For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.
Debt Free U by Zac Bissonnette is a great resource for anyone attending college or planning on attending college. It has advice for both students and parents.
It is a quick read, I ordered the Kindle version the other night and read some that night and finished it in 3-4 hours the next day. You may not agree with all of his ideas and suggestions but the book is full of information on financial aid and other ways of paying for college. It gives you questions to ask and things to think about before signing on for tons of student aid. When applying for financial aid it is important to realize how much you are borrowing and how much the payments will be and for how many years. Another thing to think about is what kind of job you are expecting to get when you graduate and what kind of income you expect to earn.
When selecting colleges, it is more important than ever in this economy to consider how much your education and other expenses are going to cost. It may be possible to save some money by taking some courses at a community college and transfer to a 4 year college.
Many parents feel obligated to pay for their kids college educations or help. In some cases it may not be possible. Some parents risk their financial futures by not saving for their own retirement to pay for their kid’s college expenses.
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