Most of us picture college students living in grundgy dorms, wearing the same free t-shirt you get on orientation day, eating Mac and Cheese and skimping out on all kinds of luxuries that you got while living at home.

Not so. According to market research , student spending has seriously increased through the years. Now it’s all about designer clothes, fancy electronics like ipods and laptops, and even gourmet meals.

In fact, more and more adolesecents influence their family’s spending trends weighing in on big ticket items like cars, electronics and household goods.

As students become the next generation of consumers, they are more likely to sign up for student credit cards and take out loans–so they can keep up with their spending habits.

This week, we’ll tell you about the trends in student spending and whether or not getting a student credit card will build your credit or your debt.

We’ll also tell you about the popularity of student loan consolidation , in which students consolidate all their different loans to pay them back.

We are going to sum it all up and see how you will fare!

The Coverdale Education Savings Account is one for your parents. So show them this blog. You’ll look like you are interested in college financial aid options, when really you’re really all about hitting your parents up for college cash.

The Coverdale Education Savings Account, aka Educational Savings account, a Coverdell ESA, a Coverdell account or just ESA is a tax-advantaged investment account to save and cover future college education costs. They are very similar to the 529 savings plans in that they are tax-deferred and are withdrawn tax-free for qualified educational expenses. But the Coverdell Education Savings Account can also cover primary and secondary schools as well as colleges and universities.

The Coverdale Education Savings Account allows your parents to contribute up to $2,000 per person each year and deduct the contribution from their taxes. Accounts can be established with most brokers and mutual fund companies. These contributions may be used for primary and secondary education expenses. You can make contributions to a 529 plan and a Coverdale Plan, but there is a potential gift-tax consequence if you contribute a total exceeding $11,000 per person.

Private student loans are more expensive and risky than federal loans, and are universally agreed to be a last resort.

Private loans have higher interest rates than federal loans that are variable instead of fixed, and lack the borrower protections of federal loans. You should exhaust her federal options (including Parent PLUS loans), before resorting to private loans.

If you do take the private loan route, here’s some tips to get the most bang for your buck.

Limit the number of private loan applications to four at the most, since each application results in a reduction in your credit rating. It is not possible to tell how much the loan will cost since very few lenders provide up-front pricing, and the best advertised rate has no correlation with the actual rates you will get (unless you happen to have a credit rating in the 800s). So apply for a variety of private student loans, one offered by a bank, one by a non-bank specialty lender, and one by the state loan agency in your home state as well as the state in which you are going to school. This stands the best chance of getting you a loan with among the better loan terms.

Colleges can make recommendations about lenders for both private and federal loans. They are often required to have more than one preferred lender, and many also have to share their criteria for choosing preferred lenders. Financial aid offices may be able to negotiate better deals for their students than a parent could, so it is worth checking out these recommendations.

Here are some questions that you should ask when choosing a private college loan:

• What is the lowest interest rate and fee combination that you offer? How can I get that rate? Is the rate only for a limited period (an introductory rate), or for the duration of the loan?
• If the interest rate you are offering is variable, is there a limit on how high the rate can go? How often is the interest rate adjusted, and how is it determined?
• What rate can I get on a fixed-rate loan?
• How long will I be repaying the loan? Is there any penalty for paying off the loan early?
• When do I have to start making payments?
  How long can I defer payments while I’m in school? What if I go to graduate school after my bachelor’s degree? How often do you capitalize the interest? If I do not make payments while in school, how much will I owe when I do start making payments?
  Will I lose my on-time-payment discount with just one late payment or if I ask for a change in the payment schedule? What proportion of your borrowers actually get the discounts you offer?
  Are your discounts guaranteed, or are they subject to change later?
  If I have difficulty making payments (“economic hardship”), do you allow me to defer or reduce my payments temporarily? Under what circumstances, and for how long?
  How much can I borrow without reducing my eligibility for federal, state, or institutional aid?