52. College costs and the value of being a wise consumer

Today on CFO at Home, Christopher Calandra, Founder & Principal of Elliott Wealth Management Services, is back with Vince to discuss college costs; taking a “buyer beware” approach to the subject, recognizing a school’s “pitch”, an important thing to recognize about Financial Aid packages, and more.

Key Takeaways:

• A college or university’s first allegiance financially is to the institution, not the student or their family. The ultimate responsibility of weighing the costs and benefits should lie with the consumer. 
• Parents have to stop believing that paying any sum of money for the child to go to college, disregarding any financial discipline, is a sign of love.
• • Time is one of your greatest allies in building wealth. Student loan debt cripples a student’s ability to save and invest, particularly in the early stages of their working lives.
  • Parents often end up damaging their financial future by taking on debt for their child’s education or funding that education at the expense of investing/saving for their own retirement
• Be sure to that you understand the nature of the Financial Aid being offered by a school (scholarship, grant, loan, etc) 
• Earning credits at a  community college then transferring to a 4 year school is one frequently recommended way of reducing the cost of earning a 4 year degree. One challenge with this strategy can be the limited number of slots available for transfers into 4 year institutions. 
• Handled correctly, the process of paying for college can be a valuable financial education experience for young adults  

Ways to contact/follow:

Simply Financial podcast

Elliott Wealth Management Services 

Contact the Host - vince@thecfoathome.com