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CONTEST WINNER:

Dave Schroelucke

Prize: Kindle Fire

Read Dave’s interview inside!

Congratulations Dave!!

The CIIS Financial Compass

N e w s l e t t e rTax Tips

Financial tips from a tax expert

on ways to keep an eye on your

finances.

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Scholarship Hunt

Get links for where to go online

to hunt for free money and learn

when to apply.

Page 5

Repayment Options

Learn about the different loan

repayment options after

graduation.

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Make More Money

Find out how to make extra

money on the side while living on

a college budget.

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TAX THINGS & SPRING FLINGS

It is our pleasure to welcome the entire CIIS community back for our second issue of the CIIS Financial Compass. Our Financial Aid Office has once again partnered with the Dean of Students Office to bring valuable finance-related tips, tricks and advice right to your finger tips.

This issue focuses on Spring and all of the many events it brings: spring cleaning, tax time and graduation. We have an article about how to turn some of your unwanted household items into cash at spring cleaning time. We have an interview with an expert tax preparer featuring basic strategies to help

students save and plan ahead for tax season. We even have valuable information about loan repayment options for students who are looking ahead to graduation in the summer.

There is truly something in this issue of The Financial Compass for everyone, including the financial literacy contest winner interview. Keep reading and, as always, e-mail us with your comments and questions at finaid@ciis.edu.

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Book Review: “Women and Money” by Suze Orman Reviewed by Lauren Selfridge

I’ve recommended Suze Orman’s book, “Women and Money,” to people of all genders – not just women!

Anyone who doesn’t identify as a personal finance wiz can benefit from what Orman writes about in this insightful book. She speaks to the spirit of self-care as it relates to our finances, exclaiming, “I simply want you to give to yourself as much as you give of yourself !”

The “Save Yourself Plan” in Chapter 7 is a list of instructions for how to start small (switching to a no-fee checking account, for example) and build up to bigger goals (like saving towards retirement). I followed the majority of the plan, taking a full month to implement each section as Suze recommends. The result is that I feel much more energized and confident about how I spend, save, and manage my finances.

Orman includes a password in the book that grants readers access to an online library of financial tools. I used her sample promissory note (a written agreement that is signed when lending someone money) for the first time last year. Before reading this book, I would have loaned money without any concrete repayment plan (giving of myself without giving to myself). Now I see that it is an act of respect – both for myself and the other person – to create a physical document that outlines the boundaries of the loan (giving of myself while also giving reassurance to myself). I’ve come to find that the way I treat my money is just another extension of how I care for myself.

THE CIIS FINANCIAL COMPASS

Know what you owe with NSLDS

Spring Cleaning TipsBy Jeff Moran

As you complete your annual spring cleaning ritual, don’t overlook the resale value of some of your unwanted clothes, accessories and household items. Instead of adding them to a landfill or donating them, you can make extra money by trading in or selling them to interested buyers. Many of these items still have value; you just need to know where and how to cash in at the right time.

Sell Stuff on eBayIf you have any designer or brand name clothing, shoes or accessories to get rid of after cleaning your closets, consider posting them on auction sites like eBay. Many people are looking for specific brands and styles of clothing that are gently worn or still have tags on them. Tip: Take high-quality pictures and make sure the description includes as many details as possible.

Find Consignment StoresSome consignment stores and thrift shops will pay cash for certain brands of clothing, gently used shoes, and other essentials. Check The Association of Resale Professionals’ website at www.NARTS.org to find consignment stores in your area. If you have a lot of clothes and accessories that still have tags on them, these can be your best bet for a quick sale and a fair trade for cash.

Loan RepaymentsBy Emily Walker

Don’t fret over debt!

We often meet with students who are concerned about the monthly financial burden of their student loan repayments. Thankfully, the Department of Education provides students with options to make loan repayments more affordable and loan forgiveness attainable. Continued on page 3...

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Did You Know...

…that you can file your FAFSA before filing your tax return.

…that if you miss a loan payment, you are delinquent. The delinquency begins on the first day you missed a payment.

...that if you miss a payment, you can contact your loan servicer immediately to postpone your payments or find temporary relief.

...that you can find out who your loan servicer is on www.nslds.gov.

Loan Repaymentscontinued...

Consolidating your loans into single monthly payments can stretch your repayment timeline to as many as 30 years from the standard 10. Your monthly payments will be lower than the standard repayment plan, though you will end up paying more in interest overall.

Income-based repayment plans cap your monthly payments based on your adjusted gross income. Eligibility is tied to partial financial hardship and your payments will change as your income changes. After 25 years of qualifying payments, any outstanding balance will be forgiven, and the amount forgiven will be seen as income and can be taxed.

