The average annual cost of higher education has increased dramatically in the last decade. And with education debt continuing to rise along with the increase in costs, many people face a tough financial situation. FDIC Consumer News offers these tips to help students and their families avoid debt overload as they plan for — and pay for — college, graduate school or other education.
Start saving early to reduce the amount you may need to borrow. In particular, Section 529 college investment plans, which are mostly offered by individual state governments, are a helpful tool for building a savings fund. One type of 529 plan gives you the right to lock in future tuition at today’s prices. The other allows you to place funds in an investment or deposit account and receive tax benefits. Our Raymond James Financial Services Dept. can help answer any questions you may have on the 529 plan. Give them a call at 605-882-4280.
U.S. Savings Bonds are another way to save for the future and, for qualified taxpayers, to benefit from a tax exclusion if the money is used for education expenses. To learn about Savings Bonds, start at www.treasurydirect.gov/indiv/indiv.htm. For information about the tax exclusion, go to www.treasurydirect.gov/indiv/planning/plan_education.htm.
Find ways to cut costs. High school students who take advanced courses or pass special college-level exams can earn college credits before they set foot on campus. “It’s never too early or too late to start saving on future tuition expenses and reduce the amount you’ll need to borrow for college,” said Denise Waters, an FDIC Consumer Affairs Specialist.
Other ways to save include going to a nearby school and living at home; choosing a college regarded as both high-quality and low-cost; and attending a community college for a few semesters before transferring to a more expensive, four-year institution.
If you must take out a loan, understand the different options. Federal student loans usually have lower interest rates and more flexible repayment options than private loans from non-government lenders such as banks and credit unions. Under current law, all federal student loans are obtained through the Federal Direct Loan Program administered by the U.S. Department of Education. The easiest way to apply for a federal loan, as well as federal student aid and most state and college aid, is online at http://www.fafsa.gov/. And, to learn more about federal student loans, start at http://federalstudentaid.ed.gov/students.html.
iHELP student loans are the easiest and most affordable way to cover your cost of education. Designed for the "gap" between the cost of education and the amount you can borrow under the federal programs. The iHELP® program provides private student loans designed to supplement, but not replace scholarships, grants and other financial aid including Federal Student Loans currently offered on college campuses. Please find out about all your Federal Student Aid options. Then if you still have a college financing gap, the iHELP® student loan is a great low interest way to pay for all your remaining college costs.
iHELP™ loans are provided through the Independent Community Banks of America (ICBA) and are originated and serviced by Student Loan Finance Corporation (SLFC). Visit iHelp to learn more.
Private loans are available for expenses not covered by savings, financial aid or federal loans, but do your homework before borrowing. “Many private student loans have interest rates that may change periodically, which could increase your monthly payments,” said Heather St. Germain, an FDIC Consumer Affairs Specialist. “It also is difficult to find a private lender that provides repayment options as attractive as those offered by the federal government.”
“Some private loans can carry high interest rates that may be difficult to repay on the salary of the typical recent college graduate,” added Evelyn Manley, a Senior Consumer Affairs Specialist at the FDIC.
Choose the best repayment plan. For federal student loans, a monthly, fixed payment over a standard, 10-year term is the most cost-effective arrangement and minimizes the total amount of interest you’ll have to pay. However, there are alternatives, including repayment periods up to 25 years, graduated repayment plans that start low and increase every year or two, and monthly payments that increase or decrease based on your annual income (for certain loans). For guidance on whether income-based repayment may be right for you, visit http://studentaid.ed.gov/ibr.
Securities offered through RAYMOND JAMES FINANCIAL SERVICES, INC. Member FINRA / SIPC •NOT FDIC Insured •NOT GUARANTEED by the bank •Subject to risk and may lose value •Not a deposit •Not insured by any government agency •Raymond James is not affiliated with the financial institution Reliabank.
