WHILE IN by jolinmilioncherie


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A Publication for Members of Aspire Federal Credit Union

                                                           3rd Quarter | 2011

New Rules for
College Loans:
               STARTING A
MATCHING A                         BUSINESS
CAREER TO DEBT                     WHILE IN
REPAYMENT                            COLLEGE
           PAGE 5                            PAGE 7
  Contents                                        sp rations

           President’s Message - Freshmen Finances
           How to Budget for Financial Success

           DID YOU KNOW?
           The facts on Internet Fraud                               2

           Ask Your Financial Advisor - Teaching Our
           Children the Value of Saving . . . By Example             3

           New Rules for College Loans:
           Matching a Career to Debt Repayment                       5

           Starting a Business While in College                      7

           Important Information on Store Branded
           Debit Cards                                              10

           What’s New at   Aspire?                                  11

           SHAPE UP!
           Staying in Shape While Keeping Cool                      12

D I D YO U K N O W ?
Our Funds Availability Disclosure is changing, and the change is positive
to our members! Instead of $100 being available for next-day use, you’ll
have next-day access to $200! Log onto www.aspirefcu.org/policies.cgi
to view and download the policy on or after July 21, 2011.
President’s Message

                 Thomas J. O’Shea
                 President & CEO

How to Budget for Financial Success
Freshman year of college is an exciting and challenging time for your
children as they embark on their new college world. Not only are there new
experiences for them both academically and socially but most teens will
be financially independent for the first time. More independence means
more responsibility. It’s important to talk to your teen about spending and
budgeting before sending them off to college.

Paying for college is more than just covering tuition costs. It is best to help
your teens set up a budget before they go off to college to help them
understand what money is going out and what money is coming in.

The first step to creating a budget is considering your teen’s expenses.
There are many costs to take into account, including room and board or
rent, books and supplies, food and groceries, transportation, personal care
(cosmetics, toiletries, prescription medications, etc.) and more. Don’t forget
to set aside funds for entertainment – things like dining out, going to the
movies, or big events like birthday celebrations or travel plans.

Next, figure out your teen’s income. This includes any income from a school
job, financial aid, scholarships, student loans, and any support or monthly
allowances you will offer them. You should make it clear that income and
expenses need to balance.

Staying on Track
  • Once you have a budget in place, to help stay on track you should
    help your child utilize a worksheet to track income and expenses.
  • It would be helpful if you reviewed this worksheet with your teen a
    couple of times each semester to make sure they are staying within
    their budget.

       24/7 Member Call Center - 888.322.3732 - Option 3
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      • A credit union is a great choice for your teen’s banking options. Aspire
        FCU has free checking accounts with no minimum balances, and low
        or no fees for other services. In addition, we offer student loans to help
        with tuition, auto loans, credit builder loans, scholarships, and back -to-
        school personal loans for daily expenses.
      • Make sure that your college student keeps an emergency fund so they
        can cover any unexpected items that may come up and you are not
        relying on credit to make any hurried purchases.

    You probably budgeted and saved over the years to help your child attend
    college. Now, by teaching them to budget in college; you’ll be setting them
    up for financial success and independence throughout college and into
    their adult lives.

    DID YOU KNOW? The facts on Internet Fraud.
    Understanding what criminals are trying to do over the Internet is the
    first step to a good defense. Most electronic fraud falls into one of three
    categories. Experts advise: understand these to understand how best to
    protect yourself.
    • Phishing – Fraudulent emails purporting to be from your Credit Union
      or a similar trusted source lures you to a copy cat website (one that may
      look just like Aspire’s). Once there, you are instructed to “verify” certain
      personal information, which is then used to hijack your accounts and your
      identity. If you receive a suspicious email, delete the message and call us at
      888.322.3732, Option 3.
    • Pharming – Also called “domain spoofing,” this cyber crime intercepts
      Internet traffic and re-routes it to a fraudulent site. Once there, the victim
      is asked to enter personal information, just as with Phishing.
    • Malware – This is software designed to infiltrate or damage a computer
      system without the owner’s knowledge. Examples of malware (malicious
      software) include computer viruses, worms, Trojan horses, spyware
      and adware.

