What To Do Before Your First Student Loan Payment Is Due

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

For those of you who graduated from college this past spring or summer (either from undergraduate or graduate programs), the due date of your first student loan payment is likely approaching rather quickly. And with that, we know, comes a lot of questions regarding how to best tackle repayment. While you may not have had a need to think too deeply about student loans following graduation due to a grace period offered by your lender, now is the time to start planning for a successful repayment experience and get the answers to those questions you have.

To help you out to some extent, here are three tasks we encourage you to complete prior to the first due date:

1. Organize yourself: Most importantly, you must get organized. After all, with potentially thousands of dollars in student loans in your name, you want to minimize any chances of missing a payment - the consequences aren't always nice! Before your first payment is due, make it a priority to put together some sort of folder that details all loans, including lenders, loan amounts and future due dates. 
2. Develop a budget: Now that you have a new payment to make each month, you may need to adjust your budget to make room. Since putting this off until after you start repayment could make your finances a bit messy, it's best to take care of this well in advance. This way, you can start cutting back where necessary if needed and get yourself into a new routine.
3. Learn about repayment plans: If after creating a budget you realize your current minimum payments are not affordable, you may be able to speak with your lender about other options that work in your favor. Should this be the case, you'll want to have this discussion as soon as possible to avoid the potential for defaulting if the payment hasn't changed.

Although paying back your student loans can be a bit of an intimidating experience, it definitely doesn't have to be! By staying on top of it and keeping communication open with your lender, it can be a seamless process that leaves you with no concerns.

Aside from the process of paying back student loans, do you have other questions about your finances as they relate to college, such as what the best approach to saving for tuition is? For information on this topic, please contact American Investment Planners LLC at (516) 932-5130. As a team of financial planners who have experienced this ourselves, we know what it takes to make the entire process a success!

Job Search Tips For Students Graduating College This December

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Graduating college may just be one of the most exciting milestones in a person's life, but it can also be pretty scary! After spending years in a routine that involves the classroom, having to transition into the working world can be rather challenging, especially if you aren't sure where to start.

Knowing this, we'd like to help by offering a few job search tips for students who will be receiving their diploma this December; check them out below:

Update your resume: First things first, your resume must be ready for graduation day. In fact, it should be ready before then as you should start your search before you complete your degree. But if it isn't, take this time to update it with all of your relevant coursework and professional experience. And don't forget about LinkedIn! With social media continuing to prove its worth, it's important for job seekers to also have their LinkedIn profile completed for potential employers to view.

Don't be afraid to network: While your ability to complete certain tasks is one of the main reasons you'll land a job after college, something else to remember is that who you know matters. That's why it's so important to network! Both online and in person, you must begin to connect with other students, alumni, professors and professionals in your field - getting your name out there is key!

Practice interview responses: Of course not every question is going to be the same in interviews at different companies, but that doesn't mean you shouldn't prepare for more generic inquiries; a quick Internet search can give you some insight into what many employers are asking! Additionally, you can also practice by coming up with questions you think each employer may ask depending on the position you are applying for.

Take advantage of career services: Don't shy away from your school's career services center - it's one of your greatest resources! As experts in the job search field, they can certainly point you in the right direction when it comes to finding open positions that you're qualified for.

Though it may not happen over night, finding a job can be easier than you think when you update your resume, network, practice and use your resources wisely. To all of you graduating in the next couple of months, all of us at American Investment Planners LLC would like to wish you the best of luck!

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.

Ways To Save Money At College

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When it comes to college and money, figuring out how to save for tuition costs is only half the battle - once those are covered, students must find ways to save while they are living the college life. Though they may have a part-time or full-time job while attending school, bills sure do add up fast when you factor in the cost of supplies, transportation and so on and so forth.

Should you have a child preparing for their first day of college, or if you've come across this post because you're getting ready for the college experience yourself, below are a few tips that can be used to save:

Buy used instead of new: Textbooks are known to be one of the biggest expenses for college students. To reduce your textbook costs, always look for used instead of new, and always opt for renting when possible. And if your school's bookstore doesn't carry the reading material you need, don't hesitate to look online or at local stores instead.

