BRAINTREE, Mass., March 5 /PRNewswire/ -- What's likely to be the most
popular-yet the most dangerous-accessory this spring break? Here's a hint:
it's plastic, it fits in a wallet, and it causes trouble for those who use it
irresponsibly. A recent Nellie Mae study shows that 78 percent of college
students have at least one credit card, and many of those students will be
using it to finance their mid-semester vacations. By paying only the minimum
balance each month and incurring interest and finance charges, these students
will likely still be paying for their trip when they're long-since graduated,
often jeopardizing their financial stability as they are starting a family or
buying a home. FinMan, Nellie Mae's online financial management tips program,
helps college students avoid credit card debt by offering tips and
alternatives to spending.
"Rather than spending money they don't have this spring break, students
should take time to search for ways they can get free money," said Kathleen
Gibbons, editor, Nellie Mae. "Private scholarships are a great source for
college financing that will reduce the amount of debt students will have when
they leave school."
A good place to start the search is the scholarship database on
http://www.wiredscholar.com , which contains more than 600,000 scholarships
worth more than $1 billion in funds. Students complete an online student
profile form and within three hours, they'll receive via e-mail a list of
scholarships they may be eligible for, based on the information they provided.
FinMan offers these tips to help students in the process of searching for
scholarships:
* Start now. Scholarship deadlines vary throughout the year, but since the
school year is winding down, now is a good time to begin the search.
* Start local. Scholarship opportunities often can be found through
students' high schools, their parents' employers, community or religious
organizations of which they are a member, or organizations/associations
that embrace their special talents or interests.
* NEVER pay money for scholarship searches. There are plenty of free
search services that provide the same information as those that charge a
fee.
* Build a standard scholarship application "package." This should include
a generic form letter requesting an application form and stamped self-
addressed return envelope; a personal essay about their goals in life,
challenges they've faced; a summary of their extracurricular activities;
an up-to-date list of any academic awards or special
achievements/honors; and at least two letters of recommendation.
* Apply for as many scholarships as possible ... students can't win unless
they play the game!
FinMan is a service provided to schools for their students by Nellie Mae,
a top originator of postsecondary education loans. The program is designed to
enhance financial counseling and debt management outreach on college campuses
in a manner that appeals to today's technology-savvy students. Interested
schools can visit the FinMan homepage, http://www.nelliemae.com/finman , to
learn more about the program.
FinMan is in the second semester of its pilot year on the following six
campuses: Baylor University (Waco, Texas); Clark University (Worcester,
Mass.); Emory University (Atlanta, Ga.); Mary Baldwin College (Staunton, Va.);
The University of Mississippi (University, Miss.); and The University of
California, Los Angeles (Los Angeles, Calif.).
About Nellie Mae
Established in 1982, Nellie Mae provides federal and private education
loans for undergraduate and graduate students and families. Online services
available at http://www.nelliemae.com feature convenient prequalification and
application options, instant loan status inquiry, and comprehensive debt
management tools for borrowers. The company is based in Braintree, Mass.
Nellie Mae is a wholly owned subsidiary of Sallie Mae, the nation's largest
provider of education funding. USA Education, Inc. and its subsidiaries,
other than the Student Loan Marketing Association, are not sponsored by or
agencies of the United States. For more information, visit
http://www.nelliemae.com .
SOURCE Nellie Mae
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Related links:
http://www.nelliemae.com
http://www.nelliemae.com/finman
http://www.wiredscholar.com
Company News On-Call:
http://www.prnewswire.com/comp/155295.html or fax,
800-758-5804, ext. 155295
CONTACT:
Erin Love of Nellie Mae, 703-810-7136, or
email: erin.b.love@slma.com
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