Friday, May 18, 2012
Friday, April 27, 2012
A Reminder - Internet Safety
Let's talk passwords. Chances are it has been a while since you've thought about changing your passwords to the various sites you visit online. We all know we should do it, yet most people don't. But changing passwords addresses only part of the problem: There's not much point in switching to new passwords if they're not good ones, or if you're using the same one for every account. A realistic concern is that, when a large website you use gets hacked, an opportunistic criminal could take the leaked information - your username, email, and password - and try it out on other sites.
So what should you do? The solution is simple: change your password, often. You shouldn't keep the same email password for more than three months, at the longest, and of course, you should be using strong passwords (upper- and lower-case letters, not using words from the dictionary, using special characters like &$^#$, etc).
Here’s what you don’t want your password to be:
■A family member’s name
■The last 4 digits of your social security number
■Password- yes, really. According to PCWorld.com, it’s the second most popular password in the list. And using “passw0rd” and substituting the zero for the “o” is just as easy to guess.
■Your date of birth or the birthday of anyone in your immediate family
■123456
Here's what you do want your password to be:
If the password field says that you need to have 6 characters, make yours 8. The more characters, the less likely it is to be guessed.
■Don’t store your many logins and passwords as a Word document on your computer. If your computer is stolen, think of what a treasure trove of information that document becomes!
■Set an automatic calendar reminder to change your passwords every three months.
■Use a combination of letters, numbers, and symbols. For example, if your password is your favorite food (pizza) and your birthday (October 17), instead of it reading Pizza1017, change it to: p$zzAten17. A combination of capital letters combined with symbols, letters, and numbers is much harder to guess!
Keep in mind, no strategy is foolproof, but no strategy is foolish.
So what should you do? The solution is simple: change your password, often. You shouldn't keep the same email password for more than three months, at the longest, and of course, you should be using strong passwords (upper- and lower-case letters, not using words from the dictionary, using special characters like &$^#$, etc).
Here’s what you don’t want your password to be:
■A family member’s name
■The last 4 digits of your social security number
■Password- yes, really. According to PCWorld.com, it’s the second most popular password in the list. And using “passw0rd” and substituting the zero for the “o” is just as easy to guess.
■Your date of birth or the birthday of anyone in your immediate family
■123456
Here's what you do want your password to be:
If the password field says that you need to have 6 characters, make yours 8. The more characters, the less likely it is to be guessed.
■Don’t store your many logins and passwords as a Word document on your computer. If your computer is stolen, think of what a treasure trove of information that document becomes!
■Set an automatic calendar reminder to change your passwords every three months.
■Use a combination of letters, numbers, and symbols. For example, if your password is your favorite food (pizza) and your birthday (October 17), instead of it reading Pizza1017, change it to: p$zzAten17. A combination of capital letters combined with symbols, letters, and numbers is much harder to guess!
Keep in mind, no strategy is foolproof, but no strategy is foolish.
Thursday, March 29, 2012
April is Community Banking Month
April is Community Banking Month and South Dakota’s community banks are taking this opportunity to express their appreciation to their customers for banking locally and to encourage others to consider banking with their local community bank.
Reliabank joins community bankers nationwide, during April, to celebrate Community banking Month. David W. Johnson, CEO of Reliabank states, “As a local independent community bank, we are the backbone of our smaller communities. Reliabank provides jobs to local residents, ag and industrial loans to help our local famers and small businesses, and funding to area schools. Our scholarship program has grown over the years to help many high school seniors achieve their college dreams.”
Small businesses are the economic engine that drive local economies and help them flourish by putting money directly back into the neighborhoods they serve and by employing local residents. Community banks are small businesses, themselves, and they are small business lenders – nearly 60% of small business loans are lent by community banks. Community banks only thrive when their customers and communities thrive. Taking care of their customers and looking out for their best interest is the way community banks conduct business each and every day.
