Navigating College Finances

“You’re too smart for Community College.” A well meaning but misinformed teacher said that to our daughter. Sophia had a 4.5 GPA her senior year and chose to enroll in Community College. College costs have skyrocketed in the past few decades. 17 and 18 year olds are getting loans for tens of thousands of dollars that they don’t understand the terms of. Some end up in debilitating debt for decades. Debt that can leave them feeling overwhelmed before they even start their first job. We didn’t want that for our kid. We looked at what we could afford, not where she could get in. There was no ‘dream’ school. We didn’t set foot on a campus that was out of our budget. We knew we could cash flow two years of a California UC or state school. We encouraged her to take the Community College route, transfer to a state or UC and graduate debt free. Did you know that Community College is FREE in over 30 states? Shaving two years off the costs of a four year degree can save a student anywhere between $60,000-$170,000+. Sophia worked while living at home attending Sierra College. She’ll graduate debt free with tens of thousands in investments and savings. This took delayed gratification on her part, but it paid off. As a transfer student she was just accepted to: UC San Diego UC Davis UC Santa Barbara Cal Poly San Luis Obispo and waitlisted at UC Berkeley and UCLA She accepted admission to Cal Poly SLO. She’s setting herself up for a lifetime of success. Debt free after college, with a hefty savings and investment amount. What I wish the teacher who told her was too smart for Sierra knew, is that she is actually wise beyond her years. As graduation approaches, celebrate all kids. The ones going into trades, the military, entrepreneurship, Community College or straight to a university. There is no ‘right’ path. Only what’s best for your kid. Source: Amy Perkins AlwaysFeelHappy.com ___ #FinancialLiteracy #DebtFree #CalPolySLO

Long post alert - I don’t care if it gets zero engagement because I wrote it specifically for one person. 💌 Dear Oluwanifemi Ayodele, Grad school is hard. But for a self-sponsored international student, it’s a different kind of hard. It’s balancing 20+ hours of work a week with a full academic load, juggling research deadlines while worrying about rent, tuition, and visa restrictions. It’s the exhaustion of knowing there’s no safety net—just you, your resilience, and the determination to make it through. ↳ Here are some practical strategies to help you navigate this challenging journey: 1). Master the Art of Financial Planning: ➜ Break down your tuition and living expenses early so you know exactly how much you need each semester. ➜ Look for assistantships, scholarships, and emergency grants—some schools have hidden funding pools you won’t know about unless you ask. 2). Find Work That Works for You: ➜ Prioritize jobs that align with your career goals & interests so you gain experience while earning. ➜ Network with professors—they often have short-term projects or funding opportunities that aren’t publicly advertised. 3. Optimize Time Like a Pro: ➜ Set clear boundaries—dedicate specific hours for work, study, and rest to avoid burnout. ➜ Learn to say no. Every commitment outside of work and academics should add value to your growth or well-being. 4). Build a Support System: ➜ Don’t isolate yourself. Even if it feels like no one understands your struggle, connecting with peers in similar situations will make a huge difference. ➜ Join student organizations or communities that support international students—they often share insider tips on jobs, funding, and mental health resources. ➜ Find mentors—professors, professionals, or alumni who have walked this path can offer invaluable guidance. 5). Take Care of Your Mind & Body: ➜ Sleep is not a luxury; it’s a necessity. Poor health can cost you more than any paycheck will cover. ➜ Use campus mental health resources. Many international students struggle in silence—don’t be one of them. ➜ Schedule downtime, even if it’s just a walk, a hobby, or a phone call home. A reset can boost productivity and motivation. ↳ You’re Not Alone in This! Self-sponsoring grad school as an international student is a test of endurance, but it’s also a testament to your resilience. The skills you’re building—time management, adaptability, financial discipline—are shaping you into a powerhouse. I am rooting for you! Yours in Faith and Determination, Amaka Ifeduba, Ph.D. Feel free to repost ♻️ to help other international students in this situation. #elevateyourprofessionalpresencewith_Amaka

Executive earning $550,000: "I'm not using a 529 plan." "We'll just pay for college out of cash flow." But he didn't realize how flexible 529 plans have become. 𝗦𝘁𝗮𝘁𝗲 𝘁𝗮𝘅 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀: → His state offered $10,000 of state tax deductions regardless of income level → Immediate tax savings on contributions 𝗞-𝟭𝟮 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝘀𝗰𝗵𝗼𝗼𝗹: → Can now use up to $20,000 annually for private elementary/high school → Qualifying expenses have broadened → Tax-free growth for expenses he was already planning 𝗥𝗼𝘁𝗵 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆: → Unused 529 funds can be rolled to Roth IRAs (up to $35,000 lifetime) → Tax-free growth even if not used for education 𝗙𝗮𝗺𝗶𝗹𝘆 𝗳𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆: → Can transfer between children → Can be used for grandchildren Many people don't realize they've become much more flexible. But here's they key: A 529 shouldn't be your ENTIRE plan. It should be a piece of the plan.

