5 Financial To- Do’s for
Students in 2015
As seniors enter the final days of their high school career, many have college in their sights. Choosing a college will be one of the most important decisions young adults make, so it makes sense to take time, reflect, and choose wisely. However, college is also incredibly expensive, so in addition to choosing a college, students should circle in on how they are going to pay for it. Here are 5 Financial To Do’s future college students must do in 2015.
Students should set aside time with their parents to discuss their college options and create a payment plan together. At this time, parents should frankly discuss with their children if they will be contributing money to their child’s higher education and if so, how much. Perhaps they've been socking away money in a 529 account for college to help with the financial burden for their child. Candidly talking about paying for college will give students an idea of how much they’ll need to accumulate for school between federal aid, private loans, and scholarships.
Fill Out Your FAFSA
Even if you think your parents make too much income to qualify, filling out the FAFSA is the first important step for determining how much federal aid a student can take out. Many colleges require it as a first step to determining a total financial aid package for a prospective student, so the time invested in filling it out is well worth it. (See our blog “5 Tips for Filling Out Your FAFSA”.)
Shop Interest Rates
Achieve Lending has written about this before, but competitively shopping interest rates can save students thousands of dollars over the lifetime of a loan. It never hurts to shop around and play with the numbers to see how much money students would pay in interest. Even a difference of half a percentage point can make a huge impact on your post-college finances. Students should use an interest rate calculator (We like this one by Bank Rate!) to help visualize the dollar amount and do preliminary research, and a loan search engine, such as Achieve Lending, to shop and compare. Remember: It isn’t just about funding college, but your entire financial future.
Research Scholarship and Grant Opportunities
Paying for college doesn't exclusive have to come from federal and private loans, and many students should go beyond basic research to find lesser known scholarship and grant opportunities. Many big-name brands offer small scholarships for creativity, (see this blog post on 100 unique scholarships you can apply for) such as wearing duct tape to prom, or writing an essay about Ayn Rand’s The Fountainhead. Every little bit helps when it comes to paying for college!
Start Saving for College
Even if you have enough in aid and scholarships to cover your tuition and dorm, it never hurts to start socking away money for books, lab fees, and the additional expenses that are bound to come up when you start college in the Fall. Students can get a part time or summer job, sock away graduation money or allowance, or start consigning clothing or items they won’t take with them to college in the Fall. Having a nice savings cushion is always a good idea, and the earlier you start, the more prepared and comfortable you will be.
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