has earned a frame in the matter of payday loans.

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Lifetime Income Effected Lack of Mental Health Treatment

Lifetime Income Effected by Lack of Mental Health Treatment

Yale University Professor, Barbaea Biasi alongside colleagues Michael Dalh of Aalborg University and Petra Moser of New York University have released a paper emphasising the the effects the lack of important treatment can have on careers. She states how mental health conditions do not receive the type of urgency as physical conditions by policymakers and doctors and therefore wanted to research the consequences.

“We thought it was really important to quantify systematically what the penalties are, even just in terms of people’s careers and productivity, to hopefully inform the debate about access to treatment,” Biasi said.

To view the full story, click here to visit the Yale University new website.

SEE ALSO: Study: Childhood Adversity Linked to Early Mortality 

 

Financing Your Education

With the cost of college education within the United States rising each year, many students have found it a struggle to manage to fund their academic studies. However, there are various ways in which students can get the money they need to finance their studies. We look at the source’s you can delve into as a means of financing your education.

Scholarships

There are a number of different scholarship opportunities online that provide aid for international students. Two examples include International Education Financial Aid (IEFA) and International Scholarships. The IEFA can provide financial aid and college scholarships to international students planning to study abroad in the U.S. and across the world. Similarly, International Scholarships issue a number of scholarships, grants and loan programs to assist college students financially during their time studying abroad. There are thousands of scholarships that are given out, but it is important to take your time regarding your application, making sure that it has the best chance possible for obtaining a scholarship.

There are also colleges across the U.S that provide sports-related scholarships to those who are exceptionally talented at a certain sport. Whether that would be American Football or track & field, if you believe that you have the talent, if would do you no harm to explore that avenue as well.

Because these scholarships to not have to be repaid, this would make a big difference to your student budget and be an extremely useful way in financing your education.

Home Country

In certain cases, your home country could provide financial aid to those studying abroad. The government or organizations could be willing to help financing your education. One nation which has showed willingness is Saudi Arabia. The middle eastern country previously launched a program that delivered full scholarships to approximately 10,000 Saudi students wishing to study in the United States. Therefore, before you journey to the U.S., make sure that you have done enough research regarding any possible scholarship or other funding schemes for students studying abroad.

Global Organizations

There are a number of organizations worldwide that provide aid to students across the world. These organizations include:

Most of organizations listed oblige you to be in your nation when to apply for one of their schemes so it is important to plan ahead as the schemes are extremely competitive.

U.S. Universities

There is a wealth of colleges in the United States that offer financial aid packages to international students to help them finance their education. Most colleges have either need-based or merit-based financial aid packages, and this can come in various forms.

To see which colleges, offer these types of packages, visit the International Student website. It is worth noting however, there is much less money available for undergraduate study compared to graduate study in the U.S. As well as providing financial aid, institutions can also reduce tuition costs for students. Public institutions rarely provide you with this option, but it is more commonly offered by private institutions. Therefore, it will do you no harm in checking if the institution you are keen on would be willing to finance your education.

Family

Family is the biggest source of income for international students. A study by the Institute of International Education has illustrated that almost 65% of international students in the United States were funded by their relatives. It can be competitive when it comes to international student funding so consulting your family is more of a safer option to explore. However, always make sure you ask politely!

International Student Loans

Despite international students not being eligible for U.S. government backed loans, they are eligible for private international student loans to study in the country. However, there are specific requirements you will be to meet such as attending a school which is approved. As long as this is the case, there will be a number of lenders willing to work with you to help finance your education. If you have decided to apply for a loan, you need to make sure that you keep in mind the amount of debt you will be taking on. Only borrow the amount you need that will cover tuition fees and living costs. The application process is relatively easy. It can be done online with approval only taking a few days. You do not need to apply for a student loan before the start of the academic year making it a viable option for financial aid.

Employment

Employment is a practical way of earning quick and relatively easy money however, it is only a valid option depending on your immigration status. Those with F-1 and J-1 visas do have the option to look for part-time employment to help boost their financial situation. There are a number of roles available that you could find useful and enjoyable alongside your studies. Jobs such as working at the local coffee shop or grocery store could be available and if so, it may be worth it in the long run. There will also most likely be job opportunities on campus which you could get stuck in with. However, do not expect these types of part-time roles to fully fund your studies. Think of the money you will be receiving as a small but useful addition to your bank account.

Money is certainly one of the most important things in life, especially for students. That is you need to make sure you have planned what you need to do and who to ask when financing your education. You do not want to be stressing about money when you should be reading for your studies!

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Is Your State Splurge-y Or Stingy?

Is Your State Splurge-y Or Stingy?

What Do Your Spending Habits Say About You?

The things people spend money on can reveal their personality traits — as found in research undertaken at University College London. The study was based on over two million electronic spending transactions undertaken online or via credit or debit cards. The participants completed surveys that measured aspects such as neuroticism, conscientiousness, introversion/extraversion, and interest in experiencing new things. The researchers found that there was a clear connection between what people spent their money on and the personality traits they possessed.

Shopping Choices and Personality

The researchers found that spending on specific categories was linked to specific personality traits. For instance, people who save more are usually conscientious; people who are open-minded enjoy spending on travel, expenditure on dining out and drinking often is correlated to extraversion, and those who give less to charity (and spend more on jewelry and other luxuries) are often more materialistic. Moreover, people who have greater self-control tend to spend less on charges and those who are more neurotic spend less on mortgage payments.

Spending Can Vary from State to State

Although the study showed that there is an observable link between spending and personality, companies seeking to capitalize from these findings should also take other factors into account — including the fact that expenditure on some items can vary depending on the geographical area. For instance, research has shown that spending on wedding jewelry varies statewide, with states like Vermont, Washington, D.C., and Nevada having the highest expenditure, and Wyoming, Alaska, and Nebraska having the lowest. Spending can also be affected by trends, since the penchant for specific materials, styles, and stones can significantly affect the price of jewelry. Age is another relevant factor, with research by Engaging Data showing that people under 25 tend to spend a higher percentage of their income on everything from housing to fashion and jewelry, than those who are older.

Materialism, Depression, and Impulse Buying

Whether or not you shop in a planned or last-minute fashion can also tell plenty about you as a person. Studies have shown, for instance, that materialism is closely related to depression and impulse buying. People who work to improve their confidence, on the other hand, can curb both depression and impulse buying, thus improving their financial stability. Those who find that they shop impulsively without needing or using many of the items they buy can consider professional therapy as a way to curb their urges to shop. As found by Dittmar and colleagues, individuals who buy material items sometimes do so to make up for self-perceived ‘deficiencies’. Brands often capitalize on marketing campaigns that suggest that buying a specific product will raise someone’s status or re-establish a positive sense of self.

Research has shown that although there are always exceptions, what you spend your money on reveals your personality traits. The latter include materialism, extraversion, and openness. It also shows that impulse buying and depression and related — which suggests that people who cannot control their spending should seek professional aid to find positive ways to build their confidence without the need to buy material things.

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