Students who leave our institution for employment in public service may be eligible for the Public Service Loan Forgiveness Plan to have their debt forgiven after only 10 years and without taxation. More information on this program can be found at myfedloan.org/pslf.

When considering your repayment options, you will want to:

1. Be informed! Read up on repayment options and forgiveness programs at studentaid.ed.gov.

2. Contact your loan servicer to discuss your repayment plan options.

3. Avoid delinquency and default! If you cannot make scheduled payments, contact your servicer right away to ask about deferment or forbearance.

THE CIIS FINANCIAL COMPASS

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Free Tax Preparation

The IRS Volunteer Income Tax Assistance

(VITA) program helps you file your taxes.

They can inform you about special

tax credits for which you may

qualify, such as Earned Income Tax

Credit, Child Tax Credit, and

Credit for the Elderly or the

Disabled. VITA sites are generally

located at community and

neighborhood centers, libraries,

schools, shopping malls, and other

convenient locations. Most locations

also offer free electronic filing.

Find a VITA site near you or call 1-800-906-9887.

Interview with an ExpertBy Leslie Chin

Chris Chin is the Accounts Receivable Manager at LinkedIn Corporation, the world’s largest professional network. He graduated with an MA from Golden Gate University in 2010 and shares some of his insights and tips on saving and managing personal money.

Q : Any personal tips on saving/investing while a student in college?

A : The key is to not live beyond your means. Some individuals are full time students, but others also work part-time or full-time while in college. In either case, you need to determine what your disposable

income is after your basic needs, such as food and shelter, are met. A portion of that amount should then be deposited in a savings account or some other liquid asset.

Q : Any tips on organizing and managing income vs. expenses?

A : Keep a record of what your monthly income and expenses are by using a method that works for you (i.e. an Excel spreadsheet). It’s really easy to spend more than you realize if you don’t make it a point to track every transaction.

Q : What has your experience been with managing money when you were a student?

A : I got my first credit card while in college, and it was certainly tempting to go shopping for the latest clothing, gadgets, etc. Instead, my policy was to never charge anything that I couldn’t pay for once the credit card bill was due. To this day, I’ve never paid finance charges on my credit cards, and instead treat them as zero interest, 30 day loans.

Education Tax CreditsEducation tax credits can help offset the costs of education. For more information visit www.irs.gov/Individuals/Education-Credits

THE CIIS FINANCIAL COMPASS

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MAKE YOUR OWN SNACK BAR.

This is a simple recipe…no baking involved!

Ingredients• 4 cups whole, pitted dates (moist ones work best)

• 2 cups raw or toasted whole shelled almonds

•1 cup chocolate chips or chopped dark chocolate

• 2 tablespoons natural peanut butter (or sunflower or cashew butter), divided (or more, if necessary)

Preparation

Line a 9x13 inch straight edged baking with parchment or wax paper so that there are a few inches hanging over the sides. Set aside.Place your almonds in a food processor and pulse until they are uniformly finely chopped, but not like sand. Add the chocolate chips and pulse until chocolate is finely chopped. Place the mix in a bowl and set aside.Place half the dates in the food processor and blend until they clump together and form a paste. Add 1 tablespoon of the nut butter and half of the almond and chocolate mixture. Blend until evenly combined. Repeat with the rest of the ingredients. 

Pour all ingredients into your lined baking pan. Press down firmly so there are no loose pieces. Get another piece or parchment paper and place on top of the mixture. Using your hands or a small rolling pin, make the top smooth. Place in the fridge for 2 hours. When cold, remove and lift the parchment paper out onto a cutting board. Cut with a large knife into small bars.

External ScholarshipsBy Martha Estrada

The search for scholarships can often be a difficult and frustrating task. However, with some helpful links and a few tips on searching, the task can be made easier. Below are some general tips and resources for current college students.• The sooner you start your scholarship search the

better.• Prioritize the applications you want to complete. Look

at the scholarship due dates and their value when prioritizing.

• Apply for less competitive scholarships. Although they generally are worth less money, the student has a better chance of winning the award.

• Proofread a printed copy of the application and essays before submission.

With these tips, and a few starting places to search, you’ll be on your way to getting scholarships!

★ http://www.scholarshipexperts.com/★ www.fastweb.com★ www.scholarships.com★ www.nerdwallet.com/nerdscholar/

Reporting Your External Scholarships-If you have been awarded an external scholarship, you need to notify us in writing. The best way to do this is to make a copy of the letter you receive from the scholarship agency advising that you’ve been awarded the

scholarship.

IMPORTANT DEADLINES2013-14 FAFSA - Complete your FAFSA for Fall 2013 now

2012 TAXES - Due by April 15

Fall 2013 Financial Aid Deadline is April 15

Career and Community Service EXPO: April 17 in Room 304✦ Community Service Opportunities✦ Internship Prospects✦ Job Info

For more information, contact mlam@ciis.edu or studentaffairs@ciis.edu.

