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All the Hacks with Chris Hutchins
Saving on the Cost of College with Brad Baldridge
Nov 27, 2024
In this engaging conversation, Brad Baldridge, a Certified Financial Planner® and founder of Baldridge College Solutions, shares expert insights on saving for college. He highlights common financial pitfalls families face and emphasizes the importance of early planning. Listeners learn about optimizing 529 plans, understanding FAFSA updates, and the power of scholarships. Brad also discusses creative tactics to leverage educational choices and smart credit card strategies for maximizing savings, making college funding less daunting for parents.
01:03:44
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Quick takeaways
- Starting college planning early, ideally in freshman year, is crucial to avoid costly mistakes and understand financial options.
- Navigating financial aid is complex; recognizing the distinction between need-based and merit-based aid maximizes funding opportunities for students.
Deep dives
Starting College Planning Early
One of the most critical mistakes families make when planning for college is starting too late, often leading to hasty decisions that can be costly. Many families approach college planning as a simpler process compared to past generations, where a few campus visits and a single test sufficed. With skyrocketing tuition costs averaging over $25,000, families need to invest more time in researching the right fit for their students. It's recommended that planning begins as early as the freshman year of high school to fully understand the options available, as well as the implications of financial aid and scholarships.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode