Five Ways to Save Money on Textbooks

Find the textbooks you need without depleting your college nest egg.

Find the textbooks you need without depleting your college nest egg.

On average, college students spend around $655 per year on textbooks, according to the National Association of College Stores. And with the cost of tuition and other school expenses, no college student wants to be spending — or should be spending — that much for their books.

“Textbooks are the top hidden expense of college,” said Nicole Allen, Affordable Textbooks Advocate for the Student Public Interest Research Groups (Student PIRGs), a leading advocacy group on the issue of textbook costs. “It’s common to find price tags over $200 each for introductory subjects like Calculus and Biology, and to add insult to injury, many of the books end up worth mere pennies by the end of the semester.”

No matter what subjects you’re studying, there are many ways to save on your books. Avoid blowing a hole in your budget with these cost-cutting tips:

  1. Don’t buy at the bookstore. Your college bookstore is the last place you should be purchasing your textbooks. School bookstores are known to jack up the prices since it may be the most convenient way to get your books — but it’s certainly not cost effective.“It’s crazy how much students can save,” said Ashmore Bodiford, national street team manager for BIGWORDS.com. “Students wait in these super long lines forever at bookstores. They feel like they’re getting ripped off — they’re wasting gas and time shopping in bookstores and not online.”
  1. Buy used. Think about it: does a folded page or a highlighted paragraph really make all that difference in the content you’re studying? Because textbooks are used, the prices are much lower, but will still give you the same experience. Plus, many “used” textbooks tend to be in pretty good condition. Find pre-owned textbooks online at websites like Amazon and eBay. Tip: using the ISBN number, which defines the exact textbook you need (edition, volume, etc.), can help you find the correct textbook quickly. You may also find useful promo codes at sites such as RetailMeNot.com or Ebates.com to increase your savings even more.
  1. Share with a classmate. If you feel comfortable going halves with another student for your textbook, then who says you can’t? That way, you can split the price and both of you will be able to save on your textbooks. Just be sure to first see what your professor’s teaching style is before you decide to share.
  2. Rent. A rented textbook will typically be around 40% of the list price. Check out websites such as Chegg.com or BookRenter.com, or even see if your campus bookstore allows you to rent your books.“As long as it’s not a textbook that they want to hang on to for a reference in the future, renting is definitely a good option for [students],” says Rhonda Nesheim-Kauffman, manager of NIACC Book Zone in Mason City, IA. “They can see the savings when they first purchase the book.”
  1. Check out ebooks. If you own an e-reader, ebooks may be an option for you. They’re cheaper than buying and offer the convenience of always having them on you whenever you carry your e-reader. It’s especially useful if you’re taking classes that require historical texts, fiction, biographies, poetry and essays, as these are the texts you’ll likely find easily on an e-reader.

“Overall, the biggest tip is to shop around and be a smart consumer,” says Allen. “There are more ways to save than ever before, so make sure to know your options and figure out which one offers the best benefits.”

Includes copyrighted material of IMakeNews, Inc. and its suppliers.

Do You Know When to Open a Checking Account for Your Child?

FirstCheckingYour child may get an allowance, have a neighborhood gig mowing lawns or a part-time job at a department store. So when is the right time to talk about opening a first checking account? Follow these tips to determine when to open an account and what features make sense for your child.

Is my child ready for a checking account?

First, your child should have experience with spending money – whether from his or her piggy bank or birthday cash. It’s also best if your child has already opened a savings account. This bank account can help him or her learn the importance of saving money before giving them the purchasing power that comes with a checking account.

Typically it’s best to open a first checking account when your child starts his or her first job, around the age of 16. At that time, your child can have his or her paychecks directly deposited, learn how to use a debit card and practice the process of balancing a checking account.

What kind of checking account is best for my child?

To help your child learn the basics of banking, it’s important that you choose an account with the following features:

  • No minimum or monthly maintenance fees – These fees can be both stressful and confusing. It’s best to find a fee free checking account.
  • Online account access – You can teach your child money management any time with easy access from your home computer.
  • Debit card – A debit card can illustrate how bank transactions work.
  • Convenient bank location – Going to the bank is part of the learning process for your child. You want to be close enough that both of you can visit to make deposits and see your customer service representative with any questions.

