There are different reasons students collect loans and that’s not a bad idea. The challenge only arises when it is time to pay back. There is a major conflict between whether to pay back now (all at once), little by little, or to pay the entire thing later. However, the choice is not that straightforward. For example, some financial advisors will opine that students should hold back on payment if they don’t have enough saved up or if there are other debts involved. However, this article will show you some important benefits you’ll gather if you close your eyes and pay off your student loan early.
Why You Should Pay Off Student Loan Early
The earlier you pay, the cheaper it is:
Yes, it might look like that $$$ is a little thick at the moment but the sad truth is that it increases over time. For those that might seem confused, this is how it works. A student loan – almost all loan types come with a percentage increase referred to as interest. This interest accrues with a balance (positive or negative). When you owe, it increases with a negative balance and vices versa for when you don’t owe. So the earlier you pay, the easier it would be to pay off the interest too.
It will quickly be out of the list of things to do:
This is a little more straightforward. When you pay off a debt, you’ll have lesser things to worry about. You will also be able to place your money on other more profitable investments like college (or if you are already in college), a university of your choice, a master’s, or even something out of the academic line like a vacation.
Your debt-to-income ratio will improve positively:
A debt-to-income ratio can also be seen as a credit score or ‘improving/worsening your credit’. When you have a good credit score, it means that you have a good history of paying off your debts quickly. This means that lenders (or whatever institution loan money) trust you and would be happy to give you better interest rates next time you need to loan. Having a bad credit score (or increased debt-to-income ratio) means that you usually allow the interest to accumulate too long before paying and so lenders find it hard to trust you with honoring your loan agreement. In the long term, a good credit score will serve you.
You would save more money:
Similar to the first point, when you get rid of student loans on time, you end up saving more money. This is a common mistake students make – they wait till the end of the repayment term before they start making repayments. By this time, not only would you have accumulated too many interest charges, but you’ll also lose a lot of money. But by paying off early (or increasing how much to pay off monthly), you can save hundreds or even thousands in interest charges that you can (again) use for other things.
Financial stress will be eradicated or lessened:
What is financial stress? It’s when the source of your anxiety is lack or insufficiency of money/finances. Waiting till the last moment to pay off your student loan will put financial stress on you no matter how financially stable you are/were before then. It is usually a debt that starts small and ‘payable’ until the interests pile up over time to become this huge debt that’s a pain in the neck. Paying it off while it’s still young will save you financial stress in the future.
Though at first, it might be difficult to pay off loans due to the thoughts that ‘the money isn’t enough or that there are other investments. But one of the worst mistakes to make with debt is thinking that the debt can wait. Yes, it will wait but at the same time, interest charges are accruing waiting for when it will shower you with big-time financial stress. Save yourself the hassle and pay it off while it’s still cheap. You can start slowly as soon as possible and before you know it, it’s all paid off. Good luck!
Not everyone can afford to go to college. Some have to apply for financial aid to get through college. Tuition waiver is one option available to students that desperately want to further their education and lack enough funds.
However, getting a tuition waiver largely depends greatly on what is available to you, your qualifications, and if your school offers the scholarship option.
What is a Tuition Waiver?
A wavier should not be confused with a student loan. It is a program that allows a student to pay only a portion of his/her tuition or not to pay at all. They are issued only for a certain period; therefore, the student has to re-apply every semester that he/she would like the tuition waived.
Tuition waivers are beneficial for those that can’t afford to pay the college tuition fee. However, not all colleges grant waivers, so you have to research the colleges that offer tuition waivers to students. And because a tuition waiver covers only tuition, students that live close to the institution, can work while at school, or have relatives close by can benefit from this program.
Difference Between A Scholarship And A Tuition Waiver
Both scholarship and a tuition waiver are financial aid packages offered to students to further their education. It is possible for a student to be awarded both programs or to run both programs simultaneously. And even though they might seem alike, they are not entirely the same.
A scholarship can also be termed free money, and it doesn’t have to be paid back to the institution. Scholarships offer the benefits to pay tuition fees with other college expenses such as accommodation, school supplies, and maybe feeding. Besides, colleges, NGOs, and states can offer scholarships to students.
The requirement for each type of scholarship depends on who is offering it. For example, state scholarships usually require the student to be a resident/native of the state. Other scholarships might require the student’s accomplishment of some sort- an outstanding academic performance or talent.
A tuition waiver is offered by a chosen college that provides such benefits. When a student qualifies, the college reduces or pays the full tuition fee for the student. The waiver only affects the tuition fee for some credit hours, and it needs to be re-applied after every session.
The disadvantage of this is that it does not cover any other educational expense. There are also qualifications that a student must meet to qualify for a tuition waiver. Some include being an American by birth, having encountered a significant hardship, being adopted or a foster child.
Qualifications for Tuition Waivers
Not every college offers tuition waivers, and they are definitely not for every student. Some criteria make a student eligible for a tuition waiver. Some of these factors include the following. He/she:
Is or was a foster child.
Has served or fought as a soldier/sailor in a war.
Is a spouse or a dependent on a veteran.