                 24/7 Member Call Center - 888.322.3732 - Option 3
Ask Your Financial Advisor

Teaching Our Children the Value of Saving . . . By Example
Q: My daughter recently began babysitting, and treats her income as
completely disposable. She doesn’t want to save or invest any of it. My wife
explained that she could have more money by investing and tried setting
up an account for her at the credit union, but she wouldn’t hear of it. I don’t
want to see her develop the habit of spending everything she gets, but it IS
her money.

How can I show her the wisdom of putting away a
little bit of her earnings, rather than spending it all on
clothing, movies, makeup and fast food?
A: This is a common issue. Difficult as it is to face, children learn the lessons
we don’t want them to learn better than they learn the ones we try so hard
to instill. They learn by example. If you’re saving, and are open about why
you’re saving, what you’re saving for, and how important it is, she’ll learn to
save. If you, as a parent, treat your own income as completely disposable,
using everything that isn’t earmarked for bills immediately, you can’t expect
your daughter to act differently.

Having said that, there’s a lot you can do to help your daughter develop
good financial habits. Have an open conversation about the family finances,
and discuss what you’re doing to save, and how much you’re putting
away each month. If you’re not yet saving on a consistent basis, get started
immediately. Talk about the difference between where you are now and
where you want to be, and how saving money will get you there. Talk
about what it is you’re saving for. Set long term and short term goals. Pick
something every member of the family will enjoy and start saving for it.
Discuss how much closer you are to your goals every week.

Once the groundwork has been laid, offer to match or at least supplement
your daughter’s savings. With some understanding of savings, positive role
models and a little motivation, your daughter can develop an important
habit early in life.

       24/7 Member Call Center - 888.322.3732 - Option 3
    Attention Graduating High School Seniors
    and Current College Students!
    It’s that time of year again... time to apply for our annual Salvatore Perricone
    Scholarship Award! Members in good standing who are currently enrolled
    in or have been accepted to a full-time college or university may apply by
    completing an application and submitting their official transcripts. No essay
    or writing section is required. We urge all members who meet the eligibility
    requirements to apply. Several scholarships ($750 each) will be awarded for
    tuition, books and other college expenses.

    Don’t close the book on this great opportunity! Download our official
    application and eligibility requirements at www.aspirefcu.org or stop by your
    branch to pick them up. Please note that applications are required and
    must be postmarked by September 30, 2011. Good luck!

    EdAccess Private Student Loans and Loan Consolidation
    EdAccess Private Student Loan* – Our low-cost student loan is designed to
    meet your education needs.** Full interest and principal payments are deferred until
    6 months after graduation, the repayment period is up to 10 years, and you can
    borrow as little as $2,000 or as much as $30,000 per academic year!

    You’ll receive:                                        It can be used to pay for qualified
    • Competitive interest rates and with                  education expenses, including:
      good grades, get even lower rates                    Tuition / Room and board
    • 1% interest rate reduction once                      Books and computer / Past due tuition bills
      you repay 10% of the loan                            You’ll love our competitive rates and terms
    • No cosigner required for Juniors                     to fit your budget. Apply now!
      and Seniors. Creditworthy                            Call 1.888.549.9050 or log onto
      students can apply on their own                      www.custudentloans.org/aspirefcu/.

    If you’ve already graduated and are looking to consolidate your debt, our Private
    Student Loan Consolidation** is perfect for you! You can:
    Lower your payment • Lower your interest • Simplify your finances
    To learn more information today, log onto https://consolidation.custudentloans.org/.

