#CreditChat
How to Get Financially Ready for College
Wednesdays | 3 p.m. ET
Featuring: Wells Fargo, @LizWeston and @BrokeMillennial
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we shared tips for funding a college education. “
Check Out All the Tweets and Resources:
ex.pn/college
Wednesdays | 3 p.m. ET#CreditChat
With the rising cost of college, how can parents and students prepare?
Scholarships are for every type of student and should be near the top of the list when deciding how to pay for college.
Tweet by @JasonVasquezWF
#CreditChat
It’s important to start saving early - open a 529 college savings account to prep early on.
Tweet by @Payoff
#CreditChat
Start saving early. As soon as your child is born, start putting money away -- even if it’s only a little bit.
Tweet by @emergebenefit
#CreditChat
Be proactive in your college savings strategy. Determine the level that you plan to contribute to your child’s education.
Tweet by @TeamFSINC
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What options are available to finance college tuition (are there any that should be avoided)?
Students can fund college with scholarships, savings, grants tuition reimbursement programs from employers and loans. Tweet by @FacingFinances
#CreditChat
Parents should only borrow if they can afford to pay it off before retirement (and still save for retirement).
Tweet by @LizWeston
#CreditChat
Many schools will allow college students to make several smaller payments over the course of a semester.
Tweet by @JasonVasquezWF
#CreditChat
Take action to ensure that your credit is in good shape before it’s time to borrow. If you’re co-signing a private student loan, a better credit score for you might mean a
lower interest rate for you and your student.
Source: Gigi Dixon, Head of National Partnerships, Wells Fargo
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What are some common misconceptions on how to pay for college?
A BIG mistake parents make is thinking they won’t qualify for financial aid because they make too much. Fill out the FAFSA! Tweet by @JasonVasquezWF
#CreditChat
Misconception- you don’t have to think about paying back loans for a while. Bills start rolling in shortly after graduation.
Tweet by @Payoff
#CreditChat
Another misconception is that you can hide from your student loan debt. They have many, many ways to get their money.
Tweet by @LizWeston
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
How can students keep college costs down?
Keep costs down by doing well, not repeating classes! Also, take some courses at a local community college.
Tweet by @mrjustinwsmith
#CreditChat
ALWAYS ask for a college discount. Tweet by @ygenmoney
#CreditChat
Living at home eliminates all the associated costs of dorm (or off-campus apartment) living.
Tweet by @RAHomes
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
Where can students go to find sourcesfor scholarships and grants?
Check out free online resources like tuitionfundingsources.com to learn about scholarships.
Tweet by @JasonVasquezWF
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What questions should parents and students ask when talking with financial aid or
a guidance counselor?
At which college would the student be in the top 25 percent of the student body? That’s one key to a good aid package.
Tweet by @LizWeston
#CreditChat
Don’t be afraid to negotiate on a financial aid package. If you got a sweet offer from College A, see if College B will match. Tweet by @BrokeMillennial
#CreditChat
Ask if the financial aid package will change after Freshman year; understand the true cost over 4, 5, 6 years.
Tweet by @kevincswanson
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What should you say to a low-income studentwho believes they can never afford college?
Grants and scholarships go a long way! State schools and community colleges also
Tweet by @Payoff
have cheaper tuition with the same great education.
#CreditChat
Your college guidance counselor can be a valued resource when it comes to
Source: Gigi Dixon, Head of National Partnerships, Wells Fargo
exploring the available options for financing an education.
#CreditChat
Anyone who wants to go to college can afford it if they put their mind to finding money to do it.
Tweet by @FacingFinances
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What is the difference between federal and private student loans?
Federal vs. Private Student Loans
- Federal loans have fixed rates, numerous repayment options, the possibility of forgiveness and many consumer protections.
- Private loans have variable rates, few repayment options, no forgiveness, fewer consumer protections.
Source: @LizWeston
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
Any final tips on how we can help parentsand students prepare financially for college?
Look for schools that are a good financial as well as academic/social fit.
Tweet by @LizWeston
#CreditChat
The best thing to do to prepare for college is to plan early and involve kids in the saving process early.
Tweet by @FacingFinances
#CreditChat
PLAN for everything: 529, investment account, high school job, scholarships, FAFSA, college job, etc.
Tweet by @ygenmoney
#CreditChat
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/college
#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
experian.com/creditchat
Subscribe & Check Out:
Recommended