Research meal plans first: If you'll be living on campus, chances are you'll be required to purchase a meal plan. However, while choosing the most expensive option may put your mind at ease knowing you have more than enough to cover the cost of breakfast, lunch and dinner, don't forget that you may wind up with leftover funds that you can't use at the end of the school year (not to mention, what if you aren't crazy about the food?). That being said, your best bet is to do some research and find out what types of food your school offers and for how much before selecting a plan.

Carpool and minimize driving time: Planning to commute? Then find a friend to carpool with! Additionally, try and plan your schedule so that you don't find yourself with hour breaks that encourage you to drive home. Even if you live nearby the college you attend, every trip back and forth uses gas (and money) that you could be saving.

To learn other ways that you can save money while at college, check out this article from U.S News and World Report MONEY.

Aside from how to save money during the college years, are you seeking information and guidance on how to save for tuition? To put together a savings plan that will benefit you financially, be sure to give us a call at (516) 932-5130 to start speaking with a member of the American Investment Planners LLC team today!

Financial Aid For Parents

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

With the first day of school just around the corner (can you believe it?) for many college students, we're taking this month to really focus on student loans. In our last blog, we covered three mistakes to avoid when filing for financial aid. Today, we're diving into financial aid for parents and going over some of the basic knowledge they should have prior to filling out any forms. If you're a parent of a child who is about to embark on their journey to higher education, you'll definitely want to know the following:

Co-signers may be responsible: Even if your child is taking on the bulk of their student loans and putting them in their name, as their co-signer you may find yourself responsible for paying off their debt. Should your child be unable to make their payments due to unforeseen circumstances, you must be prepared to take over. Not to mention, US News explains that the debt can even appear on your credit report, even if you aren't the one directly paying and the payments are made on time. If you plan to co-sign, don't fall into the trap of thinking it's the easy way out.

Deadlines are serious: You may be on track to meet the deadlines for federal and state loans, but if you're seeking financial aid directly through your child's school, you mustn't assume that their deadlines are the same. To ensure that you don't miss out on helpful opportunities, always check the school's financial aid policies to learn its requirements and when applications are due.

The name matters: Regardless of who is going to be taking care of the payments, the name you put down on any application has a huge impact on the type of financial aid received. Additionally, even if you're putting the loans in your name but your child has agreed to contribute to the bill, keep in mind that if a payment is late or missed, it will be reflected on your credit report since it's your name that is on file.

For more must-know financial aid tips for parents, please click here.

At American Investment Planners LLC, we understand the complex nature of applying for financial aid and understand that it can be tricky for families to figure out exactly which approach is best. Additionally, we also understand the necessity of saving for college early on in order to prepare for the increasing costs you'll experience as your children head off to school. To learn about the financial guidance we can provide for college, give us a call at (516) 932-5130.

Mistakes To Avoid When Filing For Financial Aid

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Although it feels like summer just started, the back-to-school season is already upon us. For some families, that means heading to the stores to pick up binders, folders and all of the essential supplies needed for a successful school year. But for others, the back-to-school season includes packing bags and finalizing tuition costs for the start of the fall college semester.

With that said, for those who fall into the back-to-school category for college, now is also the time when financial aid may be being filed for. To ensure that it is done successfully, we put together the following list of mistakes to avoid when completing this task:

1. Using a nickname: Even if the applicant has been referred to by a nickname by friends, classmates, family members and teachers in the past, the full legal name that appears on their Social Security card must be used when filing. If the name on the application is not consistent with those on legal documents, the request will likely not be processed.
2. Listing retirement assets: Since lenders determine if and how much financial aid will be distributed based on net worth, listing the assets saved for retirement could potentially harm the efforts made to receive it. Instead, applicants should simply put their current net worth based on the income and loans they have at the time of application - not what they'll have in the future.
3. Misrepresenting marital status: Though applications may be viewed differently for those who are single, applicants must list their marital status as it stands at the time the FAFSA is submitted. That means even if they are single when first filling out the forms but are married by the time they are submitted, the martial status must reflect "married."

For a continued list of mistakes to avoid when filing for financial aid, please click here. 

At American Investment Planners LLC, we realize how complicated the college process is and understand what families go through to not only fill out student loan forms, but to save for future loan payments too. Additionally, we know that college is a topic that new parents are concerned with, even when they have years before their children go off to school. That's why part of our financial planning services include college savings!

