College is more expensive than ever, but are parents making the right financial decisions when choosing a school? The cost of college can reach $75,000 to $100,000 or more per year, and without a proper strategy, families could find themselves taking on hundreds of thousands of dollars in debt.
In this episode of Mortgages Made Easy, host Dave Steinberg sits down with David Slater, a senior member of the College Benefits Research Group (CBRG), to discuss the real cost of higher education and how families can make smarter college planning decisions.
David explains why college planning needs to go beyond applications, essays, and getting accepted. Families also need to understand financial aid, scholarships, college selection, student loans, and how their decisions today could affect their financial future for decades.
They discuss how choosing the right undergraduate school can potentially save families significant money, why attending an expensive or prestigious university isn't always the best financial decision, and how parents can avoid sacrificing their retirement savings to pay for their children's education.
Topics covered in this episode:
Why college planning needs to include both academic and financial guidance.
The rising cost of college and what families are really paying.
How to choose a college based on financial and academic fit.
Why an affordable undergraduate degree followed by a prestigious graduate degree can make financial sense.
How scholarships and financial aid influence college decisions.
Changes to federal Parent PLUS student loans and borrowing limits.
Private student loans and alternative ways to finance college.
Why parents need to protect their retirement savings when paying for college.
The benefits of community college and transferring to a four-year university.
Why not every student needs to follow the traditional four-year college path.
When parents should begin preparing their children for college applications.
Why starting college planning during sophomore or junior year of high school can make a difference.
One of the biggest takeaways: College should be treated as a major financial decision, not simply the next step after high school. Parents and students need to understand the costs, establish a realistic budget, and develop a strategy before committing to a school.
If you have a child approaching college age, this is an important conversation to hear before making one of your family's biggest financial commitments.
#CollegePlanning #CollegeCosts #StudentLoanDebt #FinancialPlanning #MortgagesMadeEasy
Timestamp
00:00 Introduction: David Slater and College Benefits Research Group
01:28 Why College Planning Needs Financial Guidance
03:49 Academic Planning vs. Financial College Planning
05:09 The Rising Cost of College Education
06:31 How to Choose the Right College Financially
07:20 Why an Ivy League School Isn't Always the Best Choice
09:07 Saving Money on Undergraduate Education
10:16 How Colleges Help Students Prepare for Careers
11:03 How Scholarships Influence College Decisions
13:10 How Parents Can Save Thousands on College
14:12 Changes to Financial Aid and Student Loans
15:35 Parent PLUS Loan Changes and Borrowing Limits
16:22 The Rising Cost of Private and Public Universities
17:25 Why Only Some Students Graduate in Four Years
19:16 How Parents Can Pay for College
20:17 Private Student Loans and Alternative Funding
21:28 Planning for Multiple Children in College
22:30 Using Retirement Savings to Pay for College
23:17 Community College vs. Four-Year Universities
24:06 Does Every Student Need to Go to College?
25:14 Gap Years, Career Planning and Alternative Paths
27:24 How College Debt Impacts Parents' Retirement
29:33 How College Expenses Can Create Financial Stress
31:01 Using Your Home and Mortgage to Help Pay for College
31:31 Setting a Realistic College Budget
32:37 College Planning Workshops and Getting Started
34:05 When Should Parents Start College Planning?
35:22 Why Junior Year Is Critical for College Preparation
36:10 Why Waiting Until Senior Year Can Be Too Late
37:30 Final Advice for Parents Planning for College
Dave Steinberg NMLS: #67325 Mortgage Broker Summit Funding
-
Connect with me:
Office: 718.575.1166
Email: dave@summitfunding.com
https://summitfunding.com
-
Summit Funding | Registered Mortgage Broker (NMLS #52081) New York State Department of Financial Services
7030 137 Street, Kew Gardens Hills, NY 11367
Summit Funding | Licensed Correspondent Mortgage Lender (NMLS #301151) New Jersey Department of Banking and Insurance
Summit Funding Inc., Your Mortgage Professionals Licensed Mortgage Broker (NMLS #84943) | State of Connecticut Department of Banking
Summit Funding, Your Mortgage Professionals, Inc. Licensed Mortgage Broker (NMLS #84943) | Florida Office of Financial Regulation
Loans Provided By Third Party Lenders
Refer with Confidence®
#yourmortgageguy #mortgages #mortgageprofessionals #homeloans #firsttimehomebuyer
