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Ashanti Fortson | 📚 How do people pay for college? |
There are lots of ways! |
In this episode, Bridget and Ryan answer Aela’s question about college saving accounts and how they work with a special guest: an aspiring tooth fairy hoping to embark on her own college adventure! Together, they’ll learn all about the ways people save or pay for college: savings accounts, 529 plans, scholarships and student loans during orientation day at Magic University. And they’ll meet some magical (and spooky) creatures along the way. |
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Ashanti Fortson | And now some tips for grown-ups listening to “Million Bazillion” with kids.Money Talks
Keep the conversation going at home. After you and your kid listen to the episode, try asking your kid some of these questions to see how much they learned:
- Have you ever saved up for something big? How did it go, or how’s it going?
- Do you think you’d like to go to college or a job training program after high school?
- Would you rather have a 529 savings account, where the value goes up and down based on investments, or a traditional savings account? (Parents, if you’re saving for college as a family, this is a good time to talk about what you have set up or how you’d like to save in the future).
- *Bonus* Not So Random Question: Is it easier to be a kid or a grownup?
Tip JarFor listeners (and their grownups) who want to learn more about ways to pay for college:
- In this episode, Inez the Elf paid for college with a 529 account that her parents set up. These are government-sponsored plans in which parents can invest for their children’s education. If you’re a parent thinking about starting a 529 account for your kid, check out this article from BestColleges and this step-by-step guide from Investopedia about setting one up.
- Applying for the Free Application for Federal Student Aid (FAFSA) is one way to find out your student’s eligibility for a variety of programs, but studies show that families who are most likely to benefit are sometimes the least likely to apply. Read more about how to apply with this guide from U.S. News & World Report.
- For FAFSA applicants: Work-study is another way some students pay for college. These are part-time jobs that can be on or off-campus. Check out this article from NerdWallet to learn more about the application process and qualifications for work-study.
- For older listeners: Listen to this episode from Financially Inclined
to learn more about student loans and the mistake to avoid when signing up for one. They have another episode about scholarships too!
Gimme 5Thanks for listening to this episode! If your kid listeners are saving up for something big, from college to a trip or something fun they want to buy for themselves or others, we’d love to hear about it! Get in touch with us by using this online form.
This episode is sponsored by Greenlight. Start saving for college with up to 5% on savings. Get one month free and an extra $10 when you sign up for Greenlight Infinity at greenlight.com/million |
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