Merchants Bank’s Free Checking account is a great solution for your child’s first checking account. Free Checking features free access to Online and Mobile Banking, no minimum account balance, a free debit card and more. To find out about all of the features of our Free Checking, click here. To open an account, make an appointment for you and your child at your local Merchants Bank location (link to locations web page).

*$50 minimum deposit required to open Free Checking account. Some restrictions may apply.

Why do Students Borrow so Much?

Trends in student loan lending may explain why students are borrowing so much to attend college.

Trends in student loan lending may explain why students are borrowing so much to attend college.

Let’s face it: to afford attending college in this day and age, many students need to take out a loan (or several). Each year, more and more students are graduating college with thousands in student debt that they need to pay back.

In fact, between 2007 and 2012, student loan amounts increased 75 percent, according to a TransUnion study. It’s one of the biggest causes of debt as in 2010, student loan debt surpassed credit card debt for the first time, rising to more than $800 billion.

Specifically, the amount of undergraduate loan recipients has grown substantially, going from 19 percent in 1989-1990 to 35 percent in 2007-2008. The amount being borrowed per person has also risen. Research shows the amount of postsecondary education students who borrowed using federal student loan programs increased from $24 billion from 1994-1997 to $33.7 billion in 1999-2000. In addition, the amount of debt for those getting their master’s and other advanced degrees more than doubled.

So what’s the deal?

“Increases in federal grant aid have not kept pace with rising costs, and students’ financial needs have increased as educational costs have risen,” explains an excerpt in the Eric Institute of Education Sciences, an online database of education research and information, sponsored by the Institute of Education Sciences of the U.S. Department of Education.

While the obvious answer for the increased borrowing is the rise in tuition costs, research says it may also be that loan programs are expanding, allowing those from middle and upper income families to borrow with little difficulty.

“Increases in loan limits and the ease of borrowing have allowed more students to receive loans,” the study states.

“Because students may receive unsubsidized loans regardless of their families’ incomes, a large share of the added loan dollars appear to have gone to students from middle- and upper-income families,” notes an article on http://www.education.com.

According to the U.S. Department of Education, the percentage of undergraduate students from families who make an annual income of $60,000-$79,000 who used federal student loans jumped from 56 percent in 1992-1993 to 67 percent in 1995-1996. And since students from middle- and upper-class families who may not have necessarily qualified to receive Stafford Subsidized Loans have become eligible, studies predict some students may be borrowing more than they need in order to attend postsecondary education.

Includes copyrighted material of IMakeNews, Inc. and its suppliers.

Apple Dip Recipe

Ingredients:
8 oz. package cream cheese
1/3 cup brown sugar
1/2 cup white sugar
1 tsp vanilla
8 oz. bag Heath English Toffee bits
Apples, sliced

Directions:
Beat together cream cheese and brown sugar. Set aside for 30 minutes. Then add white sugar and vanilla and beat together. Add bag of Heath Toffee bits. Serve with apple slices.

Merchants Family Cookbooks are available at all Merchants Bank locations for $15. Proceeds benefit local food shelf programs.

New Staff Here to Help You

NewtoTeamPhotosSept

At Merchants Bank, we are happy to welcome new employees and celebrate new positions filled by current staff. These frontline employees are all looking forward to serving you. Take a moment to congratulate them.

Theresa Anderson has joined Merchants Bank as a Peak Time Teller for our Twin Cities locations. Theresa also works as a Paraprofessional at Rosemount High School. Theresa recently got married and is a proud mom of three wonderful children and four dogs. She enjoys bowling, cribbage and fishing.

Serguei Barylo has joined Merchants Bank as a part-time Teller in Lakeville. Serguei also works as a Personal Care Attendant at Integra Health Care. Serguei is originally from Sochi, Russia and is currently attending St. Cloud University. In his free time, he enjoys hanging out with his friends and staying healthy by going to the gym.

