Send Your Child to College, Without Breaking the Bank
This week’s show featured our finance expert, Jennifer Ranville, of Fifth Third Bank. Here are her top five tips for sending your child to college, without breaking the bank!
Tip 1: Remember the ABC’s of borrowing wisely
· Always take advantage of free money such as grants and scholarships, before taking out a loan to pay for college. Look for easy money, like your parent’s place of employment, which sometimes offers scholarships for college-age children.
· Be sure to maximize your Federal Stafford Loan eligibility, as federal student loans generally have lower interest rates than private student loans.
· Consider alternative or private student loans only after all federal money options have been exhausted.
Tip 2: Open a Student Checking Account
Whether you’re attending school close to home or far away, you need a checking account that’s simple. When you move onto campus, stop by your local bank and open up a student account. Student accounts are specially designed with students in mind, with less fees, no minimum balances, limited free wire transfers so parents can put money into the account from back home, and more.
Tip 3: Use Credit Cards Wisely
Use credit cards wisely because this is a chance to establish a solid credit history. Watch your interest rates, and pay your balance off each month. Don’t use the card for routine living expenses or a night on the town – those expenses add up quickly. Shop around for the best deal and read the fine print before signing up. Read all »