Is a native of America.
Is a non-traditional (older) student.
Have financial hardship (or any other sort of hardship).
Is a full-time employee of the college.
Is enrolled in a STEM Degree Program.
Has a high or attractive academic status in the previous institution such as class valedictorian etc.
Attended an automatic scholarship school.
These are the common eligibility factors that would qualify a student for a tuition waiver. However, it is best to know the requirements before applying for the waiver.
How To Apply For A Tuition Waiver
Usually, a college offers a waiver automatically based on the information provided by each student in the school’s application. However, it is not always this seamless. Students would have to follow the process to ensure that the waiver has been approved and granted. The students can visit the department in charge for a follow-up.
The department you’ll be checking in may differ depending on the qualification of the student. An employee of the school might visit the school’s employment office for a waiver, while an American (who is not employed by the institution) would visit the admissions office instead.
However, if you don’t get an automatic grant (and you qualify), you can apply through the school’s admission office or directly online. Sometimes, the student might be required to write a letter requesting a tuition waiver. Sometimes, the student might be required to write a letter asking for a tuition waiver.
If you are planning on visiting the office, it’s best to inquire before applying to be well-aware of what is being offered. Different schools have different procedures; it is better to understand what your school demands.
If you sincerely need financial aid to enter college, you should look into requesting a tuition waiver. You might have your tuition fee disappear for a whole session. Just ensure that you qualify by looking at the eligibility factors for a waiver, and the rest will be sorted out for you.
For half of us, working from home is ideal. Whether this is because you’re an unsociable person or because working in retail just isn’t worth the risk of COVID, self-sufficiency is important. The reality of getting a job during a pandemic and economic instability isn’t great, but the outlook on working from home is actually looking up.
Here are the 10 best jobs you can do from home this summer:
With schools being closed, many parents will be looking to home-school their children. To keep them brushed up on their Maths, Economics or whatever it may be, paying a tutor for online classes is their go-to option right now. Or, if you’re looking to teach English, parents in China pay a very handsome sum – but beware, the hours are odd.
There’s always content to be written, no matter the political or sociological climate. The beauty of content writing is that it can be for any student, no matter what they’re studying. Your best bet is to try and get started on Upwork, and then contact businesses and outlets directly after having built up a portfolio.
Given that most businesses have turned to working from home, even more customer interaction is done online at the moment. This is why there are so many opportunities to work in online customer service, such as answering customers on the Live Chat, or on emails or even social media. Pay usually isn’t very high, but then the work isn’t very hard…
If you have great video editing skills or animation experience, then freelance work is a great option. This market is only growing, particularly because social media (Youtube in particular) is being watched even more due to lockdown. There are lots of medium-sized channels out there looking for extra editing support, and pay a fair amount.
5.Programming and IT
Programming is an extremely general term, but it’s included because the opportunities are also a wide net. Money will be made from whatever you’re good at. Backend developers and database engineers will get better money and have less competition than front end, but you’re best off checking for yourself. Type the language or software that you’re an expert in to Fiverr or Upwork and see what kind, how many, and what pay the job posts that arise are.
There are a lot of virtual Assistant jobs online, and all you need for them is some general, basic IT skills as well as good soft skills. You’ll often get at least the US minimum wage for sending emails, data entry and other basic admin tasks.
If you’re fluent in two or more languages, then you’re almost guaranteed to be able to find some translation work. The pay can vary, but this is a good way to keep on top of your writing or speaking skills in both languages. Plus, if you’re fast at reading and typing, you can earn good money. If you’re not bilingual, you can still make money transcribing English audio. You have to be a fast and accurate touch typist, but you can easily make $20 per hour.
8.Start a website and create a brand
If you’re able to do almost any of the above, or perhaps you’re just looking to start a blog, then creating a website and branding it is a fantastic use of time. It doesn’t matter if you’re trying to sell writing services, photographs, programming, tutoring… Building up a following on social media and developing a website will be an exercise in SEO, branding, and many other skills that will look great on your CV — and maybe you can start monetizing it within a few months.
If you’re entrepreneurially inclined, there’s certainly some opportunities in dropshipping. It’s like Drop Shipping, only not with physical products. So, when you receive payment on your website for services, such as web building or graphic design, you outsource the work to someone else — so you’re just the middleman. It takes some time setting up, but it can scale much larger than the other options.
10. Rent out what you’re not using
Okay, so this is only one that isn’t a “job” per se, but it’s a good money-making opportunity. There’s plenty of things that Coronavirus has put an abrupt end to, and these are the things you could be renting out. For example, public transports have been mostly put on hold, and you’re likely not using your car much right now — so why not rent it out? Likewise, you can also rent out your parking space too.
At the end of the day, it will heavily depend on what skills you have and what you’re studying for. The best paid jobs will be skill-specific, so you’re best off leveraging what you’re studying for and try to work freelance (i.e. web developer, bookkeeper, graphic designer, and so on).
The US has a notorious reputation when it comes to student debt. Without getting into whether college education should be free, cheaper or entirely nationalized, it’s important to recognize that there is still some help out there for students. This article will cover some of the best college scholarships and grants in the USA.
