A blog post that I have written for a client, Compass Asset Management, while interning for Hudson Valley Public Relations

1. The College Finance Crisis
The goal is to finish strong but also to come out on top.
By attending and finishing college, you are already getting a leg up on your fellow entry-
level peers. Knowing how to pay for college without breaking the bank can be as
valuable as completing your diploma. Whether you are a parent concerned for your
child’s financial standing once he/she enters the real world, or a worried student, this
article can help you to understand the steps you should take to maintain your position in
front of your peers.
Viable Options for Students
Do not treat your education like it’s a vacation.
While you are in college, it is easy to lose sight of the money that is being poured into
your education. The loans that you may be taking out won’t have any effect on you until
you’re out in the real world and making money. But what if you don’t get a job right
away? This debt will only increase with interest and paying it off won’t be a cakewalk.
Get the most out of your education. Utilize what the institution you are attending has to
offer to the fullest extend. What would be the point of buying a house and only using the
bedroom? Think of it in the same way. Most colleges have a career center that will help
you land a job after you graduate. These can be very helpful and immediately help you to
chip away at that student loan debt.

2. Look for some alternate routes of payment.
Minimize your student loans as much as possible. There are organizations out there that
will assist lower to middle class students in paying for college, essentially lightening the
load for them. Do some research and see if you may be eligible for this kind of service.
With more and more need for college education, there more incentive for companies
willing to put promising students through the valuable process.
Help can come from all areas, especially family and friends. It is often times customary
to send out announcements of graduation to those close to you, and in some instances,
distant family members. Graduating college is one of the biggest achievements in a
young person’s life and family members and friends will most likely be happy to
contribute to the loan cause. Do not feel timid about asking for help, everyone needs it
now and again!
Viable Options for Mom and Dad
Don’t forget about unforeseen costs.
There are many of these. Textbooks are one of them. You may be worried about tuition,
but books can be one of the biggest non-tuition expenses when putting your student
through college. Do not fear—there are options. Encourage your child to look for their
books outside of the school bookstore, where prices can be hiked up. Sites such as
Amazon and Chegg have great student discounts that can lead to thousands of dollars in
savings.
There is a reality to buying textbooks that should be addressed as well: not every class
uses the assigned textbook. Often times students will told to buy a textbook that will cost
them over a hundred dollars and not use the book more than once the whole semester.
Instead of wasting this money, and without any cost to your child’s education, suggest
looking in the school’s library or on the school’s class Facebook groups for classmates
who have taken the same course and used the book before. These are much cheaper
options.
School supplies can be a serious expense as well, but they don’t have to be. Make sure
your child is responsible with their notebooks, these can be reused and recycled many
times a semester and even year-to-year. Take full advantage of start of the year sales at
both the bookstore and your local office store.
Look for ways to minimize tuition.
Although the major chunk of tuition comes from classes, much of the remainder the price
of room and board. A viable option for many students at a wide variety of schools is
moving off campus. Most of the time, the cost of living in an apartment off campus is
significantly cheaper than having to pay for on campus housing and a meal plan.
Although it may take some effort for your child to cook for him/herself, the plus of
having a single room can be very enticing.

3. Social Costs
Often times a lot of money can be spent on events, bars, and food. Food can be easy
enough: a trip to the grocery store can feed your student for a week with just $100.
Whereas, a trip to the pizza place down the street can cost up to $20 for a meal and a half.
Make sure your child is making smart financial decisions when it comes to expenses in
these three areas. College is important for two types of education: traditional and social.
These expenses are necessary but can be easily minimized.
Coming out of college with the least amount of debt as possible is a very important goal.
Although there are a lot of expenses that are unavoidable, most all of them can be
shortened with a little bit more financial mindfulness. Do not be a bystander for your
wallet!
Please note that the content of this blog does not constitute tax advice and is only
intended for the educational purpose of the reader. Please consult your tax advisor for
specifics regarding your circumstances.
For more information contact us at 845.563.0537 or Contact@CompassAMG.com
Steven M DiGregorio is President of Compass Asset Management Group, LLC and an
Investment Advisor Representative with Spire Wealth Management, LLC a Federally
Registered Investment Advisory Firm. Securities offered through an affiliated company
Spire Securities, LLC a Registered Broker/Dealer and member FINRA/SIPC.
About Compass Asset Management Group
Our boutique-style firm has an investment philosophy is both prudent and value driven.
We combine research from the largest firms on Wall Street with three decades of market
experience to provide strategic, tactical and dynamic investment management. Compass
Asset Management Group, LLC delivers personalized financial planning, estate planning
and investment management advice in a private setting with a high degree of sensitivity
to your concerns and objectives. Our goal is to exceed yours expectations by listening
closely, understanding deeply and communicating well through frequent, personal
consultations entirely focused on your financial goals.
Make the right choice with your financial future.
Consult Compass Asset Management Group for advice & guidance that will change your
life.
Plan better to live better…Call Compass Asset Management Group.

4. Photo credit: http://www.forbes.com/sites/learnvest/2014/08/19/5-teens-5-plans-how-im-
going-to-pay-for-college/#5dd4b5d25856