Taming the High Cost of College! : Financial Aid | FAFSA | Student Loans | Scholarships | Tax | Saving | Investing | Grants | 529 plans
About This Show
If you are the parent of a college bound high school student then this podcast is for you. Our goal is to give you the information you need to SAVE TIME, SAVE MONEY, and reduce stress in the college process. We will cover all aspects of planning and paying for college including things like: What to do if you do not qualify for financial aid, student loans, FAFSA and CSS profile, merit aid, scholarships, college tax breaks, visits, ACT and SAT, college fairs, the application process, and good college planning websites. Essentially all things college.
Most Recent Episode
THCC116 – Making College Finance Decisions Interview with Debbi King, Author “The ABC’s of Personal Finance”
2 days ago
“Personal finance is about 10% math and 90% emotion,” describes our guest today and money expert Debbi King. After ending up in bankruptcy, she finally got debt-free and decided nobody else should ever have to go through what happened to her. Using her accounting degree and education degree she became a coach and author to help everyone succeed financially.
Questions Answered Today:
What is your perspective on parents planning for college?
“Sadly I see a lot of stress and non-preparation,” laments King.
Parents often have their own struggles and aren’t able to just write a check to pay for college.
College should not be a given! Children need to find out what their passion is and then decide if college is the right path to reach that dream.
To a certain generation, college seems mandatory. It really isn’t anymore.
King suggests asking, “What would I do if I could do it for free?” Use job shadowing and other ways for kids to explore what they think they are interested in. Once they find what their passion is, they need to plan how to achieve it.
What is your recommendation when parents feel like they are coming up short?
“A lot of parents feel guilty and that it is their job to send their kids to college. It isn’t,” says King. It is very important that you don’t ruin your own financial future. Students have a lot more financial options.
Together, you can both work and pay for as much as you can of their educational expenses.
Consider going to community college for the first 2 years and then transferring.
Scholarships are critical if you need to attend a university. Even awards of $100 will add up quickly. Be sure to let your adult student take responsibility and lead the charge for tackling their college expenses.
How can you pay down debt?
It has to be your #1 goal to pay down debt quickly. King recommends:
Do not wait! Pay it down even while you are still in school
* Get a summer job and put that towards your loan
Make it a priority to pay it off
* Pay this off before buying a car or any other large expense
Lower every budget item you can and get rid of that loan
* Live with parents, get a roommate, anything you can do