Before starting though, it’s important to distinguish that there is merit-based aid and need-based aid, as well as aid for women, career-specific and college-specific aid, and finally aid for minorities. As evident by their self-described titles, let’s not go into defining each one but instead see what ones actually exist (and that can be of great help!).
Pell Grants are a huge help for many American students. They’re a classic example of need-based, as they target students who have a total family income of below $25,000. Despite this, it’s worth looking into even if your situation is slightly outside of this, as you may still qualify. The grant in 2018 was just shy of $6,000, which is a very helpful amount.
Society of Women Engineers
The Society of Women Engineers is aimed at increasing the number of women in engineering, a STEM subject, that has historically been underrepresented by females. In a bid for greater equality, the society awarded 230 scholarships in 2016, adding up to $750,000 in total funding.
Center for Women in Technology
This one serves a similar purpose and is certainly worth looking into when looking to study technology as a woman. An application could receive between $5,000 and $20,000 in funding, each year, for a total of four years. This can be life-changing, allowing more women the opportunity to afford college and acquire a STEM subject degree for the sake of their career.
ABA Diversity Scholarship
The ABA Diversity Scholarship is aimed at those coming from a traditionally underrepresented group, who are in the management and transportation/tourism industry. Candidates can receive $5,000 in scholarship funding, but must have completed their first year and have a GPA of over 3.0. Applications involve a 500-word essay, which will describe how they will play a role in spearheading the future of transportation, travel or tourism industry.
Amazon scholarship program
Online retail behemoth Amazon are taking in applications for its Future Engineer Scholarship Program. 100 current seniors at high school will have the opportunity to receive $40,000 to study computer science. This student will also receive a guaranteed paid internship at Amazon after completing their first year. Not only is this a great amount of money, but the student is then given a foot in the door at Amazon – a chance to build a relationship from the offset.
The eQuality scholarship collaborative awards are designed to encourage Californian students who are included in the lesbian, gay, bisexual, transgender community of LGBT. The scholarship is of $6,000, and is open to applications of all sexual orientations and gender identities.
John Lennon Scholarships
And the award for the most rock star scholarship goes to the John Lennon one, which aims to provide the three winners of a songwriting and composing contest who submit the best original song. Each of the three winners will get $20,000 each, and the applicant must be between 17 and 24. The submitted song must have no rights at publishers.
BSU Letterman Telecommunications Scholarship
Likewise, there’s also a David Letterman scholarship. Letterman has been behind this Scholarship program since the mid-1980s, when he deposited $90,000 in the Ball State Foundation. This scholarship aims to support Ball State majors in telecommunications. Applicants must have between 30 and 105 semester hours, be full time and be a Ball State telecommunications major.
Augustana College Athletic Fund
This athletic fund is merely representative of the many individual college scholarships that are aimed at providing financial support to students who perform exceptionally well in a sport. This particular one, students must be enrolled at Augustana College and average at least a 3.0 GPA. Outstanding athletes will be considered to receive funding, which can vary in its amount on a case-by-case basis.
Mike Lozano Scholarship
This fund was established in 2013 by the family of Coach Lozano. The annual scholarship (students can receive $2,500) is given to an athlete from the northern 26 counties in the Texas Panhandle. A lower than usual GPA is needed (2.0) and they must be pursuing a career in education or coaching.
Foot Locker Foundation
Foot Locker, for 9 years in a row is offering a $20,000 scholarship funding opportunity for when pursuing a 4-year degree. This is a very transactional scholarship, with Foot Locker appreciating the custom of college sports in helping them grow as a company. One of the 20 winners will also receive a $5,000 in addition to the 20k, for outstanding educational achievement.
ScholarshipPoints $10,000 Scholarship
For many, the fierce competition and high expectations of educational achievement (and thereby being awarded scholarships) is all too much. ScholarshipPoints are offering a break from this pressure with their scholarship. $10,000 can be one for a lucky winner, which is merely signing up and entering. There’s no 500-word essay about your aspirations and no GPA requirements. Sheer luck and a bit of fun makes this an interesting and no-lose opportunity.
Is there a lack of funding?
This list only scratches the surface. There are tons of scholarships out there. What you may have noticed though is that these all seem to be private foundations. Nothing wrong with that, transactional (or sheer charitable) private work is one of the great shining lights of society.
It is, however, a concern surrounding the lack of US government funding though. There’s always room for debate around equality and “socialist funding”, but one thing that is usually commonly accepted is the phrase “equality of opportunity”. So long as everyone has the chance to succeed. Only, they don’t, because college is extremely expensive. The US government needs to really keep up with the increasing amount of college students, and the increasing importance of acquiring a degree in this future “intelligence economy”, where programming, math, and critical thinking will become even more relied upon.
Funding education is the ultimate supply-side policy. It’s not the policy that wins you elections, and it doesn’t fit results quick enough to fit within the 4-year term results paradigm, but it is necessary for the future economy of the US.
Do you have an unexpected bill you need to pay, and fast? Take a dig throughout your attic – heirlooms and collectibles you’ve been hanging on to for decades could be worth more than you think.
