I came across some information on a tuition forgiveness program for teachers and other state programs.

The Federal Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full-time for five consecutive complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $5,000 ($17,500 for certain highly qualified secondary math and science teachers, and elementary and secondary special education teachers)in principal and interest of their Direct Loan and/or Federal Family Education Loan Programs (FFELP) loans.

Additionally, here is a list of loan forgiveness programs by state.

Even if you are not a teacher, you get the general idea that this field is in need and that could assist you paying for a particular career field. At Kansas State University, the Veterinary Training Program for Rural Kansas offers after graduation, $20,000 worth of educational debt is forgiven for every year up to four years that these new graduates practice in rural Kansas.

And don't forget, you do not have to go into debt to attend college. There are options like College of the Ozarks, aka, Hard Work U where you work at the college for tuition. Of even greater help is getting some budget training, you will be surprised where your money really goes.

Photo credit: Delta Niner

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Posted By: Joe on Wednesday, July 23, 2008
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Another college you can attend without incurring student loans. Check out Berea College, in Berea, KY.

A recent article in the New York Times told about Berea College, in Berea, Kentucky.

What provides the education is Berea's $1.1 billion endowment, which puts the college among the nation's wealthiest. But unlike most well-endowed colleges, Berea has no football team, coed dorms, hot tubs or climbing walls. Instead, it has a no-frills budget, with food from the college farm, handmade furniture from the college crafts workshops, and 10-hour-a-week campus jobs for every student.

Berea's approach provides an unusual perspective on the growing debate over whether the wealthiest universities are doing enough for the public good to warrant their tax exemption, or simply hoarding money to serve an elite few. As many elite universities scramble to recruit more low-income students, Berea’s no-tuition model has attracted increasing attention.

At most top colleges, only 8 to 15 percent of students receive Pell grants to help with tuition costs. At Berea, more than 75 percent of the students receive Pell grants.

Overall, Berea's statistics speak worlds about the demand for affordable higher education; this year, the college accepted only 22 percent of its applicants.

The best quote was at the end of the article from Berea’s president, Larry D. Shinn:

“You see some of these selective liberal arts colleges building new physical education facilities with these huge sheets of glass and these coffee and juice bars, and charging students $40,000 a year, and you have to ask, does this contribute to the public good, or is it just a way for the college to keep up with the Joneses?" Mr. Shinn said. "We are a tax-exempt institution, so I think the public has a right to demand that our educational mission be at the heart of all of our expenditures."

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Posted By: Joe on Tuesday, July 22, 2008
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Is your pay check stretched to its maximum? You may want to consider moving to one of these cities to get more bang for your buck.

Salary.com revealed the top (and bottom) US cities for building personal net worth, taking into account local salaries, cost of living, and unemployment relative to the national average. This year's list also factored in qualitative measures including diversity of industry, education level of the cities' population, proximity to post secondary institutions, percent of population below poverty level, and median travel time to work.

If you currently live without a budget you should try our free budget spreadsheet and some budget training. This alone can help stretch your dollar.

Top 5 Cities
Rank City
1 Plano, TX
2 Aurora, CO
3 Omaha, NE
4 Minneapolis, MN
5 Albuquerque, NM

Bottom 5 Cities
Rank City
1 New York City
2 Washington, DC
3 Los Angeles, CA
4 Honolulu, HI
5 San Francisco, CA

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Posted By: Joe on Monday, July 21, 2008
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I came across this post a few months back.

This was from a financial blog and it is so true these days.

A Millionaire Nest Door Does Not:
1. Pay for Lawn Service
2. Go to a Hair Stylist
3. Use Time as a Measurement for Success
4. Buy Brand New Cars
5. Carry a Monthly Credit Card Balance
6. Eat Out on a Regular Basis
7. Think They Know It All
8. Socialize with People Who Waste Money
9. Desire Instant Gratification
10. Pay Retail for Name Brand Clothing
11. Keep Their Money in a Checking Account
12. Replace What is Not Broken
13. Visit the Tanning Bed
14. Impulse Buy
15. Waste Time on Senseless Activities
16. Bet The Farm
17. Fly First-class
19. Rent
20. Earn Every Dollar They Make at Their Day Job - no investing.

I would like to add one more: Live without a budget.

Photo credit: nate bachiller

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Posted By: Joe on Saturday, July 19, 2008
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Starbucks will close 600 stores, how will it affect you? I know Britney and Jamie Lynn Spears will be devastated.



You can check the map of locations for a store in your area.

Starbucks expects once those underperforming stores have shut down, a process the that will gradually happen until the first half of 2009, earnings will increase by $100 million a year.

I personally am not affected by their closings. Occasionally, I will get some java from them, but most of the time I save it for when I am home. We buy in bulk from Coffee Bean Direct and end up paying just under $4.50 for a pound of delicious Italian Roast. We haven't really seen how many espressos we can get out of a pound, but it would be safe to say we are saving a lot of money for the amount of coffee we drink. Our grocery bill may be a little high, but the difference is that we budget for the coffee and with good budget training you could too.

Photo Credit: caralynnsummers

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Posted By: Joe on Friday, July 18, 2008
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Here is a handy gas guzzler calculator to see how long of a payback it will take to buy a more fuel efficient set of wheels.

Going to the gas station and filling up that guzzling SUV makes trading for a hybrid a reasonable solution for most, and it could be reality punctuated by the Gas-Mileage Savings Calculator from Edmunds. The calculator takes the value of a trade-in compared to the cost of a more efficient vehicle and, based on driving distances and the cost of gas, determines how long it would take to break even. For example, I took our big 1995 Ford E350 15-passenger van and compared it to a 1995 Toyota Camry wagon and at $4.25 a gallon and 300 miles a month. At that rate it would take almost three years to make up the difference.

There is something else to consider that is not built into this calculator, it's reality. SUVs and trucks are dropping in trade-in value like the coolness meter after you found out your parents owned and drove an AMC Pacer. If you cannot get the estimated value in the calculator, your break even period is going to be further away than this tools demonstrates. So, that is something else to consider, how much can you really get for your SUV or truck?

Overall, I would say it is a good tool that gets you thinking about costs and payback periods. Sticking to a budget develops your self-discipline and increases your ability to say no in these situations where is just doesn't make sense to buy.

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Posted By: Joe on Friday, July 18, 2008
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Please tell me you are kidding.

Buying overpriced indulgences may feel good in the short term, but you pay the price later. Or at least that's the conventional wisdom.

A recently published study by a couple of business school professors says splurging now makes you happier later. Something even more surprising was noted, that controlling the splurging now gives you pangs of regret later.

I would caution you to take this study with a grain of salt, since it explored the regret felt by college students over their conduct on recent winter breaks and by alumni remembering winter breaks of 40 years ago. This is a typical article that oozes of junk science.

After one recieves budget training early in life, it will allow you live like no one else and travel first class.

Photo credit: Abitibi

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Posted By: Joe on Thursday, July 17, 2008
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