Tips and Tricks when Paying for College for both Parents and Students – FT006
Jim and Andrew are together again for next installment of the Financial Tech Podcast! Jim just had a child graduate from high school – for many people this means college is next. So how do you pay for it?
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Andrew quizzes Jim who is going through it right now.
What has has experience been? How was the big bad FAFSA – done online www.fafsa.ed.edu. Were you able to find aid for all of the cost of Government loans, Grants, Scholarships, Private loans and out of pocket funds
What was the process like for Jim? Did he encourage his kids to work through school, did he try and cover most expenses, or did he lay the whole responsibility on the student? Remember there is no wrong answer
When you graduate, what are the steps to start paying them back? Contact your servicer?
Create a list of all the loans you have out there include: Lender, Servicer, Address, Payoff amount, and interest rate find this at www.NSLDS.ed.edu National student loan data system.
Look into consolidating with the Federal Direct program http://loanconsolidation.ed.gov. Do the math, what makes sense for you.
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