Melissa Korn
speaker
822 appearances
14 recordings
1 series
first heard Sep 2017
last heard Sep 2024
Melissa Korn’s voice in public audio — every appearance, attributed to the second.
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Appearances
Parents can borrow up to the full cost of attendance for their undergraduate student.
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So if there's no scholarships offered and a school determines the full cost of attendance of tuition, fees, room and board, books, all of that is, you know, let's say $60,000 or $80,000, they can borrow that full amount each year.
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And that number can grow very quickly.
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So understanding that just because you can borrow that amount doesn't mean you should.
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Again, it's hard, as we discussed earlier in the week, it's hard to say no sometimes to your kid.
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But if it's setting you up for financial ruin, no is a pretty okay answer.
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I will throw out also, there are sometimes other loans that are less expensive.
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They have less flexible repayment policies, but on occasion, if you have really good credit, a private loan can have lower interest rates.
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Federal loans have a lot of pros, a lot of upside, mainly the flexibility for repayment, both for students and parents, but they often have relatively high interest rates.
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WSJ Your Money Briefing · Paying for College: When Should Families Have ‘The Talk’? · 25 Apr 2022
podcast
Money is never an easy thing to discuss, but when you're making a financial decision this large, you can't pretend that it's not a factor in your decision.
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I've never heard a parent say, gosh, I wish I hadn't talked to my kid about how much we could afford.
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That was really awkward and I should have avoided it.
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Parents regret not having this conversation.
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They regret not being open with their kids.
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They regret not setting expectations realistically because then, especially if they're taking out loans to help their kid through, it can affect the rest of their lives.
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They can feel
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realize long into the process that they're not able to afford to retire.
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That little bit of awkwardness is very worth it if it has to do with your financial well-being for the rest of your life.
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It is, but that doesn't mean you should shy away from it.
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I think, yes, it can be uncomfortable.
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Showing 441–460 of 822 · page 23 of 42
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