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T-Bills and Treasury Bonds Yileds

Posted On: 2005-12-28
Length: 28:19

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Good Wednesday, December 28, 2005 Episode 148 of the Financial Aid Pod cast. My name is Chris Penn welcoming you back after a long break. Although if you have been keeping up, you have seen a pod cast everyday. Even on Christmas shows and they were recorded shows. I was traveling with my family but now on regular schedule for Financial Aid Pod cast. There will be a regular Financial Aid Podcast throughout the New Year season and though the remainder of Hanukkah. I have used most of my holiday vacation time. That is all take care of now worries. We have a lot to recover. Some financial aid news, stuff on T-Bill, Treasure yields and all that fun stuff. We have a full tuition scholarship from the Curtis Institute of Music in the scholarship section. News you can use, what can you do from the about those post holiday debt blues as well as music from the Candy Butchers from Charlie Crowe and Amy Jo Doty. Let's stay tuned and kick it off with the news.

Topping the news today, the t-bill edged itself up to four percent and had been four percent. That is what federal loan student rates are based on. At each year, it has edged up to four percent meaning that if the increase continuities; we can expect higher interest rats. However, the T-Bill itself is not really and not important anymore when it comes to federal student loans. This was because of legations passed previously in the week. The interest rate watch may be kind of destined for the scrap heat. The new rates in the senate and house bills sat at 6.8 percent in the Stafford loan whether you are in school or not and 8.5 percent for PLUS loans. Quite an increase over today's 5.3 percent and 6.1 percent respectively. 4.7 percent if you are in school. So 4.7 percent is what you are paying for your Stafford Loans if 6.8 percent later next year. It was disappointing.

A lot of reactions to these senate budget bills, a lot of people in higher education, when you campaign you want to put it black and white for politicians of what you want them to do. I think what we are going to do or float idea is just put together a do not vote card. It could fit into a business card or more like an index card. Compile a list of who voted or against interest rates hike for student loans. It is a simple card you can take the polls to the 2006 mid term elections and to the full time elections in 2008. Tell them here are the people in congress that voted to increase your student loan rates. As your card, take it to a booth and if you see the name in that booth and on your do not vote list and vote whoever is running against them. Let the representatives know that and their jobs are officially on the line. Has to be real simple and obvious. If you vote against the interests of students and education, you are out of a job. Maybe we will put one together as a test case to see what people think. It gets the point across and these are the people you don't want to make decision of people in Washington. They don't have any interest of others and only theirs. So kick them out of the door.

The department of education will be opening on January 1st, 2006 accepting applications for the federal student aids. If you haven't gotten documentation and paper work and done trail run with the paper downloadable versions, you really should do so at online at fastonline.com. Everything is free there unless you choose the professional help. But otherwise the walk through, the tutorials and tips are free. It is great time to get your finances in order and to get that ready to go. I'm going to touch on that a little later.

Not really all that important, that the yield for the treasury notes and treasury security inferred yesterday which the two year treasury rate goes above the 10 year treasury rate. What that means is that investors are so pessimistic of what could be coming down the road and buying shorter term securities rather than longer term securities. It means it could be a coming recession and could be in the past. 2006 is shaping up to be an interesting year financially.

On a personal note, I got my natural gas heating bill for month of December and no, November. We usually use 105 thermal units and it was $104 and we used about the same and instead of being $104, it was $254 for natural gas. Anytime you can increase your payment rates by 150 percent without changing consumptions that someone is making out like a bandit on fuels. We don't use anymore fuel but our rates went up 150 percent. We got a very nice fireplace installed last week and been using that. This thing can heat a room and heat a whole house. Our house is 72 degrees last night and we just had the fire insert and was like a wood store. It uses up a lot of heat. It doesn't cost a dime that Craig list that sales it when people say frees firewood, come and get it. A service way to save on energy is, just beware that a lot of fireplace and insert place are backordered like crazy for people realize that heating this winger is really going to be offer. That is it for the news. Let's get to the pod safe music by the Candy Butchers called "Here is the dog".

Let's do a scholarship update. The Curtis Music Institute, a full scholarship. We have been doing a lot of these scholarship updates a lot. The admission to the school is the scholarship itself. Tuition is paid for everyone that attends the school. Since 1928, Curtis Institute of Music has maintained scholarship policy and has one of the majority music conservatory to provide student scholarships regardless of financial need. For the 2005-2006 school year, the value of the scholarship is 28,500 per year for undergraduate students and 39,500 per year for graduate students. The scholarships are renewed each year during your enrollment at the Curtis Institute of Music. You have to apply ot do the audition. The application fee is $135 and within an additional 100 dollars if you apply after the deadline. The deadline was December 15, 2005 so now there is an additional fee if you are applying after that. You will end recommendations, standardized test results and all the usual stuff you need to get into college. You will also have to perform an audition. They are looking for exceptional number of small students. The school only has 162 students and 92 faculties so they are very small and focused but it is a great reward. That is a great way if you are interested in pursuing music and the study of music this is a terrific scholarship to go for. You can find it at the scholarships directory at studentscholarshipsearch.com. That is our free site. There is a link to this in the directory and link to full tuition scholarships as well. Basically free rides to college and it are worth at least investigating and se if it is right for you. You can find a link in our show notes at financialaidpodcast.com. This makes today the scholarship update of the Curtis Institute of Music full tuition scholarship.

