Wednesday, August 4, 2010

August + College = Last Minute Money Month

(BUSINESS WIRE)--Time flies and for 19 million college-bound students, it’s nearly time to head to campus. For those families still finalizing how they will pay the bill, Sallie Mae offers live presentations, daily smart money tips via Twitter and Facebook, and useful resources for college-bound students and their families for Last-Minute Money Month in August.

“Although most scholarship deadlines have already passed to help cover the fall tuition, now is the time to research scholarships for the future and consider other ways to meet this fall’s tuition bill”

Do you have questions about how to get free cash to pay for school, how to avoid the biggest mistakes students make in managing money or how to get a student loan? Experts from Sallie Mae will answer these and other commonly asked questions this Thursday, Aug. 5 from 2 to 8 p.m. during a free back-to-school online event offered by CollegeWeekLive, the world’s leading provider of college fairs and online admissions events.

“Although most scholarship deadlines have already passed to help cover the fall tuition, now is the time to research scholarships for the future and consider other ways to meet this fall’s tuition bill,” said Gen Tanabe, author with his wife, Kelly, of 12 books on college admissions and paying for college, the latest being “The Ultimate Scholarship Book 2011.” The Tanabes will offer a free presentation on “Getting Ready to Find Scholarships” during CollegeWeekLive’s event, sponsored by Sallie Mae.

Receive daily money tips throughout the month of August through Sallie Mae’s Facebook page at or Twitter handle @SallieMae.

Sallie Mae recommends families explore these last-minute tips if you still have a gap in your tuition after scholarships, grants, and federal financial aid:

* Still have a financial gap? Fill the gap with Sallie Mae’s Smart Option Student Loan to save money in the long run and pay it off faster. How’s it done? Students pay interest while in school and have a shorter repayment term after graduation, which, for the typical student, translates into saving 30 to 50 percent in interest charges over the life of the loan compared to the standard payment deferred 15-year term private loan. Customers may choose to pay either interest-only each month or a fixed payment of $25 each month.

“For those parents dealing with paying their kids’ college bills and saving for their own retirement, Sallie Mae’s private education loan can be an ideal family solution,” said Charlie Rocha, senior vice president, Sallie Mae. “Parents can help their students save hundreds or even thousands of dollars by making payments while the student is in school. We’re assisting parents as they balance their desire to help their students achieve a college education and encourage them to become financially independent.”

Parents who co-sign their student’s loan may be released from the loan by taking advantage of Sallie Mae’s new co-signer release option that allows graduates to apply to assume full responsibility for future loan payments after making 12 consecutive on-time principal and interest payments.

* Plan ahead. Wouldn’t it be nice if there was a tool that helped families build a budget to pay for college without going beyond their means? Well, the Education Investment Planner does just that. If loans are part of the plan, it helps families calculate the starting salary a graduate would need to keep payments manageable. Education Investment Planner is free, easy to use and available to anyone online at
* Earn extra money for college through Upromise by Sallie Mae. Upromise members earn rewards every time they make an eligible purchase from hundreds of participating retailers or use their Upromise credit card. Upromise members have earned more than $550 million in member rewards since 2001. Rewards accumulate in a member’s Upromise account and can be transferred to pay down eligible student loans faster or into a Sallie Mae high-yield savings account or members can request a check. Visit for more information.
* Use an interest-free tuition payment plan to make paying for college more manageable. Available at hundreds of college campuses, Sallie Mae administers tuition payment plans that let families spread tuition payments over a number of months instead of making a large lump-sum payment at the beginning of the semester. Visit for more information.
* Hit the books…for less. Upromise members can save hundreds of dollars a year on textbooks by buying or renting books online and earning 3-4 percent back in rewards from Upromise participating retailers such as, and Barnes & Digital students can save money on ebooks at and lighten the weight of their backpacks. To find these extra savings, start shopping on

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