Start Thinking to the Future!

April 29, 2012 at 9:03 pm Leave a comment

Even if you’re making enough money and are well off now, it’s never too early to start saving. Although you may be covering all your expenses just fine at the time, what about the future? The new hype issue in the campaign has been all about student loans.

According to Andrea Bulfinch at Foster’s Daily Democrat, student loans interest rate may double from 3.4% to 6.8%. This is a main reason why students need to start balancing their life and college loans now. President Barack Obama and Republican candidate Mitt Romney have apparently spoken this past week in agreement, strongly requesting Congress to halt the increase in student loans.

As a result of this, parents and students should start paying attention to the amount they spend, in addition, to the cost they will pay when selecting a college. According to an article by NBC, investors can control their college savings plan fees. The Coalition of Mutual Fund Investors have found that plans sold through brokers and financial advisors, charge more than twice in annual fees, as opposed to those who choose directly through states or manage their own finances. The advisor sold plans were on average 2.15 times higher.

In rebuttal, this isn’t to say that students or families paying for professional advice aren’t getting their money’s worth. According to the article, if people are new to investing or already have a financial planner they trust, the outcome could be worth the benefits.

In addition to saving for student loan expenses, students must also conserve money for credit card and car loans, along with all the costs of living and extras they want to participate in. It’s never too early to start budgeting now and keeping it under control.

The first thing you should always do is apply for financial aid. You should also apply for as many college scholarships as possible, even during the time you’re attending college. Billions of dollars each year are given to students and anything helps! It could be you. Another good tip is to make sure you’re signing up for classes you need and want to take. Dropping classes will only waste your money and time, which could then ultimately delay your graduation. Paying for an additional semester or years of college will only increase your tuition expenses during that time and the loans you’ll have to pay off later. Be smart and plan ahead now!

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Entry filed under: budgeting, MCOM341, saving money, student loans. Tags: , , , , .

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