If you get lucky, some may make you a small fortune? Which items should you keep your eyes peeled for? Below, we’ll list 30 collectibles that you can convert into cash, be it online or down at the pawn shop.
(1) Sports cards
Do you have binders filled with baseball cards rammed away in the corner of your attic? Check them – they could be traded for thousands of dollars.
The average card in ‘excellent condition’ from the 1970s trades for about $10-$20. Multiply that by hundreds of cards, and you could have a tidy sum on your hands. And if your Dad gifted you cards from his era? You could strike it big!
(2) Pokemon cards and Magic The Gathering
Sports cards aren’t the only collectible cards worth mad money. Some Pokemon cards are in short supply – Machamps from the 1st edition run in 1999 are worth 1,000 USD. Have you got a 1st edition Shadowless Charizard? 3,000 USD is the market rate. Magic: The Gathering has even a bigger market, especially for graded mint MTG cards.
And if you somehow have one of the five Pikachu Illustrators in existence, accept no less than 100,000 USD for it.
If you inherited a bunch of dusty, old books from your parent’s estate, take a closer look at them. Limited first printings of certain books can be worth radically more than later printings. For instance, Casino Royale, the first James Bond novel by Ian Fleming, had a first edition of 4,700 copies.
If its dust jacket is in good shape, you can flip it for 40,000 USD. If it’s in mint shape, you have a 130,000 USD novel on your hands.
A popular collectible, it can be hard to make money even on older coins. For example, you’ll be lucky to get 10 USD for a circulated dime from 1916.
However, runs of coins with mistakes can be worth dramatically more, thanks to their rarity. Double dies, broadstrikes, and coins struck with the wrong design can be worth hundreds, even thousands of dollars.
(5) Video games
We don’t mean to make Gen Xers feel old, but – the games you played as kids could now be worth serious cash. If you have a copy of Sonic the Hedgehog that’s in good condition, that’s 400 USD right there.
Remember working up a sweat playing Stadium Events? If so, you might want to check the floor pad it came with. If it is called the ‘Bandi Family Fun Fitness’ pad rather than the Power Pad, you have a 1,000 USD game on your hands.
(6) Vinyl records
Vinyl is enjoying a resurgence lately. As such, the value of rare, collectible records is on the rise. For example, the 1st pressing of Buddy Holly’s “That’ll Be The Day” is worth 1,000 USD in good condition.
Did you get a hold of Nirvana’s first album, Bleach, back in the day? If it’s the red and white marbled and in mint condition, it will fetch you 3,200 USD.
(7) Musical instruments
Did your Dad pass down his old Fender Strat to you when you were a teenager? If it’s in good condition, it could be worth a considerable sum. 1970 Strats can be worth over 6,000 USD, but if it’s from 1954 and in great shape, you could get over 20,000 USD for it.
(8) Musical memorabilia
Did you come into possession of a Kurt Cobain-penned setlist, signed by him and the band? This piece of memorabilia and others like it could be worth big bucks. A bidding war over a Nirvana setlist at Bonham’s Auction House in Glasgow produced a €7,000 payday for the establishment.
Those animated adventures you immersed yourself into as a child could now make your money problems go away. The earlier in the series a comic is, the better. If you’re lucky enough to have a #1 for a popular series, have a seat – it could be worth anywhere from 84,000 USD to 440,000 USD.
(10) Action figures
Got your comic book/movie heroes in action figure form? If you never took them out of the box, you could be in for a big payday. A 1978 Luke Skywalker could be worth more than 25,000 USD in its original box.
(11) Vintage branded signs
Did you pick up some old-looking Coca-Cola signs for your basement at a flea market recently? Look closer – if it’s a porcelain enamel sign – it could be worth hundreds or even thousands of dollars, dependant on condition.
(12) China (flatware)
You inherited fine china from your wife’s parents estate, but you’ve never used it. Depending on its age and style, though, it could fetch you a tidy sum. If it hails from England, the odds of having valuable plates increases considerably.
(13) Perfume bottles
After poking around the attic, you came across a collection of shapely, colorful bottles. These are likely perfume bottles – take them to an appraiser. If they came from Europe, circa 19th century, you could have some valuable antiques in your possession.
(14) VHS movies
No, this entry isn’t a joke – some VHS movies actually have collector value. For instance, an excellent condition ‘Land Before Time’ VHS tape can fetch 150 USD on eBay.
Additionally, check any old Disney movies you have for a ‘Black Diamond.’ These icons signify limited-edition Disney tapes that can sell for more than 10,000 USD on eBay.
Remember life before Microsoft Word? It wasn’t that long ago that we banged out school reports on typewriters. In the last generation, machines in good condition have gotten rare, fast. These days, you could get a hundred bucks for a 50-year-old unit in average condition.
If your parents moved to America from overseas, however, their European units could fetch you hundreds or even thousands of dollars.
(16) Christmas ornaments
If you’re like us, your attic is probably overflowing with Christmas ornaments. Next season, take a look at them with a more critical eye. If you received some hand-me-down pieces from your parents, they could be worth 5 USD to 250 USD – each.
