Mint.com expert interview on paying for college

http://www.savingforcollege.com/articles/mint-com-expert-interview-on-paying-for-college-757

Savingforcollege.com is recognized as a leading source of unbiased information on 529 plans and other ways to save and pay for college. We continually educate our readers on the benefits of saving money and planning for future expenses. We recently had the opportunity to share our advice on funding higher education with Mint.com in their Expert Interview series. We were thrilled to be contacted by Mint.com and are excited to share the interview during Financial Literacy Month:

Expert interview with Kathryn Flynn with Advice on Paying for College

College is expensive, and many students will need to borrow to cover at least part of the cost. But Kathryn Flynn, content director for Savingforcollege.com, recommends not waiting until after graduation to start paying off those loans.

"While students are not typically responsible for paying federal unsubsidized Stafford loans until the six-month grace period after they finish school, it's a good idea to start earlier," she says. Interest on this type of loan begins to accrue from the time it is first disbursed, Kathryn adds. If no payments are made during this time, the interest will capitalize - this means it will be added on to the principal and interest will begin to accrue on this new, larger balance. By making interest-only payments during college, students will end up paying less in interest over time.

Students can better prepare themselves for paying for college by having a discussion with their parents on exactly how they will pay for college, and if loans are part of the conversation, they should understand the effects of delaying payments. In addition, savvy students will also choose a school and major based on potential future income and their ability to pay back their loans.

We recently checked in with Kathryn to get more advice about paying for college as the cost of higher education continues to rise. Here's what she had to say:

Tell us about Savingforcollege.com. When and why did you start your site?

Joseph Hurley, CPA, founded Savingforcollege.com in 2000. His interest in college savings plans began with the signing of the Taxpayer Relief Act of 1997, which made major revisions to the rules surrounding Internal Revenue Code Section 529. This led to the federal introduction of the tax-advantaged 529 college savings plans we know today. In January 1999, Hurley wrote and published the bestselling book The Best Way to Save for College - A Complete Guide to 529 Plans, which has sold over 100,000 copies.

Read the entire article here.