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Despite the Credit Bubble
By Staff Reporter Ashley
As most all MDs and Financial Advisors are aware, financial aid is one of the determining factors in where students attend college. It could either make or break their dreams. And, we are aware of some students who’ve been blessed with a sufficient amount of financial aid to attend a college they never imagined themselves going to, rich or poor, affluent parents or not.
The College Credit Bubble
And, believe it or not, those who are financially capable to pay for college – like the offspring of some medical professional and FA parents – are often still eligible for financial help. But beware – if this sounds too good to be true?
We’ve written about this topic before at the ME-P, and in our handbooks and print texts, as a cautionary tale.
Link: https://medicalexecutivepost.com/2011/10/18/examining-the-college-credit-bubble
The Myths
Nevertheless, here are the 8 other myths about college financial aid:
Source: onlinegraduateprograms.com
Conclusion
In any case, early planning is the key to supporting both your kids’ futures and your retirement. Making logical college funding decisions, rather than emotional ones, creates a win/win for everyone.
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Filed under: Financial Planning, Funding Basics | Tagged: college credit bubble, college financial aid, financial aid myths |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Cheap US Colleges?
Here are the cheapest colleges between 2007 and 2010, according to the Department of Education:
Sitting Bull College (ND) — $938
South Texas College — $1,317
The University of Texas-Pan American — $1,646
Indian River State College (FL) — $2,138
California State University-Dominguez Hills — $2,451
California State University-Los Angeles — $3,263
Elizabeth City State University (NC) — $3,335
Palm Beach State College (FL) — $3,490
Haskell Indian Nations University (KS) — $4,302
CUNY Lehman College (NY) — $4,335
But, is cheap the same as inexpensive?
Joseph
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Negotiating through the Maze of College Costs
Roughly two-thirds of college students borrow money for college. The average college graduate leaves school with about $25,000 worth of debt.
http://registeredrep.com/columns/lynn_osha/how_much_should_college_students_borrow_1121/?NL=09-RGRa&Issue=09-RGRa_20111126_09-RGRa_440&YM_RID=marcinkoadvisors%40msn.com&YM_MID=1274846
But, is $25,000 a reasonable amount of student loans?
Lisa
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Let Uncle Sam help pay for college
Yes, higher-education costs may seem daunting, but federal tax breaks can ease the burden. Parents and students should consider all the options, from 529 and Coverdell plans to credits and deductions.
http://money.msn.com/tax-planning/let-uncle-sam-help-pay-for-college-bankrate.aspx
Anthony
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Five Tips For Private Collete Scholarships
According to Lynn O’Shaughnessy, when families start looking to pay for college, some put their hopes in private scholarships – as there are an estimated 1.5 million private scholarships out there, though how many are awarded annually is difficult to track. But, only in a handful of cases will these make much of a dent in a tuition bill.
So, if you or your clients insists on seeking them out, here are five things you – and they – should know.
http://registeredrep.com/wealthmanagement/collegeplan/five_tips_for_private_scholarships_124/?NL=09-RGRa&Issue=09-RGRa_20120128_09-RGRa_873&YM_RID=marcinkoadvisors%40msn.com&YM_MID=1288038
Emily
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How Financial Aid Letters Often Leave Students Confused and Misinformed
The Department of Education has a model financial aid award letter.
http://www.propublica.org/article/how-financial-aid-letters-often-leave-students-confused-and-misinformed
It’s very different from what schools are actually sending.
Blair
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College Costs
As Parents Struggle to Repay College Loans for Their Children, Taxpayers Also Stand to Lose.
http://www.propublica.org/article/as-parents-struggle-to-repay-college-loans-for-their-children-taxpayers-als?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter
Burton
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Update 2018
College students use financial aid money to invest in bitcoin.
More than 20 percent of students report that they’ve invested in cryptocurrencies with their student loans. Experts say that’s a dangerous move.
https://www.cnbc.com/2018/03/23/college-students-use-financial-aid-money-to-invest-in-bitcoin.html?utm_source=MIT+Technology+Review&utm_campaign=b72893c865-EMAIL_CAMPAIGN_2018_02_27&utm_medium=email&utm_term=0_997ed6f472-b72893c865-154253973
Charles
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General Money Myths
https://www.msn.com/en-us/money/personalfinance/common-myths-about-money-that-everyone-should-stop-believing/ss-BB1g6r05
Susan
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