Kristen Borseth has joined Merchants Bank as a Teller in La Crescent. Kristen also works at Kwik Trip and Justice and previously worked at Centurylink. She enjoys horseback riding and has owned horses for eight years. She and her boyfriend love camping on the river, taking boat rides, fishing and snowmobiling. Kristen is a huge Badger fan and enjoys attending as many games as possible.

Nate Birkholz has joined Merchants Bank as a Trust Department Manager/SVP. Nate is an attorney with 14 years of Wealth Management, Estate Planning and Tax experience. He has worked at accounting firms, law firms, Wells Fargo Private Bank, and most recently as the Trust Department Manager at Eastwood Bank. His areas of expertise include personal wealth management, endowment fund management and retirement planning.   He grew up in the Winona area and has two children, a son and a daughter. When not at work, he can be found cheering on his kids at soccer fields or basketball courts.

Emalee Bluhm has joined Merchants Bank as a Teller in Rosemount. Emalee previously worked as a Customer Service Representative at Massage Envy and as an Assistant Manager at Snap Fitness. Emalee has been a dancer for 16 years and graduated high school from the Perpich Center for the Arts. She is now attending Normandale College where she is completing her general education credits.

Markell Jorgensen has joined Merchants Bank as a Mortgage Loan Coordinator in Rosemount. Markell previously worked Wells Fargo and US Bank. She enjoys spending time on the boat fishing and spending time reading. She has two pitbulls.

Rodney Nelsestuen has joined Merchants Bank as a Chief Information Officer/SVP. Rodney previously worked at Eastwood Bank as the Vice President of Information Technology. He has been in the financial services industry for his entire career. Rodney is married to Diane and both are enjoying their time as empty nesters.

Haley Schultz has joined Merchants Bank as a part-time Teller in Winona. Haley is currently attending Winona State University majoring in Marketing and Statistics. She previously worked as a Barista at Winona Health and a Courtesy Clerk at Winona Hy-Vee. She enjoys running and doing cross-fit.

Andrea Senset has joined Merchants Bank as a part-time Teller in Rochester. Andrea previously worked as a Cashier at TJ Maxx and as a front desk assistant at RAC. Andrea is currently studying massage therapy at the Minnesota School of Business. She enjoys spending time outdoors, playing Frisbee golf and fishing. Her favorite activity is hiking in Whitewater State Park.

Shawna Whalan has joined Merchants Bank as a part-time Teller in Winona. Shawna is also currently working at as Pub Server at Cedar Valley Golf. She is studying accounting at Winona State University. She enjoys being active outside and spending time with her family and friends.

Merchants Bank Employees Like Sweets and Good Causes, Raise $7,593.38, Including $3,015 in Pie Auction for Rivertown Shuffle/Relay for Life

Merchants Bank employees Marcus Krings and Ryan Meyer, two members of the Merchants Relay for Life committee, present the Relay for Life check.

Merchants Bank employees Marcus Krings and Ryan Meyer, two members of the Merchants Relay for Life committee, present the Relay for Life check.

The employees at Merchants Bank have a collective sweet tooth, and they are willing to support it, especially when it comes to a great cause like the Rivertown Shuffle/Relay for Life. During 2014 Relay for Life events at Merchants Bank, Merchants’ employees raised $7,593.38, including $3,015 in a Pie Auction where Merchants employees baked and donated 26 pies that other employees bid on.

“All of our employees have been touched by cancer in some way –  themselves, a relative, a friend – to know we are able to do something to help is a great feeling,” said Kerri Bronk, who coordinates the Merchants Bank participation.

Other activities included a basket raffle, where employees put together gift baskets of special interest. Contributions for the raffle were $1,250. Other events included a bake sale, a book sale, a lunch and luminary sale.

Bronk said the pie auction has been ongoing since 2010, and the Bank has supported the Rivertown Shuffle/Relay for Life since before she started at Merchants 17 years ago. Bronk said she is just part of a large committee at Merchants that plans and executes the employee events.

“There have been many faces on the committee over the years, but the one constant is Merchants’ commitment to the community,” Bronk said. “The Rivertown Shuffle/Relay for Life has had a huge impact on the Winona Community, and our employees step up for this cause and many others throughout the year.”