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Financial Tips for College Students and Parents

The fall semester brings a wave of excitement for both students and parents, but it also comes with a fair share of financial challenges. Given that college tuition has more than doubled since the 1960s, financial planning is more crucial now than ever before.

Understanding Tax-Advantaged Savings Plans

529 plans and ESAs provide tax benefits that can ease the financial burden. Ensure these funds are used for qualifying expenses like tuition, books, and housing to make the most of these savings plans.

Budgeting Basics

Creating and updating a budget is essential. Include all costs such as tuition, books, housing, and other daily expenses. A well-structured budget can prevent financial surprises and help manage spending.

Revisit Financial Aid Annually

Review financial aid options every year and ensure to complete the FAFSA. Updating this information can maintain or even increase the financial support received over the years.

Encouraging Part-Time Work

Part-time jobs or internships not only provide additional income but also offer valuable work experience. This can make a significant difference in managing expenses and preparing for future employment.

Planning for Post-Graduation Loan Repayment

Early preparation is key. Explore options like income-driven repayment plans and loan consolidation to make the repayment process smoother and more manageable after graduation.

Maximizing Student Discounts and Resources

Leverage student discounts from various companies and take advantage of on-campus financial literacy and career services. These resources can significantly reduce expenses and enhance financial knowledge.

Responsible Borrowing

Understand the implications of student loans. Borrow only what is necessary and be mindful of the long-term impact on future financial goals.

Preparing for Emergencies

Having an emergency fund and setting up legal documents like a power of attorney or HIPAA authorization is vital. These steps can protect against unforeseen financial disruptions.

Proactive financial planning is crucial for a smoother college journey. By following these strategies, students and parents can alleviate financial stress and focus on academic and personal growth.

Take immediate steps today such as reviewing financial aid, creating a student budget, or exploring part-time work opportunities. With proper planning, achieving financial peace of mind throughout the college years is within reach.

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Investment advisory services are offered through Cypress Wealth Services, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Securities are offered through M.S. Howells & Co., a registered broker/dealer, and Member FINRA/SIPC. The entities listed are not affiliated and neither offer legal or tax advice. Registered Representatives of named entities may only conduct business with residents of the states and jurisdictions in which they are properly registered.