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Author: roxanne

Changing Your Name After the Wedding

Posted on by roxanne

The BIG day is approaching and you realize that a name change will most likely need to be made.  Although you are not required to change your name, somewhere between 60 and 80 percent of brides take their husband’s last name when they get married according to recent surveys. A marriage license with your new last name does not automatically mean you’ve changed it.  In fact, you shouldn’t change your name before the honeymoon because your new name has to match all travel documents and, most importantly, your passport.

1. Get your marriage license
Before you can change your name, you’ll need the original (or certified) marriage license with the raised seal and your new last name on it. Go to the clerk’s office where your license was filed so that you can get several copies.  You should get at least 3 certified copies of your original marriage certificate so that you will have enough for all the changes you are making.

2. Change your Social Security card
Visit the Social Security Administration’s website and fill out the application for CORRECTED Social Security card. You’ll keep the same number — just your name will be different.   You cannot make the change online; you either mail in the forms or take them to the local Social Security Administration office.  You will also need to show them proof of current identity (DL or Passport).
http://ssa.gov/ssnumber/ss5doc.htm

3. Change your license at the DMV
Take a trip to the local Department of Motor Vehicles office to get a new license with your new last name. Bring every form of identification you can lay your hands on — your old license, your certified marriage license and — most important — your new Social Security card.  They are usually closed on Mondays, so plan ahead.  Be sure to smile for your new picture!
http://www.ksrevenue.org/dmvproof.html

4. Change your bank accounts
This is an important one, especially if you’re setting up a joint bank account, or if you have one already set up. The fastest way to change your name at your bank is to go into a branch location — bring your new driver’s license and your marriage license. You should request new checks and debit and credit cards on top of changing the name attached to your accounts.  Some banks charge a fee for requesting a new debit card.  Personal note: if you and your spouse are each getting a debit card, request you each get a card with a unique number and PIN.  That way if one of you loses your card, the other can still use their card while you are waiting on the replacement.

5. And a myriad of other places
Once you have a social security card and driver’s license in your married name, other changes should be fairly easy.   It might be easiest to make a list of all your different accounts and mark them off as you get them done.  Some places may only require a phone call; others may ask for a copy of your marriage certificate or social security card. Here are some examples of places you will need to notify:

  • Employers/payroll – talk to your Human Resource person about adjusting your withholdings as you may now file “Married Filing Jointly” on your taxes
  • Post office – remember change of address for all your mail and magazines
  • Electric and other utility companies
  • Credit card companies – (also a good idea to have unique cards like the debit cards)
  • Student loan servicers
  • Schools and alumni associations
  • Landlord or mortgage company
  • Insurance companies (auto, home, life)
  • Doctors’ offices
  • Voter registration office
  • Investment account providers
  • Your attorney (to update legal documents, including your will)
  • Passport office
  • Remember all of your social media sites as well (those realistically got changed as quickly as your status on Facebook J)
  • E-Commerce sites where you have accounts set up, PayPal, eBay, Amazon etc.
  • The next time you complete your taxes you will also show your name change – name on your tax return must match the name on your Social Security Card
  • Beneficiary: an item often overlooked.  If you have life insurance, disability, or other insurance policies, you generally select a beneficiary and will now want to list your spouse.

I am certain that this is not an all-inclusive list, however it should take care of most of the key changes.

 

Joel V. Reimer
Peer Financial Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

 

**Most of this information was gleaned from the web at http://wedding.theknot.com/wedding-planning/planning-a-wedding/articles/name-change-101.aspx?MsdVisit=1 an article by Amanda Black. Other sites were also used.**

Protect Yourself From Identity Theft: Top Ten Tips

Posted on by roxanne

Identity theft is a growing problem in our society today. In fact, throughout 2006, 8.4 million Americans were victims of identity theft.  Identity theft occurs when an individual’s personal information is stolen, allowing the thief to take on the identity of the individual to commit theft or fraud. In order for someone to steal another individual’s identity, they only need three key pieces of information: another individual’s full name, birthday, and social security number.  Therefore, these are three personal assets that all persons should work harder to protect, especially college students.

College students who fall into the age range of 18-24 years old are the most likely victims of identity theft. The reasons for this are that individuals in this age range are less likely to monitor their credit closely, use spyware, and shred documents that contain personal financial information. All of these mistakes are to the advantage of the thieves who use these common techniques to commit identity theft. These facts confirm that protecting one’s identity is more important now than ever. Therefore, listed below are the top ten ways you can be proactive in the fight against identity theft.

  1. Pay attention to your billing cycles. If you notice some of your mail is missing, this could be a red flag that you have been a victim of identity theft.
  2. Always shred important documents that contain information including: social security number, credit card account numbers, or bank account numbers.
  3. Guard your credit cards and other personal information by not carrying unnecessary identity information in a purse or wallet, i.e., your Social Security card.
  4. Do not use obvious passwords.
  5. Be aware of e-mail scams and never download files or click on links sent by strangers.
  6. Be sure to update your computer’s virus protection software regularly.
  7. Before getting rid of an old computer, destroy the hard drive and use a “wipe” software program.
  8. Review your credit card statements and telephone bills for unauthorized use. If you suspect fraud, call the company immediately.
  9. Order a credit report routinely using www.annualcreditreport.com.
  10.  If you’re a victim of identity theft, report the crime to the police immediately.

Identity theft can be prevented. Therefore, use these tips to stay proactive about protecting your identity. If you would like more information about identity theft, or help looking at your credit report, you can make an appointment with Powercat Financial Counseling at www.k-state.edu/pfc.