This entry is one of the more stereotypical items on this list. However, due to the sheer volume of art floating around, don’t expect to score a huge sum per piece. That said, if it’s an original, its value will increase significantly in the eyes of an appraiser.
As a child, you loved dolls — a lot. So, your parents bought you some collectibles to decorate your room. Now’s the time to examine them closely to see if they have collector value. If the maker crafted them before they were ‘mass produced’ in the 1980s, they likely have some value. Depending on condition and rarity, you could get between 5 USD to 2,000 USD+ per piece.
(19) Old Apple computers
The power of our smartphones outdoes that of 1980s computers by several thousand times. However, the nostalgia of having an operating old-school Macintosh has led collectors to pay thousands of dollars for them. If you got an old unit gathering dust in your basement, turn that baby into cold, hard, cash.
Another standby of collectors, generations of families has passed down stamp collections. If you found one in your attic, each stamp contained therein could be worth a buck each. It doesn’t sound like a lot, but it adds up. Truly rare pieces can be worth dozens or hundreds of dollars.
(21) Movie props
Got a wacky item in storage? There’s a chance someone in your family worked as an extra on a film shoot and was gifted a movie prop. If it has identifying marks that can trace it back to a production, it could be worth anywhere from hundreds to millions of dollars.
(22) Board games
Often, game nights were the best nights spent together as a family. If you still have a generations-old edition of Monopoly kicking around, it could be worth between 300 to 900 USD.
(23) Assorted sports memorabilia
From game-worn jerseys to historic balls/pucks, sports memorabilia has more than sentimental value. If it came with a certificate of authenticity, it could sell for well into the thousands of dollars.
Watches are another item commonly passed down between generations. If it is a name-brand watch that has a pedigree going back decades or centuries, chances are you’ll get at least four figures.
If it is in marvelous condition, a five-figure payday isn’t out of the question. Just don’t tell the in-laws you sold it.
(25) Movie posters
You grew up in a family of movie buffs. Finding a collection of finely-preserved movie posters only brought fond memories flooding back. If some of these are in demand, though, your bank account could get flooded with green.
Case in point: The Dark Knight advance poster sold for 20 USD new, but now goes for 300 USD, thanks to Heath Ledger’s untimely demise before its release.
(26) Lego sets
They do more than hurt your feet early in the morning – if you have certain unopened Lego sets, they can fetch a handsome price. For instance, the Star Wars Y-Wing Attack Starfighter edition now sells for 1,150 USD online.
(27) Military memorabilia
Some families would never dream of parting with military medals passed down by older generations. You can’t sell these – a law passed in 2005 prohibits it. However, other military/wartime items, like propaganda posters, helmets, and swords, all have real value.
Prices range from a couple hundred to tens of thousands of dollars. Before throwing them online, take them to an appraiser, so you don’t get hosed.
In some families, pieces of antique furniture have passed from one household to another for generations. Here, you’ll need to do some research: note patterns and other design elements; take pictures; compare them against known styles of furniture your parents/grandparents/great-grandparents would have bought.
By doing this, you’ll give your appraiser all the info needed to make their job easier. Depending on their condition, it could be worthless – or many thousands of dollars.
(29) Vintage fashion
Still have the vintage Chanel dress your Mom gave you on your wedding day? If the tag is intact and the piece itself is in good condition, it could get you a great price. Some sites list sale prices well over 2,000 USD, but see an expert before getting too excited.
Ever since we started exploring the Seven Seas, we’ve been making maps. You’re unlikely to find maps from the era of Captain Cook in your attic. However, if you have one in excellent shape that dates from the early 20th century or before, you could easily get a few hundred dollars for it.
It has become more popular than ever before to have a “side hustle” while in college to cover day-to-day expenses or future investments. The reason for this is many students are trying to avoid piling up on student loans or are trying to fund their own start up entrepreneurial adventures. It is wise to carefully consider how to make additional money while in college. One such option to make additional income is to sell items on eBay. That said, it is quite complicated for many sellers to get started with selling on eBay due to so many established sellers and complicated setup procedures. In order to learn more about how to make extra money on e-Bay while you are in college, consider the information below:
How Can a Student
Make Money Using eBay?
It is very important for students to have a clear strategy
when they are trying to make money on eBay. Doing your homework will absolutely
pay off when it comes to making money on eBay. The first idea is to see what
older items you have that you would like to sell. Then, it is wise to take a
look at what those items are selling for and how sellers in eBay are currently
listing them. When setting up your auction, it is important to have it end when
your buyers are online, which means having it end on weekends and not during
the middle of the night. When considering your first price, it is best to list
it at $0.99 and then to have a reserve price. This will get your item more
views and if it does not sell for what you want, you still can list it again. Take
very clear pictures of what you are trying to sell so your buyers will gain
your trust. On your first few sales, make sure you ship quickly and that your
item is exactly as it is described. This will help you to build your feedback
score to remain competitive amongst buyers.
