Looking to ease the burden of paying for college tuition? Tune into this podcast for creative solutions families can use to pay their upcoming college bill. Prudent Money hoast, Bob Brooks and College Admissions expert John Hupalo discuss the options.
College admissions decisions are arriving – a joyous time for students relishing their success. A disappointing moment when dream schools say no. No matter which, these emotions will soon be overrun by the reality of making a school choice. And then figuring out how to pay the coming college bill. Lurking under it all: how much student loan debt will be required to get to graduation?
Most families know that there are many ways to pay for college: savings, loans, grants, scholarships, financial aid, gifts from friends and family, income from a job, etc. Sometimes overlooked is a hidden gem that could reduce student borrowing and the total cost of paying for college: tuition payment plans.
The excitement of a college acceptance letter can be quickly replaced with anxiety if the financial award (a.k.a., the Financial Aid Package) is a bust. Here are some tips to evaluate the Package and what to do if it falls short.
When you buy expensive things -- a TV, a car, a house --, you most likely take more and more time to carefully consider the risks, rewards, and probable outcomes associated with the purchase as the price increases. No one wants to waste hard-earned money. In addition to knowing the purchase price, you will likely have a good handle on the ultimate cost, including after-purchase expenses such as maintenance and insurance. This is true for nearly all consumer transactions -- except for purchasing an education.
That sounds odd, doesn’t it, “to win the financial aid game.” You don’t have to stretch very far to see that the financial aid process has characteristics of a game: there is a rulebook, a referee (the U.S. Department of Education), a defined time period and rewards at the end for the winners. Unfortunately, as we’ve recently learned, there are cheaters too.
