Q. I recently graduated college and my grace period for loan repayment is up. I haven't been able to find a job yet. How can I postpone my loan payments?

A. According to studentaid.ed.gov, the three most common reasons that loan payments are lowered or postponed are:

• Enrollment in school (at least part-time).
• Inability to find full-time employment.
• Economic hardship (can’t afford the payments).

Generally, lenders offer deferment (postponing your payments for a specific amount of time) if you can’t afford your loan payments. During deferment, you might be responsible for interest accrued. If you don't qualify for deferment, you may be granted forbearance (when your lender agrees to temporarily lower or suspend loan payments, but your interest continues to accrue). If your payments continue to be a major burden, consider loan consolidation.

To find more help with your repayment plan, contact your lender and ask them about their deferment options and qualifications.

Q. Is buying a lottery ticket a complete waste of my hard-earned money?

A. The chances of winning are so slim that the lottery is typically not worth it. Before you gamble:

• Know the odds of winning. You have a 1 in 146 million chance of winning the Powerball grand prize, and a 1 in 69 chance of winning only $3.
• Choose wisely. International lotteries are not only illegal, but are likely to be phony as well.
• Get serious. You have better odds of getting a hole-in-one as an amateur on a par-3 golf course (1 in 12,500) than hitting the jackpot with the lottery.

If you really want to make a return on spare cash, consider investing in an IRA. Depending on your age and investments, you can plan on being a millionaire instead of betting on it. Check out brassmagazine.com for saving and investing articles.

Editor's Note: When answering your questions, brass consults with experienced professionals from a wide spectrum of industries. We utilize their expertise to give you the answers you need, but it's always wise to seek additional opinions from other professionals.

Sources: yahoo.com; fafsa.com; studentaid.ed.gov; finaid.org; moneycentral.msn.com; usatoday.com; ftc.gov; powerball.com