 

Anna Govert
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Behavior Based Interviews

Posted on by roxanne

An employer’s ultimate hiring decision is based not just on your qualifications, but the employer’s total impression of you. Since a large bulk of this impression is going to be formed during your interview, it is important to adequately prepare for the types of questions that you might be asked.

Behavior based interviews are the direction that most companies are headed in regards to their interview process. A behavioral based interview focuses on discovering how the interviewee acted in a very specific employment-related situation (ex. tell me about a time when you had to deliver an uncomfortable message to someone?).

From my own experiences with talking to employers, there are three main things that interviewers are looking for in your answer to these questions. Tailoring your answers to fit this structure will increase the quality of your answers and help you leave a better impression on employers.

1. Situation – This is your chance to frame up the challenge situation/challenge that you were facing. Try to be as specific as possible with your answer – interviewers don’t want to hear a generalized description of your past experiences
2. Action – Describe the contribution/action that you made in this particular situation. Be sure to focus specifically on yourself here and not the collective actions of a group or team.
3. Result – Briefly describe the outcome of your actions. What did you accomplish?

As you prepare to graduate and begin your interview process, don’t forget to practice this technique. Concentrating on these three items will help your answer stay focused and professional. Good luck!

Ryan Ehart
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Investments

Posted on by roxanne

Stocks, bonds, and mutual funds are three terms we come across while watching TV, reading the newspaper, or discussing retirement. However, unless you are a business major or possess the intellectual curiosity necessary to decipher these definitions on your own, then you probably do not fully understand their functions.

Companies sell stock in order to raise money. The buyer of stock then has an ownership in the company and can help make decisions about the leadership of the company through a voting process. You can make money by owning stock in two ways. The first occurs when someone is willing to pay more for your stock than the price you paid for it, which is known as price appreciation. The second is when a company chooses to distribute periodic payments to shareholders, this is known as a dividend payment.

Bonds are similar to stock because companies sell them to raise capital. However, when buying a bond you are not buying ownership in the company but instead you are essentially giving the company a loan. When a bond is issued, the issuer promises to pay you a certain amount (usually $1000) when the bond matures. You make money because you buy the bond for less than $1000. For example, if you purchase the bond for $900 and it matures in one year then you make $100 or an 11.1% return. Another way to profit from owning bonds is that they can provide a fixed interest payment to the owner. For example, if the bond has a 5% annual interest rate, you will receive $50 annually from owning the bond plus your gain when the bond matures.

A mutual fund pools the money of many individuals to invest in stocks and bonds. When you invest money in a mutual fund, you receive shares of the fund. Each share represents an interest in the fund’s portfolio and the value of your mutual fund shares will rise or fall depending on the performance of the stocks and bonds within the mutual fund. A mutual fund is managed by professional investment advisors who have the ability to buy and sell the stocks and bonds within the portfolio.

 

Matt Kiehl
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Income Based Repayment (IBR)

Posted on by roxanne

Graduating soon with an overwhelming amount of debt?  Will your salary not be enough to cover it?  You might be able to qualify for the Income Based Repayment (IBR) plan.  The repayment plan is a new way to make your federal student loans more manageable.

The idea behind IBR is to allow for lower monthly payments based on your income and family size.    The loan payments are capped at 15% of your discretionary income.  This is decreasing to 10% in July 2014.  Discretionary income is defined as Adjusted Gross Income (income before taxes) minus 150% of the poverty line for your family size.  You may have a payment of $0 if your income is less than 150% of the poverty line!

You must reapply every year to stay on IBR.  However, if you do so for 25 years, your remaining debt and interest will be forgiven!  For new borrowers starting July 2014, this time period will decrease to 20 years.

If you have a public service job, IBR has more benefits for you.  You may qualify for public service loan forgiveness after only 10 years.

For more information, see www.IBRinfo.org.

 

Kari Christensen
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Moving Abroad With Student Loans

Posted on by roxanne

It seems as though many students are considering moving abroad to live and work after graduation. Some plan on staying forever, others just for a few short years. No matter how long one is overseas it is important to know how to handle student loans while out of the United States.

Repayment of student loans is still possible by paying online, but the student will need a US bank for the payment to draft out of. All repayment options that are offered for students living in the United States, including extended and graduated repayment, are still available. Income-Based Repayment (IBR) is also a possibility even if salary is being paid in foreign currency. Foreign paystubs along with the Alternative-Documentation-Of-Income Form will be required. In addition, deferments and forbearances should also be available to the student. Public Service Loan Forgiveness is not an option unless it is work for a US entity.

The type of service and assistance one will have while overseas will depend on who the loan servicer is for the federal loans. Some servicers have upgraded their website to allow for recognition of foreign addresses.  In essence, this will open up all of the aspects of repayment assistance that have currently only been available to domestically domiciled borrowers.

Payments on Commercial FFEL loans can be made by credit card payments. However, Direct Loans cannot be paid by credit card; the borrowers would still need to have a domestic bank account to facilitate payments on the online payment system.

Another option would be to designate someone you trust to act as an authorized payer. They can quickly and easily make payments on your account through the online payment system, but you would obviously need to set them up as an authorized payer on your loan servicer account. The authorized payer would only be able to make payments; they would not have access to your account information or loan servicer messages.

The most important piece to start and finish with is to stay in contact with your loan servicer. The more that is communicated with them, the more they will be willing and able to help with your specific situation.

Lastly, here is a link to a directory of International Banks: http://www.gbanking.com/international-banks/

If you have further questions or would like to talk to a peer financial advisor about other financial matters, please request an appointment at www.k-state.edu/pfc or call us at 785-532-2889.

Roxanne Martens
GTA & Peer Financial Counselor
Powercat Financial Counseling
www.k-state.edu/pfc