Not everyone has two to four or more years to dedicate to going to college.  For some, it is more feasible to hold a full time job and do classes at their leisure around work.  The two major issues for people in this position are time and money.  For such people, Chancellor University Online offers a wonderful program in Finance.

Graduates with a finance degree can come out and gain a good paying job.  In this day and age, education beyond GED or specialized training in a field is mandatory to find employment with long-term prospects.  As a service economy, less and less unskilled jobs remain in the United States every year, so one must either advance their skill, or find themselves out of employment in the future.

The course load is 120 hours for graduation in BSBA Finance, with the cost set at $325 per credit hour¹.  This totals the cost of getting your Bachelor’s at $39,000(120 hours @ $325 per hour) tuition cost plus books and the $150 graduation fee. ¹

The online finance degree allows you to take a flexible course load while attending work or other duties.  One can hold a full time job and still manage to have time to dedicate to classes.  They can also take as many or as few classes as they wish, since there are no flat tuition cost or student fees for maintaining a campus, sports teams, and other non-academic organizations.

The admissions process at Chancellor University Online is not very selective.  Being online, there is not a limit to the cap of the campus capacity.  Nor are there any rooms that can limit the admission to the class.  The only factor limiting classes are the number of teachers to review and correct the online assignments. Even this can be overcome with programs like Web Work, Web assign, and other self correcting homework sites.

Online college offers all of the options to advance without the restraint of being a full time student. Online classes also allow the ability not to move and upset one’s current situation.  Furthermore, being an online university, the upkeep is much less than a larger campus. For anyone constrained by time and money, it is a great option.

Financial examiners will play an increasingly important role in the lives of people today.  The need for verification of facts, compliance to the rules and regulations imposed on business is quite timely in today’s environment.  With the current distrust of large financial corporations, one can only expect the rules and regulations imposed on business to increase.  As this increases, so will the demand for someone who can ensure legality of transactions and operations^.

As the world becomes more integrated, there are complications as people with different rules and regulations interact.  Government laws also impose standards and rules for business that are only domestic.  Financial examiners will be necessary to ensure legality of business both intra and international.

Financial Examiner Education

To become a financial examiner, education is a necessity.  One must have competed four years of college majoring in finance.  To get most jobs, one would need to have a Bachelor’s degree.  Higher degrees will be required as one advances in their position.

Financial Examiner Salary

The pay for financial examiners is a good incentive for the field.  The lowest portion of the field was paid $40,680 as of May 2009.² The higher end of the spectrum made $129,620.² For the average employee in the field, the median pay is $71,750.²

Advancement in the field of financial examiners requires work experience.  With time, one can advance to titles such as, “Compliance Vice President, Compliance Director, Community Reinvestment Act Officer (CRA Officer), Compliance Specialist, Compliance Manager, Internal Auditor, Compliance Analyst, Finance Director”.³ As mentioned above, for many of the higher positions one will need more than a bachelor’s degree in finance.

Change in business regulation will increase the demand for financial examiners.  The retirement of baby boomers will cause an individual source of demand will generate many jobs, considering, “Workers aged 55 years and older…are anticipated to leap from 18.1 percent to 23.9 percent of the labor force” ⁴, over the next decade.

Financial examiners will be growing field and continue to play important role in business operations.  This will be true working for large corporations, small businesses, or individuals planning for their retirement.

With the recent downturn in the economy people want real-time information on where exactly their money is going. The rise of online banking gives us the opportunity to exercise control over our banking experiences. Nowadays, most of your banking transactions can take place online or with your cell phone.

With the availability of online and mobile banking, you can now have access to your account whenever and wherever. No more do you have to wait for a monthly statement. In fact, most banks offer “paperless statements” that are viewable online to forego mailed statements altogether. Not only can you do all of this, but for most banks the service is completely free.

Both of these methods involve a secure login and internet security protection feature. Bank officials believe that offering these services will draw in and keep customers. Bank of America is the No. 1 participator in online banking having had 13.6 million online-banking subscribers and 6.6 million people who paid bills online way back in 2005!