What are my monthly expenses in the USA as an International Student?🎓 Being an international student comes with unique financial challenges, and learning to balance expenses while making the most of limited funds requires careful planning and smart money management. I want to shed light on the monthly cost of living and share some insights to help fellow international students effectively plan finances. 💸 Rent: As an international student residing in Cambridge, Massachusetts, the biggest chunk of my expenses goes towards rent. In Cambridge, rental prices for a decent apartment range from $1100 to $1200 per month. While it may seem high, it's crucial to consider factors like location, amenities, and proximity to the university when making housing decisions. 🍽️ Food and Transportation: On average, I spend around $200 per month on groceries and approximately $50 for commuting within the city. Exploring cost-effective transportation options such as public transit, biking, or utilizing free university shuttle services can help reduce expenses in this area. 🛍️ Shopping and Miscellaneous: As students, we all enjoy treating ourselves occasionally, whether it's buying new clothes, electronics, or engaging in recreational activities. In Cambridge, I typically allocate around $120 to $150 per month for shopping and miscellaneous expenses, including phone bills and monthly payments for electronic gadgets. Based on my experience, the estimated cost of living in the USA for international students ranges from $10,000 to $15,000 per year, averaging around $1,000 to $1,500 per month. To effectively manage finances, here are some tips: Learn to be frugal: Create a monthly budget that outlines your income, fixed expenses (rent, utilities, etc.), and variable expenses (food, transportation, etc.). Allocate a specific amount for each category, based on essential and non-essential needs. Cook at Home: Eating out can be tempting, but preparing meals at home is a budget-friendly alternative. Plan your meals in advance, buy groceries wisely, and cook in bulk whenever possible to save both money and time. Explore Student Discounts: Take advantage of the various student discounts available. Many establishments offer discounts on restaurants, entertainment venues, software subscriptions, and public transportation passes. Utilize these opportunities to save money whenever you can. Find On-Campus Opportunities: In your first year, international students are typically limited to working on-campus. Exploring on-campus job opportunities can help supplement your income and cover additional expenses. However, ensure that the workload doesn't interfere with your studies. Remember, financial planning and discipline are key to making the most of your limited funds and ensuring a successful academic journey. #internationalstudentlife #studentfinance #budgeting #financialtips #costofliving

🚀 Just Dropped: The Latest Edition of Bevon’s Insights! 🚀 With U.S. student-loan debt topping $1.6 trillion and average graduates owing nearly $38,000, families are under more pressure than ever to plan ahead. As a dad who’s walked this path, I know the questions parents wrestle with: “How do I save enough?” “What if my child doesn’t go to college?” “How can we avoid crippling debt?” That’s why in this month’s Bevon’s Insights Newsletter, I take a close look at 529 Plans—state-sponsored, tax-advantaged accounts designed to: 🔄 Roll Over up to $35 K of unused savings into a Roth IRA—tax-free 💸 Slash Debt by covering up to $10 K in student-loan repayments 🎓 Maximize Aid with parent-owned assets counting just 5.64% in FAFSA formulas 📈 Tap State Incentives from Illinois, Massachusetts, and more for extra savings In this issue, you’ll discover • How to use 529s to prevent—or dramatically reduce—future student-loan burdens • Why every dollar in a 529 plan can work harder for both your child’s education and your retirement • Simple, actionable steps to turn these tax perks into real, long-term impact 👉 Read the full article and get the roadmap to a smarter savings strategy. 🔁 If you know a parent, grandparent, or mentor who’s navigating college funding, share this post—let’s help families build secure financial futures together! - #TickTock #FinancialLiteracy #529Plans #StudentDebtRelief #GenerationalWealth #BevonsInsight

With the cost of college continuing to rise, many parents are turning to 529 plans as they offer tax savings opportunities. On the federal side, not only do funds grow tax-deferred but if funds from the account are used for qualified educational expenses, all earnings will be tax-free. On the state side, most states with an income tax allow either a deduction from income or a state tax credit for 529 plan contributions and most states also allow any contributor, not just the account owner, to claim the applicable tax benefits on their tax return. However, not all states follow the federal tax treatment of K-12 tuition or student loan expenses. In most cases, taxpayers must contribute to their home state’s plan to qualify for a state income tax benefit. However, nine states offer a state income tax benefit for contributions to any 529 plan and not only in-state plans: Arizona Arkansas Kansas Maine Minnesota Missouri Montana  Ohio Pennsylvania Finally, most states have a contribution deadline of the end of the calendar year (December 31) to qualify for a 529 plan tax deduction on their tax return for that tax year. However, taxpayers in Georgia, Indiana, Iowa, Missouri, Oklahoma, South Carolina and Wisconsin have until April of the following year to make a deductible contribution. Did you know that if there are funds remaining in a 529 account after the beneficiary completes their education, you may be able to rollover up to $35,000 to their Roth IRA without incurring the 10% penalty for non-qualified withdrawals or generating any taxable income? #taxes #financialliteracy

