Ep. 81 - 'Educonomy': Navigating the Changing Landscape of College Tuition with Brad Baldridge
Do you have a financial plan in place for college? Brad Baldridge, a certified financial planner, college funding consultant, and chief podcaster at Taming the High Cost of College, joins us on this episode to uncover how parents can save for college. With 25+ years of experience helping families reduce college costs, Brad advises that early-stage planning is vital and encourages parents to look beyond 529 plans when saving money. We’ll explore strategies such as Roth IRAs or individual investments that can help parents save more effectively and discuss the importance of understanding loan options based on budgets. Additionally, Brad talks through tips parents can take into their planning phase and resources that can help guide you through the process while avoiding traps.
There is lots of gold to cover here, so tune in for tips on paying for college in the current environment!
[00:01 - 06:19] Brad Baldridge: 25 years of college planning experience and expert advice on how to save for college
[06:20 - 13:05] Preparing for college is learning to save before spending
[13:06 - 19:39] Get ready for college: advice for freshman families on visiting schools
[19:40 - 35:54] Navigating the parental bias and exploring the right options for financial aid based on needs and budget
[35:55 - 41:14] How COVID-19 causes major changes in college admissions
[41:42 - 49:00] The changing landscape of academia and how schools are adapting to the new age
[49:01 - 1:01:09] Navigating the changing landscape of student loans: tips for parents
Resources Mention:
Quotes:
"If you can't afford anything, how are you going to pay these loans back? When you have no free cash flow, a loan is not a solution. It's just delaying the inevitable. It kicks it down the road. And that's where I think a lot of people get in trouble." - Brad Baldridge
"Go to the big school, go to the medium-sized school, go to the little school, check them all out. It's worth the road trip." - Brad Baldridge
"At the end of the day, we want what's best for our children. We want them to have a path toward success. What we don't want them to do is drowning in debt because they chose that path." - Quinton Harris
"You're going to pay for college with money, but you're also going to pay for it with time and stress.”
"What's important is to realize that it's up to parents now to be the wise shopper and pay attention to, well, what is it we're getting for our money?" - Brad Baldridge
Connect with Brad on Linkedin and Facebook. For the best, proven ways to save and plan for college, you need to go to https://baldridgecollegesolutions.com/.
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Bank of England is a nationwide lender that takes the time to understand your needs and structure the right mortgage for you and your family. Find your local branch at https://www.boemortgage.com/.
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