One of the advantages of student life is that it is
inexpensive. Student housing or rooms rented with roommates create inexpensive
living, on-campus facilities offer great services at discount rates, and many
businesses offer student-only deals.
Try to take advantage of these offers to make your
student money stretch further so that you have take out the smallest student
loans possible. Look around to find the best student-deal offers, ranging from
travel deals to free tax filing services, available from your campus and from surrounding
businesses.
Make use of the free services on campus - such as renting
movies for free from the film department or working out in the school gym -
rather than paying for these same services outside the campus.
According to the Fed, 
The Federal Open Market Committee cut short term interest rates again today by one half of a percentage point to 3.0%. The Fed's rate cut was in response to the economy's current financial state.
"The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets."
The good news for cardholders is that this means that the Prime Rate will fall by half of a point as well to 6%. Over the coming weeks and months, interest rates will fall .50% on variable rate credit cards. About 90% of all cards issued today have variable rates that typically move up and down in response to the Prime Rate.
Curtis Arnold, Founder of CardRatings.com, notes:
"Given the recent rate cuts, if you are paying over 10% on your current credit card and you have a credit score above 700, then I would strongly suggest that you search our listings of low rate credit card offers. Simmons Bank, for example, offers a 7.25% fixed rate card."The rate cut should have an immediate impact on consumers that are revolving credit card debt. The current average rate based on all the cards listed in our comprehensive database is 12.82%. Those applying for a credit card with a variable rate should benefit as well.
Finally, it is also worth noting that the Federal Open Market Committee also cut rates unexpectedly earlier this month by .75% or 75 basis points. Bottom line is that we've had two rate cuts this month that total 1.25%. Can't wait from my own card to reflect these cuts!
Curtis Arnold - Curtis is the CEO/Founder of CardRatings.com, a website that provides credit card ratings and reviews of over 20,000 offers.
