|
Home > Articles > Paying for your Child's College Education
|
| Paying for your Child's College Education |
|
|
 |
by Cindy Morus
|
This is probably the most intensive short-term cash drain on any family's finances. Unlike most other big- ticket items, such as homes or automobiles, that can be paid off in monthly installments, college tuition must be paid out over a relatively short period of time. With tuition at staggeringly high levels throughout the nation, a family's commitment to provide higher education for children can be overwhelming.
Ideally, a long-term plan for college education was initiated from the birth date of your college-bound student. There is no better way to ensure a child's education that a systematic savings plan. But this is not an ideal world, many of us must finance part of the college education out of the monthly family budget.
|
You may also like this article:
Student Credit Cards 101
If you�re a college student, you probably already have a credit card. If not, you may have plans to get one or more soon. So why should you read on?
[More >>]
|
Before selecting a college, parents need to:
Determine how much funding can be available from conventional sources such as savings, income from the family budget, trusts, and part-time jobs, if more money is needed.
Explore the availability of scholarships, low-interest student and parent loans, second mortgages, and conventional loans.
|
More on a related subject:
Parent Loans or Student Loans � what is going to be best for my child
At least 20% of college students need some type of loan to help pay for their college education. Such a statistic can lead to students graduating with an unmanageable debt load. An alternative is for parents to help out by taking out loans themselves. But which is the better option � student loans or parent loans? Each has distinct advantages and uses
Federal student loan
[More >>]
|
Examine their own life insurance policies and retirement programs to ensure that college funds will be available in the event of their death.
Cost is not the only factor to be considered when selecting a college. While private colleges are generally more expensive than public colleges, they often have a wealth of financial aid programs that will make the tuition bite less severe. Many state and community colleges also have scholarships and loans available.
Libraries and bookstores carry many excellent college guides that give detailed information on individual college tuition charges academic programs. Keep in mind that most colleges have a financial aid office to assist students in determining when financial assistance may be available.
Tuition and associated fees increase by 6% each year (or more!)
Cindy Morus (www.phelps-creek.com) is a Certified Financial Recovery Counselor and Certified Credit Report Reviewer. Contact her at 541-387-2995 or [email protected]. She is also the publisher and editor of "Women's Financial Freedom Monthly", an internet gazette dedicated to helping women and their families achieve financial well-being and peace of mind.
|
| More Articles |
|
|
|
|
College Savings Plans � are they the best choice for my child
College Savings Plans � are they the best choice for my child
College Savings Plans, also called Section 529 plans, are one of the best ways to save for college because they offer: - Tax advantages
- A variety of investment options
- Flexible contribution options
- Parental control
- Little impact on eligibility for need-based financial aid
[More >>]
|
|
Parent Loans
If you are entering college soon, but have no idea how you are going to pay for anything from books to your actual tuition fees, chances are that you are going to be relying upon your parents in some way, shape, or form. For most first-time college undergraduates, college or university tuition is either paid through grants, because parents� financial information allows the use of grants, scholarships, because of academic or athletic prowess, or loans, because students can not pay for college or a university outright.
Understanding The Role of
Few college students have established any amount of credit prior to college, so it is important that potential college students and the parents of these students understand the options at hand regarding the usage of parents� credit for obtaining college loans. First and foremost, however, you must remember that not all parents of college students have good credit to their names. If your parents do not have good credit, you may face troubles getting any company to give you a loan for college. Therefore, it may be required of you to obtain a grandparent, family friend, or other relative, who is then willing to cosign for you and your parents regarding a college loan. Be prepared to pay back these loans after college, however, as you are putting others at risk who may have cosigned for you if you do not pay back your loans!
[More >>]
|
|
| Press Releases >> |
|
|
|
|
Debt Cripples Graduates - College-Finances.com Saves Them
Everything College Students Need to Know About Student Loans, Credit, Calling Cards, Cellphone Plans and More
College-Finances.com offers a complete and unbiased collection of articles focused on financial topics, including student loans, student loan consolidation, credit cards, debt management, phone and calling cards, cellphone plans and programs, bankruptcy, and much more.
(PRWEB) October 27, 2024 -- Our college graduates are in crisis. Hundreds of credit card and loan offers - all labeled as if from a best friend - seduce then trap students in a sinking spiral of debt. It stinks, and it's no surprise that so many college students are graduating with unmanageable debt-loads. Too few of our graduates have financial management skills and even fewer have the ability to figure out how to get back on their feet.
[More >>]
|
|
New software addressing the organizational needs of college students
Student Life is a personal organizer for college students. With all the information that students have to keep up with, it is essential to have a tool to help them keep it all organized. When a new student arrives at a university or community college, organization becomes a key factor to their academic success. As many schools are beginning to address the issue of students lacking organizational skills, this program solves this very problem.
(PRWEB) May 28, 2024 -- Tesoro Software, L.L.C. announces the availability of Student Life Version 1.4, the company's flagship product in the educational software market. Student Life is a personal organizer for college students. With all the information that students have to keep up with, it is essential to have a tool to help them keep it all organized. When a new student arrives at a university or community college, organization becomes a key factor to their academic success. As many schools are beginning to address the issue of students lacking organizational skills, this program solves this very problem.
[More >>]
|
|
|
