How to Get Financially Ready for College

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    16-Jul-2015

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  • #CreditChat

    How to Get Financially Ready for CollegeWednesdays | 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

  • Its 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 its 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 childs 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 its time to borrow. If youre 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 wont qualify for financial aid because they make too much. Fill out the FAFSA! Tweet by @JasonVasquezWF

    #CreditChat

  • Misconception- you dont 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? Thats one key to a good aid package.

    Tweet by @LizWeston

    #CreditChat

  • Dont 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

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