How to Pay For College

Episode 68 · June 20th, 2022 · 47 mins 56 secs

About this Episode

Have you figured out how you’re going to pay for college? Or are you a parent with your own student loans wondering how you’re going to pay for both? Questioning if you should be saving for retirement or college first?

There are so many questions when it comes to preparing for college. Wondering what college is best for the student, what financial aid they will have access to and what to do if the family finds themselves paying for a parent loan they weren’t aware of.

Listen in as Ann answers some of your burning questions and gives us some great tips on navigating how to pay for college without ending up with huge debts.

Meet Ann Garcia

AKA The College Financial Lady, has helped thousands of families save millions of dollars on college. A fee-only Certified Financial Planner® and managing partner of Independent Progressive Advisors, Ann specializes in helping families balance the desire to support their children’s dreams with the reality of funding their own lives. Her book How to Pay for College is set to release this summer from Harriman House; its companion online course is available now.

Early in Ann’s career as a financial advisor, she heard the same two questions again and again from her clients. One group asked, “How can we possibly afford to save for college and retirement?” Another group asked, “How can I save for retirement when I’m paying so much on my student loans every month?” Realizing that too many people struggled with this topic and too few advisors were willing to talk about it, she started The College Financial Lady blog to answer families’ college planning questions. A decade later, she is not just the go-to person for college financial planning, she is a trained assassin in that arena.

_“Think about it from the perspective of where do you see your student 10 years from now? What's the life that you want them to have? What are the experiences you want them to have in college? What are the things that make them successful or unsuccessful in an academic or social environment? .” _
- Ann Garcia

Timestamps
01:02 - About Ann
03:21 - What's more important? Saving for retirement or college first?
05:21 - How do you balance your own student loan when your kids are about to go to college?
08:14 - Who takes out the student loan? The parent or the student?
12:00 - General advice for making the best long term financial decisions.
19:17 - Tools to navigate scholarships and get great information
20:54 - Does it matter which college you go to?
27:03 - Parents who didn't realise they took our a parent loan.
30:01 - What do they do now?
35:12 - Can social security be garnished for the student loans?
36:50 - Those eligible for student loan forgiveness.
41:14 - Ann's book: How To Pay For College
42:40 - Last words of wisdom and book recommendations

For easy step by step directions and worksheets on getting your budget together and done in 30 minutes a month, download my FREE Budget Starter Kit on budgetsmadeeasy.com/start

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