Top Student eBay
People are quickly realizing that it is quite easy to sell
items on eBay for a profit. One such example
is former student Nicolaus Wolfrum who decided to sell used and remanufactured
inventory from his father’s automotive machine shop in addition to new
inventory that the machine’s shop providers would provide. Due to the success
of Wolfrum’s eBay store, he was able to focus on his studies and have a way to
afford his expenses in college while making a decent profit on the side. As a
result of Wolfrum’s incredible success, he was selected as a finalist in the
Young Entrepreneur category at the eBay SHINE Awards for Small Businesses.
Wolfrum is a great example of someone who found an unexpected revenue niche
while in college and may have even found his career as a result of starting a
business on eBay while in college.
How Much Time &
Money Should You Invest on eBay?
What is important to understand about selling on eBay is
that it does cost money to list items. It also costs money to have perks on
your listing. What you have to weigh is whether the projected selling price of
the item is worth the listing fees and PayPal fees required to complete the
sales transaction. Generally, you should budget
20-30% of the selling price to eBay in fees. In terms of timing, using eBay’s
App is faster to list items. Investing time and money on eBay sales absolutely
is worthwhile while you are in college. Consider giving eBay 15-20% of your
time to generate a nice little side revenue stream while in college.
Concluding Remarks on
Selling on eBay provides many opportunities for college students to earn extra capital while in school. If students sell their old items or use extra income they have to invest in stock to sell on eBay, they may be able to build a sizeable business on eBay that goes beyond covering expenses while in university. The key that each college student has to consider is which kind of items they are able to sell that they have either a passion for or an expertise in. In Nicolaus Wolfrum’s case, his passion for car parts ended up creating an incredible business for him that covered his college expenses and later, launched into a possible career path.
Today, the potential for entrepreneurs to get started while in college is phenomenal. By considering which platforms are possible to make additional capital on, individuals have the potential to start their own business through successful sales without having to take out traditional business loans. While in college, it is absolutely worthwhile to consider how to use eBay to increase a student’s quality of life or overall profit.
Finding a job that works around a crazy college schedule can be difficult. But many students need the extra income to help cover tuition, books and other living expenses while in school. Many have taken to the idea of work that has flexible hours and the ability to work at home or on the go. Several different options are out there for the taking for just about any college student or individual willing to do some work to make some money. Some people have opted to use their cars as a means for making money through Uber or Lyft. Another option is to blog or create a YouTube channel. These two options are similar in their means that they can be done anywhere and at anytime. YouTube provides an easier platform for gaining an audience, since people will use YouTube like Google as a search engine for videos.
Finding a Niche for Youtube
You have decided to create a YouTube channel to help cover costs of school, but you need to find an idea that you are capable of doing with little to no research. Something you can record and do on the fly… There are tons of ideas out there already! Just because the idea is taken absolutely does not mean you can not copy it and create your own audience. With personality and a good idea people will watch your channel. Where there is an audience, money can be made! If someone else has already done it, it can make it easier for people to find your channel while they are searching for the other popular channels.
Popular ideas for starting your own channel include:
Live streaming of video games: Gamers will watch other games, just like people watch football on Sundays. It may seem strange but it’s true.
Bloopers: Video yourself trying new and strange things or products some may be successful ventures, but the ones that will get you the most views are the ones with unfortunate mishaps.
Cooking: Young people no longer have access to home ec. classes and people now use YouTube videos to learn how to cook. This gives you three different options a day seven days a week as chances to build your portfolio on your channel by recording what you were going to do anyway: cook and eat!
Your audience is worldwide, and the ideas are endless! The ability to work from home or anywhere is great! However, as any successful entrepreneur will tell you, the work can take over. While you can work anywhere anytime, it doesn’t mean you should or have to. Many entrepreneurs find themselves working 80 hour a week for themselves instead of setting limits. While you CAN work anywhere and anytime it isn’t always the best way to get ahead. Working for yourself can also be lonely, while many people are watching you, you actually aren’t getting real social interaction that you need to maintain a healthy lifestyle. Be sure to get out of the house, your basement, your office or where ever you record and enjoy life outside too!
Once your channel starts getting views and then you can eventually start earning an income. You can do it through advertising, subscriptions, selling your own merchandise et al. Your channel can be a great source passive income on past work, but you want to keep moving forward because the fad of your channel may lose its luster and the income could eventually dwindle away. It is rare that people become multi-millionaires through their channels, but don’t let that deter you from trying to get a piece of the YouTube pie!
Some notable success stories that you may not have heard of with success with YouTube and beyond are:
Blippi: This guy started making videos for toddlers back in 2014. He shows them places to play and how to play. Stevin John is Blippi and discovered that his nephew was watching low budget and low quality shows on YouTube and wanted to create something fun for him to watch. His desire to provide entertainment for his nephew grew to 2.8 million subscribers and has been viewed over 2.34 billion times!
His background in online marketing and digital creation has definitely paid off! Now instead of a one man show, he has a team of people behind Blippi helping him make his videos. He has not lost that touch even after great success for engaging children in watching him on his channel. He is like the modern day Mr. Rodgers for kids who grew up in the 70’s and 80’s. He talks to you as if you are with him and takes you on his adventures. As a well loved child character he is regularly requested as a character to meet with Make-A-Wish Foundation. All of this in only 4 years!
