Finding Money for College

Do you have a child heading towards college?

Do you have funds set aside to pay for those college years?

Some of you may be lucky enough to have a student who qualifies for a scholarship, even luckier if they qualify for a complete scholarship, but for the vast majority of us, college means needing to come up with tens of thousands of dollars. And most of us parents don't have it. So what are the options? We live in a world where the need to have a college education is greater than ever before. More and more jobs are requiring a college education before they will even consider interviewing you. As parents, we want to help our child get the best start in life possible.

This is where federal financial aid can come in handy! Low interest loans for college students are available and they are usually available in a deferred payback situation (i.e., you don't start paying them back until after graduation from college). I was the first in my family to go to college and we didn't know about all of the options that were out there. We did qualify for a loan. My parents had most of the money in the bank for my college, but the payback rates were lower than the interest they were receiving on the bank where their savings was. So it was smart for them to take advantage of the federal loan and let their money continue to draw interest.

Plus, parents can be co-signers on these loans and allow their children to be the 'main' signers and the student can then be working on building their credit after graduation. Plus, the student is the one who ultimately benefits. I believe that it is not out of whack expecting students to pay for part or all of their college education.

There are a lot of different options. Scholarships.com keeps you up to date on what is out there! They not only alert you to the different types of loans, but they help you to figure out which option is best for you. Your child's last year in highschool is a busy one full of transitions and special events. Take this worry off of your plate. Turn to the people who know what they are talking about and let them help you sort it out.