I had only 50% of money required to pay my college expenses in my bank. Here’s how I managed to pay the other 50. - Scholarships are crucial. I aggressively pursued every opportunity. The Fulbright Foreign Student Program was a lifesaver, providing up to $35,000 per year. I also applied for the Hubert Humphrey Fellowship Program. Pro tip: Don’t overlook smaller, niche scholarships. They often have less competition and can add up significantly. - Also I discovered soon after joining college that as an international student, I was allowed to work up to 20 hours per week during the academic year. So I started worked as a research assistant, earning around $20 per hour. Some of my friends found higher-paying gigs as peer tutors, making up to $40 per hour. - Next, I quickly learned to leverage my student status for savings. My friends helped me discover websites like StudentBeans, UNiDAYS, and StudentUniverse and they became my go-to resources for discounts on everything from textbooks to travel. - I also remember using apps like Mint to track every dollar. And as much as I missed ghar ka khana, cooking at home, finding free campus events, and prioritizing expenses became part of my daily routine. It wasn’t always easy, but it was necessary to avoid additional debt. The thing is that average student debt in the U.S. exceeds $30,000, and for international students, it can be MUCH higher. But with careful planning and resourcefulness, it became manageable. At one point I wasn’t even sure if I would be able to study in the US. But these few tricks helped me stay afloat. Of course it is a huge investment but the returns in terms of opportunity are endless. Now if you’re someone struggling to manage your finances, I’m happy to share more detailed insights. Comment down below and let’s connect. #Immigrant #scholarship #usascholarships

A bit out of the ordinary on my linkedin, but figured my network might be thinking about college for kids? Figured I would share my learnings and ask for help from my network! Like many parents, I’ve been diving deep into college options for my kids—one a junior in high school, the other in eighth grade. The cost of college is daunting (even with a 529, scholarships, etc), and I know many of you are facing the same questions: How do we make college more affordable while still giving our kids the best opportunities? As Head of Public Sector Sales at Canva, I work closely with educators, students, and institutions to improve learning experiences. Through my work—and as a parent myself—I’ve spent a lot of time researching the best ways to reduce college costs while ensuring my children get a strong education. Both my children have desires to go to a 4 year college (respect and appreciate trade school and other career paths). One path I keep coming back to is community college and transfer programs—specifically in Washington State. By earning an Associate of Arts (AA) degree at a community college first, students can significantly reduce the cost of a four-year degree and still graduate from a top university. Why consider this? ✅ Lower tuition costs – Community college tuition is a fraction of a four-year university’s tuition. ✅ Running Start – High school students in Washington State (Other states have similar programs) can take college classes for free, earning credits that transfer to universities. ✅ Seamless transfers – Many universities (both in and out of Washington) have agreements allowing students to transfer in as juniors. ✅ Smaller class sizes & flexibility – A great way to adjust to college life without the overwhelming costs. Finally, this approach isn’t for everyone. As noted above Trade schools and other career paths are also great options (fully respect 4 year college is not for everyone). The key is finding the right fit for your child! I suspect my own children take different paths, which is awesome! Would love to hear from other parents—Let’s share ideas! #CollegeSavings #RunningStart #ParentLife #EducationOptions

I know most of my followers are over 17, so I'm not trying to rub salt in the wound here, but maybe you know a high schooler who could benefit from seeing this?!‎‎ ‎‎ The difference between Nick and Nicole seems barely relevant. When they meet for a drink at 22 and exchange war stories about student loans, they both probably shrug their shoulders and think, "damn, that sounds like a lot of money". But look at the massive ripple effect it has down the line. Mitigating just $20K of student loans generates almost $400K more in investments at retirement, with the EXACT SAME payments and investments made. Here's some ideas on how to mitigate those loans:‎‎ ‎‎ • Go to a cheaper school. I've been in charge of hiring for a lot of my career, and I can vouch that outside of a very few name brand schools, hiring managers generally don't give a shit where you went to college. They care about your major. Your internships. Your work ethic. A valuable major from a cheap state school will get you WAY further than a useless degree from an expensive private school.‎‎ • Work. Research suggest that students who work get better grades. $20K over 4 years is $5K/year. That's $416/month. You could make that working ONE NIGHT PER WEEK as a server or bartender. Would you work one night per week for four years if it came with a $400K bonus down the road? I would. And I'm already rich.‎‎ • Hustle to find scholarships. ‎‎ • Find summer job that offers tuition reimbursement. ‎‎ • Become a resident advisor or teacher assistant position that offers discount tuition. ‎‎ • Do your pre reqs at a community college that will transfer to your school of choice.‎‎ • Google for more ideas that I haven't thought of here.‎‎ ‎‎ And by the way, I think it totally sucks that we saddle our teenagers with this massive burden. It's a messed up system. But that's the way it works for now, so work the system before it works you.‎‎ As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.‎‎ ‎‎ -Jeremy‎‎