Nellie Mae Offers College Students Tips to Maximize Summer Earnings

FinMan Guides Students Through the Third 'S' of the Season:

Summer, Sun and ... Saving



Apr 23, 2001, 01:00 ET from Nellie Mae

    BRAINTREE, Mass., April 23 /PRNewswire Interactive News Release/ -- Before
 they even take their last final exam of the semester, college students are
 ready to hit the beach and take in the rays.  While summer may be a time of
 relaxation and fun for some college students, others look at the break from
 school as an opportunity to save for the future.  FinMan, Nellie Mae's online
 financial management program, offers tips to help students maximize their
 savings potential this season.
     "Since many college students will be living at home rent free and earning
 an income this summer, it's a great opportunity for them to save some cash
 rather than spending everything they earn," said Kathleen Gibbons, editor,
 Nellie Mae.  "This extra money will come in handy as they head back to school
 next fall by paying for part of a student's tuition or even a weekly
 indulgence in a pizza or movie."
     The first step in the savings process is to secure a summer job. "Students
 should check their local newspaper or visit http://www.summerjobs.com to find
 a variety of opportunities available to them this season," Gibbons continued.
     Once students start earning a regular income they should begin to think
 about saving. FinMan offers these tips to encourage students to establish a
 routine of saving:
 
     *  Live below their means.  Though it may be difficult to resist that
        fifth bathing suit of the season, students should avoid overspending
        and take the opportunity to save a portion of their summer earnings.
     *  Set a savings goal.  By establishing a realistic goal to reach by the
        end of the summer, students will be compelled to maintain a consistent
        savings routine throughout their employment.
     *  Seek direct deposit.  If available from their employer, direct deposit
        is a way to ensure that a student's income makes it to the bank.  If
        direct deposit is unavailable, they should establish a regular, weekly
        routine of depositing their savings goal into their bank account and
        cashing only their spending amount from their paycheck.
     *  Put ATM cards to rest and limit ATM usage.  By withdrawing only a
        budgeted amount of spending money each week, students will be more
        likely to stay on track to meet their summer savings goal.
 
     For more money management guidance for college students, visit
 http://www.nelliemae.com/finman .  FinMan is a service provided to schools by
 Nellie Mae, a top originator of postsecondary education loans, and is designed
 to enhance financial counseling and debt management outreach on college
 campuses in a manner that appeals to today's technology-savvy students.
 FinMan is in the second semester of its pilot program 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.
 
     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 .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X12801227
 
 

SOURCE Nellie Mae
    BRAINTREE, Mass., April 23 /PRNewswire Interactive News Release/ -- Before
 they even take their last final exam of the semester, college students are
 ready to hit the beach and take in the rays.  While summer may be a time of
 relaxation and fun for some college students, others look at the break from
 school as an opportunity to save for the future.  FinMan, Nellie Mae's online
 financial management program, offers tips to help students maximize their
 savings potential this season.
     "Since many college students will be living at home rent free and earning
 an income this summer, it's a great opportunity for them to save some cash
 rather than spending everything they earn," said Kathleen Gibbons, editor,
 Nellie Mae.  "This extra money will come in handy as they head back to school
 next fall by paying for part of a student's tuition or even a weekly
 indulgence in a pizza or movie."
     The first step in the savings process is to secure a summer job. "Students
 should check their local newspaper or visit http://www.summerjobs.com to find
 a variety of opportunities available to them this season," Gibbons continued.
     Once students start earning a regular income they should begin to think
 about saving. FinMan offers these tips to encourage students to establish a
 routine of saving:
 
     *  Live below their means.  Though it may be difficult to resist that
        fifth bathing suit of the season, students should avoid overspending
        and take the opportunity to save a portion of their summer earnings.
     *  Set a savings goal.  By establishing a realistic goal to reach by the
        end of the summer, students will be compelled to maintain a consistent
        savings routine throughout their employment.
     *  Seek direct deposit.  If available from their employer, direct deposit
        is a way to ensure that a student's income makes it to the bank.  If
        direct deposit is unavailable, they should establish a regular, weekly
        routine of depositing their savings goal into their bank account and
        cashing only their spending amount from their paycheck.
     *  Put ATM cards to rest and limit ATM usage.  By withdrawing only a
        budgeted amount of spending money each week, students will be more
        likely to stay on track to meet their summer savings goal.
 
     For more money management guidance for college students, visit
 http://www.nelliemae.com/finman .  FinMan is a service provided to schools by
 Nellie Mae, a top originator of postsecondary education loans, and is designed
 to enhance financial counseling and debt management outreach on college
 campuses in a manner that appeals to today's technology-savvy students.
 FinMan is in the second semester of its pilot program 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.
 
     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 .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X12801227
 
 SOURCE  Nellie Mae