Dividends
Edited by Toddi Gutner
The Stat
0.62 percent: The average seven-day yield (annualized) for both taxable and tax-free money-market funds right now. That makes tax-free funds the better deal.
Data: Money Fund Report
STOCKS
COLLEGE LOANS
Saving Money 101
For this year's crop of graduating seniors, the times are grim. They face the worst job market in a decade and enormous levels of debt. The average loan balance for the class of 2003 will likely be more than $19,000. That's nearly double the figure of five years ago, according to Nellie Mae, a national provider of student loans.
One consolation is that soon-to-be-grads can lower their costs by consolidating their federal student loans. They can lock in today's rock-bottom rates for the term of the consolidated loan -- 3.5%, compared with the 6.3% rate for loans taken out in their freshman year. "The opportunity is absolutely amazing," says Shawn Lindstrom, president of eStudentLoan in Bethesda, Md. If you borrowed from a single lender, you must use it for a consolidation loan. If you borrowed from more than one place, you can go elsewhere. Some of the bigger lenders to students include Nellie Mae (www.nelliemae.com), College Loan Corp. (www.collegeloancorp.com), Collegiate Funding Services (cfsloans.com), and Bank of America (bankofamerica.com).
By Anne Field
AUTO ACCESSORIES
Hitch Step
Need a leg up to mount your bicycle or canoe on the roof of your SUV? Does Fido need a pawhold to climb into the back? Twistep ($150 to $180; twistep.com) is a sturdy platform that mounts to most trailer hitches and swivels under the vehicle for storage.
TIME OFF
Wild West Finance
Bank on learning some financial history at one of Wells Fargo's eight free History Museums (wellsfargo.com; Keyword: museum). The main one is at the bank's headquarters in San Francisco. You'll find old loan papers, gold nuggets, and a stagecoach that once carried money and mail.
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Copyright 2003, by The McGraw-Hill Companies Inc. All rights reserved.
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