Online Retail Banking Services:

• Account management
• Bill payment and presentment
• New account opening
• Consumer wire transfers
• Investment/Brokerage services
• Loan application and approval
• Account aggregation

Mobile banking services:

• Request and receive account information via SMS text messages. You can check your account balance and recent transactions.
• Pay bills
• Transfer money
• Locate ATMs & branches
• Download Apps on your phone for customized service

Downsides to Online Banking

With the recent downturn in the economy people want real-time information on where exactly their money is going. The rise of online banking gives us the opportunity to exercise control over our banking experiences. Nowadays, most of your banking transactions can take place online or with your cell phone.

With the availability of online and mobile banking, you can now have access to your account whenever and wherever. No more do you have to wait for a monthly statement. In fact, most banks offer “paperless statements” that are viewable online to forego mailed statements altogether. Not only can you do all of this, but for most banks the service is completely free.

Both of these methods involve a secure login and internet security protection feature. Bank officials believe that offering these services will draw in and keep customers. Bank of America is the No. 1 participator in online banking having had 13.6 million online-banking subscribers and 6.6 million people who paid bills online way back in 2005!

Online Retail Banking Services:

• Account management
• Bill payment and presentment
• New account opening
• Consumer wire transfers
• Investment/Brokerage services
• Loan application and approval
• Account aggregation

Mobile banking services:

• Request and receive account information via SMS text messages. You can check your account balance and recent transactions.
• Pay bills
• Transfer money
• Locate ATMs & branches
• Download Apps on your phone for customized service

Downsides to Online Banking

• Fear of fraud and identity theft: Online and Mobile banking has caught on all over the world, but Americans remain wary. Many wonder if their private information is really safe over the internet and mobile networks. In 2007, a study by Forrester Research found that only 10% of Americans said they would consider mobile banking. Older generations may never cozy up to the idea of sharing their financial info over the web. All banks and wireless carriers aren’t even all-in as they fear the associated fraud risks.
• Mobile Banking Fees: Wireless carriers will charge you to access data from banking websites and to receive text alerts. However, if you already have a data and/or internet unlimited plan you wont have to worry about extra fees. Contact your service provider for more information.
• Potential loss of Jobs: The shift toward online and mobile banking could put people out of work. Entry-level tellers would be first in line. However, the phasing out of bank branches wont likely happen for many, many decades if at all.

Online & Virtual Banks

There are some banks are completely internet based and they are giving the big banks sites some real competition and adding customers quickly. Because of low overhead, they pay better rates on savings and even checking accounts.ING Direct introduced online checking accounts with high-yields. ING Direct’s checking account called the Electric Orange offers an APY starting at .25%. Charles Schwab offers a .50% APY for its checking account.

Online-only banks do offer customer support and help for customers, but many deem it sub-par. Experts suggest keeping some of your money in traditional banks if you do open an online bank account. Online-only accounts may mean your checks take longer to clear, and you have to be prepared to deal with technical issues with the website.

• Fear of fraud and identity theft: Online and Mobile banking has caught on all over the world, but Americans remain wary. Many wonder if their private information is really safe over the internet and mobile networks. In 2007, a study by Forrester Research found that only 10% of Americans said they would consider mobile banking. Older generations may never cozy up to the idea of sharing their financial info over the web. All banks and wireless carriers aren’t even all-in as they fear the associated fraud risks.
• Mobile Banking Fees: Wireless carriers will charge you to access data from banking websites and to receive text alerts. However, if you already have a data and/or internet unlimited plan you wont have to worry about extra fees. Contact your service provider for more information.
• Potential loss of Jobs: The shift toward online and mobile banking could put people out of work. Entry-level tellers would be first in line. However, the phasing out of bank branches wont likely happen for many, many decades if at all.

Online & Virtual Banks

There are some banks are completely internet based and they are giving the big banks sites some real competition and adding customers quickly. Because of low overhead, they pay better rates on savings and even checking accounts.ING Direct introduced online checking accounts with high-yields. ING Direct’s checking account called the Electric Orange offers an APY starting at .25%. Charles Schwab offers a .50% APY for its checking account.

Online-only banks do offer customer support and help for customers, but many deem it sub-par. Experts suggest keeping some of your money in traditional banks if you do open an online bank account. Online-only accounts may mean your checks take longer to clear, and you have to be prepared to deal with technical issues with the website.