To learn how we can help with this financial topic, please call (516) 932-5130 today.

Five Financial Tips For College Students

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Whether the college experience happens away from home or in an educational institution just minutes away, one thing that stays the same is the need to properly manage money. Although loan payments aren't usually required until after graduation, it is still important for students to get into good financial habits so that they aren't struggling to survive when their first bill comes in the mail.

If you have someone at home who will be heading off to college over the next few months, or if you'll be embarking on the journey yourself, here are five financial tips to follow:

1. Use student discounts: Many times student discounts are available for those who are able to provide a valid form of ID - all you have to do is ask! Before you splurge on something that is going to leave your wallet high and dry, such as tickets to a nearby event, inquire about whether or not discounts are available for individuals currently enrolled in college courses.
2. Apply for scholarships: One of the best ways to help yourself with the cost of college is to apply for various scholarships. While this may require you to do some research, the time you use will be time well spent when you see the difference in your tuition bills.
3. Charge only when necessary: It can certainly be easy to swipe your credit card on campus or at nearby restaurants, but the more you spend, the more you'll have to pay back. While you may have the money to cover your credit card statements now, think about how your actions will impact you in the future. On the other hand, if you don't have the money to pay your bills at the time, you could set yourself up for having poor credit down the line when charging too much.
4. Eat locally: When we say locally, we mean at home! Or, if you're living on campus, take a trip to the grocery store and pick up all of the items you need to sustain yourself for a week or two. While it requires a bit more effort on your part, spending money on breakfast, lunch or dinner every day can quickly eat away at your savings.
5. Follow a budget: Following a budget and tracking your spending is key in order to avoid falling into financial turmoil during your college years. Before the start of the semester, take the time to sit down and plan out how much money you can allocate towards school supplies, extra curricular activities and the like so that you don't go over board with your spending.

At American Investment Planners LLC, we know how easy it can be to spend more than you have while at school, which is why we so heavily recommend using these tips throughout your college career! And in addition to these tips, we take it one step further by offering a financial planning service that specifically focuses on saving for college. For additional information about the best way to save for college tuition for you or your children, please call (516) 932-5130.

Tips For Paying Back Student Loans

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you have a child who will be graduating from college this May or a few years down the line, then you are probably very familiar with student loans. In fact, you may even already be thinking about how you plan to pay them back or may be starting to talk with your child about strategies and approaches to avoid falling too far into debt once the first payment is due.

With the cost of college continuing to rise, we know how intimidating the process of paying back student loans can be for both parents and their children - that's why we put together the following list of tips to help make the experience less stressful:

Understand Your Loans: First and foremost, it's extremely important that everyone with loans in their name understands exactly how they work. That means being aware of who the lender is, how much has been lent, and what the repayment options are for each loan that has been taken out. Additionally, it is also important to know what the grace period is for each loan and be familiar with how much interest will be applied since it can heavily impact your total costs.

Keep Your Information Up To Date: Before it's time to start paying back loans, check to make sure that all of your contact information is current. Since you will likely receive electronic notifications and paper statements pertaining to your loans, you will want to make sure that your lender is sending them all to the right place. Even if you do something as simple as update your email address, be sure to keep in contact with your lender and update your information so that you don't miss out on important messages - it could cost you down the line!

Start With The Highest: If your loans allow you to pay by group, start by paying off the one with the highest interest rate. Even if the total loan amount isn't the greatest, tackling the highest interest rates first will help you accrue less in additional charges over time. Of course you will need to act in accordance with your repayment plan, but if you have the opportunity to choose which loans you pay off first, make it a priority to get your highest interest rates out of the way.

Although it may seem overwhelming when your first statement arrives, if you have a plan in place and keep a close eye on your loans, you'll likely find that the task of paying them back isn't so difficult after all! 

As one of the largest and most respected independent financial planning firms in the country, the team here at American Investment Planners LLC realizes the impact that student loans can have on a family's financial situation. If you have a child that will be entering college in the future, click here for a list of savings strategies that can help, or give us a call at (516) 932-5130 to get started on your financial plan; our team will come up with a method of savings that will benefit you and your family in several financial aspects of your life.