I’m a senior in high school, planning ahead for my future college payments. So I’m not in debt yet, but with the expenses of college, I know I will be and want to make a budget plan. I am currently looking uo scholarships and grants, but that will not cover the full cost of course. I plan to go to college to be a Neonatal Nurse and my reaserach tells me it will cost anywhere between $8,000-$40,000.
I also have a daughter and am already saving for her college fund and my car will be paid off within the next two years.
So my question is, Steve, can you help me make a budget plan for my future college payments to reduce my debt?
First off let me applaud you for the planning you’ve done so far. It’s far more than the average high school senior does. And to be a mother on top of that. Wow!
Before we can plan how to pay for expenses and budget, we need good data to deal with. there is a huge difference between $8,000 and $40,000.
Recently I answered another question and in that answer I linked to a number of nursing loan repayment options. See this post.
I’d start your research with the financial aid office of the school you think you will be attending. They can give you some realistic input on the costs and what you might expect to receive in grants and scholarships.
Next we need to know what type of student loans are available to you. Stay away from any private student loan. Make sure you only use government backed student loans. Private student loans are toxic and can ruin your life later. They have limited repayment options.
I’m going to assign you some homework. Talk to the financial aid office and then report back what you learn. Based on that we can move ahead with a budget.
Please post your responses and follow-up messages to me on this in the comments section below.