Smart Ways to Pay for College

If you like this presentation – show it...

Slide 0

#CreditChat #CreditChat Wednesdays | 3 p.m. ET Smart Ways to Pay for College

Slide 1

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some great tips to help students win the student loan battle. ex.pn/collegesavings

Slide 2

#CreditChat Wednesdays | 3 p.m. ET What options are available to fund a college education?

Slide 3

#CreditChat Wednesdays | 3 p.m. ET There are scholarships, grants, and loans for students. A 529 plan is great for parents saving for college. Tweet by @SFCUNews

Slide 4

#CreditChat #CreditChat Wednesdays | 3 p.m. ET ET Wednesdays | 3 p.m. The first place you should look isthe true cost over 4, 5, 6 years. understand scholarships and grants. Both understand the true your entire 5, 6 years. have the ability to fund cost over 4, education. Tweet by @Kasasa Tweet by @

Slide 5

#CreditChat Wednesdays | 3 p.m. ET Choose a school based on total cost of attendance, then work part-time to offset costs. Tweet by @JayFleischman

Slide 6

#CreditChat Wednesdays | 3 p.m. ET How can you ensure that you are making a costeffective college choice?

Slide 7

#CreditChat Wednesdays | 3 p.m. ET Compare the total cost (tuition + expenses + scholarships) vs. average salary of a graduate with your degree. Tweet by @SFCUNews

Slide 8

#CreditChat Wednesdays | 3 p.m. ET If you want to go to an expensive school, consider taking your Gen Eds at a community college first. Tweet by @Kasasa

Slide 9

#CreditChat Wednesdays | 3 p.m. ET Look at your own long-range goals and ask yourself if that college can put you on the road to achieving them. Tweet by @shermanwealth

Slide 10

#CreditChat Wednesdays | 3 p.m. ET Average annual cost of community college: $3,347. Private: $31,000. Public: $9,100. Do the math! Tweet by @Kasasa

Slide 11

#CreditChat Wednesdays | 3 p.m. ET What factors should be included in an overall college budget?

Slide 12

#CreditChat Wednesdays | 3 p.m. ET Like any budget, a college budget should include an emergency fund for things like urgent trips home. Tweet by @shermanwealth

Slide 13

#CreditChat Wednesdays | 3 p.m. ET Besides the regulars (housing, tuition, and books) be sure factor in transportation, food, and “fun money.” Tweet by @Kasasa

Slide 14

#CreditChat Wednesdays | 3 p.m. ET Live off campus if it’s less expensive. Opt out of the meal plan if you can. Budget for trips home. Tweet by @JayFleischman

Slide 15

#CreditChat Wednesdays | 3 p.m. ET Will a college savings account like 529 plans or scholarships affect your financial aid?

Slide 16

#CreditChat Wednesdays | 3 p.m. ET Yes, but it all depends on who owns the account (i.e. student, parent, or grandparent). Tweet by @SFCUNews

Slide 17

#CreditChat Wednesdays | 3 p.m. ET Yes, for both, but that doesn’t mean you shouldn’t apply to everything. Better to have all the options in front of you. Tweet by @Kasasa

Slide 18

#CreditChat Wednesdays | 3 p.m. ET How can you minimize your college expenses while still in high school?

Slide 19

#CreditChat Wednesdays | 3 p.m. ET Take classes that earn college credit. You could graduate a semester early! Tweet by @SFCUNews

Slide 20

#CreditChat Wednesdays | 3 p.m. ET Save during the summers for your “fun money” once college starts. You’ll thank yourself later. Tweet by @dahartattack

Slide 21

#CreditChat Wednesdays | 3 p.m. ET Work part-time before college and save the money. Tweet by @JayFleischman

Slide 22

#CreditChat Wednesdays | 3 p.m. ET Taking AP classes in high school that transfer over to college credits will give you a head start! Tweet by @PicaCreditUnion

Slide 23

#CreditChat Wednesdays | 3 p.m. ET AP and IB programs can save you $1000 in tuition costs. If you’re feeling crazy: take some summer classes at the community college. Tweet by @Kasasa

Slide 24

#CreditChat Wednesdays | 3 p.m. ET How can someone attend college for free?

