With the Back-to-School season quickly approaching, many parents and young millionaires-in-the-making are beginning to consider the financial costs associated with postsecondary education. As these young adults and their parents discuss their budget and create a plan to afford this new expense, many important factors are often overlooked.
On today’s episode, I share some of the best tips and strategies parents and young adults can use to ensure their financial success while planning for postsecondary education. I share excerpts from previous episodes with Janet MacDonald of MyCampusGPS and Suzanne Tyson of HigherEdPoints.com sharing their advice to parents and students preparing for postsecondary education, tips on when to begin looking for scholarship funding, and how to use loyalty points to help pay tuition and living expenses. I also explain why parents need to adequately educate their children about the financial realities of life as well as provide education on the use of credit cards.
“Scholarships open and close a lot sooner than people realize.” – Janet MacDonald
This Week on Young Money:
- How MyCampusGPS works to help postsecondary students with scholarship preparation.
- When to begin searching and preparing for scholarships?
- Strategies for writing a winning essay.
- Mistakes parents and students should avoid when applying for postsecondary education.
- How HigherEdPoints.com helps parents and students pay postsecondary tuition, living expenses, and repay student loans.
- Budgeting for additional and “surprise” expenses.
- The importance of preparing postsecondary students for the financial realities of life.
- The importance of parents providing proper education on using credit cards.
Best Postsecondary Education Tips for Parents and Young Millionaires-in-the-Making:
- The best time to get funding through a scholarship is in Grade 12. The opportunities come up early.
- When writing your essay, share your experiences, explain what you learned from them, and explain how you will implement those lessons to improve yourself and your community.
- Plan in advance.
- When budgeting for postsecondary education, don’t forget the smaller costs such as bus passes, meals, unexpected medical issues, rent, and other living expenses.
- You can use loyalty points to help pay for tuition, meals, and residence fees.
- Parents should adequately prepare young adults for the financial realities of life.
- Parents need to provide a balanced education regarding the use of credit cards.
- Remember: It’s perfectly normal not to be able to afford all of your wants and needs immediately after graduating from postsecondary school.
- Episode 5: Biggest Mistakes Made When Educating Young Adults About Student Debt
- Episode 28: Fund Your Education with Loyalty Points by Suzanne Tyson of HigherEdPoints
- Episode 30: Janet MacDonald of MYCAMPUSGPS Navigates Postsecondary Education
- Episode 36: Kelley Keehn with 5 Ways We Sabotage Our Finances
- How to Write Winning Scholarship Applications
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