    * Private student loans should be used as a supplemental funding after exhausting all other sources of financial aid,
    including grants, scholarships, and federal student loans. Federal loans offer more attractive terms when compared
    to most other borrowing options, including private student loans. For more information on federal loans, visit
    ** Benefits depend on individual circumstances

                       24/7 Member Call Center - 888.322.3732 - Option 3
New Rules for College Loans:
Matching a Career to Debt Repayment

Please click here to create a PDF to print or e-mail to your kids.
This article is a great resource for planning for the future.

The reason why most students attend college is in
order to secure a job after graduation. The job that
college graduates are searching for is one that can
afford them to take care of themselves and allow
them to repay any student loans they took out.
However, many students that have graduated in
the past few years find themselves working but
unable to earn enough income to pay back
their school debts easily. What is a student
entering college now to do?

Before starting college, a student needs to
account for what career path they envision
after they graduate. If they plan to take out
student loans to attend college they must
be prepared for repayment.

The amount of debt used to complete a degree should relate
to a minimum expected income after graduation.

It is critical for students to consider this because going heavily into debt
to achieve an education without job prospects does not add up. Using
student loans of $80,000, $90,000 or $100,000 towards an undergraduate
degree is a major financial commitment that requires dedicated planning
and preparation. Quite simply, it is a huge amount of money, and it will
force a student to push back other big ticket purchases like a house or car
if they cannot pay student loans back quickly. The following tips can help a
prospective college student figure this out.

1. What kind of career do you want? Do you love to work
   with children and want to be a teacher? Are you interested
   in chemical engineering? Do you have a passion for film
   production? Is being a chef a dream occupation for you?

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      These are all great career options that offer a varied amount
      of salaries. You first need to be aware of what kind of income
      potential there is for the field you want to enter. Take a look
      at the average salaries associated with these careers online
      with www.payscale.com or www.salary.com. Keep in mind
      that that these are average salaries, you could be making
      more or less. But at least you have an idea of what is
      out there.
    2. What school can help you reach that career goal? Whatever
       your career goals are, there is a college that can help you
       achieve them. There are a variety of schools that offer
       education, skills, development and support to get you going
       in the right direction. Figure out which schools can offer you
       the best education for your career goals.
    3. Compare Costs: When comparing costs for college, you
       will want to consider financial aid eligibility and how much
       in student loans you would have to take out. Do this by
       applying for admission to schools you are interested in and
       comparing the financial aid offered at each school. Then you
       will know how much in student loans you need to pay the
       rest of the bill. Multiply that by 4 or 5 years to estimate your
       total debt when you finish school.
    4. Compare total debt to income prospects: Use a loan
       repayment calculator (Check out http://www.finaid.
       org/calculators/loanpayments.phtml for a student loan
       calculator) to figure out what your loan will cost you. The
       rule of thumb is that your student loan debt should not
       exceed your expected first year income. Financial planners
       recommend that monthly payments toward debt should be
       no more than 8% to 10% of income in a year. You will be able
       to make a better decision by considering both your career
       goals and debt needed for school.

                24/7 Member Call Center - 888.322.3732 - Option 3
Starting a Business While in College

Please click here to create a PDF to print or e-mail to your kids.
This article is a great resource to use if your child is looking to
become an entrepreneur, or even to just pay for a few nights out
with friends!

Tuition, room and board, books, clothes, food and - of course
- support of your social scene. With so many expenses while
you’re at college, most people are in debt and wouldn’t even
consider the notion of starting a business. Yet, it could be
one of the greatest decisions you could make.

Common knowledge about college goes something like this: Go to the
best college you can, get passing grades, get a degree, get a job, move
up the corporate ladder, and become “safe”. But surprisingly, many of the
most successful and happiest people alive did no such thing. Instead of
going with the crowd, the status quo, they used their imagination and
ambition to become successful without taking orders from anyone. From
Andrew Carnegie to Thomas Edison to modern day entrepreneurs like Mark
Zuckerberg and Bill Gates, the common thread of all these is that the road
less traveled is often the road to success.

