FiLife

Stock doesn’t rank very high on my three-year-old nephew’s wish list. Buzz Lightyear, anything with a pirate insignia and the occasional Happy Meal are what make this little guy happy.

But instead of putting more money into Disney’s pockets this holiday season, his grandmother recently decided she wanted to let him and his ten-month-old brother share in some of Disney’s good fortune by buying some shares of stock.

I’ve been toying with the same idea, so I decided to investigate the best way for us to buy them stock or contribute to their college savings accounts. If you’ve also grown tired of giving the little people in your lives disposable pieces of plastic that may be covered in lead paint, we’ve listed a few options to consider below. (more…)

Last week, we mentioned a study noting that students who attend college in Hawaii graduate with the lowest average student-loan debt in the country, a mere $11,758.

Life on a tropical island and affordable college? I found it difficult to believe. To get the lowdown, I called Sarah, a friend from high school who attends the University of Oregon, but decided to spend this fall at University of Hawaii at Manoa through an exchange program. Although I interrupted her beach time, she was kind enough to briefly talk finance.

Through her exchange program, she gets to pay Hawaii’s in-state tuition, even though she’s a resident of Oregon. Her annual tuition is $5,136 at U.H. Manoa and $6,174 in Oregon. Out-of-state tuition is $14,400 at U.H. Manoa and $19,338 at the U of O. Since U.H. Manoa is on semesters and the U of O is on trimesters, she’s actually getting an extra half-term of classes done at the lower price, all of which will count towards her degree.

According to Sarah, the U.H. Manoa financial aid office offered to help her organize her federal loans and avoid taking out private loans at a higher interest rate. “Everything was so nice and easy,” Sarah said. “Me and the financial aid people, we’re down.”

Her rent is about the same (around $600), although she admits that dwellings near Waikiki Beach get pricier, as do most things, because the tourists there will pay more. U.H.-Manoa’s on-campus housing is $500 cheaper for the year than the U of O dorms, which are often likened to dungeons. Private apartment rent (which is what she’s rockin’) is about the same as it is in Oregon.

The price of a lunch at either campus is “about the same,” but certain meats and milk can be pricey in Hawaii. In Oregon, Sarah and other students spend lots at the gas pump, but U.H. Manoa gives its students transit passes (included with the tuition) for the “amazing” public transportation, giving students complete access to the island. And getting there? Hawaiian Airlines now has non-stop flights out of Portland under $200 each way.

Entertainment can be pricey, but most club cover charges top out around $10, and scooters rent for $35 for 24 hours.

And all of the beaches are free. Sigh.

-Mary Pilon

Last week, I posted about my experience using the new user forums (still in private beta, hence no link) at Upromise, the loyalty program that helps you save for college.

While exchanging posts with one Upromise employee, where I requested an email address for an executive at a grocer that I hoped would join the program, Upromise’s president, David Rochon, chimed in. He helpfully posted the email address so I could lobby that person myself. (He didn’t know I was a reporter or blogger, according to a spokeswoman – he was just trying to be helpful).

Turns out both of us were breaking the rules. (more…)

According to a study released last week by the non-profit Project on Student Debt, Hawaii has the lowest student-loan debt levels in the country. The study, titled “Student Debt and the Class of 2006,” indicates that students attending colleges in Hawaii graduate with the lowest average debt in the nation: $11,758.

The only other state that comes close is Kentucky at $15,406. The state with the highest debt? New Mexico, where students graduate with an epic debt of $28,770. (Many schools did not provide complete data, but this survey of student debt is still one of the most comprehensive to date.)

So why does getting your college degree among palm trees and sandy beaches not cost as much? Well unlike, say, Washington, D.C. or New York, people who move to Hawaii tend to stay there and raise families. Their kids, therefore, pay cheaper in-state tuition at state schools. In-state tuition at University of Hawaii Hilo, for example, is $1,764. Compare that with the average tuition at a four-year private university (currently $22,287) and you can see why these students aren’t buried in debt like I am.

Another reason for the low debt figures: Since many students are locals, they often live with their families–that means no room and board tacked on to the tuition bill.

Robert Shireman, executive director of the Project on Student Debt, suggests that the low debt levels may also be due to higher income levels in Hawaii. According to the latest census data, Hawaii’s median household income is $53,123 compared with New Mexico’s $37,587.

So if you were looking for an excuse to move to Hawaii (”I’m doing it for the children”), there you go. Don’t forget to send us some macadamia nuts when you get there.

–Irina Aleksander

There are so many good web communities these days, there isn’t enough spare time to play around in them all. Here’s one I plan to make more time for though – the new Upromise user forums.

There’s no live link here because the company is making the forums available to a limited number of users first. I somehow got on the list – Upromise picked beta users of all sorts, a spokeswoman says.

A quick explainer: Upromise is a rewards program that helps you save for college. Little bits of refunds land in your Upromise account based on how you spend your money in various places. Then, you move those refunds to a 529 college savings account every so often.

Though there are all sorts of ways to milk money out Upromise, there’s one part of the program that’s so easy and lucrative that every parent (or grandparent) ought to be using it. I’ve racked up over $400 in savings in the last couple of years just by doing my online shopping through Upromise’s portal.

Somewhere between one and eight or so percent of what I spend at eligible retailers comes back to my account and ends up in my daughter’s college fund. All for things I would have bought anyway, from companies I was already about to patronize. You can learn more about how the (simple) system works here; many of our refunds come from iTunes, drugstore.com and Kodakgallery.com, but there are scores of other brand-name sites that participate.

Given my loyalty to the program, I was curious to see what would happen if I posted a tough question or criticism (or both) on the new forums. Turns out I got immediate replies, including some from Upromise employees. The company’s president himself helpfully posted the email address for an executive at a potential Upromise partner that I wish would join the program (Hello, FreshDirect!). That allowed me to lobby her personally.

To me, the real learning here is that when a company launches user forums for its own customers, it’s best to pile in and participate early. That’s when the company’s own employees will be watching most carefully – and reaching out to help people who make a lot of noise or post thoughtful, probing queries.

I’ll post the link to the Upromise forums once they open fully to the public, which should be in the next several weeks.

– Ron Lieber