Slide 25

#CreditChat Wednesdays | 3 p.m. ET Never stop applying for scholarships and grants even once you’re in school and always file your FAFSA early. Tweet by @SFCUNews

Slide 26

#CreditChat Wednesdays | 3 p.m. ET The sooner you start working hard, the better. Scholarships, AP credits, grants...they all help. Tweet by @WeAreMortgages

Slide 27

#CreditChat Wednesdays | 3 p.m. ET Be sure to look into your local community bank and credit union. Most offer scholarships. Bonus if you’re a finance major. Tweet by @Kasasa

Slide 28

#CreditChat Wednesdays | 3 p.m. ET Don’t forget the GI Bill. It’s not for everyone, but it’s there. Tweet by @WeAreMortgages

Slide 29

#CreditChat Wednesdays | 3 p.m. ET How can someone pay for school while attending college?

Slide 30

#CreditChat Wednesdays | 3 p.m. ET Join the work-study program or another on-campus job. Work during the summer and save for the next semester. Tweet by @SFCUNews

Slide 31

#CreditChat Wednesdays | 3 p.m. ET Working part-time helps a lot of students be more organized and do better in school. Tweet by @WeAreMortgages

Slide 32

#CreditChat Wednesdays | 3 p.m. ET Eat dinner in, dessert out (keeps you social). Tweet by @JayFleischman

Slide 33

#CreditChat Wednesdays | 3 p.m. ET Become a resident advisor and all or some of your living costs will be paid. Tweet by @moneytalk1 #CreditChat Wednesdays | 3 p.m. ET

Slide 34

#CreditChat Wednesdays | 3 p.m. ET For graduate school, become a TA (teaching assistant) or RA (research assistant) and you’ll get free tuition and expense stipend. Tweet by @moneytalk1

Slide 35

#CreditChat Wednesdays | 3 p.m. ET When can you start paying your student loans and typically how long is the grace period?

Slide 36

#CreditChat #CreditChat Wednesdays | 3 p.m. ET You can start making student loan payments while still in school, but most give you a 6-month period. Tweet by @SFCUNews Tweet by @Payoff

Slide 37

#CreditChat Wednesdays | 3 p.m. ET You can start paying your student loans during college you should pay the unsubsidized ones first because interest will accrue. Tweet by @CFGCollege

Slide 38

#CreditChat Wednesdays | 3 p.m. ET Even monthly payments of less than $100 can save you thousands of dollars in interest payments down the line. Tweet by @Kasasa

Slide 39

#CreditChat Wednesdays | 3 p.m. ET What options are available for people struggling to pay student loans?

Slide 40

#CreditChat Wednesdays | 3 p.m. ET Many repayment programs are available based on income and other factors. Tweet by @CFGCollege

Slide 41

#CreditChat Wednesdays | 3 p.m. ET Three options: change your repayment plan, consolidate, or defer. Deferring should be your last resort. Tweet by @Kasasa

Slide 42

#CreditChat Wednesdays | 3 p.m. ET NEVER go into forbearance on federal loans. Opt for income based repayment or pay as you earn instead so the the clock keeps ticking on long term discharge. Tweet by @JayFleischman

Slide 43

Student loan consolidation can also help manage monthly payments & potentially lower the interest rate. Tweet by @CFGCollege #CreditChat Wednesdays | 3 p.m. ET

Slide 44

Keep contact info updated with lenders, and always open your mail. You could miss a payment change opportunity. Tweet by @JayFleischman #CreditChat Wednesdays | 3 p.m. ET

Slide 45

#CreditChat Wednesdays | 3 p.m. ET Any final tips for students preparing to attend college?

Slide 46

#CreditChat Wednesdays | 3 p.m. ET Financial advisors went to college too! Talk to an advisor or take advantage of great personal finance blogs. Tweet by @shermanwealth

Slide 47

#CreditChat Wednesdays | 3 p.m. ET Don’t forget to have fun. College is a time to learn/fail. Be smart with your money, but have fun. Tweet by @Kasasa

Slide 48

#CreditChat Wednesdays | 3 p.m. ET If you visit a college before applying, you can often get the application fee waived and apply for free! Tweet by @suddenlyfrugal

Slide 49

#CreditChat Wednesdays | 3 p.m. ET Have fun, enjoy the ride, make friends, study, budget, get good grades and learn independence. Tweet by @CaryCarbonaro

Slide 50

#CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/collegesavings

Slide 51

#CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat

Slide 52

Subscribe & Check Out:

Slide 53