Financial advice for students involves the operative word: student(s). Yes, otherwise, financial advice for students will involve getting by financially while you are a student, maybe issues about affording cars and car insurance. However, the biggest chunk of change will be diverted to financing their education.
Thus, most financial advice for students will deal with securing education loans for college or technical school. They might, as an ancillary service, offer up some encouragement to tell the student to get a head start on retirement investing by opening and funding a Roth IRA or their workplace's 401k. Though, if you were to seek out anything about student finances, it is for the most part about education loans.
There are several places from which to get loans, grants and gifts. It is a heavy financial burden to expect a student to shoulder their education all by themselves. It is not impossible, though there are other ways to support a student. Say, you are a single parent with more than one college-aged student.
Financial guidance websites for students might say allow them to live at home while attending school. While they may not pay full rent, maybe they can pay something to help you out, while you give them the gift of a roof over their heads. This would be far less expensive than the financial burden of a dormitory and related food service expenses that you or your students would pay for dining services.
In addition to the gift of housing, there are loans from banks and also from universities that students can pay back when they have completed their studies. In the case of professional school attendees, this is a pretty good deal, especially when they are almost guaranteed to make back the money they spend on interest and schooling.
There is also the matter of grants, which often come from the government. These are gifts, which do not have to be paid back. They are available often times for students who otherwise may not be able to quite pay for school. They are often extended to students who grew up under a single parent or other similar circumstances.
Speaking of parents, they can also take out education loans on behalf of their kids who are now expensive students. However, parents who have received financial advice for students; that is, their children, may have at least saved up some money in pre-tax funds such as a 529 account. This is a good method to help relieve the expense of higher education, and allows you the experience of saving to offer good advice to your own college-aged student.
If you have loans for the student, parents, grants, and housing all covered, then it is time to also look into scholarship money. Conventional advice says there are scholarships available for almost any set of circumstances, achievements and the like for nearly any and all student. They may range from a few hundred dollars to a few thousand, to fully paid tuition. Think about what talents and achievements (academic and extracurricular) that your student has. Then look for scholarship money. That is good financial advice for students.
If you are still wondering about everything financial for school, consider this financial advice for students: taking a year off to work to save up money. In addition there are a handful of institutions that offer work co-ops, which give students the opportunity to study academics one or two consecutive semesters. The next quarter or semester they then head off into the workplace where they will earn experience and a financial bonus: a paycheck. This ensures that the student does not have to take on unpaid internships, or low-paying or stipend-only experiences that leave the student with a greater financial burden than before.
In addition to traditional Federal Government grants, there are state education grants offered up as well. There are scholarships for the student who maintain good grades, as long as they stay in state. Then there are even grants offered for continuing education at a technical school in some states. These can be for the traditional student, or even those returning to school to learn a new trade. Financial advice for students can involve these options as well. It is worth your time to consider the options. Financial advice for students covers almost every gamut of the money experience, but mostly entails paying for or financing higher education.
In addition to financial advice for parenthood (letting the kid live at home, saving up beforehand), advice for the student entails leaving no stone unturned. For, advice says instead to look at all options, including grants, loans, gifts, co-ops and work-study programs among other avenues. The student in your life has come a long way and deserves this opportunity.
Our specialists will conduct a custom search to find local planners and advisors who meet your specific requirements.
"I wanted to be sure I met with an advisor who wouldn't just throw all sorts of financial jargon at me without explanation, and this site helped me find an advisor who was great at explaining things simply. Thanks!"
Sharon D, Tempe AZ