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Paying For College During a Pandemic

Financial things are crazy right now. Some peoples’ incomes are up, and some are down. The one thing that we know won’t change is that things will change again. And those changes will affect how families might be paying for college.

Providentially, Forbes Advisor and Savingforcollege.com recently co-hosted a webinar on how to pay for college during the pandemic. They proposed some good ideas on dealing with college costs. I’m listing some below.

Their first tip was to speak up. This means talking to your school about your financial situation. Schools are losing students for various reasons, and some are willing to bend on the financial issues to keep students enrolled. You may have to file a revised FAFSA. If you do, let the college know. Communicate with the admissions and financial aid people at the school. You should be able to save some money. Since the average student loan runs into decades of payments, dollars saved up front translate to many dollars saved over the life of any college loans that you may take.

Their second tip is near and dear to my heart. They said, “It’s to rethink debt.” The best thing you can do for your future is to borrow as little as possible, maybe even nothing. See my book, “Say No! To College Debt” for some workable ideas on how to do that. My book is available through the usual outlets or my website.

The third tip they offered is to stay flexible. It may be you need to change your college plans to part-time with a job or to take a gap year to earn college funds. I graduated from 4 colleges with 4 degrees and not a dime of debt when I graduated from any of them. It took me longer than usual, but the lack of debt has made my life free to follow directions that others can’t.

Source: https://www.forbes.com/sites/advisor/2020/08/05/top-personal-finance-experts-offer-tips-on-paying-for-college-during-a-pandemic/#48dab03b6a12

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