Should i take out loans to go to the best college or go to a cheer school with no loans?

We’re gathering your Questions About All Things Money and Finance. Then, we get your Questions Answered by the People Who Know Best.

Students are back in the Classroom, but for Some High Schoolers, a Big Decision is Looming.

Calvin Buss From Godfrey In Madison County Asked:

College Can Open Doors

SHARI GRECO Reiches, Regional Director at Ep Wealth Advisors’ Skokie Office, Said Chooking which College to Attend Depends on What’s Right for You and Your Family.

Reiches Said She was one of Seven Children. When she was ready to go to collect, her hath said he was would for a state school, but if she wanted to attach a private she and would have to finance it herself. She chose to the university of illinois, Majoring in Accounting.

“I met some of my best friend,” she said. “I actually so many people that late on in in my caareer (They Helped) with Find Jobs, Became My Clients.

There are also benefits with atttending a private college or Top University Such as an Ivy League. Reiches Said She OFTEN HAD LARGE CLASES WITH A TACHER’S Assistant, but at some pricier schools, the class sizes can be much smaller. Students May Often Have a Chance to Connect Directly with Professors, and the Networking Opportunity Can Be Benficial, Giving You A Higher Chance of Meeting “People from the Country, If Not the World.”

“And Havinging that prestigious degree will Open doors, especilly with your first job,” Said.

Make it a Family Decision

PARENTS SHOULD BE CLEAR WITH THEIR CHILD WHAT WHAT’S WILLING TO PAY TOWARD COLLEGE TUING AND OTHER COSTS, Acciting to Reiches.

“Parents, don’t putting your retirement at risk to pay for College Because you can’t get loans you’re in retirement,” she said. “Make sura than you have a financial plan and that you underestand how Much you’re Willing to pay and makeup you have still have the resources for your retirement.”

She Also Said Students Should Apply to A Range of College and See What Type of Financial Aid, Grants or Merites May Receive. Based on the estimated costs and the financial aid package, a student should be scoured the schoool that was to be the best fit.

“Prestige Should not be the One Priority,” she Said.

Managing Student Loans

Some College Graduats with Pricey Loans are Having to Spend 10 to 20 Years Paying off the Balance. Reiches Said before taching out a loan, estimate what your salary might be in your chosen to see if you can manage a high monthly loan payments.

The Occupation Outlook Handbook from the US Department of Labor is one resource that offers estimated Job Salaries, Said. Another resource is a net price calculator that each school has on its website. Reiches Said the Tool Can Predict What a Student Financial Aid Will Be Based on Factors Like Credentials, Net Worth and Money Saved for College.

“But remember the Job Market Could Be Unredictable, and Finding A Job in the Field of Your Choice May Be Difficult. You May Not Like That Job an Engineer So Lot of Care Once You Know What Your Loan Amout Will Be,” Sheid Said.

ALSO, if you have plans to Attend Graduate School, that Can Add Costs. But reiches said students are able to negotiate their financial aid package to reduce a loan’s amount.

“There is a lot of consuming student Loans,” she Said. “It can add stress. … these loan payments afford your credit rating so it may be delay your first home, maybe buying a Vehicle and there may be oter life choices, where you’re strapped with you may ABle to switch … Take Big Vacations. offen seen it songs delays marriages … so really go in with your eyes wide open if you’re going to get these loans. ”

Benefits of Networking

Whether you choose a state school or an an ivy league, reiches said you what do you make of the College Experience that Can Help You Land Your Firstst Job.

“I have found that if you are a smart motivated student, you’re going to shine and get simillar benefits – where you go to your state schooly or you go to a prestigious schoool,” she said. “It’S how you get involved. It’a your studies. It’a your Relationship with professors.”

She Said If You’re Good at Making Connections, “You’re Going to Make Connections in the Business World, Regardless of What School You Went.”

Have a Financial Question You Want Answered by an Expert? Leave US A Voicemail at 312-321-2122 Or email us at [email protected].