Important Money Skills For Your Student & More!
With spring in full swing and the school year soon coming to an end, there is a sense of renewal and new beginnings as we move closer to the warmth and sunshine summer brings.
With the potential for earnings from summer jobs, now is a good time to begin teaching your student the value of practical money habits to avoid financial traps. Below are 5 savvy money saving tips to prepare them for a positive lifelong financial path.
Another important topic I’m touching on is everything grandparents need to know about gifting monies so they do not jeopardize their grandchild from qualifying for financial aid and scholarships.
Beatrice Schultz, CFP®
Westface College Planning
WA: (360) 818-7728
CA: (650) 587-1559
1498 SE Tech Center Place, Ste 385
Vancouver, WA 98683
Tips for Parents of Seniors
5 Practical Money Skills for College Students
Practical money skills are essential to creating lifelong good money habits. For students, developing proper financial habits right from the start puts them on a positive path to becoming financially independent.
To help your student, take time to help them navigate financial waters before they are on their own; they’ll be more likely to avoid trouble with credit cards, overdraft fees and other tricky economic woes. Here are five savvy money steps to take now, so you don’t have to bail your son or daughter out later.
Read more at Westface College Planning.
Tips By Trix
Tip #1: Don’t use monies in your 529 saving plan to pay off student loan debt. This does not qualify as a higher education expense and is subject to income tax and a 10% tax penalty on the earnings portions.
Tip #2: Don’t overborrow for your child’s higher education; be honest about what you can afford and share that with your children long before they begin their path toward searching for colleges.
Tip #3: During your students’ junior year of high school, begin searching for scholarships. Continue each year through college.
Want more helpful tips on how to create a college funding plan? Contact us today for a complimentary consultation!
On-Demand Free Webinar
Enroll in our FREE on-demand webinar and learn how to calculate:
- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA & CSS profile
- Public vs. private costs
- How you can afford college without jeopardizing retirement
Enroll for free now! Just click the button below!
Fun College Facts
- Alumni comes from the Latin “Alumuns” meaning “foster son”
- There are 60 all-female colleges in the United States, but only 4 all-male
- Harvard has the largest academic library in the world
In College News
Here’s What Grandparents Should Know About Helping Pay for College
As a general rule, college tuition rates have increased at roughly twice the rate of inflation. According to Collegeboard.org, the average annual cost for public college tuition, fees and room and board averaged $36,420 last school year, and some private schools can cost more than twice as much.
As a result of these high costs, I have seen many more clients who want to help contribute to their grandchildren’s education. Here’s an overview of what parents can expect and how grandparents can help with minimal impact on their grandchild’s aid eligibility.
It’s always greatly appreciated when grandparents can help with college costs, but they need to be careful so as not to harm the grandchild’s ability to qualify for financial aid. In general, a grandparent’s gift can jeopardize need-based aid but not merit scholarships.
Continue reading this article in the Bradenton Herald.
Ready for your own success story?
If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
Catch our free, on-demand webinar:
How to Survive Paying for College
Join Beatrice Schultz, CFP® for our on-demand webinar, where she provides parents with the exact steps that often greatly lower the cost of college, even if there’s little time to prepare.