Your weekly money scoop: October 7, 2016

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Your weekly money scoop: October 7, 2016


We're serving you our weekly bite-sized roundup of the stories you need to know. This week, learn about how to protect against cyber-theft and how to make sure your FAFSA application is in tip-top shape. And also listen to a catchy rap on paying off student loans (yes, really).

The internet never sleeps -- and neither do cyber-criminals. Cyber-theft -- stealing financial or personal information via the internet -- has become a widespread crime, which means it's very important to make sure you're safeguarding your money when using online banking, apps and even cell phone charging stations. How can you do this? Unfortunately, hiding your cash under your mattress isn't the answer. To start, here are five key safeguards that may help you protect your stash.

Adulting has its perks. In Palm Beach, Florida, 2,000 fourth and fifth graders took part in a program that simulated a real-world micro-economy and had them make choices that left them with more or less "money." After the program, the kids were 11 percent more likely to open a bank account and 9 percent more likely to create a budget than their peers who hadn't participated in the program. Teaching elementary school students about money can go a long way for setting kids up to make good financial decisions as an adult.

Planning on filing the FAFSA? The application is six pages long and there may be several opportunities to make an error -- one that could actually delay the processing of your application. Check for these six errors before you hit "submit."

Say happy birthday to the chip-enabled credit card sitting in your wallet. It's been one year since U.S. merchants were held liable for accepting the chip card, and for many it's a bittersweet anniversary. Some shoppers are still complaining that paying with a chip takes too long, though the upside is that fraud with these cards is dropping, according to Visa. Some advocates argue that a switch to chip cards that require a PIN rather than just a signature (the way it is in many European countries and Canada) would've been the more secure way to go.

This rapper makes music videos about student loans. Yes, really. His name is Dee-1 and he's toured with artists such as Lil Wayne and Drake. In partnership with PwC, he's sharing his experience -- and music -- about paying off student debt with high schoolers across the country. Check out his viral music video, Sallie Mae Back -- it's worth it, I assure you.

And that's the scoop this week -- see you next week for more.

About the Author: Mika Bhatia is a Staff Writer for Credit Karma. She's worked in financial services and tech, and has now found the perfect union of the two at Credit Karma. When she's not busy coming up with credit-related analogies, she's most likely supporting the Warriors, enjoying a fine cup of British tea or doing yoga (goal: completing a headstand without toppling over). Follow her at @MikaBhatia!

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