Through the Federal Student Loan Consolidation Program, the U.S. Department of Education pays off your original Federal education loans, and then consolidates the loans into a single amount that you will owe. By consolidating student loans you will be able to easily track the amount you owe and where you owe it, while also lowering overall payments.

Will my interest rate change?

The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent not to exceed 8.25 percent. If your loans have different interest rates, the new rate will be between the highest and lowest rates. If all your loans have the same rate, the new interest rate will be a little higher than your current rates.

Eligibility for Consolidating Debt

• You must have at least one Direct Loan or Federal Family Education Loan (FFEL) to qualify for consolidation. For a complete list of eligible and ineligible loans.
• NOT currently be in school. The Higher Education Reconciliation Act of 2005 requires you to consolidate during the 6-month grace period, or after repayment of the loans has begun.
• Fill out an application online, by phone, or via paper copy.

Rules about Consolidating Student Loans

• Borrowers are required to continue making payments with their current loan holders until they receive written notification that their loan has been successfully consolidated.
• Just like a home mortgage or a car loan, extending the years of repayment increases the total amount of your loan. While you will receive a lower monthly payment, you will also be paying over a longer period of time.

Advantages of the Direct Consolidation Loan Program:

• There is no fee to consolidate loans or minimum/maximum amount to qualify for the program. However, if the amount you owe is low and is close to being paid off it is probably not a good idea to consolidate.
• Both students and parents can consolidate student loans.
• According to the Federal Student Aid (FSA), you can choose from multiple repayment plans with various term selections

Taking out a loan in college can be a necessary and fruitful investment. College loans fall under this category of “good debt”. If you don’t qualify for grants and scholarships, federal loans are the next best option for students. Benefits of a federal loan include their lower interest rates, varying repayment options, and the limited credit check.

Once you fill out a Free Application For Student Aid, or a FAFSA, you will be offered a Stafford Loan. You may choose from subsidized loan, an unsubsidized loan, or both– depending on your financial need. So what’s the difference between the two? And which is better?

Both Subsidized and Unsubsidized Loans

• The standard repayment period is 10 years.
• There is a grace period of 6 months after graduation or a drop to less than half-time enrollment before you must begin paying off loans.
• Interest rates are fixed for life. This year, the rate was 5.6% for undergraduate students, and 6.8% for graduate students. This rate will change for undergraduate students receiving subsidized loans (see below).
• There are limits to how much you can borrow.
• If Federal loans wont cover all your school expenses, look into PLUS loans [for parents] or private/alternative loans. Be careful of interest rates and lender requirements and repayment options with alternative loans.
• As a result of the Health Care and Education Reconciliation Act , beginning July 1, 2010, all Stafford loans will be direct loans that come from and are paid back to the federal government.

Subsidized Loans
These loans are considered the better of the two. They are given to those who demonstrate financial need which is the Cost of Attendance for college minus your Expected Family Contribution. According to Finaid.org, About 2/3 of subsidized Stafford loans are awarded to students with family AGI of under $50,000.

The government pays the interest on subsidized loans while you are in school. If you have a Direct Loan you will pay this interest back directly to the government, if you received a FFEL loan this interest will be paid back to your chosen lender. The 2010-11 Guide to Federal Student Aid says that in future years the interest rate for undergraduate subsidized loans will be reduced due to new legislation as follows:

First disbursement of a loan: Interest rate Made on or after and made before  unpaid balance
July 1, 2010             July 1, 2011                        4.5%
July 1, 2011             July 1, 2012                        3.4%

Unsubsidized Loans

For these loans, you don’t have to demonstrate financial need; they are given to all students. You are responsible for paying interest on these loans, but you have the option to defer paying compounding interest until graduation. If you choose to defer interest payments they will be added onto your loan balance, increasing the size of the loan. If possible, you should try to start paying back these loans before graduation.

The best way to tackle the college budget is to start planning and saving early. It can be hard to decide what to save, how much to save, or if it even fits into your budget. Fortunately, there are many options than can help make these critical decisions easier. One of these options is a Qualified Tuition plan, otherwise known as a 529 plan.

