Debt Free U Intro, Ch 1, Ch 2

How many people borrowing for college right now will eventually fall behind on their payments?

What percent of households earning more than $250,000 per year are "very happy"?

Fruzsina Eordogh borrowed $43,000 to pay for private college at 9.5% interest. She

Financial Aid officers

Guidance counselors

The most important thing when selecting a college is finding the right fit

Private third-party scholarships

For most students, the best deal will be

It is important for parents to take out loans for their kids' college

Guides like US News & World Report's "America's Best Colleges" are valuable resources

Chances are you think you can afford to spend a lot more than you actually can

While having enough money won't necessarily make you happy, not having enough money can definitely make you miserable

IFC

Scholarships and financial aid will alleviate the burden of spiraling college costs

What is the income/happiness tipping point?

Save a year of tuition by

Don't try to keep up with the Joneses, because the Joneses have

Students are expected to contribute 35% of their own savings each year

There is a vast industry aimed at convincing you to loot your savings and take on loans

Looking to the financial aid office for advice on financing college is like

Wages have been and are essentially flat after inflation (meaning the buying power of people is not increasing)

How many graduates surveyed took a job with higher pay but less career satisfaction to pay student loans?

College costs have been

Those who understand compound interest are destined to collect it. Those who don't are

Federally guaranteed fixed rate loans include

The pay-as-you-go plan:

You should never, ever, ever cosign on a student loan for anyone

No one is looking out for your looking out for your interests except

The FAFSA takes credit card debt into account when calculating EFC

How much of your home equity should you contribute?

What % of people surveyed struggling with debt can be classified as depressed? Severely depressed?

It is not unreasonable to expect students to be major sources of financing while they're in college

What percent of people in debt surveyed said they think about their debt "very often" or "constantly"?

You should go to the most expensive elite college you can get into

How many graduates surveyed delayed saving for retirement to pay student loan debt?

You should apply for a ton of scholarships, but

Parents should borrow a maximum of

The default rate on student loans is significantly lower than the default rate on any other loans

Take out private student loans when

What percent of households with income below $30,000 per year consider themselves "very happy"?

Parents should not borrow from their 401(k) retirement for your college because

Student 1 graduates with the average student loan debt. He pays $200/month for 20 years and has no savings

You need home equity for retirement because you most likely will not have enough in

Thrifty approaches to education like community college will not have an adverse effect on my life

Never let a financial aid officer tell you that you can afford to

The easiest way to make retirement years less stressful is to

Student 2 graduates with no debt, invests $200/month earning 11% return

Student loans are a good form of debt, and won't have any serious negative impact on my life

Before the Great Recession, 43% of American families were not prepared for retirement. Now it is

To get the most merit aid, apply to schools where you are

Private third-party scholarships

High school students should try to predict where the job market will be in 4 years, then bet tens of thousands of $$$$$$

The average car payment is $378. If you invest $378 from age 25 to 65, you'd have $4.4 million. Hope you like the car.

A student loan payment the size of a car payment could be the difference between a life of wealth or of poverty

If you have credit card debt

Keep careful track of major requirements, general education requirements, and the number of classes needed to graduate

The average financial aid package is

Now Mom and Dad have to be the bad guys because

1 in 5 (20%) students who graduate with more than $15,000 in debt default within 10 years

From 2000 to 2007, college grads between 25 and 34 experienced

The name of the school on my diploma will have a strong impact on my career and life prospects

Students who are overly reliant on financial aid are depending on renewed generosity each year with no real alternative

What % of consumer debt is student loan debt?

Ask about interest-free installment plans at your college

One of the best gifts you can give your children is your own financial dependence in your golden years

The diploma comes from the college where

How many recent graduates work in jobs that don't require a degree?

Roughly how many students end in default, unable to pay student loan debt?

FAFSA loophole

Families can save for college by

Life is about a lot more than money

Publicly traded student loan company Sallie Mae was the 2nd most profitable company in the nation

You should never, ever, ever take out anything other than a federal loan, if you absolutely must borrow.

Admissions officers

If you don't have enough money to pay for your child's education, you have no business taking out a Parent PLUS loan

An excellent resource for the FAFSA is