You may have just graduated college, or maybe it has been a few years. Either way, it’s important to understand your student debt and create a repayment plan that is realistic for your specific needs.
In the next few weeks, several thousand college freshmen will be arriving on campus excited to start the next chapter in their life. An often overlooked aspect of this new life is the financial wisdom needed for this new found freed. Following are five tips for parents to share with their college bound children.
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Congratulations on graduation! It’s time to get geared up for college so you can meet new people, discover your academic interests, and welcome some more financial independence. As you transition into college, managing your money well can make your life easier. Here are a few things to think about.
Establishing and maintaining good credit is important – whether you want to obtain a mortgage, a car loan, or a student loan, your creditworthiness is the key to your financial life. If you have bad credit, it will be more expensive for you to borrow money for any purpose because your interest rate will be higher.
College freshman will be heading to school very soon and most families are already preparing them for the day. When thinking about what your child needs, don’t forget financial wisdom. Not only is important to obtain a good education but you also want your child to leave college in a sound financial condition as well.
Whether you have 12 weeks before your child attends college or 12 years before that big day, there are several ways to fund the cost of college. Don’t be distraught if you don’t have enough saved or if you think you might not be able to save all you need. Paying for college is typical a mix of savings, current earnings, scholarships, student loans and other loans.
How financially savvy is your college aged child? Are they prepared for the real world and ready to make real financial decisions on their own? Building good financial habits during college is extremely important to long term financial success. Following are few ways to help your child become good at making financial decisions.