Jul 31, 2018
With the Back-to-School season quickly approaching, many parents
and young millionaires-in-the-making are beginning to consider the
financial costs associated with postsecondary education. As these
young adults and their parents discuss their budget and create a
plan to afford this new expense, many important factors are often
On today’s episode, I share some of the best tips and strategies
parents and young adults can use to ensure their financial success
while planning for postsecondary education. I share excerpts from
previous episodes with Janet MacDonald of MyCampusGPS and Suzanne Tyson of
sharing their advice to parents and students preparing for
postsecondary education, tips on when to begin looking for
scholarship funding, and how to use loyalty points to help pay
tuition and living expenses. I also explain why parents need to
adequately educate their children about the financial realities of
life as well as provide education on the use of credit cards.
“Scholarships open and close a lot sooner than people realize.”
- Janet MacDonald
This Week on Young Money:
- How MyCampusGPS works to help postsecondary students with
- When to begin searching and preparing for scholarships?
- Strategies for writing a winning essay.
- Mistakes parents and students should avoid when applying for
- How HigherEdPoints.com helps parents and students pay
postsecondary tuition, living expenses, and repay student
- Budgeting for additional and “surprise” expenses.
- The importance of preparing postsecondary students for the
financial realities of life.
- The importance of parents providing proper education on using
Best Postsecondary Education Tips for Parents and
- The best time to get funding through a scholarship is in Grade
12. The opportunities come up early.
- When writing your essay, share your experiences, explain what
you learned from them, and explain how you will implement those
lessons to improve yourself and your community.
- Plan in advance.
- When budgeting for postsecondary education, don’t forget the
smaller costs such as bus passes, meals, unexpected medical issues,
rent, and other living expenses.
- You can use loyalty points to help pay for tuition, meals, and
- Parents should adequately prepare young adults for the
financial realities of life.
- Parents need to provide a balanced education regarding the use
of credit cards.
- Remember: It’s perfectly normal not to be able to afford all of
your wants and needs immediately after graduating from
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