Because not everyone has the courage to travel
this road. It requires you to overcome fears, to take
chances, to learn to depend on yourself and your
intuition. You don’t need to be a genius to do this
(Thomas Edison didn’t make it past eighth grade),
but you must be willing to work hard and be
persistent. It is often those who refuse to
take failure and no for an answer that
end up succeeding.

First of all, learn your passions. It’s
much easier to work hard when
you’re excited about what
you’re building. Are you

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                                   into sports? Consider starting a sports blog.
                                   Do you like photography? There are many
                                   sites online that will pay you commissions
                                   for your photos, or you can even offer to
                                   work as a freelance photographer for local
                                   businesses. Do you like animals, writing, or
                                   working out? Consider businesses as a dog
                                   walker, freelance writer or personal trainer.
                                   If you scoff at some of these ideas, consider
                                   this: the best dog-walkers in the world make
                                   up to 350 dollars an hour, walking 7 dogs
                                   at once for wealthy customers in New York.
    As a freelance writer, you’d have a chance to hone your writing skills while
    getting paid up to 50 dollars per 400 word article. And personal trainers?
    Many have gone on to sell their own e-books and DVDs while making
    millions in the process. How does that sound? Pursuing your passions and
    making great money while you do it, plus not having to answer to anyone
    but yourself. Remember, if you’ve got a skill, you could always find a way to
    make money off it.

    So, instead of sitting around watching re-runs, why not take
    control of your life and your future? Start-up costs for all
    these ideas are low. All of them could be started with less
    than a hundred dollars. Just skip a couple of parties, shop at
    a thrift shop instead of designer malls or quit the coffee or
    soda habit. Save the money you would have spent and put it
    toward the first step to a very significant leap.

    Most of the time, your lack of start-up money is your greatest asset. When
    you have limited resources, it forces you to focus your energies and get
    creative. All it takes is for you to stop procrastinating and start taking
    control of your future.

                 24/7 Member Call Center - 888.322.3732 - Option 3
I’ve come to know your staff and appreciate their efforts to
assist me. Aspire FCU is an outstanding example of a financial
institution where service is to its members. This is not only
a mission statement, but a practice. I am grateful for my
association with the organization.”
                              – Rhoderick M. Holliday
Great customer service and caring people!”
                              – Elizabeth Conlan
The staff is excellent, courteous and always helpful above
and beyond their normal duties. The Kasasa program is a
great incentive.”
                              – Robert Leonardis
I love the convenience of banking at work.
I love the friendly people.”
                              – George Fonos
I love my Aspire family! This is the best credit union around by
far. The Member Service Reps and Loan Consultants are friendly
and informative. It was quick and painless to get an auto loan
here and I’m earning high interest on my Kasasa Saver account.
Thanks Aspire!”
                              – Alexia Mavrakes

Submit your own testimonial and see what others are saying
about Aspire! Visit www.aspirefcu.org, and click on the
Testimonials tab, located on the right hand side of our website.

      24/7 Member Call Center - 888.322.3732 - Option 3
            Important Information on Store
            Branded Debit Cards

            Many retail stores now offer a new type of card for consumers. When a
            purchase is made with the store branded debit card, the transaction will be
            debited from your bank account as an ACH item (ACH stands for Automated
            Clearing House and is the network that electronically processes your money).
            These cards have been growing in popularity because of an incentive of
            discounts and other perks. However, many consumers do not fully understand
            how the cards work. If fraud occurs, the fraud in most cases will fall on the
            store’s financial institution.

            The card holder must follow the reporting requirements outlined in the
            merchant’s card agreement and notify the credit union so the unauthorized
            ACH debit can be returned to the merchant’s financial institution that issued
            the ACH debit. With any type of card, it’s important to understand your liability
            in case fraud occurs. Make sure you read the merchant’s card contact and
            understand how the card works.