Let's move to the next song of pod safe music from Charlie Crowe with "007"

Let' stalk about news you can use. As I promised last Wednesday, consumer debt and the post holiday blues. This holiday season was very generous of stretching their credit and debt levels beyond of what they budgeted for. There are a bunch of ways you can deal with this, there are good way and bad ways. A lot of banks are increasing their fees for credit card from two percent to four percent. Say you owe 1000 dollars and your minimums have gone from paying 20 dollars to 40 dollars. You need to keep an eye on your statements and least mailing in minimum payment and more. When it comes to financial aid and consumer debt, there is a little relationship especially around this year. Remember the Consumer Debt of any kind and credit cards of any kind; do not change eligibility for the FASA. Just because you owe a lot of debt doesn't' make you in case your eligibility for Financial aid. The more consumer debt you carry, the more it is a penalty of debt itself and because it doesn't help your financial aid ability. Before you file your FASA, you pay down as much as consumer debt as possible and reduce the amount of cash you have on hand. Cash is treated as factory ineligibly for Federal financial day.

After the holidays, a couple of things, cash is going to be king, this is especially for the next few months. You want to take care of your debt spending and pay your credit cards. Kill your credit cards. You might want to take your credit cards and put them in the shedder, fireplace or whatever you do don't take them out again until you pay off all the balances. You need to figure out what you owe in terms of debt and how much you racked up. You may want to look, if you have multiple credit cards, take a look where your interests rates are, especially balance transfers. If you can do a balance transfer to your lowest credit card rate, with out exceeding the maximum, you may want to do that to save on interests. Then close out the higher rate cards, if that is a possibility. One thing that is important is to take at rates of balance transfers versus rates of spending and purchase. And some cases, the balance rates may be higher than the purchase rates. Be careful if you are going to do a balance transfers. Cancel as many of your credit cards as possible. At the very least, lock those account loans so you can' spend anymore of that and then throw away the actual cards.

Create a budget. If there is no other resolution you make for 2006, if you don't do a monthly budget, create a monthly budget. We talked about assets, liabilities and monthly expenses in another show, but when you are living a cashless situation, it is really simple to put together a monthly budget. Figure out what money goes in the door and what money goes out the door. And that is the easiest way to do it. You don't have to worry about all sorts of things like complex tracking and can literally do this on a couple sheets of paper. The goal is to have more money coming in the door than out the door keeping in mind that you need to be getting rid of your debts. Paying them off if you can or paying them off. Ideally, you want to make sure money is coming in the door, going out the door and that money going out the door is not going at a faster rate than money coming in the door. The beigest areas is you will be able to pick up expenses is saving some. You can call these discretionary expenses. Things like going out to eat, buying new clothes that you don't need. But if you do need new clothes, and have shirts with holes, than yes it is probably time to get new clothes. But any kind of discretionary spending like that will help you to save. These are just little things do add up. If you have bad habits this is a good time to kick them both for your health and budget. By that I mean smoking cigarettes which is an expensive habit regardless of health applications. If your alcohol consumption, there is a place you can cut back. Most vices and bad habits can take a pretty big toll on your wallet.

This is also a good time to set up for saving plans. It can be savings accounts at any bank. You can go online, I use ING Direct and they are pretty good service, there is no physical banks so it can be a pain in the butt. It is a good way to put money aside. If you can square 5-10 dollars a week and any unexpected income and you can shovel that into your internet account or bank account. When the next holiday season comes, you will have some money set aside and you want have to take a huge debt hit. By unexpected money like tax refunds, rebate checks, etc. If you didn't expect, it don't use it but save it. Square it away and put it aside. If you do need it, it will be there for you. When it comes to heating, what has been going on in hour house of the wood stove insert that is a good way to heat a house in a way that doesn't require you to spend a huge amount on energy? It is going to be lions' share of your household expenditures other than food or rent. Be thrifty on energy. If it means to turning down to heat at 50, basically enough to keep the pipes from freezing than that is what you have to do. It may be uncomfortable but will be less uncomfortable of having to pay thousands in heating. There are options there as well. Whatever it is you do is to have a plan and stick to it. That is probably the hardest part of any kind of budgeting, any kind of tightening it up. But if you got a lot of debt for Christmas, it has got to be done. Those are the tips. If you have any tips and would like to share them, please send an email to financialaidpodcast@gmail.com for some feedback. Let me know what you think and let me know if you got any suggestions or ideas for reducing your consumer debt levels aside from debt restructuring. Unfortunately, we will not be able to touch on the show because of the complex of the topic. With that, let's finish up the show with Amy Doty "I Love You".

That's going to do it for today's show. It's good to be back in the office. Good to be back in the swing of things, back to regularly habits and routines. Glad to have you back as well. Glad to be able to be back on the air. Tomorrow, more the same, but I think we will spend some time of new year's things and probably talk a little of what things are coming up in 2006 when it comes to the concept and what it means to your wallet and education finance in coming year. Maybe we will do that tomorrow or Friday. One of those two days of what to come and get out the crystal power to look at the future of this. Feedback at financialaidpodcast@gmail.com is always welcome. Let me know what you think. I know some people have using comments on the show comments except people leave spam ads. I delete them so go somewhere else. You can find our show on financialaidpodcast.com and especially our frapper map and the usual goodies associated with any Podcast. Until next time, get subscribed, stay subside. If you are not subscribed you can subscribe at financialaidpodcast.com. Until next time folks, take care.

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