Three Things You Can Do to Better Prepare for College Expenses
- Engage the student early on so that they start thinking of college as more of an investment in their future vs. simply another life experience. Otherwise, it could be one heck of an expensive experience for them and for you! Talk to them about what it may be like to pay off $30,000, $50,000 or $100,000 in debt over a 15-20 year timeframe. Calculate the monthly payments and help them understand that studying hard to get a scholarship could literally mean saving $500 – $1,000/month for the next 20 or 30 years! Then, pull out some travel catalogues and car magazines. Help them visualize all the amazing life experiences they can buy for $1,000/month. Now, ask them to choose between THAT and the alternative ways of spending time that don’t result in scholarships.
- Start budgeting as soon as possible. Click here to view a great college savings calculator on the College Board web site. This can help you determine how much you need to start saving each year.
- Talk to me about restructuring some of your debt, cash flow and home equity while interest rates are still low. You never know what your options are until you have the conversation.
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Jet Direct Mortgage
Corporate NMLS Number: 3542
111 West Main Street, Suite 110
Bayshore, New York 11706