            Tips for consideration:
            • Read the merchant’s store branded (ACH) debit card contact information
              and be sure that you understand the responsibilities
            • Realize that once you sign up for a merchant’s store branded (ACH) debit
              card, the transactions post as an ACH debit to your account
            • Understand that the dispute in the event of unauthorized ACH debit activity
              is complex and your responsibility to take care of

                                        Because of this, it is imperative that you realize
                                        how important making transactions with
                                        your Aspire Debit Card is; it will save you time,
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                                        frustration and money. To get your free Aspire
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                          24/7 Member Call Center - 888.322.3732 - Option 3
What’s New at          Aspire?
           BLOG – we’ve introduced a useful tool, Dream Big!, our new
           blog, which offers tips and advice that can help you achieve
    your financial dreams! From buying a home, getting married and
    having children to purchasing a car, financing a college education
    and retiring, Dream BIG! offers information that is useful to everyone.
    To check out our blog, log onto www.aspirefcu.org, and click on
    Dream BIG!’s button, located at the top of our website.

          TESTIMONIAL PAGE – It’s new, it’s fun, and it’s a great way
          for you to tell us how you’re feeling about our products and
    services. Simply log onto www.aspirefcu.org and click on the
    Testimonial tab, located on the right hand side of our website or in
    the drop down section of our Quick Links tab.

           LIVE CHAT’S EXTENDED HOURS – Your dream is our
           purpose, so of course we want to serve you as best as
    possible! In an effort to better assist you, the hours of our Online
    Live Chat have been extended. You can now chat live with a
    Member Service Representative from 8:00 a.m. until 6:00 p.m.,
    Mondays-Fridays. Simply log onto www.aspirefcu.org and click
    the ‘Live Chat’ button, located at the top of our website.

          eDEPOSITS – Turn your computer into your very own
          personal teller with eDeposits from Aspire FCU! We’re
    streamlining your banking experience by allowing qualifying
    members in good standing to deposit checks directly from their
    home or office. So start taking advantage of free eDeposits today!
    For more information and to apply, contact a Member Service
    Representative at 888.322.3732, Option 3.

   24/7 Member Call Center - 888.322.3732 - Option 3
     SHAPE UP!                                 Staying in Shape
                                               While Keeping Cool

     Looking for a way to stay in shape this season, but not looking forward to
     the heat? Look no further! Here are some tips on how to keep cool and
     maximize your summer workouts:
        • Avoid the heat by opting for early morning or indoor workouts.
        • Wear loose, light colored clothing. The sun (and insects!) are less
          attracted to them.
        • Wear sunscreen, even on cloudy days. It’s not the sun’s rays that
          determine whether or not you’ll get sunburn, it’s the UV rays. So even
          though it’s cloudy, you still should protect yourself.
        • Stay hydrated. You need to replenish electrolytes along with fluids
          (this will keep you from dehydrating and/or cramping); mixing ¾
          water and ¼ sports drink into your water bottle is a great way to get
          your electrolytes and stay hydrated, without going overboard on
          the sugar.
        • Try to find shaded areas for your runs or workouts, like a park with lots
          of trees.
        • Go for a swim – it’s a full-body workout, and the cool water will
          feel great!
        • Walk in the pool.
        • Monitor your heart rate. If you feel your heart rate rising above
          your targeted level, slow down the intensity of your workout. Don’t
          overwork yourself.

                  24/7 Member Call Center - 888.322.3732 - Option 3
                                                                                     5.25% APR*                               Check out our special rates!

                                                                                              4.25% APR
                                                                                     for a 10-year loan *
      Ready to Retire                                                                                                                   for a 5-year loan
      your Monthly
      Mortgage Payment?
                                                                                                 5.25% APR*
                                                                                     No closing costs!
                                                                                     Hurry! Thesefor a 10-year loan
      Refinance your existing
      mortgage into an Aspire FCU                                                                  rates expire
      Home Equity Loan and save!                                                     on July 31 . No closing costs!