529 Plan

A 529 plan is a tax-exempt savings plan created to promote saving for future college expenses. They are authorized under Section 529 of the Internal Revenue Code and supported by the States and their educational institutions. Two types of 529 plans are available: Prepaid Tuition Plans and Savings Plans. Currently, every state offers one of these 529 plans.

To see what your state offers, read this state-by-state description.

Prepaid Tuition Plans

With Prepaid Tuition Plans, you pre-purchase credits/units or years at sponsored in-state colleges and universities. In some states you may also be able to pre-purchase room and board. They are guaranteed to cover increasing costs of tuition due to inflation as well. So basically you pay the current rate of tuition even if has tripled by the time you actually go to college. If you or your child choose an out-of-state or private college, funds will generally match the current average rate of in-state public college tuition and you will pay the remaining costs.

• Most plans require lump-sum installment payments based on age and number of college years/credits required.
• Most have residency requirements. You must live in the state of the college you plan to attend, or tuition won’t be guaranteed.
• There is a comparable Independent 529 Plan in place for those who want to attend private colleges. Some hundreds of private and independent schools offer this option to pre-pay for college tuition as well.
• These plans are more advantageous for middle and high-income families who may not qualify for need-based financial aid.

Savings Plans

As for Savings Plans, they do have some risk, but also the possibility of a higher return than Prepaid Plans. According to the U.S. Securities and Exchange Commission (http://www.sec.gov/investor/pubs/intro529.htm), Investment options for Savings Plans include: stock mutual funds, bond mutual funds, and money market funds, as well as, age-based portfolios. This is a more flexible option for tuition savings.

Who can establish a 529 Qualified Tuition Plan?

This will differ with the type of plan you choose and where you live.  With Prepaid plans there is a residency requirement, and an age or grade limit for the beneficiary. For the Savings plans there is no residency requirement but nonresidents may only be able to purchase their 529 plans through a broker or financial planner. Some states have varying minimum start-up amounts as well.

Where to establish one?

You can save money buy purchasing the 529 plan through the state. Endorsed by The U.S. Securities and Exchange Commission, The National Association of State Treasurers created the College Savings Plan Network which provides links to most 529 plan websites. Some states provide mail in application forms, while many others now allow you to enroll online. You may also opt to buy through brokers and financial planners. They can help by offering professional guidance but they might also charge you high costs.

Advantages for 529 Plans

• Prepaid tuition plans are exempt from federal income tax, and usually from state and local income taxes as well.
• The money is controlled by the account holder and not the child, regardless of age, and can be transferred to other family members.
• Most plans have a very low minimum monthly contribution limit which makes them possible for even low-income families. Some states have set minimum limits as low as $15.
• Contributions can be made through payroll deductions or automatic transfers from a bank account
• Funds can be used at basically any accredited college in the country. The money can be used at these institutions for fees, books, supplies, and equipment.
• Anyone — that means parents, grandparents, aunts, uncles, and even friends of the family — can contribute to a 529 plan.
• You may still be able to claim the American opportunity credit or the lifetime learning credit if you have a 529 plan in place. See the IRS Publication 970 under Tax Benefits for Education.

Disadvantages for 529 Plans

• If you qualify for financial aid, your 529 plan may limit the amount you can receive. Call the Federal Student Aid Financial Center to determine what bearing your 529 plan will have on financial aid eligibility.

• There is a 10 percent penalty fee if funds are not used for educational expenses

1.  Don’t get one: Sure, it can make things easier when you want to get a car, an apartment, or house down the road but avoid them at all costs. Without a job or source of income to pay off this debt, don’t bother applying for a credit card.

2. Get A Low Credit Limit: Credit card companies may offer you a $2500 or $5000 credit limit for your first card. As exciting as it sounds, it is NOT free money, and you will likely be paying back more than what you charge especially if you are making late payments. A $500 limit is the best way to start, and allows enough wiggle room for emergencies you may have.

3. Read and Check your statements: You need to keep track of what you are spending your money on and make sure you are only being charged for purchases you make. Credit card companies do make mistakes.

4. Choose cards with no annual fee: Call the company, make sure that your card has no annual fee. Usually student credit cards will have this benefit. Also, look for ones with low APR’s as well as an introductory 0% APR.

5. Pay off the whole balance every month: Paying off your balance will make your credit score happy! You will also avoid pesky and expensive late fees and high finance charges. This means you should not be spending more than you can pay back.

