FAP758: Bear Stearns, JP Morgan, Mail Bag Listen now: Student Financial Aid News + Bear Stearns (ticker: BSC), the investment bank, disappeared over the weekend. After a major stock crash on Friday, the 85 year old bank was bought by JP Morgan Chase (ticker: JPM). People with investments with Bear Stearns will have those investments and accounts be managed by JP Morgan. + What does this mean for you? + First, whether you’re saving for retirement or in a 529 college savings plan, make sure your investments are diversified, even internationally. + Second, financial stress on the system means the credit markets are not likely to unfreeze any time soon; make sure if you are thinking of getting a student loan that you at least get the applications you’ll need sooner rather than later + Stafford federal student loans + Parent PLUS loans + Private student loans + Third, because credit will be increasingly tight, make sure your credit record is spotless - pull your credit report and clean it up + Quick question: we’re always looking to diversify our own revenues - how the Student Loan Network makes money. If we offered a credit reporting service through one of the major agencies, would you buy it? There’s a poll on FinancialAidPodcast.com - please go vote! + Disclaimer: I’m completely unqualified to be offering investment advice. Consult a CFA or other certified planner. Scholarship Update + Thomas G. Labrecque Smart Start Scholarship Program Each year 15-20 high school graduating seniors across New York City become part of the Thomas G. Labrecque Smart Start Scholarship Program. Since 1992 the Scholarship program has had an impact on over 220 students throughout the five boroughs of New York City by providing education, work-related and financial benefits. Scholarship recipients receive a full-tuition scholarship (less financial aid) to one of the following colleges: + Participation as a Smart Start student provides: + a paid internship at JPMorgan Chase throughout the student’s four years of college, which includes o specific work assignments o on-the-job training o full-time schedule in the summer and part-time schedule during the school year + yearly stipend for books and supplies + a support network of mentors, peer advisors and a Smart Start program manager to assist in assimilation into a corporate environment + career planning and development Who is eligible for the scholarship? + graduating seniors from New York City high schools who are New York City residents + students with legal authorization to work in the United States + students accepted to one of the participation colleges + students planning to major in any discipline except life science and fine arts + Details at our free college scholarship search site Mail Bag + Fernando writes in: Hey Chris. I want to save money for a car but am afraid that such a sum of money will reduce the amount that I receive in the Pell Grant. I was thinking of opening a savings account under one of my sibling’s name, but my dad said that it may affect him when filing his taxes. What advice do you have (if any) or who should I talk to? + I’ve never heard of that scenario; a sibling savings account shouldn’t affect your father’s taxes at all + Wing writes in: i have some Lehman,, is it too late to sell? I brought some last Friday at 41 : ( + Ouch. Lehman’s off 18% in pre-market trading this morning - sorry. + Disclaimer: I’m still completely unqualified to be offering investment advice. Consult a CFA or other certified planner. + Simon writes in: Long time listener, first time emailer. I was giving a presentation on social media today to a financial consultant and as a followup thought it would be good to send him some examples of social media used by financial consultants. Financial Aid podcast sort of fits the bill, but do you know of anything used by people who advise on which stocks to buy, which to sell etc.? + I’m a big fan of Bloomberg + Frank writes in: I need an answer I’m attending SFSU and have recievd financial aid but I am also an veteran, my question is why can’t I used my GI Bill and recieved Financial aid…that’s what I was told and financial aid is not enough + You’ll definitely want to talk to two people - your financial aid officer, and a benefits officer at the VA - I’m unsure which has precedence first, though I believe it’s the GI Bill benefits. Take a look at your award letter as well from SFSU to determine which aid is being awarded, and in what order. If the GI Bill benefits don’t show up there, ask your financial aid officer Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you . Subscribing for free means you don’t have to remember to download it every day. + + + Direct MP3 file download: Click here to download the MP3 Reminders + + Financial Aid Podcast Show Notes at FinancialAidPodcast.com. + Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook + FAFSA form tutorials and free help at FAFSAonline.com + Grad student? Get graduate financial aid information at the GradLoans.com blog! + Stafford federal student loans at StaffordLoan.com + Student loan consolidation at StudentLoanConsolidator.com + Private student loans available at any time - visit AlternativeStudentLoan.com + The Financial Aid Podcast is a publication of the Student Loan Network. I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208. Technorati Tags: financial aid financialaidpodcast ShareThis Less