                                                                                                                                        Hurry! These rates expire
                                                                                                                                        on July 31st.

ormation on a                  *Following are our best available rates for a maximum of the lesser of 80% LoanToValue (minus 1st mortgage balance) or
                               $250,000 for information on with                      *Following are our made directly maximum of the lesser of FCU checking account. Primary
                              For morehighly qualified members, a automatic payments best available rates for afrom your Aspire80% LoanToValue (minus 1stFCU checking account.orPrimary
                                                                                     $250,000 for highly qualified members, with automatic payments made directly from your Aspire
                                                                                                                                                                                   mortgage balance)

y Loan, please                 residence only. Other rates/terms may apply           residence only. Other Members with existing equity accounts are notaccounts are for
                              Home Equity Loan, please based on credit criteria.rates/terms may apply basedrequired ascriteria. our process. State Mortgage Tax,eligiblenotiseligible for
                                                                                                                                      on credit      Members with existing equity
                               these promotional terms. Proof of income will be required promotionalofDepositprocess. will be the promotionalofrate. Rateif applicable, is if applicable, the member’s
                                                                                           as part terms. Proofrequired to State Mortgage Tax, offers
                                                                                                            our is of income receive            part
                                                                                                                                                                                     the member’s
                              call us at 888.322.3732, to receive the promotional rate. Rate offers expire July 31, 2011. expire July 31, 2011.
                                                                                     responsibility. Direct

8.322.3732,                    responsibility. Direct Deposit is required
                              Option 2 to speak with a                                  5 years         4.25% (pymt=$465.40) e      $25,000 min.      Rate includes Reduction of 2.09% w/checking & auto pay

         888.322.3732                                                                   10 years        5.25% (pymt=$539.23) e      $50,000 min.      Rate includes Reduction of 1.35% w/checking & auto pay

       with a
 speak www.aspirefcu.org      Loan Consultant.(pymt=$465.40) e
                                  5 years         4.25%                        $25,000 min. 5.75%Rate includes Reduction of 2.09% w/checking & w/checking & auto pay
                                                                                        15 years
                                                                                                        20 years
                                                                                                                (pymt=$834.91) e    $100,000 min.
                                                                                                                   6.25% (pymt=$735.07) e
                                                                                                                                                      Rate includes Reduction of 1.59% auto pay
                                                                                                                                            $100,000 min.   Rate includes Reduction of 1.35% w/checking & auto pay
                                   10 years           5.25% (pymt=$539.23) e                  $50,000 min.                Rate includes Reduction of 1.35% w/checking & auto pay
tant.                              15 years           5.75% (pymt=$834.91) e                  $100,000 min.               Rate includes Reduction of 1.59% w/checking & auto pay
                                   20 years           6.25% (pymt=$735.07) e                  $100,000 min.               Rate includes Reduction of 1.35% w/checking & auto pay

      For more information on a Home Equity Loan, please call us at
      888.322.3732, Option 2 to speak with a Loan Consultant.

         Have a Drea m Destination in Mind,
         but Need a Little Help to Make it Happen?
                                                                           With a low-rate vacation loan from Aspire FCU, you
                                                                           can take the vacation you want - sooner than you
                                                                           think - with a payment you can afford!

                                                                           • Borrow $2,011 with a 12-month term
                                                                           • Plus, when you book your vacation loan by
                                                                           August 31, 2011, you’ll automatically be entered into
                                                                           our Vacation Getaway Sweepstakes!

                                                                           Peaceful tropical getaways, scenic cross-country
                                                                           drives or even short “staycations” close to home -
                                                                           they’re all possible with help from Aspire FCU. Give
                                                                           us a call at 888.322.3732, Option 2 to speak with
                                                                           a Loan Consultant, and get ready to cruise into the
                                                                           summer vacation you want and deserve!

                                                                           *APR = Annual Percentage Rage. Offer available 6/1/11 - 8/31/11

                    24/7 Member Call Center - 888.322.3732 - Option 3
                        FIRST-CLASS MAIL
                       U.S. POSTAGE PAID
                       NEW BRUNSWICK, NJ
                        PERMIT NO. 1826

67 Walnut Avenue
Suite 401
Clark, NJ 07066-1696

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