For many millennials, graduating from college with staggering amounts of student loan debt has become the norm. But it doesn’t have to be. This week, we talked about how to save and pay for college and options to explore to eliminate high student loan balances. Our panel included: Steve & Annette Economides – New York Times Best Selling Authors and Founders of MoneySmartFamily.com, Kasasa- a national brand of free rewards checking accounts offered exclusively at community financial institutions, which reward consumers with ATM refunds nationwide, high interest, and no minimum balance, Rod Griffin- Director of Public Education at Experian, and Mike Delgado- Social Media Community Manager at Experian. This deck includes tips from: @Kasasa, @SFCUNews, @JayFleischman, @shermanwealth, @dahartattack, @PicaCreditUnion, @WeArMortgages, @moneytalk1, @CFGCollege, @suddenlyfrugal and CaryCarbonaro Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and Blab.im.

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Smart Ways to Pay for College
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2. Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, the community shared some great tips to help
students win the student loan battle.
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What options are available to fund a college
education?

4. There are scholarships, grants, and loans for students. A
529 plan is great for parents saving for college.
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5. Tweet by @
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understand the true cost over 4, 5, 6 years.
understand the true cost over 4, 5, 6 years.
The first place you should look is scholarships and grants. Both
have the ability to fund your entire education.
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Choose a school based on total cost of attendance, then
work part-time to offset costs.
Tweet by @JayFleischman
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7. How can you ensure that you are making a cost-
effective college choice?
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8. Compare the total cost (tuition + expenses + scholarships) vs.
average salary of a graduate with your degree.
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If you want to go to an expensive school, consider taking your
Gen Eds at a community college first.
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10. college can put you on the road to achieving them.
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Look at your own long-range goals and ask yourself if that

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Private: $31,000. Public: $9,100. Do the math!
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Average annual cost of community college: $3,347.

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What factors should be included in an overall
college budget?

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Like any budget, a college budget should include an emergency
fund for things like urgent trips home.
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Besides the regulars (housing, tuition, and books) be sure
factor in transportation, food, and “fun money.”
Tweet by @Kasasa

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Live off campus if it’s less expensive. Opt out of the meal plan
if you can. Budget for trips home.
Tweet by @JayFleischman

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Will a college savings account like 529 plans
or scholarships affect your financial aid?

17. Yes, but it all depends on who owns the account (i.e. student,
parent, or grandparent).
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18. Yes, for both, but that doesn’t mean you shouldn’t apply to
everything. Better to have all the options in front of you.
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19. How can you minimize your college expenses
while still in high school?
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20. Take classes that earn college credit. You could graduate
a semester early!
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21. Save during the summers for your “fun money” once college
starts. You’ll thank yourself later.
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22. Work part-time before college and save the money.
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23. Taking AP classes in high school that transfer over to
college credits will give you a head start!
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24. AP and IB programs can save you $1000 in tuition costs. If
you’re feeling crazy: take some summer classes
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at the community college.
Tweet by @Kasasa

25. How can someone attend college for free?
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26. Never stop applying for scholarships and grants even once
you’re in school and always file your FAFSA early.
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27. The sooner you start working hard, the better. Scholarships,
AP credits, grants...they all help.
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28. Be sure to look into your local community bank and credit
union. Most offer scholarships. Bonus if you’re a finance major.
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29. Don’t forget the GI Bill. It’s not for everyone, but it’s there.
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30. How can someone pay for school while
attending college?
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31. Join the work-study program or another on-campus job.
Work during the summer and save for the next semester.
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32. Working part-time helps a lot of students be more
organized and do better in school.
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33. Eat dinner in, dessert out (keeps you social).
Tweet by @JayFleischman
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Become a resident advisor and all or some of your
living costs will be paid.
Tweet by @moneytalk1
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35. For graduate school, become a TA (teaching assistant)
or RA (research assistant) and you’ll get free
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tuition and expense stipend.

36. When can you start paying your student loans
and typically how long is the grace period?
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37. Tweet by @Payoff
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You can start making student loan payments while
still in school, but most give you a 6-month period.
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38. You can start paying your student loans during college -
you should pay the unsubsidized ones first
Tweet by @CFGCollege
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because interest will accrue.

39. Even monthly payments of less than $100 can save you
thousands of dollars in interest payments down the line.
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40. What options are available for people struggling
to pay student loans?
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41. Many repayment programs are available based on
income and other factors.
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42. Three options: change your repayment plan, consolidate,
or defer. Deferring should be your last resort.
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43. NEVER go into forbearance on federal loans. Opt for income
based repayment or pay as you earn instead so the
Tweet by @JayFleischman
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the clock keeps ticking on long term discharge.

44. Student loan consolidation can also help manage
monthly payments & potentially lower the interest rate.
Tweet by @CFGCollege
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45. Keep contact info updated with lenders, and always open
your mail. You could miss a payment change opportunity.
Tweet by @JayFleischman
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46. Any final tips for students preparing to
attend college?
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47. Financial advisors went to college too! Talk to an advisor
or take advantage of great personal finance blogs.
Tweet by @shermanwealth
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48. Don’t forget to have fun. College is a time to learn/fail.
Be smart with your money, but have fun.
Tweet by @Kasasa
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49. If you visit a college before applying, you can often get
the application fee waived and apply for free!
Tweet by @suddenlyfrugal
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50. Have fun, enjoy the ride, make friends, study, budget, get
good grades and learn independence.
Tweet by @CaryCarbonaro
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