6. Talk to the credit card company: If you are going through some financially tough times, contact the company. They may be able to help you with payment plans, APR reductions, and lower monthly payments. Don’t simply just wait it out. Credit card companies report to the credit bureau if you are late on payments, and how many times.

7. Deny the “special offers”: The credit card company will offer you many different things when you open the account. “Debt Protection” or “Credit Score Protection” may be on the list. Listen to the details and ask questions. Usually there is a list of exception to these protections, and most aren’t even relevant to you. Basically, it is just an extra charge on your account every month. Don’t let them rip you off and take your money for something you will never use!

8. Make and maintain a budget: No matter how you are using your credit card, you need to have a working budget. Designate how much money you have left over after bills. Then decide how much you can afford to charge for the month. You should maintain your budget every month.

9. Use it only for emergencies: Don’t use your credit card to pay for food and movies. Use it for getting your car fixed and other unexpected happenings.

10. Have a bank account: Look for a free checking and savings account first. Using your bank account rather than a credit card is the best choice. Also, it gives you practice of managing money beforehand.

11. Know the breakdown of interest charges: Do they charge you less finance charges if when purchasing clothing rather than paying bills? What is the interest charge on Balance Transfers and Cash Advances? You need to ask your representative for a breakdown of the differences in purchasing rates.

12. Read the Federal Trade Commission’s Credit Card Help & Advice. There is a plethora of information that everyone who holds a credit card should know. It gives tips and knowledge on how to be ahead of the game. It tells how to keep your credit report clean, protect your identity, improve your credit score and much more.

13. Read the fine print: What’s the real APR after the introductory rate? What will happen in the case of a late payment? What are the finance charges and late payment fees? Don’t think that the fine print isn’t important. Actually it may be the most important. Ask your customer service representative if you have any questions.

A well thought-out college savings plan lets you know what to do and when to do it. By the time they are ready to graduate funds should be in a stable, fixed account for protection. But in between birth and high school graduation, what should you do to grow and invest your savings?

Before picking any investment strategy, you need to know exactly how much risk you are willing to take. Those who are risk averse may opt for safe bets such as 529 plans. Those who aren’t very concerned about building savings because of high incomes may simply open a lump-sum trust account. In order to make the most of your savings, take a more mixed approach.

Saving in Early Childhood

Early on is your time to invest aggressively. If it goes well you have saved yourself a lot of time and money and if not you still lots of time to recoup your losses. College tuition increases at about 5-6% a year so you first need to figure out how much you will need. Use the College Board’s Tuition Inflation Calculator to compute your future costs

• Investing in the stock market as well as foreign markets.
• Invest as much as you can, as often as you can within your budget. This is also when daycare expenses are pinching the pocketbook the most.
• Taking clear notes of what works and what doesn’t. You need to learn what to do and what not to do for future savings.
• Finaid.org suggests putting at least 25% of your savings into a fixed accounts right now. One options may be a short-term money market funds
• For the risk-averse, mutual funds allow you to spread risk through diversification while still investing in stocks.

Saving a decade before College

You should have some savings in place by now. You want have about 50 percent of your savings into fixed accounts, even if you are just beginning to save. You may still have some stocks but you should transfer a good amount of those into investments like bond funds that still offer a good return for less risk. Look into state prepaid tuition plans, and 529 plans to lock in tuition rates.

Saving five years before College

It’s now time to take all or mostly all of your savings and invest in some safe, fixed investments. Finaid.org suggests having 25% of your money in high risk investments and 75% in low risk investments at this point.

A short-term savings bond or a 5-year CD account is a wise choice for the fixed portion of your savings. You may choose to have a small portion of savings in zero-coupon bonds and bond funds instead of “high risk investments”.

Now you must also consider how your savings will count against financial aid. Sometimes having accounts in your child’s name can have a high bearing on financial aid which reduces the possibility of receiving grants and Federal loans. Financial aid formulas assume that approximately five percent of a parents’ assets are available each year to help pay for college

Saving a Year before College

All of your money should be in a stable, low-risk, liquid investment. You should begin applying for scholarships offered by your state and college prospects.