THE CIIS FINANCIAL COMPASS

Procrastination is like a credit card; it’s a lot of fun until you get the bill.~Christopher Parker

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Career Counseling

Identifying and understanding your skills, values, and interests allows you to make informed career choices.

Resume Writing Assistance

Resume and CV review, cover letter preparation, and mock interview practice. Contact mlam@ciis.edu for an appointment.

CIIS Career Link

Your online gateway to job and internship listings, workshop schedules, career handouts and videos, and other great resources.

https://ciis-csm.symplicity.com

Freelancing for Extra CashBy Margie Lam

A freelancer is someone who performs projects or tasks, usually for multiple employers. Freelance work can be a great way for students to pick up some extra income.

Due to the growing amount of freelance work, you may choose to join a union that provides a portable benefits system, allowing workers to maintain benefits as they move from project to project.

Most freelancers draw on employment experience to offer services in which they are trained or particularly talented. Common freelancing fields include: music, writing/journalism, acting, photography, editing, event planning and management, proofreading, and web design.

Interested in freelance work? Consider the following:

• A website, or an updated LinkedIn profile, to promote yourself

• A dedicated business or cell phone number

• Business cards• A portfolio of your work• References and recommendations-

you’ll be able to build these with experience

Here are some resources to consider:

• Craigslist - www.craigslist.org (Tip: look under the “Gigs” section)

• Guru - www.guru.com

• Freelancer – www.freelancer.com

• 30 Best Sites to find Freelance Jobs: www.tripwiremagazine.com/2012/02/freelancer-jobs.html

Please note: some freelance sites may charge a fee in order to bid for jobs.

Did You Know...According to the Freelancers Union, almost one-third of working Americans are freelance workers- that’s 42 million people!

THE CIIS FINANCIAL COMPASS

Career Services at CIIS offers...

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Interview with writing contest

winner Dave

SchroerluckeDave Schroerlucke is the winner of our first ever Financial Compass writing contest.  We asked Dave a few questions about his background, his experience with money management and how he likes to unwind. Q: What is your background and how did you start to focus on your financial planning?A: I was a math professor

for 5 years before moving to the Bay Area to pursue my PsyD at CIIS.  I got serious about finances when I decided to pursue further graduate study.  A course in interest theory taught me just how insidious compound interest can be over 20 years.  It's staggering to discover that you will ultimately pay 2 to 3 times the amount of the original loan.  I knew that I didn't want this to happen with student debt, so I decided to take steps to minimize my student loans.Q: Any advice to CIIS students struggling to make ends meet?A: I'd say get organized and stay disciplined.  Figure out exactly where the money is going and look for the most efficient and painless ways to cut down on expenses.Q: Are there any ‘luxury’ items you allow yourself every so often?A: San Francisco has an incredible food scene, so I try to have a nice dinner out a couple times per month.  I also make a point to take a break from the concrete jungle and go on an extended camping/hiking trip a few times each year.

Change Your “Relationship Status” with MoneyBy Jeff Moran

It is never too late to develop a healthy relationship with your finances. Here are a few simple suggestions that can help calm your mind and put you on the path to abundance:

Look at your finances -- It sounds simple but many people feel so overwhelmed with fear that they choose not to engage. Examining cash on hand, spending habits, and savings is the only way to take control.Be realistic -- Focus on what is accomplishable. If you are used to buying coffee five days a week it may be difficult to give it up cold turkey. Cutting back to 2 or 3 days a week, however, could be more manageable and allow you to celebrate the savings.Avoid disaster fantasies -- It is important to remember that no matter how we feel about our financial situation in the present moment, none of us are able to predict the future. Try reciting this ‘financial wellness’ mantra: “Outcomes and solutions that I cannot now imagine will unfold in the future. I trust my process as I go step by step.”

These simple steps can help calm your anxiety and put you in the right frame of mind to develop a healthy relationship to money, make a financial plan and then follow through.

THE CIIS FINANCIAL COMPASS

Motivation is what gets you started.

Habit is what keeps you going.

~Unknown

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THE CIIS FINANCIAL COMPASS1453 MISSION ST., SAN FRANCISCO, CA 94103

THE CIIS FINANCIAL COMPASS

The July edition...• How to set a budget• Time management strategies• Summer saving tips• Expert and student interviews

• Preparing for fall 2013• And much more...

This newsletter comes to you with the help of the following researchers and writers:

Financial Aid Office Dean of Students OfficeEmily Walker Jody O’Connor

Jeff Moran Lauren SelfridgeLeslie Chin Margie LamMartha Estrada

Marisol Nealon

The Financial Aid Team - 2013