Ryan Toys Review: Ryan is a young child and his parents record him opening and playing with new toys. Thus, giving the public an honest review of toys from a child’s perspective. Ryan Toys Review started back in 2015, Ryan asked his mother why he wasn’t on YouTube when there are so many other kids that are on YouTube. She soon decided to leave her full time job as a chemistry teacher to work on building Ryan Toy Review. Clearly a good financial decision as of December 2018 the channel has seventeen million subscribers and the channel videos have been viewed over twenty-six billion times.
The channel is ranked as highest paid YouTube channel for 2018! They only just started this 3 years ago. YouTube was a lifestyle changer for their entire family. They have now brought in his twin sisters to help review toys and doing regular child friendly videos.
Philip DeFranco: This guy records himself talking about what he has read in the news and his personal reactions to it. With a totally different audience than the two previously mentioned YouTubers, DeFranco started his channel back in 2006. His subscribers are much older than the other two YouTubers, but this could also be because adults are much more likely to remember video channels without having to ‘subscribe’ to them. He has 6.32 million subscribers and has been viewed 2.51 billion times.
He has been nominated for numerous awards and even won some as well, like Sexiest Geek in 2008 by Wired and a regular nominee and winner for the Streamy Awards from 2010-2018. He won in categories Best News Series, Best News and Culture Series, Audience Choice for Best Series of the Year, and News and Current Events.
Each of these people once all started exactly where you are today. Their education and backgrounds did not impact their desire to build an audience and build it. The old saying ‘If you build it they will come’ if definitely true if you have a good idea and can deliver it in a way that your audience will want to watch! They wanted to make some extra money and be in control of their project. Anyone can start a YouTube channel. You don’t have to be skinny, beautiful or even talented! You simply need a good idea and a personality that people will enjoy watching. If you are an amateur baker learning step by step or if you are just talking about what upset you in the news today. Or maybe you are a master in your field and want to share and help other people. People will watch! So get started today, and yes there is a video on YouTube on how to get started on YouTube!
With the rising cost of going to college, working while going to college is more the norm than it used to be. After the housing market recession students are more aware of their financial situations and trying to keep from graduating with mounds of debt. Many will try to pay for their classes during the semester after securing a student loan to cover the upfront costs. Students have crazy class schedules that can make it difficult to find employment to help cover their bills.
Students often don’t realize that they have a skill that they have been developing for years, writing. From grade school through high school students have been working on mastering the skill of writing, whether they wanted to or not. Being a freelance writer can be the ‘write’ fit for a lot of students. Freelancing works around your crazy school schedule because you can write for a client a 2 am or at 10 am between classes. You can literally work wherever with your laptop by your side and Wi-Fi on campus.
You can find a job just about anywhere. There are job boards created just for freelancers. Every website on the Internet has content that they either need to update or create. Some sites will pay top dollar to have great content. Others will pay low rates but spend more time correcting and editing a freelancer’s work. There are a myriad of types of contract work available.
Pay for writing depends a lot on the content being written about and the experience of the writer. As a freelancer you can decide what your time is worth when you write. Some content positions will pay $0.05 per word; others can pay up to $0.25 per word. If a client asks you to write a 1,000 word article you charge them $.05 and it takes you two hours two write maybe a little longer you have just earned $50. If you were working for minimum wage you would need to work about 7 hours to earn $50. Clearly the minimum starting pay for writers is better than the US minimum wage. If you write faster, the higher your hourly rate is.
Experience isn’t always required. You have papers you have written for college and other projects, this is already a beginning of a portfolio. Just because it wasn’t paid work doesn’t mean it can’t be used to help get you that first writing job.
There are inexpensive classes you can take that will teach you how to become a freelance writer. Earn More Writing is an example of this type of course. It has several levels of courses you can take and can be done in a relatively short period of time. You are also learning from someone who currently makes a living at freelance writing, who has taken the time to share her knowledge.
While you can figure out how to freelance all on your own, you will save time, energy and money by taking a course on how to become a freelance writer.
What Should I Write About?
When you are just starting out you should write about topics you already know about. Maybe you just took a class on a subject that really interested you; this is a great starting point to build a portfolio. You shouldn’t write about things that do not interest you as your writing may be affected by your lack of interest for the topic. Keep in mind if you write about something that isn’t fun the rate per word could be higher, so you could earn more for your work.
Pitching clients can happen in lots of different forms. You can send cold pitches to websites or companies. You might not hear back, but then you might hear back right away. Dealing with rejection or just no reply at all is a good thing to learn early on.
Having an Online Presence:
Creating a portfolio of your work doesn’t have to be fancy. You need a simple site, and you can even use a WordPress site for free to begin to market your writing. Create a bio explaining you are in college and what your interests are and you can link some of your writing you have done for school to start in your portfolio. Once you get some online published work you will want to add this to your portfolio. Alternatively, you can also create a YouTube channel where you can share from your experiences to others.