• Fill out a FAFSA.
• You will need your Social Security Number, driver’s license, income tax returns, bank statements, and investment records.
• Realize any capital gains by December 31st of the junior year in order to not have them count as income during the financial aid need analysis.
• Know how to fill out your FAFSA and calculate your Expected Family Contribution (EFC) again.
• Fill out your FAFSA early! The earlier you send in your FAFSA the more money will be available for you. The FAFSA priority date is usually early April in the year you will be attending college.

Throughout the whole savings process it is important to remember to assess your saving strategies annually to see if there are things you need to update. Get a professional to help you determine the best investments for you and your child. Lastly, it’s important to start early, but it’s never too late. Don’t decide to not save because you think it’s too late to begin.

Most mutual funds fall into one of three main categories — money market funds, bond funds (also called “income” funds), and stock funds (also called “equity” funds).

A Bond Fund is professionally managed bond portfolio that receives a higher return than money market funds. You can buy short, medium, and long-term bonds. Short-term bonds aren’t as susceptible to inflation, so long-term bonds must offer higher interest rates to balance the risk. There are many different bonds funds, and generally the safest are those that invest in government and municipal bonds.

To protect your college savings you want to go for a safe bet. The two safest types of mutual funds are money market funds and bond/income funds. Bond funds are the more ideal pick for building college savings, since money market funds won’t beat inflation over a period of time. Short term bonds generate income which allows you to reinvest and build savings.

You can buy bond funds directly from a mutual fund company or through discount brokers and brokerage houses. Prices for most large bond funds are published daily in newspapers.

CollegeBoard.com, the makers of the SATs, have some great information about using bond funds for college .

Benefits of using Bond/Income Funds for College Savings

• Automatic Savings: You can set up an automatic investment plan with a mutual fund company where a specific amount is transferred from your checking account into the bond fund each month. These amounts can be as small as $25 a month.
• The required investment isn’t too high: Generally, the minimum investment is around $500-$3000 to get started with a Bond Fund.
• The option to re-invest: Choosing to re-invest your earnings can allow your savings to grow more quickly.
• You get professional management

Things to remember:

• U.S. Securities and Exchange Comission urges that before investing in a bond fund, you should carefully read all of the fund’s available information, including its prospectus and most recent shareholder report.
• Don’t use the checks: Many bond funds provide you with checks so you can write a check against your account when you need the money. Mismanaging your account can mean diminishing your savings over time. College savings accounts should remain untouched.
• Interest income is taxable: Even if you choose to re-invest your interest, you will still be responsible for taxes on that income.
• It’s wise to switch close to college: A few years before your child is going to college, you should switch to a more stable and fixed savings method. Some good options are 5-year CD account or a short-term savings bond.

Do you really know what a college education is worth these days? The costs of higher learning are ever-increasing and this can be a tough burden on families. If this rate is climbing, then how can they know exactly how much to save?

According to Finaid.org, During any 17-year period from 1958 to 2001, the average annual tuition inflation rate was between 6% and 9%, which is higher than general inflation rates. When saving for college you have to be prepared for hedging against inflation as well. You may want to consider some of the following investment strategies.

Save for Future Rates

The average inflation rate for college tuition is 5-6%. According to the College Board, the average cost for four years of college today is about $58,570 and will be about $95,405 in 2017. Use the College Board Tuition Calculator to figure out how much your future cost will be. Plan your investments around that amount.

529 College Saving Plan

529 College Saving Plan is one option to protect against college tuition inflation. With this plan you pre-purchase credits/units or years at sponsored in-state colleges and universities. In some states you may also be able to pre-purchase room and board. They are guaranteed to cover increasing costs of tuition due to inflation. This means that you pay the current rate of tuition even if has tripled by the time you actually go to college.

To open a 529 Prepaid Tuition account you should go to the College Savings Plan Network created by the National Association of State Treasurers. It provides direct links to most 529 program websites.  You may also consult a registered broker or financial planner.

Start building your savings with Higher Yield Investments

If you already know a bit about investing, you can grow your savings quite quickly and beat inflation. Invest in mutual funds and stocks or while your children are young. When they reach their teen years, switch to fixed-income (low risk) investments like Savings bonds to protect your investment. The interest earned from Series EE or I Savings bonds are tax- free if used for college education.