Dear Borrow Smart Family,
in the US, getting a college education can be prohibitively expensive. A 2019 study conducted by the US department of education found that For the 2016–17 academic year, annual current dollar prices for undergraduate tuition, fees, room, and board were estimated to be $17,237 at public institutions, $44,551 at private nonprofit institutions, and $25,431 at private for-profit institutions.* Ultimately, the way you handle the financing of your house, impacts your ability to achieve your short and long-term financial goals, including college savings.
Below, I dig into part 1 of a 3 part series, for parents or soon-to-be parents who have decided they want to help their children afford a college education.
Make sure your mortgage is efficient for the savings strategy you need. Over time, your financial story and life situation will change. Having a mortgage checkup is a great way to ensure that your mortgage still aligns with your current goals. To schedule a mortgage checkup, either reach out to your preferred SPMC Loan Officer on our team or e-mail firstname.lastname@example.org. I wish you all the best!