Freelancing while you are in college is a great way to earn some side money or even enough to pay your tuition. The ability you have to market yourself and time you have available are really the only things you need to get started. You can write whenever and wherever. The flexibility is endless when it comes to freelancing.
College education is not cheap; the cost seems to increase each year and the level of debt as recorded by student loan statistics confirm this. The $1 trillion involved is truly staggering. That of course excludes details of the money lent to students by their parents and other revenue raised to allow students to complete their education as a prelude to career. The chances of a successful career are perceived to increase for graduates but they mostly face repaying their debts as their pay checks begin to come in.
It is essential that a student and his or her parents do some research to obtain the money required unless it has already been safely saved anticipating the future needs. That can be difficult and the recession certainly destroyed many family’s savings.
Alternative Loans Specific to Education
The Federal Stafford Loan is competitive. Those who qualify get subsidized; the interest is paid by the Government for the time the student is still at college. Unsubsidized loans are available to all and interest deferred. The loan rate is capped at 8.25% but is variable. The amount that can be borrowed varies from student to student but is never more than $31,000 in total. Parent PLUS Loans and Perkins Loans are two other avenues of finance while private loans generally require a co-signatory. The latter are particularly aimed at needy students and their numbers have also increased since the recession struck a few years ago.
Other Revenue Sources
Parents can re-mortgage their homes as another alternative though the problems that the real estate market experienced during the recession has meant that the level of equity that many families owned was reduced and is just recovering. There is sometimes a cash element to an insurance policy or the chance of withdrawing a sum from the 401K Retirement Fund though the latter has an impact on retirement provisions and that can be a dangerous move.
That should be a last resort. Everyone needs to make proper provision for retirement and keep making contributions. That is a discipline that should lead to a comfortable retirement and that is less likely to happen if people draw money back out for other use.
Pay Off Expensive Debt
If you have a child in his or her mid-teens who is almost certain to continue on to college before starting to work then you should be making the suitable preparations to ensure their time can be funded. If recent years have been difficult because of the recession then it may be a challenge. What is certain is that if you are to help in any significant way then you need to look at your financial position and make some appropriate decisions. Certainly you need to get rid of any expensive debt you may currently funding. A common example is a credit card balance that incurs a high rate of interest each month. You can pay such amounts off with a personal loan at a much lower rate of interest if you have a regular income and appear capable of making the repayment instalments throughout the agreed term of the loan.
A Good Budget
It highlights the absolute need for everyone to have a budget and the discipline to follow it. It must show you are ‘balancing the books’ to start with mindful that if there are imminent education costs to add there may be the necessity to make economies elsewhere. The personal loan is one part of that. Certainly other household expenditure may be reduced by seeking more competitive utility suppliers, insurance premiums and telephone network costs.
The budding student can perhaps contribute as well? There are part-time jobs available now that the economy is improving. Those parents who have instilled the value of money into their children at an early age may well find that as teenagers they are more than willing to do a little work and they may have saved money themselves in addition.
There is certainly great merit in continuing education and with a little financial prudence it should be affordable. The benefits should come in the future with the prospects of a higher paid job as a result of graduating before going into the jobs market.
Part requirement for my Master’s thesis, part lifelong dream, part income generation tool, and part social promotion strategy; my first non-fiction book is currently under development. As part of my Master’s course work, I have known that this day would come for a few years now. Getting to this point however, has been a struggle, and it is hard to believe this is actually happening.
Regardless of all of that, the first pages have been written and my book is under way!
I don’t have a title chosen yet, although the working title is “The Smart Way to Pay for College, Post Great Recession”. Please let me know if you have any brilliant ideas for a title.
As you can likely deduce from the working title, the book is a non-fiction guide to helping students, parents, and other family members make smart decisions with college financing. I introduce some unconventional means of raising money to pay for college, and hope to provide a great resource for anyone struggling with the rising costs of college.
I hope that this book can be a handbook to paying for college in 2013 and beyond. The college finance landscape has changed dramatically in the last 5 years, and old tactics won’t work any more. We need to re-tool our thinking if we want to have any hope of being able to afford college when our children decide to go.
As much as I would like, this book’s goal is not to battle the high cost of college tuition. That is a separate beast and one that I can’t tackle alone. My goal however, is to help you manage those rising costs and find ways to negate the rise in college tuition.
Where You Come In
The entire purpose of my book is to help you (students, parents, grandparents, or others) understand and better manage the college finance system.
This is my full-time profession so I feel like I have my finger on the pulse of the hot button issues, but I crave your help in letting me know what questions you have!
What are the burning questions you have about paying for college?
What makes you the most angry about the college finance process?
If you could change one thing (besides getting free tuition…) what would it be?
What are your views on working while going to school?
Do you plan to take out student loans?
I also plan to post outlines, chapters, and excerpts from my ongoing book project here on Money for College Project. My goal is to hold myself accountable to you through my blog, and I hope you will help by calling me out on my progress, and checking in to see how things are coming.
Oh, and if you would be up for an interview let me know because I need to conduct a number of them!