Community banks are known for their local-decision making, doing what’s in the best interest of their customer and standing by their customers through good times and in bad. In celebration of April being community banking month, Reliabank would like to say “thank you” to community banking customers and encourage people to consider “banking locally” in addition to doing their shopping and dining in their local community.
Stop in to see what separates Reliabank, your hometown community bank, from other financial institutions. Reliabank is located in Tea, Hartford, Humboldt, Estelline, Hayti, Hazel, and Watertown.
Reliabank joins community bankers nationwide, during April, to celebrate Community banking Month. David W. Johnson, CEO of Reliabank states, “As a local independent community bank, we are the backbone of our smaller communities. Reliabank provides jobs to local residents, ag and industrial loans to help our local famers and small businesses, and funding to area schools. Our scholarship program has grown over the years to help many high school seniors achieve their college dreams.”
Small businesses are the economic engine that drive local economies and help them flourish by putting money directly back into the neighborhoods they serve and by employing local residents. Community banks are small businesses, themselves, and they are small business lenders – nearly 60% of small business loans are lent by community banks. Community banks only thrive when their customers and communities thrive. Taking care of their customers and looking out for their best interest is the way community banks conduct business each and every day.
Community banks are known for their local-decision making, doing what’s in the best interest of their customer and standing by their customers through good times and in bad. In celebration of April being community banking month, Reliabank would like to say “thank you” to community banking customers and encourage people to consider “banking locally” in addition to doing their shopping and dining in their local community.
Stop in to see what separates Reliabank, your hometown community bank, from other financial institutions. Reliabank is located in Tea, Hartford, Humboldt, Estelline, Hayti, Hazel, and Watertown.
Tuesday, March 6, 2012
Get on the Bus!
Cost: $90/golden connection member
$105/non-member
We will have pick ups in Sioux Falls, Brookings and Watertown
A full itinerary will be sent to all who sign up. Please get your seats reserved by April 27. Payment must be received at time of sign up.
Spring is coming!
Tuesday, January 31, 2012
Things Are Happening at Reliabank!
Joshua Hogue has been hired as a commercial/ag lender in Watertown. A graduate of Dakota State University with a double major in Business Management and Marketing, Josh comes to Reliabank from First Fidelity Bank in Platte, SD. Besides his six years of banking experience, Hogue also has crop insurance and real estate licenses. During his time in Platte he has served on the Platte Chamber of Commerce, as President of the Lake Platte Golf Club, and has volunteered for many community events and fundraisers.
James Gordon has been hired as a commercial/ag lender in the Hartford and Humboldt areas. A graduate of University of South Dakota with a major in Business Administration, Gordon came to Reliabank after spending six years with Wells Fargo Home Mortgage, most recently in the real estate underwriting department.
Tyler Feterl has also been hired as an ag loan officer in the Hartford and Humboldt communities. He will also spend time on the bank's credit review team. He grew up in Salem, SD, and graduated from Dakota State University with a double major in Business Administration Management and Business Administration Finance. Feterl is currently pursuing his MBA. Since graduating from DSU, he has worked for Bayer Crop Science and Monsanto Direct Contact.
Reid Johnson has recently been hired as a marketing consultant working out of the Tea Reliabank location. Johnson is a graduate of University of Sioux Falls with majors in Media Studies and Business Administration. Johnson also owns SportStudio 24 and is an assistant track coach at the University of Sioux Falls.
Saying Goodbye
December found us saying goodbye to Larry Peterson, Insurance Agency Manager for Reliabank. Larry and his wife Sandy, who was a Reliabank employee and retired in 2011, will now have more time for traveling, golfing, and fishing.
We also said goodbye to Sandy Krauth from our Tea Branch at the end of January. Sandy was a part of our transition team from Farmers State Bank to Reliabank in December 2010, and has worked as a personal banker for the past year. Sandy hopes to spend more time with her grandchildren!
February 1st we said goodbye to Willis DeWitt, ag/commercial lender at our Watertown North location. He and his wife Cheryl plan on spending time with family and doing odd jobs on their acreage, along with getting away to do some camping and traveling. Willis has said that he will miss all his co-workers and customers but that he will always be available for a cup of coffee.
