Understanding how your credit score works and actively working to improve it can open up doors to better financial opportunities. One of the biggest mistakes college students make when it comes to credit is overspending and not keeping track of their expenses.

My guest today, Brittany Greene, focuses on providing financial education and resources to college students. Through her company, Crown Financial, she offers workshops, online courses, and personalized coaching to help students navigate the complexities of personal finance. From budgeting and credit score management to investing, Crown Financial equips students with the knowledge and tools they need to make informed financial decisions both during college and beyond.

Empowering College Students through Financial Education and Credit Score Building Techniques

(00:05:26) Empowering College Students through Credit Education

(00:05:26) Developing Growth Mindset for Financial Success

(00:06:12) Mindset Shift for Financial Success in Credit

(00:08:00) Credit Empowerment for College Students

(00:15:43) Financial Empowerment through Strategic Money Management

(00:18:33) Credit Score Fluctuations with Velocity Banking

The Impact of a Growth Mindset on Finances

Building a growth mindset is crucial in financial progress. It's all about having the belief that you can learn, grow, and improve your financial situation over time. By adopting a growth mindset, you are more likely to take risks, learn from failures, and persist in the face of challenges - all of which are essential for financial success.

(00:21:56) "The best investment that you can make is in yourself personally. Develop yourself so that you can recognize opportunities, so that you can take advantage and you don't fumble the bag on the opportunities that you have coming up." - Brittany Greene

Tips for Families Preparing to Send a Student to College:

• Develop a growth mindset to believe in your ability to progress financially.

• Start with building your mindset every day by listening to podcasts, using affirmations, and staying resilient.

• Utilize resources like StellarFi and Self to build credit by paying bills on time.

• Learn about your credit report using tools like Credit Karma and Experian.com.

• Recognize that the best investment you can make is in yourself personally, to recognize and seize opportunities.

• Encourage students to transition (and model the transition yourself!) from a fixed mindset to a growth mindset to pave the way for financial success.

Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/

*be sure to send a connection request with a message saying Hello!

Navigate college funding with me at www.smartcollegebuyer.com

The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Follow Brittany Greene:

LinkedIn: https://www.linkedin.com/in/brittanygreenecf/

Website: https://www.crownedfinancials.com/

Resources:

https://stellarfi.com/

https://www.self.inc/

It used to be that parents and students had the opportunity to finance higher education with almost no limit to the amount they could borrow.

The H.R.1 - One Big Beautiful Bill Act, changes that. It imposes new limits to parent financing and student loans. In particular, capped borrowing for graduate students at $50,000 per year for professional studies and $20,000 for other programs.

With Parent PLUS loans also facing new annual and total caps and credit underwriting criteria, it's even more important for families of high school students to understand these limits, considering they may only have a year or two to plan and establish the funds to cover college.

Private Student Loans: Pros and Cons for Borrowers

While you still have alternative financing options, such as private loans, there's much more of a “math game” to it, because debt-to-income ratios and credit scores become significantly more important.

Understanding New Federal Limits for Loans (for Students and Parents)

(00:01:08) Graduate Student Loans Borrowing Changes

(00:05:38) Parent PLUS Loan Borrowing Limits and Criteria

(00:08:49) Customizable Borrowing Options for Private Student Loans

(00:11:43) Financial Eligibility Based on Debt and Income

(00:17:22) Grad Plus Loan Elimination and Co-signing Risks

(00:21:09) "If you are looking at a school that's $90,000 a year, but you know, realistically, you're not going to get aid for whatever reason, but you don't have the savings to pay $9,000 a year. And now you might not have the ability to borrow $90,000 a year. That school can't be on the list. Right. There's, there's no way it's gonna happen." - Jack Wang

Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/

*be sure to send a connection request with a message saying Hello!

Navigate college funding with me at www.smartcollegebuyer.com

The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Student loan debt is a topic that affects millions of people across the country. It's a financial burden that many individuals face as they pursue higher education, and the impact can be long-lasting. Whether you're a recent graduate or have been out of school for years, understanding student loan debt is crucial to managing your finances effectively.

"It wasn't that simple of just drawing up different options for repayment terms." - Travis Hornsby

Understanding student loan repayment goes beyond just basic options and terms. It's a complex process that requires careful consideration and planning.

• Travis has seen student loan debt can up to $2 million for a couple in some cases, with an average of around $260,000 per person.
• Understanding available options for loan forgiveness and income-driven repayment plans is crucial in managing student loan debt effectively.
• Leveraging student loans strategically and reframing debt as an investment in education can help individuals navigate financial situations more effectively.
• Private student loans differ from federal student loans in terms of tax implications and dischargeability in bankruptcy.
• Strategies such as filing taxes separately and increasing retirement contributions can help reduce student loan payments and lower taxable income.
• Public Service Loan Forgiveness is a program that allows individuals working in public service to have their student loans forgiven after a certain period of payments.
• Viewing student loan debt as a strategic move for education and income potential can help individuals make informed decisions about financing their education.

00:05:58 Effective Management of Student Loan Debt

00:08:21 Extensive Student Loan Debt Variances

00:12:23 Non-dischargeable Private Student Loan Obligations

00:14:06 Tax Filing and Retirement for Debt Relief

00:17:56 Maximizing forgiveness and minimizing tax payments

00:24:26 Loan Forgiveness for Public Service Workers

Travis Hornsby, a renowned expert in student loan debt and founder of Student Loan Planner, approaches the topic with a unique perspective centered on strategic management and mindset shifts. He believes that student loan debt should be viewed as an investment in education rather than a burden, encouraging borrowers to leverage their debt wisely to enhance their career potential. Hornsby advocates for a thorough understanding of repayment options, including the nuances between federal and private loans, and promotes strategies like filing taxes separately and increasing retirement contributions to manage payments effectively.

Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/

*be sure to send a connection request with a message saying Hello!

Navigate college funding with me at www.smartcollegebuyer.com

The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.