Why It Is Important To Have A Good Financial Plan When Starting Your College Education

     In an effort to protect student consumers who are enrolling in for profit colleges the Consumer Financial Protection Bureau has filed a civil complaint against ITT College and is contemplating filing a similar complaint against Corinthian College. According to the article,  For-profit colleges accused of coercing students into costly loans, “the complaint alleges that ITT employees illegally coerced some of its most vulnerable students into taking out high-interest private loans when their federal aid was not enough to pay its tuition.”  So what does this mean for you?  Does it mean you should not go to a for profit college. We say no…but you need to be prepared before you do so you make the best decisions possible. Lets Pract The Facts!

1. First of all know that these specific schools don’t represent the schools who don’t engage in these practices. With that said it is up to you to Pract the Facts and find the schools who are motivated to make sure you get an education that you can use to further your career.
2. Realize that it is not free money or the schools money you are spending. It is your money. You are responsible for paying it back so use it wisely.
3. Choose areas which are in demand to concentrate on while in school. This is one way to increase the chances that you will get a good return on your degree by getting a well paying job.
4. Don’t believe the hype! When you go in and talk to the school you are already motivated to enroll and they may use that to put you in a bad situation. Here what they have to say first, back up and assess the situation, get second opinions, get financial advice, and then make your decision. 
5. Shop around. There are good for profit schools out there that have your best interest at heart. Pract the Facts!

Practical Learning Online