James Gordon has been hired as a commercial/ag lender in the Hartford and Humboldt areas. A graduate of University of South Dakota with a major in Business Administration, Gordon came to Reliabank after spending six years with Wells Fargo Home Mortgage, most recently in the real estate underwriting department.
Tyler Feterl has also been hired as an ag loan officer in the Hartford and Humboldt communities. He will also spend time on the bank's credit review team. He grew up in Salem, SD, and graduated from Dakota State University with a double major in Business Administration Management and Business Administration Finance. Feterl is currently pursuing his MBA. Since graduating from DSU, he has worked for Bayer Crop Science and Monsanto Direct Contact.
Reid Johnson has recently been hired as a marketing consultant working out of the Tea Reliabank location. Johnson is a graduate of University of Sioux Falls with majors in Media Studies and Business Administration. Johnson also owns SportStudio 24 and is an assistant track coach at the University of Sioux Falls.
Saying Goodbye
December found us saying goodbye to Larry Peterson, Insurance Agency Manager for Reliabank. Larry and his wife Sandy, who was a Reliabank employee and retired in 2011, will now have more time for traveling, golfing, and fishing.
We also said goodbye to Sandy Krauth from our Tea Branch at the end of January. Sandy was a part of our transition team from Farmers State Bank to Reliabank in December 2010, and has worked as a personal banker for the past year. Sandy hopes to spend more time with her grandchildren!
February 1st we said goodbye to Willis DeWitt, ag/commercial lender at our Watertown North location. He and his wife Cheryl plan on spending time with family and doing odd jobs on their acreage, along with getting away to do some camping and traveling. Willis has said that he will miss all his co-workers and customers but that he will always be available for a cup of coffee.
New Website Launched
After months of planning, designing and revamping, we recently launched the new Reliabank website!
If you have a moment, please take a look. We feel you will find it fresh, new and user friendly. At Reliabank, our goal for the updated website is to provide our visitors with an extremely user friendly website. The site offers more functionality and easier navigation, along with an online education center that offers video demo's and information for Online Banking, eMobile Banking, Bill Pay and more!
If you have a moment, please take a look. We feel you will find it fresh, new and user friendly. At Reliabank, our goal for the updated website is to provide our visitors with an extremely user friendly website. The site offers more functionality and easier navigation, along with an online education center that offers video demo's and information for Online Banking, eMobile Banking, Bill Pay and more!
Wednesday, January 25, 2012
Launching Our New Website Look!
Reliabank.com has gotten a facelift. We will be launching our new website look this Friday, January 27. All the same info will be available, as well as logging in to internet banking - only it will be in a cleaner, easier to use format.
The site’s updated look also comes with increased convenience. Menu items have been condensed to an easy drop down format, as well as each page featuring a quick link to the bank’s contact information and a login box on the left-hand side for easy access to Online Banking. Customers can keep up with the latest news from Reliabank in the News & Events section. The artwork from our Reliabank locations are prominently featured throughout the website also.
We have worked diligently to offer a website that is high tech, eye appealing and user friendly. We are confident that the site will better serve our customers, helping to keep you informed about news happening at the bank, including new products and services. Let us know what you think of the new look by either posting on our facebook page or twitter!
The site’s updated look also comes with increased convenience. Menu items have been condensed to an easy drop down format, as well as each page featuring a quick link to the bank’s contact information and a login box on the left-hand side for easy access to Online Banking. Customers can keep up with the latest news from Reliabank in the News & Events section. The artwork from our Reliabank locations are prominently featured throughout the website also.
We have worked diligently to offer a website that is high tech, eye appealing and user friendly. We are confident that the site will better serve our customers, helping to keep you informed about news happening at the bank, including new products and services. Let us know what you think of the new look by either posting on our facebook page or twitter!
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